FCA Labels GMT Crypto as a Fraudulent Bitcoin Brokerage After Exposing Cryptobourse Weeks Ago

2018-11-16 23:03

Lately, the Financial Conduct Authority (FCA) has built a reputation for identifying and informing the public of fraudulent cryptocurrency projects. The latest scam to be identified is a firm called GMT Crypto. Apparently, GMT Crypto is a counterfeit version of GMT Communications Partners LLP, a regulated company. GMT Crypto is hedging on the popularity of the latter to defraud unknowing investors.

A fortnight ago, the FCA raised concerns of the legitimacy of Cryptobourse. The suspicious entity has since been found guilty of using a reference number allocated to Crypto Facilities Ltd, yet another regulated firm. It is obvious that GMT Crypto is using the names of regulated companies to scam uninformed clients.

The FCA explicitly stated that GMT Crypto does not has the necessary documentation to run an investments business in the United Kingdom. Moreover, it is not affiliated to any regulated company. The investments plans offered by the firm are overly unrealistic and the nature of the website itself is dubious.

As of now, the FCA is contemplating over a possible ban on cryptocurrency Contracts for Differences (CFDs). The primary reason for this is to protect the integrity of markets as well as investor funds. Also, it has emerged that this ban might exempt crypto assets that are classified as securities.

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