UK Regulator Warned Investors About New Threat
August 8, 2018
Financial Conduct Authority of the United Kingdom has issued a warning about a new threat. The regulator notified that a clone organization of the investment firm Fair Oaks Capital is trying deceive investors.
Clone organization is an organization, that pose itself as organizations approved by the FCA. In the United Kingdom all organizations must receive an approval from the regulator in order to offer financial services in the country.
The regulator warns that these organizations are aimed at deceiving British investors by using the information of approved organizations. Fair Oaks Crypto, a clone organization, has been claiming that it is an official representative of Fair Oaks Capital.
FCA published the information on the fake organization in order to save investors from deception.
Earlier in May, the regulator launched a total of twenty-four investigations into cryptocurrency companies in order to determine that the activity of those companies is compliant with the legislation.
However, it should be noted, that the British regulator has a positive overall attitude towards cryptocurrency. Recently, the FCA has announced the launch of a global project called Global Financial Innovation Network, that is aimed at improving the collaboration between regulators and entities on working with blockchain technology.