It is not really the Job of Financial Conduct Authority (FCA) to regulate cryptocurrencies themselves, but somehow somehow it falls under them as well.
A warning has been given to British investors not to take out any cryptocurrency-related services with ‘Fair Oaks Crypto’. But why?
Well, according to FCA, ‘Fair Oaks Crypto’ is not authentic and at such it has faked its authorization.
Fair Oaks is targeting UK investors offering a full range of offshore investment services, including CFDs on Bitcoin, Litecoin, indices, metals and energy, but the City watchdog has said the registration number on its website is a fake and the firm is not authorized to do business in the UK.
Fair Oaks Crypto is trying to impersonate FCA-authorized firm Fair Oaks Capital Limited. Take note: Fair Oaks Crypto is not the same thing with Fair Oaks Capital Limited. FCA warnings is about the earlier and not the later.
Read Also: Ukraine considering the use of NEM Blockchain in Elections
The genuine firm has also published the following warning to alert its customers to the copycat firm.
It has come to our attention that an organization called Fair-OaksCrypto, which appears to be operating from France, is using the Fair Oaks name and its prior address (67-68 Jermyn Street, London SW1Y 6NY, London) on its website www.fair-oakscrypto.com.
Neither Fair-OaksCrypto nor the website www.fair-oakscrypto.com is connected to Fair Oaks Capital Limited, or any other entity within the Fair Oaks group, in any way.
Fair Oaks Capital Limited has no offices or joint venture partners in France.
If you receive a call from the telephone number +33 9 70 73 43 94 or an email from the domain @fair-oakscrypto.com then please be aware such communication has not been made by Fair Oaks Capital Limited or any other entity within the Fair Oaks group.
Fraudsters these days try to advertise an illegal operation as a reputable brand or entity. Hence there is a need to be careful.