Financial Conduct Authority Issue Warning To UK Bitcoin Investors
The UK Financial Conduct Authority (FCA) have issued a warning to Bitcoin and cryptocurrency investors in the UK with regards to a rogue trading platform that has been established by the name of âFair Oaks Cryptoâ.
It is alleged that Fair Oaks Crypto seems to be masquerading as a cryptocurrency trading platform, yet it does not have authorisation from the FCA, which is currently a legal requirement in the UK. In fact, any company offering any form of financial service needs to have FCA registration and approval in order to be able to trade.
Part of the problem, is that Fair Oaks Crypto are using a name, designed to be similar to Fair Oaks Capital, a registered financial management and advisory service that operates in the UK, under a license from the FCA. Fair Oaks Crypto has no legal affiliation to Fair Oaks Capital, therefore if youâre using Fair Oaks Crypto as a trading platform, is likely that you are going to be scammed, if you havenât been already.
Fair Oaks Capital, have issued a statement on the matter, stating that:
âIt has come to our attention that an organisation 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.â
Further details can be found on the Fair Oaks Capital website, at www.fairoakscap.com
Furthermore, the website advises users on what to do if they believe they have been contacted by Fair Oaks Crypto:
âIf 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.â
The Financial Conduct Authority have issued an official statement on the matter:
âThis FCA authorised firm that fraudsters are claiming to work for has no association with the âclone firmâ. It is authorised to offer, promote or sell services or products in the UK and its correct details are; Firm Name: Fair Oaks Capital Limited, Firm Reference Number: 604090.â
âWe strongly advise you to only deal with financial firms that are authorised by us, and check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by us. If you want to check a consumer credit firm that may not yet have been authorised by us, please also check the Interim Permission Register(link is external). If a firm does not appear on the Register but claims it does, contact our Consumer Helpline on 0800 111 6768.â
âThere are more steps you should take to avoid scams and unauthorised firms."
You should also be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service(link is external) or Financial Services Compensation Scheme(link is external) (FSCS) if things go wrong.â
You can find further details from the FCA, here.
If you are trading in the UK Â and worry that your platform may not be registered with the FCA, you should cease trading straight away and contact the FCA for further assistance.