Financial Conduct Authority Next Coin Market Warning

On Wednesday, the Financial Conduct Authority (FCA), a regulatory branch of the UK Government published a notice that refers to suspicions surrounding Next Coin Market, a cryptocurrency trading platform that promises to allow users to trade Bitcoin in a secure manner.

Next Coin Market appear to be operating via a legitimate website under legitimate means, though the FCA believe that Next Coin Market have been using a fake website that declares Next Coin Market is registered by the FCA in order to trap UK investors into purchasing Bitcoin through their platform.

The full announcement reads as follows:

“We believe Next Coin Market is an illegal organisation based in Bulgaria, claiming to be an FCA authorised firm offering cryptocurrencies to UK consumers. We have become aware they are sending consumers a link to a fake website, which gives the impression they are authorised by the FCA, when they are not.  This is criminal activity. If you have been approached by Next Coin Market, or another unauthorised firm with a link to our website, please contact us. If you have transferred money to the firm, you should also report your concerns.”

Furthermore:

“Anyone who deals with an unauthorised firm is not protected by the Financial Services Compensation Scheme and cannot complain to the Financial Ombudsman Service. Consumers can check whether a website is genuine by checking the web address (domain name or URL), which appears in the address bar at the top of the webpage. Ours should always begin with: www.fca.org.uk or register.fca.org.uk for the Financial Services Register website.”

If you have been involved with Next Coin Market then you should take time to review your transactions and ensure that you have not been duped out of assets. Furthermore, we would also recommend ensuring you no longer use the platform as a result of the FCA warning.

This isn’t the first time the FCA have issued warnings

In a bid to make cryptocurrency investment safer, the FCA regularly issue warnings about projects that they believe could be scams or operation outside of the best interests of the investor. Sadly, this industry is full of bad actors, it’s only thanks to investigations by the likes of the FCA that these bad actors are exposed.

This weeks warning should continue to remind you just how risky this industry really is.