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Financial Conduct Authority [FCA] issues warning against fraud cryptocurrency clone firm

Sarvesh Kumar

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Crypto-clone firms on a prowl
Source: Pixabay

The Financial Conduct Authority (FCA) has warned people of a cryptocurrency clone firm, going by the name – ICAP Crypto. It is a crypto-clone company of the ICAP Europe Limited. Their modus operandi is that they use the information of people taken from a credible firm and show themselves as a legit organization.

The original firm goes with the name ICAP Europe Limited, which is registered and legalized by the FCA. The clone company has been using the credentials of the true company and scamming people.

FCA, in the past too, have warned investors of two such companies that were cloning themselves as cryptocurrency firms. The firms went by the names Fair Oaks Crypto and Good Crypto. Fair Oaks Crypto targeted people by cloning itself with Fair Oaks Capital, while the latter, Good Crypto tagged itself with Corporate Finance and scammed people by misrepresenting the registered information of the people.

Forex and crypto backers have been scammed to the tune of $34 million by these companies in the near past, according to a statement by the FCA. The FCA is also looking at banning “high-risk derivative products connected to cryptocurrencies”. FCA has given permission to three blockchain enterprises to work under its regulatory body.





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I am a journalist here at AMBCrypto. I cover news on prices of various coins in the crypto-verse and also work on the latest news of coins like - Bitcoin| Ethereum| Litecoin and more.

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Crypto community seeks support from Presidential candidate Yang to ‘free Ross Ulbricht’

Sahana Kiran

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Ross Ulbricht, the mastermind of the first darknet market site, Silk Road, is currently serving prison time in the United States Penitentiary. Ulbricht is a first-time offender and is serving two life imprisonments plus 40 years sentence without the possibility of parole for the creation of Silk Road.

Ulbricht aka Dread Pirate Roberts has gained immense support from the most significant people of the cryptospace. Bitcoin Jesus, Roger Ver, has constantly condemned Ulbricht’s imprisonment, calling him a genius and has urged people to sign a petition for his release.

At press time, 177,324 individuals had signed the petition seeking Ulbricht’s release.

The Free Ross campaign gained momentum, after Tiffany Hayden, a prominent face in the crypto-world shared a video on Twitter, urging Presidential candidate Andrew Yang to help the release of Ross Ulbricht. Tiffany Hayden reportedly donated $130,000 USD to Yang’s campaign hoping he would continue to support the Free Ross campaign.

Presidential candidate, Andrew Yang has been making headlines for his push to regulate cryptocurrency in the United States. The crypto world has joined the “YangGang”, with the hope of granting clemency to Ross. Ripple’s software engineer Nik Bougalis also commented on Tiffany Hayden’s video in support of Yang, calling him a breath of fresh air.





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