‘Be Aware’: UK Financial Regulator Sounds Alarm Over Yet Another Crypto ‘Clone Firm’

UK regulator the Financial Conduct Authority (FCA) has issued a second warning in a week Wednesday, August 8, over crypto-related “fraudsters” claiming to be an FCA authorized firm.

According to the FCA, the rogue firm, Good Crypto, was giving out “false details or mix[ing] these with some correct details of the registered firm,” which in this case was London-based Arup Corporate Finance.

“This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm,’” the regulator continues.

Good Crypto has its own website and other contact details, which the FCA warns “may be false” or “mixed” with details of Arup.

The reveal comes just a day after the regulator brought another suspicious operation to public attention, which was spuriously affiliating itself with investment firm Fair Oaks Capital.

Despite a late start on solidifying the local cryptocurrency industry, the FCA has now begun formally assessing whether token operators and other entities conform with relevant legal requirements.

As of May, a total of 24 businesses had come onto its radar.

In March, the UK hit the headlines when a ‘shell’ company registered in the country was linked to the stolen funds from now-defunct cryptocurrency exchange Mt. Gox.