The UK Financial Conduct Authority (FCA) has sounded an alarm over the virtual coin trading platform GMT Crypto. The firm is a clone company because it is using fake FCA authorization as part of its “tactics to scam people in the UK,” the regulator said on Thursday.

Per British law, almost every entity or individual offering financial services in the country needs FCA authorization or registration. GMT Crypto has neither and is manipulating investors by claiming the name, the company reference number, and the address of FCA-registered investment firm GMT Communications Partners.

The real FCA-authorized entity published a statement on its website to warn the public about the fraudulent scheme. GMT Communications Partners noted that it had never contacted investors by phone or email to make a presentation of its services or to request personal details and account information

“GMT Communications Partners LLP is aware t…

This article appeared first on Cryptovest

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