UK Regulator Warns Against Fake Crypto Company
The Financial Conduct Authority (FCA) in the UK has issued warnings on the 7th of August against a cryptocurrency exchange operating under the name Fair Oaks Crypto, essentially feeding off Fair Oaks Capital’s address to bypass official authorization, claimed by the FCA to be a scam used against residents. According to national regulations, any company or person involved in any financial service offering must be registered by the FCA.
Following the national law of approval by the FCA for any financial business, Fair Oaks Crypto has not been approved, let alone registered by the UK regulator and has been tricking investors into thinking it was Fair Oaks Capital by using the company’s name, address and reference number. The FCA has stated that many of these con-artists will be providing misleading information or mix some of the false info with legitimate ones from the legally registered company.
Fair Oaks Capital, legitimate and legally registered company made its own statements on the situation, sending out warnings to local residents about the undergoing scam involving Fair Oaks Crypto, a company that seems to have originated out of France. As per the post by Fair Oaks Capital, the company warned against the fake firm and its website, claiming no link to the fraudulent firm in any way possible. The legitimate company has no business in France either.
Currently, Fair Oaks Crypto’s website is still live online and the company has promoted its image as the strongest and most successful digital currency exchange platform in the world and provides transactions in either purchasing or selling Ethereum, ETC, Ripple and more coins. The fake company has also stated authentication through MasterCard and Visa despite the current section being an image as opposed to a link directly leading to the payment companies. Even the company’s accounts on social media are fake and only reroute users to the company’s website.