British financial regulator FCA issues warning on Next Coin Market

07 Mar, 2019
by Alberto Arnaldo
Security
British financial regulator FCA issues warning on Next Coin Market

According to a press release published yesterday by the British Financial Conduct Authority (FCA), Next Coin Market, which appears to be a crypto exchange, is claiming to operate under an FCA authorization, which is untrue.

The website of Next Coin Market, still operative, apparently tricked users into thinking that they had a FCA authorization, which is not currently the case, and thus is incurring into a criminal activity. Judging from a first inspection and the use of search engines inside the site, it appears as if all references to the FCA approval have been removed now from Next Coin Market. Now, the only reference to their regulatory framework is an admission of being registered in Bulgaria.

The FCA, the British financial regulator, appears to be searching from their website for potential victims of Next Coin Market.

However, it also appears as if those victims won’t be able to receive much help from the entity, which also states that anyone dealing with unauthorized firms would not be protected by their compensation scheme nor can complain to the Financial Ombudsman.

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