Bitcoin
$42,295.35-5.39%
Ethereum
$2,901.07-6.17%
XRP
$0.941288-4.19%
Cardano
$2.32+1.12%
Polkadot
$30.29-7.20%
Stellar
$0.277770-6.49%
Dogecoin
$0.208136-5.65%
Chainlink
$22.78-7.12%
Uniswap
$19.56-7.06%
Cosmos
$40.52-0.49%
Polygon
$1.13-5.49%
Algorand
$1.74-9.46%
Litecoin
$152.49-5.12%
Bitcoin Cash
$513.22-5.17%
Wrapped Bitcoin
$42,330.91-5.23%
Filecoin
$62.70-13.88%
The Graph
$0.672122-10.05%
Tron
$0.091614-5.27%
Ethereum Classic
$47.54-5.37%
Tezos
$6.97+6.55%
Aave
$276.78-7.81%
Monero
$237.16-5.46%
NEO
$39.10-8.81%
EOS
$4.00-6.22%
IOTA
$1.25-7.72%
BitTorrent
$0.003244-5.77%
Bitcoin SV
$134.26-8.37%
Waves
$24.38-10.28%
Maker
$2,262.73-5.88%
Dash
$163.40-9.96%
Decred
$115.51-4.00%
Decentraland
$0.685943-7.43%
ICON
$1.55-7.54%
NEM
$0.147404-7.65%
Zcash
$110.19-8.02%
OmiseGO
$8.78-6.82%
Paxos Standard
$0.999974+0.02%
Yearn Finance
$29,472.45-3.60%
NuCypher
$0.278050-5.73%
Ren
$1.04+1.34%
Qtum
$9.71-8.35%
Bitcoin Gold
$51.63-6.84%
Basic Attention Token
$0.644022-6.19%
Fetch.ai
$0.798814-4.00%
0x
$0.895001-7.73%
Kava.io
$6.00-3.95%
Bancor
$3.42-6.17%
Siacoin
$0.014972-5.91%
Band Protocol
$7.29-10.04%
Nano
$4.66-5.93%
Loopring
$0.376649-6.54%
Civic
$0.456577-9.23%
Storj
$1.07-8.15%
Numeraire
$40.81-4.71%
Lisk
$2.87-6.32%
Orchid
$0.317418-7.48%
PAX Gold
$1,757.13-0.32%
Enzyme
$130.63-7.12%
Augur
$20.57-5.02%
Aragon
$4.75-4.97%
district0x
$0.152938-1.35%
Kyber Network
$1.44-6.78%
SingularDTV
$0.001308-0.93%
Tether
$1.00+0.05%
USD Coin
$1.00+0.04%
Dai
$1.00+0.01%

UK Regulator Warns Against Crypto Investment Firm

The Financial Conduct Authority (FCA) has issued a public warning against Cryptoconomist Limited, a crypto investment firm.

Oct 14, 2015 at 5:10 p.m. UTC
Updated Sep 11, 2021 at 11:56 a.m. UTC

The Financial Conduct Authority (FCA) has issued a public warning against an investment firm promising high returns on cryptocurrency trading.

The UK regulator – which oversees more than 70,000 businesses in the financial industry – issued a public warning against Cryptoconomist Limited, registered to a London address, on its website earlier today.

, the FCA said it believed the trading website had been providing "financial services or products in the UK" without its authorisation. "Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us," it explained.

When checking the Financial Services Register – a list of companies and individuals regulated by the FCA – CoinDesk found that Cryptoconomist Limited was listed as "unauthorised".

The search result brought up the following message:

"This is a firm that we have been told is either operating regulated activities without the correct authorisation, or is running a scam. We strongly suggest you avoid dealing with unauthorised firms like this."

, Cryptoconomist, allegedly in-market since 2013, offers traders the opportunity to "earn a good surplus" on their cryptocurrency investment through a referral program which promises payouts of 4% and 1.5% for first line and second line referrals respectively.

A due diligence check lists Eller Otte as the company's director and secretary. Otte has no other apparent previous employment history online.

CoinDesk reached out to Cryptoconomist for comment but no reply had been received at press time.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Loading...