The primary monetary regulator of the U.K, the Financial Conduct Authority (FCA), warned that ICAP Crypto is a clone firm during a public announcement on May 24.

According to the report, ICAP Crypto may be a clone firm of ICAP Europe limited. Clone companies are a kind of scam within which the scammers use data from legitimate firms in an effort to convert targets that they're genuine.

In this case, ICAP Europe Limited is a legitimate firm that's approved by the FCA, and its details are being propagated in scams mistreatment the similarly-named ICAP Crypto “firm” that is neither approved nor registered by the FCA.

In 2018, the FCA issued warnings over a minimum of 2 nominally crypto-related clone companies. the primary clone, fair Oaks Crypto, tried to confuse targets by claiming to be connected with fair Oaks Capital. The second clone, good Crypto, ran its scam by misrepresenting a number of the registration data of the legitimate firm Arup finance as its own.

As antecedently reported by Top Market Group, the FCA declared in the week that crypto and forex investors within the U.K. were scammed out of over $34 million from 2018–2019. The FCA went on to mention that it had been considering a ban on “high-risk derivative products linked to crypto assets.”

The FCA additionally recently accepted 3 blockchain businesses into its regulative sandbox. as per the FCA, previous blockchain projects they need approved include:

“... digital identity solutions, platforms that tokenize issuing of monetary instruments, and services aimed toward facilitating bigger access to monetary services for vulnerable customers.”

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