In response to the report, ICAP Crypto is a clone agency of ICAP Europe Restricted. Clone companies are a kind of scam by which the scammers use info from reputable companies in an try and persuade targets that they’re real.
On this case, ICAP Europe Restricted is a reputable agency that’s approved by the FCA, and its particulars are being propagated in scams utilizing the similarly-named ICAP Crypto “agency” which is neither approved nor registered by the FCA.
In 2018, the FCA issued warnings over no less than two nominally crypto-related clone companies. The primary clone, Honest Oaks Crypto, tried to confuse targets by claiming to be affiliated with Honest Oaks Capital. The second clone, Good Crypto, ran its rip-off by misrepresenting among the registration info of the reputable agency Arup Company Finance as its personal.
As beforehand reported by Cointelegraph, the FCA said this week that crypto and foreign exchange buyers within the U.Okay. had been scammed out of over $34 million from 2018–2019. The FCA went on to say that it was considering a ban on “high-risk by-product merchandise linked to cryptoassets.”
“… digital identification options, platforms which tokenize issuance of monetary devices, and providers aimed toward facilitating larger entry to monetary providers for weak customers.”