The UK Financial Conduct Authority (FCA) warned on Tuesday virtual currency trading platform Fair Oaks Crypto is a clone company that claims FCA authorization as part of “tactics to scam people in the UK.”
As per UK regulations, almost every company or individual offering financial services in the country needs FCA authorization or registration. Fair Oaks Crypto has neither and is manipulating investors by claiming the name, the company reference number, and the address of asset management and advisory services provider Fair Oaks Capital.
“Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm,” the FCA cautioned.
The real FCA-registered company issued a statement on its website to warn the public about the fraudulent scheme. Fair Oaks Crypto seems to conduct business out of France, as information from Fair Oaks Capital showed.
“Neither Fair-OaksCrypto nor the website www.fair-oakscrypto.com is connected to Fair Oaks Capital Limited, or any other entity within the Fair Oaks group, in any way.
Fair Oaks Capital Limited has no offices or joint venture partners in France.
If you receive a call from the telephone number +33 9 70 73 43 94 or an email from the domain @fair-oakscrypto.com then please be aware such communication has not been made by Fair Oaks Capital Limited or any other entity within the Fair Oaks group,” the legitimate entity said.
Fair Oaks Crypto also claims verification from MasterCard and Visa although the verification section is a static image, not an external link to the US payment processors. The links to Fair Oaks Crypto’s Facebook, Twitter, and LinkedIn profiles are static and redirect to the Fair Oaks Crypto website, not to real accounts.