UK Financial Watchdog Warns Public of Crypto Clone Firm
ICAP Crypto is a clone firm of ICAP Europe Limited. Clone firms are a type of scam in which the scammers use information from legitimate firms in an attempt to convince targets that they are genuine.In this case, ICAP Europe Limited is a legitimate firm that is authorized by the FCA, and its details are being propagated in scams using the similarly-named ICAP Crypto “firm” which is neither authorized nor registered by the FCA.In 2018, the FCA issued warnings over at least two nominally crypto-related clone firms. The first clone, Fair Oaks Crypto, attempted to confuse targets by claiming to be affiliated with Fair Oaks Capital. The second clone, Good Crypto, ran its scam by misrepresenting some of the registration information of the legitimate firm Arup Corporate Finance as its own.