Category: FCA

Crispin Odey exposed as a #MeToo perpetrator#
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June 14, 2023

#MeToo: Disgraced Hegde Fund Manager Crispin Odey Threatened To Sue Regulator Over Misconduct Probe!

Crispin Odey, the hedge fund manager facing #MeToo allegations of sexual misconduct, threatened to take legal action against the UK Financial Conduct Authority (FCA) in an attempt to halt its investigation into the matter. However, his threats did not prevent the FCA from opening the probe in 2021. Fresh #MeToo allegations have led his hedge fund firm to remove him from the business, but he has indicated that he intends to fight this decision.
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FCA apologizes for mistakes in the supervision of collapsed Premier FXU
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June 8, 2023

UK Financial Watchdog Proposes Restrictions On Crypto Promotions In New Marketing Rules

The UK Financial Conduct Authority (FCA) is finalizing regulations concerning the marketing and advertising of cryptocurrencies. They are scheduled to come into effect on October 2023, classifying cryptocurrencies as "restricted mass market investments" and require clear risk warnings on all crypto ads and promotions. The number of crypto holders in the UK has more than doubled in the past year.
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FCA apologizes for mistakes in the supervision of collapsed Premier FXU
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June 1, 2023

UK Regulator FCA Informed That Payment Institution Monneo Was Put Under Special Administration

On 30 May 2023, the UK Court made a special administration order concerning Monneo Ltd under the Payment and Electronic Money Institution Insolvency Regulations 2021. Daniel Conway, David Hudson, and Paul Allen of FRP Advisory have been appointed joint special administrators (JSAs). Monneo is an FCA-authorized payments institution and was founded in 2016. The Directors of the firm applied to court as they concluded that the firm was insolvent.
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investor warning against CTMatador broker scamA
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May 26, 2023

Attention: The UK FCA Issues Another Regulatory Warning Against CT Matador Broker Scam!

FinTelegram has issued 12 warnings against the CT Matador broker scam in the last 18 months, but it is still active. As stated in the last warning in April 2023, the payment options at CT Matador are currently no longer active. Deposits can only be made via instructions from Boiler Room staff. This week, the Spanish regulator CNMV warned against CT Matador, followed by the UK FCA. Stay far away and keep your financial health. Please let us know your experience with this scam.
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FCA prosecution against investment scheme operatorsF
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May 24, 2023

FCA Prosecution: Two Brothers Convicted For Taking £750,000 Out Of Failed Investment Firm! 

In a prosecution brought by the FCA, Peter Currie, 59, was convicted by unanimous verdicts of 2 counts of fraud and 1 of money laundering, and Andrew Currie, 57, was convicted of 1 count of fraud and 1 of money laundering at Southwark Crown Court following a 5-week trial. Before its collapse into administration in February 2018, Collateral offered peer-to-peer style investments on a website, fraudulently claiming it was authorized and regulated by the FCA.
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FCA apologizes for mistakes in the supervision of collapsed Premier FXU
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May 19, 2023

UK FCA Secured Court Orders To Return Funds To Victims Of Investment & Trading Schemes.

The UK FCA has secured two court orders to return over £130,000 to victims of an unauthorized investment scheme operated by Synergy Land Group Limited between late 2009 and May 2011. Members of the public invested approximately £2.8 million. The FCA has recovered approximately £27,000 after the company's director Samuel Exall was ordered to sell assets. In October 2016, Exall was convicted and sentenced to 4 years in prison.
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Offshore broker PU Prime without authorization in EuropeU
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May 11, 2023

UK FCA Follows FinTelegram And Warns Against Offshore Broker PU Prime!

FinTelegram published an initial review of offshore broker PU Prime in April 2022. This offshore broker, regulated by the FSA Seychelles, offers its financial products to clients in the UK and EEA without the required regulatory authorizations. We have placed the broker on our Red Compliance List. The UK FCA also shares this assessment. On May 10, 2023, the UK regulator warned against PU Prime. You should avoid the broker.
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Revolut CEO Nik Storonsky blames banking crisis for delayd FCA licenseR
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May 9, 2023

Revolut And Its Issues With Compliance, Scammers, And The FCA Banking License!

Fintech unicorn Revolut has a problem with scammers and angry customers who have been victims of fraud. Customers complain about poor support and would not take the problem seriously. The accusations come at an inopportune time. The fintech has been seeking a UK banking license for two years. Insiders say Revolut's failure to obtain a banking license so far could also be linked to the company's compliance issues.
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FCA-regulated payment institution Cauri in Similarweb analysisF
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May 2, 2023

FCA-Restricted Payment Processor Cauri

FinTelegram has discovered FCA-regulated payment institution Cauri Ltd d/b/a Cauri as a payment processor in various broker scams in recent years. Cauri is apparently controlled by Russian nationals such as Nikolai Ionkin. The FCA restricted Cauri from providing payment services to Russian citizens or legal entities in January 2023. Since then, traffic to the Cauri website has plummeted, but over 40% of its website visitors came from Russia in Q1 2023.
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crypto exchange ByBit suspends US dollar depositsD
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May 2, 2023

Despite Regulatory Issues: Crypto Exchange ByBit With Rising Number Of Russian Website Visitors!

Founded in 2018 in the British Virgin Islands, crypto exchange ByBit is currently operated through Singapore-registered ByBit Fintech Limited. In the UK, ByBit has cashed in on an FCA warning and withdrawn from the UK. German regulator BaFin announced an investigation into ByBit in July 2021. In 2023, Japan's regulator FSA warned against the crypto exchange. Despite Western sanctions, Similarweb analysis shows that most website visitors come from Russia.
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FCA set out rules to fight cash-based money laundering via Post OfficeU
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April 25, 2023

UK Financial Watchdog Alerts Bank To Fight Cash-Based Money Laundering Via The Post Office

The UK FCA set out a series of measures designed to reduce the risk of money laundering via the Post Office. The regulator brought together partners, including the National Economic Crime Centre (NECC), industry, and government, to strengthen controls while seeking to ensure that legitimate customers can continue to use the Post Office for Everyday Banking.  The NECC estimates that hundreds of millions are laundered each year through the cash deposit channel at the Post Office.
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CNMV warns against VantageMarkets broker schemeA
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April 12, 2023

Attention: Another Regulatory Warning Against Red-Listed Vantage Group!

Vantage Prime Group LLC d/b/a VantageMarkets (VantageMarkets.co.uk) is regulated in the UK by the FCA. In addition, the VantageMarkets scheme runs offshore entities through which it performs onboarding of clients in the EEA region, in violation of the regulatory requirements of the FCA and ESMA regulators. Italian Consob has ordered the black-out of the VantageMarkets. Recently, Spanish CNMV issued another warning. We have assigned a Red Compliance rating to the Vantage Group.
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