The Financial Conduct Authority (“FCA”) is an independent body that is the conduct regulator for nearly 60,000 financial services firms and financial markets in the UK and the prudential supervisor for 49,000 firms, setting specific standards for 19,000 firms.[1]
The FCA provides that almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by the FCA.
On 28 September 2020 The FCA issued a statement on their website, warning individuals about any dealings with Cryptenix.[2]
Cryptenix is reportedly a Bitcoin-based platform and trading firm part of the Finplex Group Ltd and offers various cryptocurrency trading and FX services on several digital assets including Bitcoin, Ethereum, Litecoin and Ripple.[3]
In their statement, the FCA asserts:
We believe this firm has been providing financial services or products in the UK without our authorisation
…
This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.
The statement strongly encourages individuals to only deal with financial firms that are authorised by the FCA by checking the Financial Services Register.
Salerno Law is aware that Cryptenix is also offering its services to consumers based in Australia.
If you believe that you have had dealings with an unauthorised firm or are concerned about the legitimacy of the firm that you are dealing with, please do not hesitate to contact our team to obtain the appropriate advice.
[1] https://www.fca.org.uk/about/the-fca.
[2] https://www.fca.org.uk/news/warnings/cryptenix.
[3] https://www.cryptenix.com/about-us.
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