UK FCA warns against working with unregistered brokers cryptocurrency

The financial regulator in the UK issued a warning to investors regarding unregistered brokerage firm offering cryptocurrency derivatives.

In a Thursday statement, the financial conduct authority (FCA) drew the attention of investors on the company Olsson Capital, located in the capital of Bulgaria — Sofia.

«This firm is not authorised by us, but is aimed at attracting investors from the UK. Based on available information, we believe that it performs operations that require regulation and authorization,» reads the Agency’s statement.

Although the website is currently unavailable, information from Scambroker, a site that explores the activities of brokers and dealers of securities shows that the firm has transactions associated with cryptocurrencies and registered with the FCA as a licensed broker.

The site also States that the services provided by Olsson Capital include contracts for difference (CFD) for different cryptocurrencies, such as BTC, XRP, DASH, XMR and LTC. In addition, investors must Deposit at least $ 250 in order to create an account on the platform, according ScamBroker. Some investors platform left comments on ScamBroker which claim that requests for withdrawal are ignored Olsson Capital for several days after application.

The statement is a logical continuation of the efforts of FCA’s warning to the public regarding the derivatives trading of cryptocurrencies, as this activity falls under the jurisdiction of the Agency. In November last year, the regulator has warned
about the risks of crypto-currency CFDs.

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