FCA Flags over 50 Unregistered Firms Promoting Financial Services

<p>The Financial Conduct Authority (FCA) has issued a warning
against more than 54 firms operating without proper authorization, potentially
exposing investors in the UK to financial risks. Among the entities flagged by the regulator,
according to a list compiled by Fazzaco, are Extron Exchange, Crypto Miners
Limited, and Capital Wave FX. </p><p>Extron Exchange and Crypto Miners Limited</p><p>The <a href="https://www.financemagnates.com/tag/fca/" target="_blank" rel="follow">FCA</a>'s radar caught Extron Exchange, a firm
operating in Edinburgh, the United Kingdom. This entity allegedly provides or promotes financial
services without authorization. Investors are urged to steer clear of this
entity to avoid falling victim to potential scams. </p><p>The lack of authorization means that investors have no access to the <a href="https://www.financemagnates.com/tag/financial-ombudsman/" target="_blank" rel="follow">Financial Ombudsman Service</a> or the Financial Services
Compensation Scheme, leaving their investments unprotected. The contact details
for the flagged firm per the regulator are [email protected], and
its website is extron-exchange.ltd.</p><p>Another entity on the FCA's warning list is Crypto
Miners Limited in Nottingham, United Kingdom. Operating without FCA
authorization, this firm poses risks to <a href="https://www.financemagnates.com/tag/the-uk/" target="_blank" rel="follow">the UK</a>'s investors, according to the financial watchdog. The company uses the email
address [email protected] and runs the website cryptominers.ltd</p><p>Investor Caution Advised</p><p>Trusted Coinmining, supposedly based at 52-54
Gracechurch Street, London, UK, is also on the FCA's notice. Investors
are cautioned against dealing with this unauthorized firm. The FCA highlighted
the risks associated with providing or promoting financial services without
proper authorization, emphasizing the importance of due diligence to avoid
potential scams. The firm's contact details and website are
[email protected] and trusted-coinminingltd.com, respectively.</p><p>Additionally, Capital Wave FX, operating from 4735 Sumner Street,
Rancho Dominguez, California, is flagged by the FCA for potential unauthorized
financial services. The details provided by the regulator concerning
the firm are [email protected] and www.capitalwavefx.com.</p><p>Last year, the FCA <a href="https://www.financemagnates.com/forex/fca-cancels-1266-unauthorized-firms-imposes-record-fines-in-2023/" target="_blank" rel="follow">intensified its efforts to combat</a>
misleading financial promotions and unauthorized firms operating within the
country. The regulator's approach involved removing over 10,000 potentially
misleading adverts and issuing 2,243 warnings about unauthorized firms and
individuals. </p><p>Notably, between January and October 2023, the FCA
canceled 1,266 firms that failed to meet its stringent authorization standards,
<a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a> reported. This move ensures that only compliant entities
operate within the regulated financial services industry.</p><p>A Fraud Survey</p><p>We invite you to participate in our joint survey conducted
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This article was written by Jared Kirui at www.financemagnates.com.