FCA Issues Warning about Clone Firm Impersonating Plus500UK

<p>The Financial Conduct Authority (FCA) has issued a
cautionary alert to the public regarding the activities of a clone firm that is
impersonating the authorized financial services provider, Plus500UK Ltd.</p><p>Authorized
vs. Unauthorized: Spotting the Difference</p><p>A fraudulent entity operating under the name www.plus500un.com has been
identified by the FCA. This clone firm is falsely claiming to be an authorized
firm, engaging in deceptive practices, and targeting unsuspecting individuals.
Such entities are referred to as 'clone firms.'</p><p>These clone firms often employ misleading tactics and use
fabricated information, such as names, website addresses, email contacts, phone
numbers, and postal addresses. They may also mimic the legitimate details of
authorized firms to appear genuine.</p><p>Authorized Firm Details:</p><p>In contrast to the clone firm's deceptive activities, the
legitimate and FCA-authorized firm is Plus500UK
Ltd. The essential details for the authorized entity are Firm Reference Number: 509909, Address: 8 Angel Court, Copthall Avenue, London, EC2R 7HJ,
United Kingdom, Telephone: +4402038761640. Email: [email protected], Website: Plus500UK Ltd.</p><p>The public is strongly advised to exercise caution and
verify the authenticity of financial service providers. If anyone encounter any
suspicious or unauthorized activities, they are requested to report them to the
FCA promptly.</p><p>Cloning Challenges in
the European Financial Market</p><p>This
is not the first time that Plus 500 has been cloned. Back in May, <a href="https://www.financemagnates.com/">Finance Magnates</a> wrote in a report that
the <a href="https://www.financemagnates.com/forex/uk-flags-plus500-clone-italy-blocks-xtb-empire-3-others/">FCA
had issued a warning about 'FX Plus500,' a clone of the UK-based FX/CFDs broker
Plus500</a>. The FCA emphasized that this clone firm is not authorized and is
operating under the website 'www.fxplus500.co.uk.' </p><p>In
parallel, Italy's financial regulatory authority, <a href="https://www.financemagnates.com/tag/consob/">CONSOB</a>, has blocked four
websites offering financial services and products illegally in the country. The
prohibited websites are 'XTB Empire,' 'VirtuFinace,' 'Activ4X,' and 'Goldy
Deal.' CONSOB stressed the importance of investor diligence in making informed
investment choices and safeguarding their savings.</p><p>Spain's
financial watchdog has also previously issued warnings against illegal trading
platforms and clones, highlighting the broader challenges of unauthorized
financial activities within the European market.</p>

This article was written by Tareq Sikder at www.financemagnates.com.