New Crypto Scam Warnings
This month the Cyprus Securities and Exchange Commission (CySEC) issued a warning regarding seven unauthorized entities that claimed to be under the Cyprus based regulator. The warning comes one month after seven other firms were blacklisted for the same offense.
Falcon FX Option Scam
The most notorious of the company names on this is Falcon FX Option. A company that brazenly claims on it’s website’s disclaimer that it is regulated not only by CySEC but by the CFTC in the US as well. Falcon FX Option also goes by a name closely related to an actual CySEC authorized firm Falcon Brokers. A correlation between the two firms has yet to be determined, however we covered another “Falcon” scam back in May which you can read here. Another “Falcon” broker scam is FalconFX, an unregulated firm claiming to be located in the United Kingdom.
The seven companies are listed below.
Crypto Scams Still Operating
A worrying reality is that most of the companies listed on this warning are still active. It seems that CySEC, true to their form are satisfied with simply announcing that they’re not responsible for the crimes that are being committed by these entities.