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UK regulator warns against crypto schemes CryptoBinanceFX and Coinglass

FCA warns against CryptoBinanceFX and Coinglass crypto schemes
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The crypto market continues to boom. Although the leading cryptocurrencies, Bitcoin (BTC) and Ether (ETH), have lost almost 20% from their peak over the last few days, they have recovered somewhat. Still, some chart technicians are convinced that the BTC exchange rate could still crack the $100,000 market this year. Against this backdrop, more and more crypto schemes have caught attention recently. The UK FCA has issued warnings against CryptoBinanceFX (www.cryptobinancefx.com) and Coinglass (www.coinglass.com).

CryptoBinanceFX probably does not choose a name that has similarities with the world’s largest crypto exchange Binance by chance. However, this has nothing to do with the scheme, which is a poorly implemented platform. On the Terms & Conditions page, there are only “Lorem Ipsum” dummy texts.

Coinglass (formerly ByBt.com) is a crypto futures trading & information platform allegedly operated by Coinglass Limited. We have not been able to find this company even though it offers apps on Apple and Google. We suspect that Coinglass is an unregulated Asian scheme that appears to act as an Introducing Broker (IB) and/or affiliate for other crypto exchanges like Binance.

Be very careful when investing in cryptos. As with Forex or CFD, they are super-high-risk investments and prone to fraud. Combined with offshore platforms, unknown and unregulated operators, the risk increases even more significantly.

CategoriesFCA

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