According to a press release published yesterday by the British Financial Conduct Authority (FCA) – Next Coin Market, which is called the crypto-exchange, claims that it works under FCA authorization, which is not true.
The Next Coin Market site, still working, tricked users into thinking that they have FCA permission, which is still not there now, and thus is involved in criminal activity.
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Based on the first inspection and use of search engines within the site, it seems that all links to FCA approval are now removed from the Next Coin Market. Now the only reference to their regulatory framework is access to registration in Bulgaria.
FCA, British financial regulator, published a warning on the Next Coin Market. FCA seems to be looking for potential victims at the Next Coin Market.
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But nevertheless, these victims will not be able to receive significant assistance from an organization that also states that anyone dealing with unauthorized firms will not be protected by their compensation scheme and cannot file a complaint with the financial ombudsman.
Editor: Yuliya Soroka