The Financial Conduct Authority (FCA) has added www.beofxprimemarket.com.cryptochainovax.com to its Warning List, stating that the website is not authorised by the regulator and may be targeting people in the UK.
According to the FCA, the firm may be providing or promoting financial services or products without its permission. The regulator advises consumers to avoid dealing with the firm and to beware of scams. Almost all firms and individuals must be authorised or registered by the FCA to carry out or promote financial services in the UK.
The warning entry lists an address at 11 Grace Avenue, Ste 108, Great Neck, New York, United States of America, 11021, and gives the website as www.beofxprimemarket.com.cryptochainovax.com. The FCA does not describe the entity as a clone of an authorised firm.
No Ombudsman or FSCS cover
Consumers who deal with the firm will not have access to the Financial Ombudsman Service if they wish to complain, the FCA said. They also will not be protected by the Financial Services Compensation Scheme (FSCS) if things go wrong, meaning it is unlikely they would get their money back if the firm goes out of business.
The regulator notes that some firms may give incorrect contact details, including postal addresses, telephone numbers and email addresses, and may change these over time. They may also supply details belonging to another business or individual so the information appears genuine.
The FCA added that anyone who sent money to a fraudster on or after 7 October 2024 may be covered by protections introduced by the Payment Systems Regulator (PSR).
The regulator urges consumers to use the FCA Firm Checker to confirm that a financial firm is authorised and holds permission for the services being offered, and to reply to unexpected approaches only using the contact details listed there. Anyone who believes they have been approached by an unauthorised firm can call the FCA on 0800 111 6768 or use its contact form.
