We here Finance Magnates have spent a lot of time alerting the public to trade with unregulated brokers. However, another danger for retailers comes in the form of a clone firm & # 39; s.
These are websites that emulate legitimate companies to get customers to abandon their hard-earned money. This Friday, the Financial Conduct Authority (FCA), a British regulator, warned the public about trading with BlackRock Crypto Asset Management Limited.
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This was clearly meant to convince potential customers that BlackRock, the famous asset manager, had a kind of cryptocurrency company. If the ridiculous name was not enough, the FCA's warning should serve to keep all members of the public away from the company.
Detect the clones
This reporter was in the vicinity of the firm's office this afternoon. To get an idea of what BlackRock Crypto Asset Management is doing, I left the cozy privacy of my Soho office and went to Regent Street to see what I could find.
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With the feeling that I was a young Sherlock Holmes, I was able to enter the building with some construction workers. Heart thumping, the elevator took me to the third floor where I found … nothing.
An office worker informed me that the company, like many unscrupulous companies in the United Kingdom, only has a virtual office registered at Regent Street. Yes, I can imagine your disappointment as I type these words – I had hoped for some James Bond-esc street hunt or, at the very least, a gunfight.
Unfortunately, it was not. Nevertheless, the first-hand evidence was that the company was trying to hide its true origins with a reasonably flashy address in London.
What is the moral of all this? Stay away from children of clone companies, especially children who waste 10 minutes of your day and buy a coffee with Fun on a Friday at 17:00.