British Financial Conduct Authority (FCA) today gave a warning to traders to avoid Cryptorobot365 and all other shady brokers at all costs.
The UK financial watchdog today blacklisted another unregulated firm called Cryptorobot365, which facilitates trading in digital currencies without being authorized to provide investment services or activities in the country.
According to FCA the UK financial watchdog, Cryptorobot365 does not have any valid license of any kind, and as such is not authorized to promote its advertised products.
Cryptorobot365 is the latest company to come under scrutiny by the watchdog. The broker is operating from the site https://cryptorobot365.com, purporting to be registered in undisclosed jurisdictions.
FCA also revealed that investors should assume that in case they deposit money at the respective company they might end up losing all their money.
The UK watchdog further added: “You should be aware that if you give money to an unauthorized firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.”
Thus, FCA again reminds traders who wish to conduct investment activities with an institution or person to beforehand check its official Register as to whether or not such providers are authorized to render financial services.