The FCA has issued a notice to HENEX Global in relation to its cryptocurrency business. It warns that the firm offers high-risk financial products and carries out activities that are not regulated in the UK. The FCA note highlights the risks of such activity to consumers. While the company does not respond to the notice, it is unlikely that its operations will cease. The FCA has a record of approving firms that offer new and complex financial services.
The FCA is a UK watchdog for financial firms in the UK. As such, investors should check the FCA license of any financial or cryptocurrency exchange that interests them. You must report fraudulent firms to the FCA and the regulator will take action if necessary. In 2021 alone, the FCA approved 199 digital currency firms. The companies range from ATM operators to exchanges, from big names like Fidelity to smaller local businesses.
The FCA also intends to review the listing rules for SPACs. It plans to ease the current regulations for these entities to compete better with other markets. The proposed changes are expected to take place before the end of 2022. The UK’s financial market is undergoing rapid growth and London is keen to keep up with the pace. However, the UK FCA is unable to provide the necessary support to the industry, as it is unable to regulate all companies.
There is some good news though. The FCA has amended its rules regarding the minimum free float requirement for exchange-traded funds. This means that HENEX Global is not yet fully regulated by the UK FCA. The FCA has also removed the’short-selling’ regulation that has previously existed. Furthermore, the new FCA regulations include a change in the minimum free float requirement, which could have an impact on the market and contribute towards efforts to get the market rid of illegal operations.
Have you lost funds to scammers?
Scam Help is here to help. It helps consumers report and fight deceptive business practices, and can also provide financial advice. In recent years, authorities like the FTC alone issue about $232 million in refunds per year, so it is vital for you to be aware of any suspicious activity. Scammers may also use cut-and-paste logos and send emails requesting more money from you.
If you feel you are being targeted by a scam artist when in the middle of a transaction that you have already initiated for example funds transfer from your bank to the scammers’ bank, it is best to contact the beneficiary bank to prevent the fraudulent transfer of funds. Free online tools are available to help you locate the beneficial bank. Once you know the account number, you can contact the bank directly to prevent the transfer of funds.
Reporting a scam is essential. It not only stops further fraud but also helps the law enforcement agencies prosecute the perpetrators, which is a great way to ensure your money is safe or will be safe in future. However, there may be other steps you must take to protect yourself from the scammer. In the meantime, you should make use of the Scam Help FREE CONSULTATION to access chances of recovering your funds.