The United Kingdom’s Financial Conduct Authority (FCA) on Wednesday shed light on a FX firm representing itself as BECFD, warning that the unregulated firm has no association whatsoever with any FCA-licensed entity and is operating without authorization.
The watchdog added that the company has been was flagged for offering a variety of currency trading services and targeting UK citizens without a license.
The FCA pointed out that BECFD is based out of an undisclosed jurisdiction while soliciting its clients using the website www.becfd.com.
The FCA also added a new binary options brokerage to its already extensive blacklist. According to the watchdog, online trading firm SW1 Options has been soliciting clients without being licensed to carry out such activities.
The denouncements follow a suite of similar blacklistings over the last few months. Under the guidelines, companies offering trading in derivatives to UK investors require licensing and oversight from the FCA.
Accordingly, the regulatory body has been cracking down on unregulated and unauthorized firms, surveying the trading environment to ensure such firms are not soliciting or marketing products to its residents.
The FCA’s alerts, however, are provided as an early warning service to investors, but not as a substitute for clients doing their own due diligence on the entity in question.