The UK Financial Conduct Authority has put out a press release that warns about a new ‘clone firm’ investment scam impersonating FX broker Exness, a provider of FX services and ECN trading capabilities.
In a statement on its website, the regulator said the unauthorised clone firm is going under the name of ExnessFXcapital, operating through the domain https://exnessfxcapital.com/.
The copycat broker has chosen to operate under a name similar enough to Exness to convince potential clients that it was the authorized online trading firm that had contacted them.
This also provides an easy hunting ground for clone scams who target victims via paid-for adverts. As such, the City watchdog undertakes proactive monitoring, almost on a daily basis, to identify potential scams and provides search engines and social media networks with details of the alerts it issued. It also works closely with domain registrars to make it more difficult for cloned websites to stay online, and remove them as quickly as possible.
Exness is a multi-regulated foreign exchange and CFD platform, which hosts nearly $2.8 trillion in monthly turnover. The company acquired its regulated UK license, an IFPRU €730K firm, back in 2016 to operate a CFDs brokerage business. The broker launched a mainly retail offering, which focused on CFDs in Forex and commodities. In light of an internal business decision to restructure its business and focus on other markets to grow their B2B operations, Exness decided in…