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FCA Sounds Alarm Over Cryptocurrency 'Clone' Scammers

Law360, London (August 10, 2018, 4:10 PM BST) -- The Financial Conduct Authority has issued its second warning in a week alerting investors to so-called cryptocurrency "clone" companies that use the details of authorized firms to scam consumers into buying virtual money that turns out not to exist.

Criminals are turning to new technology to exploit investors by using cloned firms to pretend they are a genuine regulated company. They set up websites using the name, address and logo of a reputable firm in the hope that their victims will assume they are handing their...
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