One of the latest warnings launched by the Financial Conduct Authority (FCA) pertaining to financial service providers is for Betafinn. The Financial Conduct Authority has announced that Betafinn is providing its services without being authorized.
In order for Betafinn to operate and provide services in the United Kingdom, it needs to be authorized by the Financial Conduct Authority. As per FCA’s warning, Betafinn has been doing it without taking it into consideration that it is operating illegally.
Warning by the FCA for Betafinn
The Financial Conduct Authority has warned all the investors in the country to stay out of trouble and be very cautious while dealing with Betafinn. The particular trading platform has been providing its services to the locals of the United Kingdom without being registered.
This means that none of the fund being deposited or traded through Betafinn are safe or covered in case a fraud takes place. Therefore, every penny the investors deposit at Betafinn is at the risk of being lost to a scam.
A trading or a financial services platform is always at the risk if it is not regulated. This means that it is providing its services that are not provided or covered through any law or the regulatory authorities. In such cases, if a mishap takes place and people end up losing their funds, there is no coverage for those funds.
The Financial Conduct Authority has announced that Betafinn is not regulated through them, which means that it is unsafe to deal with. Therefore, it is extremely important for the investors to take caution when making investments.
The firm is unregistered and unlicensed to operate as a financial services provider in the country. Yet, it is doing so, putting the funds and savings of the investors at a great risk.
Betafinn is Using Replicated Information
The Financial Conduct Authority has also warned its investors that the major concern it has is over the identity that Betafinn is using to mislead the UK-based investors. The warning suggests that Betafinn has been using the name of Beta Commercial Finance Limited in order to lure the innocent investors from the United Kingdom.
Beta Commercial Finance Limited is reportedly a registered and a licensed financial firm that has been providing its services in the United Kingdom. On the other hand, Betafinn has been using its name to misinterpret and misguide the investors into thinking that it is a platform powered by the Beta Commercial Finance Limited.
Non-Association Updated by Beta Commercial Finance Limited
The regulator has also confirmed that even the regulated and licensed firm “Beta Commercial Finance Limited” has no knowledge of Betafinn. Therefore, the regulated firm has announced that it has no link or connection with Betafinn. The further confirms that Betafinn has been providing unregistered and unlicensed services to the UK-based investors.
Beta Commercial Finance Limited has also announced that it has no affiliation with Betafinn. Therefore, no investor should start investing in Betafinn perceiving that it is powered by the regulated firm. The investors must remain very vigilant and alert, so they do not end up being financially harmed by the fraudsters.
Details of Beta Commercial Finance Limited
The details provided by Beta Commercial Finance Limited suggest that it is located at The Old Chapel High Street, Alton Stoke-on-Trent, Staffordshire, ST10 4AQ. The business number for Beta Commercial Finance Limited is 758248.
The website for the particular (regulated) financial firm is betacf.co.uk and its email address is firstname.lastname@example.org. The phone number provided by Beta Commercial Finance Limited is +4401538702565.
Information about Betafinn
Betafinn claims to be providing services such as forex, shares, commodities, cryptocurrencies, and stock trading. The platform also claims that it is a fully regulated entity as it claims it fully adheres to the KYC and AML policies.
The Betafinn platform that can be reached by the investors through the website address: www.betafinn.com. The email address Betafinn offers is email@example.com.