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Abstract：Investors are becoming more and more vigilant these days. When asked about their licenses and regulations, scammers equivocate, which makes it difficult for scammers to deceive smart investors.
Under this circumstance, some fraudulent brokers use the regulatory detail of the firm authorized and blatantly claim to be a regulated company. And Dcoin FX is using the trick to scam.
Boldly Lies
The clone firm Dcoin FX boldly lied it was trusted by Deriv, the firm whose regulatory information was being illegally used.
A Collection of Regulations
Dcoin FX claimed to be based in the UK and was under multiple regulations and registration. But none of the regulators could prove Dcoin FX an authorized forex broker. Here are the results we found:
In the UK FCA register, we found the firm Deriv Investments (Europe) Limited. But the firm status in UK FCA was “Supervised run-off”. And no website can prove that Dcoin FX was the trading name of the firm.
In the Labuan Financial Services Authority (Labuan FSA), we found a firm named Deriv (FX) Ltd. However, the approved domain was “binary.com” instead of “dcoinfx.com”. It was a red flag that Dcoin FX falsely used the information of an authorized firm.
We could also find the matching results in the British Virgin Islands Financial Services Commission (BVI FSC), the Vanuatu Financial Services Commission (VFSC), and Saint Vincent and the Grenadines Financial Services Authority (SVG FSA). But none of the agencies have a website or address that can prove the regulatory or registration information that belongs to Dcoin FX. Moreover, SVG FSA does not regulate forex activities. Having registration is different from being authorized to provide financial services.
The Malta MFSA Warning
Lately, the Malta Financial Services Authority (MFSA) confirmed that Dcoin FX is a clone firm and issued a warning on August 1, 2022. MFSA warned that Dcoin FX has no association with Deriv Investments (Europe) Limited and is not authorized to provide any financial services in Malta.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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