The UK's Financial Conduct Authority has issued a warning to investors about unregistered brokerage firm Olsson Capital, which sells cryptocurrency derivatives.
“The firm, registered in Sofia, Bulgaria, has not been authorized to operate in the UK and, to our knowledge, its activities require a licence,” the regulator said.
Although the firm's website is currently unavailable, Scambroker, which researches securities brokers and dealers, says the firm trades in cryptocurrencies and is not a licensed broker. Among other things, the company's services include contracts for differences (CFDs) related to various types of cryptocurrencies, including bitcoin, XRP, dash, ethereum, monero and litecoin. In addition, investors must pay around $250 to register on Olsson Capital's platform.
Some investors have also reported that the platform has stopped processing withdrawal requests and the company is not responding to emails.
The UK Financial Conduct Authority is again warning investors that derivatives trading activities require a license and investors should exercise some caution in relation to such products.
According to https://www.coindesk.com
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