The UK’s independent financial regulator, the Financial Conduct Authority (FCA), has warned the public that it believes a Bulgarian company called Next Coin Market (NCM) is an illegal organization falsely claiming to be FCA-authorized to offer cryptocurrencies to consumers.

In an official statement (Mar 6), FCA said it has become aware that NCM has been publicly spreading an Internet link to a fake website that gives the impression NCM is authorized by the FCA. FCA clarified that NCM is not authorized by it, and such false impression constituted criminal activity.

FCA warned the public that anyone found dealing with an unauthorized firm will not be protected under the Financial Services Compensation Scheme, and cannot make complaints to the Financial Ombudsman Service.

It further urged the public to only deal with FCA-authorized financial firms, and to check the status of recognized firms on its Financial Services Register. Members of the public who have been approached by NCM should contact FCA.

BTC Exchange Guide has noted that NCM claims its users have the ability to make more money than ever through trading on its platform. NCM also supposedly claims it has some of the more profitable clients in the crypto industry. In an overview of NCM, BTC Exchange Guide concluded that NCM is likely to be a scam.