FXCRYPTOTRADERX (the scam entity) (2021-12-23)

Summary

This is a public warning notice issued by the Jersey Financial Services Commission (JFSC) about an entity referred to as FXCRYPTOTRADERX, which the JFSC has identified as a scam operation. The notice warns the public not to deal with this entity because it is not authorised or registered to carry on investment business or virtual currency exchange activity in Jersey.

• Unauthorised activity: The entity has never been registered with, or applied for registration with, the JFSC under the Financial Services (Jersey) Law 1998 or the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008.
• Breach identified: Any investment business or virtual currency exchange business carried on by the entity is said to breach Article 7 of the FS(J)L and Article 10 of the Supervisory Bodies Law.
• Fraud warning signs: The JFSC states that documentation, the website and email addresses associated with the entity display warning signs consistent with a fraudulent operation.
• Public guidance: Members of the public who have had dealings with the entity are asked to contact the JFSC Enforcement team; the public is also directed to the JFSC's list of regulated and supervised businesses.

This is an informational public statement rather than a rule or policy change. It creates no ongoing compliance obligations for regulated firms, but firms and the public should be aware of the entity and report any dealings with it to the JFSC.

Key obligations

• Any person who has had dealings with the scam entity FXCRYPTOTRADERX is requested to contact the JFSC's Enforcement team.