The Financial Conduct Authority (FCA) has issued a warning regarding Globalinvestmentmarket, a firm offering financial and crypto-related services without proper authorization. The FCA cautions that the business is not authorized to provide or promote financial services in the UK. It lists an address at 14 Fitz-James Avenue in London and uses the email support@globalinvestmentmarket.live and the website www.globalinvestmentmarket.live. The FCA warns that such firms may provide misleading or false contact information. Customers engaging with this firm will not be covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme, making it unlikely they will recover funds if the business fails.
According to the FCA, UK cryptoasset businesses must register under the Money Laundering Regulations if they intend to offer services falling within those rules. This requirement applies even to firms already authorized for other financial services. Registration involves submitting an application through the FCA’s Connect system, paying applicable fees, and providing detailed information about the business, its activities, and key individuals. All officers, managers, and beneficial owners must pass a “fit and proper” assessment. The FCA evaluates past convictions, regulatory compliance, and business conduct during this process. Misleading or incomplete applications may be rejected.
In a recent press release by the FCA, CB Payments Limited (CBPL), part of the Coinbase Group, was fined £3.5 million for allowing 13,416 high-risk customers to access crypto trading through other Coinbase entities despite restrictions. This resulted in $226 million in transactions. The FCA cited inadequate controls as increasing money laundering risks and noted this as their first enforcement action under the Electronic Money Regulations 2011.
Learn Signal reports that the Financial Conduct Authority (FCA) was established on April 1, 2013, succeeding the Financial Services Authority (FSA) as part of a comprehensive reform of the UK’s financial regulatory framework following the global financial crisis. Operating independently of the UK government, it is funded by fees charged to the financial services industry. Its primary objectives include protecting consumers, ensuring market integrity in UK finance, and promoting effective competition in consumers’ interests.
