Crypto Exchange Association, a FinCom Clone, Is Trying to Scam Brokers

<p>Scammers have broadened their target base as they are now trying to dupe companies with clones. A clone of the <a href="https://www.financemagnates.com/tag/financial-commission/">Financial Commission </a>(FinCom), a self-regulatory organization in the financial services industry, operating under the name Crypto Exchange Association, has recently surfaced, which is targeting brokers with its fraudulent services.</p><p>A Clone of Financial Commission
</p><p>On its fraudulent website, Crypto Exchange Association describes it as "a team of independent industry experts and professionals that deals with different cryptocurrency cases on everyday basis," adding: "Our dispute resolution commission can help resolve any dispute and provide professional consultation for most issues possible. Today, we can boast of more than 25 years of experience and successful dispute resolution practices for both traders and brokers."
</p><p>It further states: "While being a completely independent organization, Crypto Exchange Association is recognized as a specialist team, striving to create an open, educational, and effective space for brokers and traders. Our interest is to provide knowledge, generate clear responses, give instructions, and expand community awareness."
</p><p>These statements and services were copied from the Financial Commission. The website layout of the fraudulent platform also resembles that of the Financial Commission.</p><p>False Claims
</p><p>Further, the fraudulent platform lists <a href="https://www.financemagnates.com/">Finance Magnates </a>as one of its partners, which is entirely false. It also listed a few other names as partners.</p><p>Cloning the Financial Commission, the Crypto Exchange Association also lists several big and small brokers, including IG Group, FXOpen, and FXClub, as its members. Most of these brokers are members of the Financial Commission.</p><p>The fraudulent platform claims to be based in London. A Whois lookup revealed that the domain was registered last June.</p><p>The Financial Commission also faced the <a href="https://www.financemagnates.com/forex/financial-commission-warns-against-clone-website/">issue of clones </a>before. In a public warning last March, the company flagged a clone, which was using a very similar name and listing some brokers as members that were originally expelled by the Financial Commission.
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This article was written by Arnab Shome at www.financemagnates.com.