The UK Financial Conduct Authority (FCA) warned on Wednesday Liffe Exchange, operating via several different websites, is a clone firm of FCA-authorized exchange ICE Futures Europe (www.theice.com), which is the UK arm of US-based Intercontinental Exchange (ICE).
Liffe Exchange is not associated in any way to the genuine FCA-regulated company, the FCA noted. The scammer is not authorized to offer, promote or sell services or products in the UK.
Clone firms use some or all of the details of a genuine entity, aiming to convince investors they works with the authorized company. The regulator noted that fraudsters may give out false details or mix false data with correct details of the authorized firm.
The clone company operates the following websites:
Investors should keep in mind that their funds are not covered under the Financial Services Compensation Scheme (FSCS) in case something goes wrong, if the broker or exchange they use is not authorized by the relevant regulator.
The UK regulator maintains a searchable register of unauthorized forex brokers that target local citizens and regularly issues alerts against entities that could potentially hurt local investors.
ICE Futures Europe is part of Intercontinental Exchange (NYSE: ICE). ICE operates on the currencies, equities, futures, energy, agricultural, credit, emissions, etc. markets. It owns 11 exchanges worldwide, including the New York Stock Exchange (NYSE).
When engaging with unauthorized and non-regulated brokers traders are putting their investments at higher risk. We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.