The Financial Control Authority (FCA) of the UK has accused one of the cryptocurrency exchanges Coingrowbit of illegally providing services. As stated in the statement of the department, the company Coingrowbit, which uses the domain Coingrowbit.com , illegally offers financial products and investment opportunities to UK residents. Since this type of activity is subject to mandatory licensing, Coingrowbit must first obtain an appropriate document authorizing it to operate in the country. While the company does not have such a license and cannot provide these or any other services.
In particular, the FCA statement said that the firm provides financial services or products in the UK without permission. All firms and individuals offering, promoting or selling financial services or products in the UK must be authorized with FCA. Coingrowbit is not authorized with the relevant authorities. Based on the available information, the FCA believes that the firm is carrying out regulated activities that require authorization.
Representatives of Coingrowbit, in turn, deny all charges. According to the company’s employees, the exchange does use the domain Coingrowbit.com , but at the same time, the company’s employees do not use mail with the address Gmail.com as it was said in the statement. In addition, the futures platform, which is also owned by Coingrowbit, is registered in FCA. The exchange’s employees also accused the agency of spreading information that does not fully correspond to reality and ask the FCA to provide explanations about this.