Switzerland’s forex bank and broker, Dukascopy, today warned for the second time against a cryptocurrency and FX trading provider that has been falsely claiming affiliation with its authorized brand. The clone entity, called ‘GCG Asia,’ prompted action from the regulated company.
Dukascopy confirmed that it has no association whatsoever with the aforementioned website and advised everyone to avoid it entirely.
The company added that GCG Asia and its CEO, Yaw Foo, are fraudulently using Dukascopy’s name and logo for attracting clients/investors. “We are taking actions against this dishonest organization,” Dukascopy said, adding that it has never provided liquidity GCG Asia.
The forex bank also noted that Switzerland’s financial market supervisor (FINMA) warned previously against GCG Asia as the said brand has no presence or authorization in Switzerland.
The fraudulent brand is indeed attempting to mislead investors into thinking that it is offering a legal product by using the details of an authorized firm operating under a similar name. However, investors should be aware that the original company is not available to help in recovering funds if the unauthorized entity scammed them.
Dukascopy ‘Real’ Crypto Offering
Dukascopy has been taking steps towards strengthening its budding cryptocurrency offering, including allowing clients to deposit and withdraw funds in digital coins, as well as enabling free internal crypto-transfers between users of mobile banking.
Dukascopy’s announcement came just a few weeks after it launched the official website of its own cryptocurrency, the Dukascoin. Available in five languages, the Dukascoin website, www.dukascoin.com, is dedicated to improving the visibility of Dukascopy’s latest crypto product through offering general information and up-to-date news.
Earlier in December of last year, Dukascopy said it had become the first Swiss bank to win approval for an ICO by the FINMA.