CryptoAssetManagementLimited was a scam company – the website it operates on might be gone now, but there is a trail of bad reviews and scam warnings left behind it. In the review below, we will examine these consequences of the the company – to hopefully help you spot such scammers in the future. Let’s start by going over the several warnings that were issued for CryptoAssetManagementLimited:
The first warning the scammers received that exposed them for what they were came from the British regulatory authority – the FCA. Here is the full text of said warning:
The FCA states the broker “not authorised by us and is targeting people in the UK. You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong”. There is no shortage of such companies out there nowadays, with most of them being scammers as well. These brokers mostly claim to be operating from within a country but do not have a license with that country’s regulatory authority.
There are also clone firms, which are a bit more malicious – they mimic licensed brokers in an attempt to make use of their brand name recognition to make sure they attract more clients. You should be extremely careful whenever dealing with them – always make sure a broker you encounter is legitimate and present in the register the regulatory body that watches over the respective markets.
However, this is not the end of the warnings that were issued against CryptoAssetManagementLimited – the broker also drew the ire of the AMF – the regulatory body that watches over the Dutch markets. The warning’s text can be found below:
Its text is only available in Dutch unfortunately – but it states there has been a warning issued against the company by a foreign regulatory body. It then provides a link to the FCA warning issued above.
Finally, there has been a warning issued by the Italian CONSOB. This regulatory body is rather unique in that it complies and publishes long lists of brokers that have received warnings from different domestic authorities. Here is the list in which CryptoAssetManagementLimited appears:
We have highlighted CryptoAssetManagementLimited in the list. The CONSOB repeats what the FCA has stated – the broker has been operating without a license. As you can see, even though the scammers have run their scheme for a rather short amount of time, they have somehow managed to get exposed by a number of regulatory bodies out there!
Of course, regulatory bodies were not the only ones to expose CryptoAssetManagementLimited – the firm has received a number of bad reviews from websites like forexbrokerz.com, which diligently expose scammers. And, since the CryptoAssetManagementLimited website is dead at the time of writing, such websites are the only place where one can learn of the broker’s scheme.
The company has been offering a rather common scam scheme – it has been providing access to investment plans with unrealistic return rates from 7 to 20% weekly. This is not possible to achieve for any company, of course, and such a high ROI is “clearly unrealistic” as the author at forexbrokerz.com states.
This is known as a high-yield investment plan scheme – such companies have their clients deposit under these promises they cannot and do not intend to fulfil. Once they have done so, their money is effectively forfeit – the scammers do not intend to invest it or otherwise make the clients richer – just to pocket as much of their funds as they can and run!
Of course, the broker’s scheme has been exposed on more than one website. Scamosafe.com for example states: “There is a huge discrepancy between these offers and the regulated companies standards.”, confirming it is not possible for anyone to achieve such high return rates with the scammers!
As we have mentioned in the section the warnings CryptoAssetManagementLimited has received, the company has been operating without a license. It is no wonder then that it is running a scam! In fact, you should be extremely careful of unlicensed brokers, as the vast majority are scams.
And, to go back to what the FCA said about the scammers behind CryptoAssetManagementLimited, the cannot grant you that you will “be protected by the Financial Services Compensation Scheme (FSCS)”. This is just a part of the measures the FCA takes to ensure clients of brokers that are overseen by it can provide adequate protections from the volatility of the markets – access to guarantee funds, which restore up to £85 000 to affected client if any FCA-licensed broker goes under. There are a lot more protections at place that make trading with licensed brokers much preferable to using the services of companies like CryptoAssetManagementLimited!
CryptoAssetManagementLimited also only took deposits via cryptocurrencies – which is incredibly common for scammers too. If you see there are no other deposit options than crypto, you are certain to be dealing with a scammer. This is because crypto deposits achieve two very important things for scammers:
Firstly, they enable them to process transactions anonymously. Secondly, such deposits are never eligible for a chargeback – so the victims of the scammers have no recourse to get their money back. Always be careful with crypto deposits!
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Crypto Specialist
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