FCA issues scam warning against HANTEC FUNDS

abdelaziz Fathi

The City watchdog has sounded an alarm over yet another fraudulent clone, this time shedding light on a firm called ‘HANTEC FUNDS’ that has been posing as a UK-based FX trading brand.

binary-clones

The FCA warning comes after the authority warned the public against the suspicious operation of Easy FX Trade, which has been revealed to be manipulating investors by claiming the reference number of the FCA-regulated Hantec Markets.

Although HANTEC FUNDS INVESTMENT doesn’t explicitly claim to be licensed by the FCA, they are in fact using the details of regulated companies in an attempt to convince investors that they work for a genuine firm.

Specifically, HANTEC FUNDS provides contact details, which the FCA warns may be false or mixed with details of a regulated company. But according to the financial regulator, HANTEC FUNDS is not authorized to promote financial services in the UK and has no association with the authorized firm.

Although the FCA didn’t provide further details, the aforementioned company seems to be a fraudulent business. Specifically, HANTEC FUNDS’ website claims to offer investment plans, with returns ranging from 50 percent to 120 percent after 30 days, which raises a red flag as far as investors are concerned.

As one would expect, sites such as HANTEC FUNDS operate as a high yield investment program (HYIP) scheme where returns are always questionable, though they tend to dry up long before the original investment amount is repaid. The company provides no legitimate proof of payouts, and it is likely no one will ever see any money.

Hantec Markets is a subsidiary of Hantec Group and has been a forex trading service provider for more than two decades with offices in London, Sydney, Tokyo, Hong-Kong, Auckland, Dubai Mauritius and Lagos. At the end of 2017, Hantec acquired the retail client base of IKON Finance. The company also signed a three-year agreement with a Premier League football club West Ham United as the official FX partner of the iconic east London team.

Read this next

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

Digital Assets

Masa and LayerZero: Bridging Blockchains for Data Sovereignty

Masa Network is poised to revolutionize the personal data landscape with its upcoming launch as a cross-chain platform, making it accessible on a variety of blockchains right from the start.

<