Our research about CryptoUpdate24 shows that it has been blacklisted by a financial regulator and that is why we are publishing this warning.
What is CryptoUpdate24 about
CryptoUpdate24 is an investment platform that offers several investment plans to the public. Daily returns on investment start at 10% and go up to 17%. The minimum investment is 50 USD.
Official website: https://www.crypto-update24.com/
Address: Cardiff, CF14 8LH, United Kingdom
Contact information: [email protected], +447727451077
Is CryptoUpdate24 legit?
Based on our research we have to say that CryptoUpdate24 is not legit. The reason for this conclusion is that it has been blacklisted by a financial regulator for providing unauthorized investment services.
The warning about CryptoUpdate24
The financial regulator that has warned the public about CryptoUpdate24 is FCA, see the full alert HERE.
The FCA had this to say about CryptoUpdate24: The regulator believes that the company is providing financial services in the United Kingdom without the needed authorization.
Why this warning is important
Financial regulation is key to maintaining orderly markets. Every country has at least one independent regulator that oversees financial markets to ensure that customers of investment services are protected.
No regulation is perfect, but it provides at least basic protection to consumers. In the investment world, regulation often ensures that clients’ funds are segregated from the money of the company, that there is transparent pricing of traded assets, that the company is not in conflict of interests, etc.
Simply put, there are rules that investment companies have to follow and regulators make sure that they follow them.
In some countries, deposits with investment companies are even insured. This means that if the company, for example, a broker, goes bankrupt, clients still get their money back from an insurance fund.
For all the reasons mentioned above the risks with regulated companies are far smaller than with the ones that are not regulated. There are many, many more scams among unlicensed and unauthorized investment services.
Is CryptoUpdate24 a scam?
CryptoUpdate24 being blacklisted by a financial regulator, namely by FCA, does not necessarily mean that it is a scam. Unless it is explicitly said in the alert.
But it is important to know that every time there is a reason for a company to be placed on a warning list by a financial authority.
There must have been an impulse for the regulator to investigate CryptoUpdate24 and conclude that the public must be warned about it. Like complaints from users or suspicion, for example.
Some investment projects just overlook their duties as far as financial and investment laws are concerned, some are outright scams that just avoid regulation.
In this review, we report on the alert that the FCA published about CryptoUpdate24. So for a conclusion about whether it is a scam or not you can contact directly this financial authority.
In our experience, to stay safe, it is better to avoid all companies and investment services that have been blacklisted by financial regulators.
You can also contact the national financial authority in your country and ask it about CryptoUpdate24 to see what they have to say.
In conclusion about CryptoUpdate24
CryptoUpdate24 has been the subject of a warning from the FCA, which is a financial regulator. So there is a problem with it, and that is why you’d better stay away from it.
If you have doubts about CryptoUpdate24, just ask a licensed investment advisor and/or the national financial authority in your country to get a professional opinion.