The Financial Conduct Authority (FCA) has issued a warning to the public about a clone company operating under the names Expotoro, Tratoro and PayBack Toro. The fraudulent entity falsely claims to be an FCA authorized firm, engaging in unauthorized financial services activities.
The FCA emphasizes that these clone companies operating under Expotoro/Tratoro/PayBack Toro are not authorized by them, and that individuals should exercise caution when dealing with any entity claiming to represent these names. Clone companies often use deceptive tactics, including providing false contact details, email addresses, phone numbers, and even postal addresses. These fraudulent entities may also attempt to imitate the details of authorized legitimate businesses, as is the case with eToro.
The licensed company, eToro, has no affiliation with the clone company. The FCA advises the public to check the credentials of any financial services provider and cross-reference the information with official FCA documents. The organization also emphasizes the need to carry out due diligence and report any suspicious activity to the FCA.
Clone firms often adapt and can change their contact details over time, making it essential that individuals remain vigilant and regularly check the FCA’s warning list for updates on cloned and unauthorized firms .
We published 52 new #FCAWarnings to unauthorized and cloned companies in the last 7 days.
Protect yourself and find all recent warnings pic.twitter.com/Gbwh1noXti
– Financial Conduct Authority (@TheFCA) November 17, 2023
CNMV identifies ExpToro’s misleading similarity to eToro
In a previous report, Finance Magnates wrote that the Comisión Nacional del Mercado de Valores (CNMV) had flagged eight entities for unauthorized activities in the area of FX/CFD and crypto services, potentially posing risks to retail clients.
Newly listed entities, including Easy to Invest, El Comercio IX, Etora Grand, Pivotal Coin Net, Thor FX, Tools4Deals, Xifra Global and ExpToro, do not have the necessary licenses to operate in these financial sectors, according to CNMV reports .
#CNMV publishes new warnings, and an entity looks like @eToro. Pay attention to the potential #clone! pic.twitter.com/zfF8oNrP7i
– Damien Chmiel (@ChmielDk) November 13, 2023
ExpToro, in particular, has attracted attention due to the striking similarity of its name to eToro. The CNMV warns that ExpToro could fall into the category of clone companies, using names and visual elements similar to those of well-known platforms to confuse investors.
This warning follows recent alerts from the CNMV, including one concerning Bits Panda, posing as Bitpanda, a cryptocurrency platform. The regulator also added four FX/CFD market entities to its warning list last week.
The Financial Conduct Authority (FCA) has issued a warning to the public about a clone company operating under the names Expotoro, Tratoro and PayBack Toro. The fraudulent entity falsely claims to be an FCA authorized firm, engaging in unauthorized financial services activities.
The FCA emphasizes that these clone companies operating under Expotoro/Tratoro/PayBack Toro are not authorized by them, and that individuals should exercise caution when dealing with any entity claiming to represent these names. Clone companies often use deceptive tactics, including providing false contact details, email addresses, phone numbers, and even postal addresses. These fraudulent entities may also attempt to imitate the details of authorized legitimate businesses, as is the case with eToro.
The licensed company, eToro, has no affiliation with the clone company. The FCA advises the public to check the credentials of any financial services provider and cross-reference the information with official FCA documents. The organization also emphasizes the need to carry out due diligence and report any suspicious activity to the FCA.
Clone firms often adapt and can change their contact details over time, making it essential that individuals remain vigilant and regularly check the FCA’s warning list for updates on cloned and unauthorized firms .
We published 52 new #FCAWarnings to unauthorized and cloned companies in the last 7 days.
Protect yourself and find all recent warnings pic.twitter.com/Gbwh1noXti
– Financial Conduct Authority (@TheFCA) November 17, 2023
CNMV identifies ExpToro’s misleading similarity to eToro
In a previous report, Finance Magnates wrote that the Comisión Nacional del Mercado de Valores (CNMV) had flagged eight entities for unauthorized activities in the area of FX/CFD and crypto services, potentially posing risks to retail clients.
Newly listed entities, including Easy to Invest, El Comercio IX, Etora Grand, Pivotal Coin Net, Thor FX, Tools4Deals, Xifra Global and ExpToro, do not have the necessary licenses to operate in these financial sectors, according to CNMV reports .
#CNMV publishes new warnings, and an entity looks like @eToro. Pay attention to the potential #clone! pic.twitter.com/zfF8oNrP7i
– Damien Chmiel (@ChmielDk) November 13, 2023
ExpToro, in particular, has attracted attention due to the striking similarity of its name to eToro. The CNMV warns that ExpToro could fall into the category of clone companies, using names and visual elements similar to those of well-known platforms to confuse investors.
This warning follows recent alerts from the CNMV, including one concerning Bits Panda, posing as Bitpanda, a cryptocurrency platform. The regulator also added four FX/CFD market entities to its warning list last week.
