Share this article
UK Regulator Warns Against Crypto Investment Firm
The Financial Conduct Authority (FCA) has issued a public warning against Cryptoconomist Limited, a crypto investment firm.
Updated Sep 11, 2021, 11:56 a.m. Published Oct 14, 2015, 5:10 p.m.
In this article
The Financial Conduct Authority (FCA) has issued a public warning against an investment firm promising high returns on cryptocurrency trading.
The UK regulator – which oversees more than 70,000 businesses in the financial industry – issued a public warning against Cryptoconomist Limited, registered to a London address, on its website earlier today.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
, the FCA said it believed the trading website had been providing "financial services or products in the UK" without its authorisation. "Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us," it explained.
When checking the Financial Services Register – a list of companies and individuals regulated by the FCA – CoinDesk found that Cryptoconomist Limited was listed as "unauthorised".
Advertisement
The search result brought up the following message:
"This is a firm that we have been told is either operating regulated activities without the correct authorisation, or is running a scam. We strongly suggest you avoid dealing with unauthorised firms like this."
, Cryptoconomist, allegedly in-market since 2013, offers traders the opportunity to "earn a good surplus" on their cryptocurrency investment through a referral program which promises payouts of 4% and 1.5% for first line and second line referrals respectively.
A due diligence check lists Eller Otte as the company's director and secretary. Otte has no other apparent previous employment history online.
CoinDesk reached out to Cryptoconomist for comment but no reply had been received at press time.
More For You
Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
More For You
This article is created to test tags being added to image overlays
Dek: This article is created to test tags being added to image overlays
What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
Top Stories
