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Watch out, fraudsters are claiming they are from Blockchain.com

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Fraudulent actors currently float around the internet claiming association with crypto trading and wallet company Blockchain.com, as confirmed by the Financial Conduct Authority, or FCA, a United Kingdom-based regulatory entity.

The copycats assert association with Blockchain.com under Blockchain Ltd, a clone version of the real company. The genuine Blockchain.com, under the agent Blockchain Access UK Ltd, and principal entity Modulr FS Limited, holds legitimate FCA authorization, according to a warning posted by the FCA on Friday.

“Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm,” the FCA said in the warning. The FCA tags these criminal efforts as clones.

“This firm is not authorised or registered by us but has been targeting people in the U.K., claiming to be an authorised firm,” the FCA said of the Blockchain.com clone.

The warning post includes details of the real registered entities, Modulr FS Limited and Blockchain Access UK Ltd. The post also highlights some of the known email addresses and phone numbers of the nefarious characters, which exclude last names in their email addresses.

The crypto space has seen its fair share of deceptive ploys aimed at stealing funds from victims. Phishing serves as one example, faking out victims with look-alike efforts.

The real Blockchain.com is a well-known player in the crypto industry. The FCA warning advises caution regarding any random contact efforts by people claiming to be from Blockchain.com, who may even tout actual Blockchain.com company information.



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Regulation

PayPal CEO calls on crypto industry to work hand in hand with regulators

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There is no other way for the cryptocurrency industry to thrive without working hand in hand with regulators, PayPal CEO Dan Schulman believes.

On Dec. 2, Schulman joined the Web Summit online conference to discuss the cashless era of the global financial industry with Squawk Box host Andrew Ross Sorkin.

As part of the discussion, Schulman addressed issues related to cryptocurrency regulation, calling on the industry to closely collaborate with financial authorities to bring more utility to crypto. “There is only one way to approach this, and that is working hand in hand with regulators,” he argued.

Schulman went on to say that regulatory compliance is foundational for providing services in the crypto industry:

“Part of that foundational capabilities are regulatory compliance, full understanding of security, risk management, all of the financial controls, FinCEN controls, AML controls. Without that, you really have no way that you should be in this arena. […] You must have those.”

Schulman said that the company invested a “tremendous amount” in regulatory compliance, noting that PayPal became the first firm to get a conditional BitLicense from regulators in New York. “We’re doing this hand in hand with regulators, and it’s the only way to go about doing this,” Schulman argued.

“Strong regulatory oversight is extraordinarily important and I’ve got zero issue with that,” the exec said. Schulman stated that PayPal has strong relationships with regulators because it aims to prevent illicit practices like money laundering while providing some degree of financial health.

In October 2020, PayPal officially broke the news on the company’s plans to introduce the ability to buy, hold and sell a number of cryptos including Bitcoin, Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) directly with the PayPal digital wallet. PayPal subsequently rolled out its crypto service in the United States, allowing clients to trade up to $20,000 per week.

Schulman has previously claimed that PayPal’s crypto services will eventually increase the utility of cryptocurrencies.