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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 says 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 says 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

New York authorizes first Yen stablecoin operator in the US

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New York has given the first authorization to a stablecoin backed by the Japanese Yen to operate in the U.S.

Per a Dec. 29 announcement, the New York Department of Financial Services has granted Japanese firm GMO-Z.com a charter to handle U.S.D. and Yen-backed stablecoins in New York. 

Given New York’s status as a global center, the NYDFS is the most prominent state financial regulator in the U.S. It is also one of the most aggressive. A pass to operate in New York often opens up the rest of the country. 

GMO’s charter is as a limited liability trust company rather than a full bank, the principle difference being in authorization to handle deposits. While a stablecoin operator typically needs the ability to hold reserves of the pegged asset, GMO’s charter limits its rights to hold other kinds of deposits not central to its ability “to issue, administer, and redeem” its stablecoins. 

The right to issue such non-depository charters has been a bone of contention between state regulators like the NYDFS and national banking regulators in the U.S. 

GMO president and CEO Ken Nakamura said: “We’re breaking ground with our move to issue the first regulated JPY-pegged stablecoin, which many see as a safe haven asset.” 

The NYDFS recently made changes to its famous BitLicense, including a conditional format that buddies up newly licensed firms with existing licensees. The first conditional BitLicense went to PayPal, facilitating the launch of its new crypto services earlier this fall with the help of longstanding licensee Paxos.