Watch Out for This Popular Crypto Exchange Clone

Life is not easy when you are one of the largest cryptocurrency exchanges by volume and number of clients. On the one hand, you deal with regulators in different parts of the world, and on the other, with scammers who try to impersonate your brand. Coinbase is well aware of this and has again fallen victim to a clone company with the catchy name Coinbaseie.

Coinbaseie is Not Coinbase, Beware of Fraudsters

The UK financial regulator FCA recently warned British investors and savers against the activities of people who cold call consumers and send them emails from the Coinbaseie.com domain, posing as representatives of the popular cryptocurrency exchange Coinbase.

During the conversation, they encourage setting up a trading account, referring to Coinbase's regulations and reputation. However, as the FCA warns, they have no affiliation with the real exchange, and sending them any money may involve a serious risk of losing it.

Notably, the FCA has flagged several phone numbers|: +447766855941, +35351571608, +447766855941, +35351571616, +31637827703. The regulator also advises caution with email addresses from [email protected] and [email protected].

Misspelling the names of fully registered entities is a popular strategy among scammers. The names Coinbase and Coinbaseie differ by only two letters, so many people may not notice the slight difference and think they are contacting a representative of the popular platform.

Clones Everywhere

Finance Magnates has repeatedly reported in recent months about fraudsters impersonating popular companies offering their services to retail investors. In January, scammers in the UK posed as Admiral Markets and a few days earlier as XTB.

Victims of clones also included Westpac and Hargreaves Lansdown, as well as the broker Spreadex. In November, the FCA warned against an eToro and IG Markets clone, and, in October, against a counterfeit version of the Bitpanda cryptocurrency platform.

In order to better combat regulatory and cloning issues, Coinbase decided to hire a former UK minister who joins the broker's advisory council in connection with its global expansion. George Osborne, the previous Chancellor of the Exchequer, will advise the exchange on regulatory affairs and global expansion.