The Gibraltar Financial Services Commission (GFSC) is issuing a warning regarding the website https://www.coinrec.io and the entities therein referred to as coinrec.io, coinrec.io Corp and coinrec.io Limited.
This website is using several of the company details of CEX.IO Limited (a genuine registered company) to try to convince people that they work for a company legally registered within Gibraltar and authorised by the GFSC. This appears to be a ‘clone company’, in that its website appears to copy much of the content from the website of CEX.IO and this suspected clone company purports to offer Distributed Ledger Technology (DLT) services, specifically an exchange service for several different cryptocurrencies. It appears that https://www.coinrec.io also uses the registered address of CEX.IO Limited.
The genuine registered company is authorised by the GFSC to provide DLT services, which includes (i) the operation of a secondary market venue for trading virtual assets (ii) the provision of broker services (iii) the provision of custody services (iv) the provision of escrow services and (v) the provision of staking services.
The genuine firm makes it clear that https://www.coinrec.io nor the entities referred to therein are not in any way associated with the activities of CEX.IO Limited, a company legally registered in Gibraltar.
Companies and individuals carrying out financial service activities in Gibraltar have to be authorised by the GFSC. The suspected clone website, https://www.coinrec.io, falsely claims that they are authorised by the GFSC however, this is not correct. None of the entities referred to on this website are authorised by the GFSC, nor is an application pending for authorisation at present and this suspected clone company and its website are targeting consumers.
You can find out more about how to avoid fraud and scams in our consumer guide here.
Clone company details
Name(s): coinrec.io LTD; coinrec.io Corp; coinrec.io Limited (clone of a Gibraltar-registered company and associated entities)
Gibraltar-registered company details
Name: CEX.IO Limited (Genuine Gibraltar-registered Company)
Website: https://cex.io/ (Genuine Gibraltar-registered Company Website)
Support Contact No.: +44 20 3966 1272
Authorised under the Financial Services Act 2019; find the entry on the GFSC register here.
The Gibraltar-registered company has no association whatsoever with the ‘clone company or clone website’.
How to protect yourself
We strongly advise you to only deal with financial companies that are authorised by us, and check the GFSC Regulated Entities Register to ensure they are. The register has information on companies that are, or have been, regulated by us. If a company does not appear on the Register but claims it does, contact the GFSC Regulatory Investigations team on +350 200 40283
Report a clone company
If you think you have been approached by an unauthorised or clone company, or contacted about a scam, please contact us.
What to do if your company is cloned
If you think your authorised company has been cloned or scammers are fraudulently using your name or other details, contact the GFSC Regulatory Investigations team on +350 200 40283