The UK's Financial Conduct Authority (FCA) has warned the public about a clone company named after Expotoro, Tratoro and PayBack Toro, which has been lying about being an FCA-authorised company engaged in unauthorized financial services activities.。

Identify and avoid clone companies in financial services

The FCA stressed that clone companies operating under the names Expotoro / Tratoro / PayBack Toro were not authorized by it and individuals should exercise caution when dealing with any entity claiming to represent these names.。Clone companies often use deception, including providing false contact information, email addresses, phone numbers and even postal addresses。These fraudulent entities may also attempt to imitate details of legally authorized companies, such as eToro。

The licensing company eToro has no connection with the cloning company。The FCA advises the public to verify the qualifications of any financial service provider and cross-compare the information with the FCA's official records.。The organisation further emphasised due diligence and reporting any suspicious activity to the FCA.。

Cloning companies frequently make adjustments and may change contact details over time, so individuals must be vigilant and regularly check the FCA's warning list for updates on unauthorized and cloning companies.。

CNMV found that ExpToro forged similar information about eToro

Spain's National Securities Market Commission (CNMV) has flagged eight entities in the forex / CFDs and cryptocurrency services sector for unauthorized activities that could pose risks to retail customers.。

According to the CNMV report, the newly listed entities include Easy to Invest, El Comercio IX, Etora Grand, Pivotal Coin Net, Thor FX, Tools4Deals, Xifra Global and ExpToro, which lack the necessary licenses to operate in these financial sectors.。

ExpToro, in particular, has attracted attention due to its striking resemblance to eToro。ExpToro could be a clone company, CNMV warned, using names and visual elements similar to well-known platforms to confuse investors.。

Previously, CNMV also warned Bits Panda to impersonate cryptocurrency platform Bitpanda。In addition, the regulator added four Forex / CFD market entities to the warning list last week.。