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Cloud Mining City

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Operating status: SCAM

Website: https://www.cloudminingcity.com/

Broker violations and abnormal records
  • 2023-09-26 The UK FCA issues a warning against Cloud Mining City

    On September 27, 2023, the Financial Conduct Authority (FCA) issued a warning against Cloud Mining City, believing this broker might be providing financial services or products without proper authorization. https://www.fca.org.uk/news/warnings/cloud-mining-city

    BrokersView: the Financial Conduct Authority (FCA) issued a warning against Cloud Mining City

    On September 27, 2023, the Financial Conduct Authority (FCA) issued a warning against Cloud Mining City, believing this broker might be providing financial services or products without proper authorization. https://www.fca.org.uk/news/warnings/cloud-mining-city
  • 2023-09-27 BrokersView has reviewed that Cloud Mining City is an unregulated broker

    Cloud Mining City displays an incorporation certificate from the Companies House (CH) to support its claim that it is a registered and licensed broker. However, it is crucial to note that the CH only serves as a registrar in the UK and doesn't have the authority to license and regulate forex trading. The CH registration is meaningless.

    BrokersView believes the cloud mining city's ch certificate is meaningless

    It is mandatory for forex brokers in the UK to seek authorization from the Financial Conduct Authority (FCA) before soliciting investors. However, the FCA has issued a warning against Cloud Mining City, saying it is an unauthorized firm. BrokersView: the FCA has issued a warning against Cloud Mining City, saying it is an unauthorized firm.

    In essence, Cloud Mining City is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. 

    Cloud Mining City is unequivocally a scam.

    Cloud Mining City displays an incorporation certificate from the Companies House (CH) to support its claim that it is a registered and licensed broker. However, it is crucial to note that the CH only serves as a registrar in the UK and doesn't have the authority to license and regulate forex trading. The CH registration is meaningless.It is mandatory for forex brokers in the UK to seek authorization from the Financial Conduct Authority (FCA) before soliciting investors. However, the FCA has issued a warning against Cloud Mining City, saying it is an unauthorized firm. In essence, Cloud Mining City is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. Cloud Mining City is unequivocally a scam.

Related Complaints

Q&A

Cloud Mining City's seems familiar to me. Is Cloud Mining City a scam?

Sharad Kumar Mukim
Peru
2023-10-25
ANSWER Cloud Mining City seems to be a scam as it lies about its regulatory status and history. The UK's financial regulatory body, the Financial Conduct Authority (FCA) also issues a warning about the unauthorized firm to caution the public against it.While Cloud Mining City claims to be registered with the Companies House (CH), it is crucial to note that without the authorization from the FCA, merely CH registration is meaningless. The FCA's warning about Cloud Mining City demonstrates its illegitimacy in the financial industry. Investors should avoid it.Furthermore, Cloud Mining City's domain ("cloudminingcity.com") was first registered in February 2022, which is inconsistent with the claim that it has five years of experience. It is also believed as a scam indicator.Therefore, investors should stay away from Cloud Mining City as it is not subject to any regulatory body. Without supervision, there is no guarantee to ensure its regulatory compliance. Hence risks of fraud and identity theft come. To mitigate the risks, it is advisable to choose a fully regulated broker instead.
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