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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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