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Is Smart Contract regulated in the UK?
Abu Randawa
United Kingdom
2023-06-07
ANSWER Smart Contract is an unlicensed broker that we advise against trading with despite the seemingly attractive deals it offers.Smart Contract, whose website is currently inaccessible, used to claim to be regulated by the National Futures Association (NFA). However, no corresponding records exist in the NFA registry. Therefore, Smart Contract is unsupervised by the relevant regulatory body. Furthermore, this broker's website is down, which is another significant indicator of a scam. A properly functioning website is necessary for a broker to display essential information including licensing data and to facilitate trading. Therefore, the absence of a well-functioning website may suggest potential issues with a broker's reliability and resources. What's more, a lot of fraud cases show that scam brokers typically abscond with investors' funds after shutting down their websites.Regarding your question, Smart Contract is a non-regulated broker with significant risks including loss of funds and identity theft, as there are no rules in place to protect investors from fraud or theft. As such, we strongly suggest investors stay away from unlicensed brokers and choose fully regulated ones instead.
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