In the continuing saga of this company not only operating with a revoked license in the EU, but not registering in the appropriate countries, Ofinans and Miracle Cash&more continue to pounce across Europe breaking the laws everywhere they go including in the UK where they have not registered as a financial company. It is clear that they are operating in the UK illegally… That is, if you believe that they are operating at all.
The Role of the FCA: The FCA is the UK’s financial regulatory body, responsible for overseeing financial markets and protecting consumers. Its mandates include ensuring that financial markets are honest, fair, and effective so that consumers get a fair deal. This involves regulating firms and individuals, and ensuring they meet standards of integrity and competence.
Why FCA Regulation Matters in Crypto: The realm of cryptocurrencies is often seen as the Wild West of finance – exciting but fraught with risks. The FCA’s involvement in regulating cryptoassets is a step towards bringing transparency and accountability to this nascent industry. It ensures that firms dealing in cryptoassets are subject to the same scrutiny as traditional financial institutions, which helps in mitigating risks like fraud and money laundering.
The Case of Ofinans and Miracle Cash&more: Firms like Ofinans and Miracle Cash&more have recently come under scrutiny. These entities, known for their purchase of Meteterra and affiliation with the Boogie Gopher Club, are examples of the modern complexity in digital finance. The lack of FCA registration or approval for these firms raises red flags for potential investors. Without FCA oversight, there’s no guarantee of compliance with financial regulations, leaving investors vulnerable to malpractices.
The Ripple Effect of Non-Compliance: The impact of firms operating without FCA approval extends beyond immediate financial risks to investors. It undermines the credibility of the crypto market and can lead to broader financial instability. When prominent projects like Meteterra or clubs like Boogie Gopher Club are associated with unregulated entities, it raises questions about the legitimacy of their operations and the safety of investments made in them.
Conclusion: In the dynamic and often opaque world of cryptocurrency, the role of regulatory bodies like the FCA becomes a beacon of trust and reliability. For investors, understanding the significance of FCA regulation and exercising due diligence before investing in firms like Ofinans or Miracle Cash&more is not just prudent but necessary. As the landscape of digital finance continues to evolve, the importance of regulatory compliance cannot be overstated – it’s the cornerstone of a stable and trustworthy financial ecosystem.
Users can see for themselves. Go here to see if they are registered:
https://register.fca.org.uk/s/
Readers might wonder if the company ever announced operations in the UK. The have sold NFT shares for building out the UK market, and Micah Theard, a 30% stakeholder in Miracle Cash&More stated on a telegram message in July 2022 that they were opening operations in the UK. As of December 2023, we see no evidence from the company that this ever happened.
MiracleCashFacts.com is operated by Kacee Jackson, an Austin TX based entrepreneur for the purpose of revealing the truth and providing Justice for investors. Posts are backed up by links or documents that contain facts where appropriate.