Suspicious Crypto Websites

This notice is issued by the Isle of Man Financial Services Authority (“the Authority”) in accordance with the powers conferred upon it under Section 30 of the Financial Services Act 2008.

www.algorithmicCrypto.co.uk

www.cryptopilotbot.com

 (“the websites”)

The Authority has become aware of the websites listed above.  The websites purport to represent the businesses AlgorithmicCrypto and Cryptopilotbot and are both claiming to have an Isle of Man presence at St Marys Court, Hill Street, Douglas, Isle of Man and  Circular Road, Douglas, Isle of Man respectively.

The websites purport to offer a wide range of financial products and are both almost identical in content, design and offerings.

The Authority wishes to draw attention to the following observations:

The Authority has failed to establish any association between the websites and any genuine Isle of Man companies or businesses.

As far as we can ascertain the websites nor those behind them are not known to anyone genuinely associated with the aforementioned Isle of Man addresses. 

To offer the financial services and products mentioned within the websites in or from the Isle of Man, would require them to be licensed or registered by the Authority.  Neither Cryptopilotbot nor AlgorithmicCrypto are  licensed or registered with the Authority.  A list of all entities licensed or registered by the Authority can be found at:

https://www.iomfsa.im/register-search/

Under the circumstances, the Authority is concerned that any person who has accessed the websites may potentially become the victim of fraud or it may be an attempt at gaining personal data from the browser in order to steal their identity.

General advice on how to avoid becoming a victim of identity theft and advanced fee frauds can be found on the Action Fraud website at http://www.actionfraud.police.uk/ID and http://www.actionfraud.police.uk/fraud-az-advance-fee-fraud respectively.

Any persons who are already involved in any dealings with the websites should consider notifying their local Police, bringing to their attention the contents of this notice.

Anyone with general concerns concerning any individual or company holding themselves out as conducting a regulated activity in or from the Isle of Man without the requisite licence should contact the Enforcement Division at the Authority on +44 1624 689311 or by e-mail to enforcement@iomfsa.im for advice.

Authority Reference:  NR/04/2024 – 11 June 2024