FCA Warns UK Consumers About Unauthorised Bitrue Website and Social Media Accounts

The Financial Conduct Authority (FCA) has warned consumers that Bitrue and the website www.bitrue.com may be providing or promoting financial services or products in the UK without permission. The regulator said the firm is not authorised by the FCA and may be targeting people in the country, advising consumers to avoid dealing with it and to remain alert to scams. The warning identifies Bitrue / www.bitrue.com and lists the website, three email addresses and social media accounts on X, YouTube and Telegram associated with the firm. The FCA cautioned that unauthorised firms can provide incorrect or changing contact details, or use information belonging to another business or individual to make their communications appear genuine. Consumers who deal with the firm would not have access to the Financial Ombudsman Service if they needed to complain. They would also not be covered by the Financial Services Compensation Scheme (FSCS), meaning they are unlikely to recover their money if the firm goes out of business. The FCA also noted that people who sent money to a fraudster on or after 7 October 2024 may be covered by protections introduced by the Payment Systems Regulator, depending on the circumstances and the payment involved. The FCA advises consumers to use its Firm Checker before dealing with any financial business and to confirm that a firm has permission for the specific services it offers. Anyone contacted unexpectedly should use contact details from the Firm Checker rather than replying through the original message. Suspected approaches from an unauthorised firm can be reported to the FCA on 0800 111 6768 or through its contact form.