COS and COSCoins have received securities fraud warnings from the UK.
As per the FCA’s December 12th warning,
COS
and
COSCoin
are “not authorised … and may be targeting people in the UK”.
As per UK securities law;
Almost all firms and individuals must be authorised by (the FCA) to carry out or promote financial services in the UK.
COS
, aka Cosetek, is a “click a button” app Ponzi run through CosCoin.
Following a
regulatory fraud warning
from Washington in September, COS went on to
collapse
in late November.
In the lead up to COS’ collapse, SimilarWeb tracked 1.7 million monthly visits to COS’ website.
Specifically for November 2023, the majority of COS’ website traffic originated from the UK (22%), Morocco (18%), Bangladesh (11%) and Hungary (10%).
Total COS victim numbers and how much they’ve lost remain unknown.
“Click a button” app Ponzis
are run by a group of Chinese scammers. To date Daily Exposed has reviewed over a hundred of the low-effort scams.
🤖 Quick Answer
What securities fraud warnings did COS and COSCoin receive from UK regulators?
The FCA issued a December 12th warning stating that COS and COSCoin are "not authorised" and "may be targeting people in the UK." Under UK securities law, nearly all firms and individuals must obtain FCA authorization to conduct or promote financial services. COS, operated through COSCoin, functioned as a Ponzi scheme before collapsing in November 2023.
Which countries represented the largest share of COS website traffic before its collapse?
According to SimilarWeb data for November 2023, COS website traffic primarily originated from the United Kingdom (22%), Morocco (18%), Bangladesh (11%), and Hungary (10%). The platform recorded approximately 1.7 million monthly visits before its collapse following a September regulatory warning from Washington authorities.
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