Crypto Scams in the United Kingdom
How cryptocurrency fraud targets UK residents — from clone firm crypto platforms to social media investment pitches — with the FCA ScamSmart checker, Action Fraud, and the 159 hotline.
Part of: Crypto Scams
Last reviewed: 1 June 2026
Cryptocurrency fraud is one of the highest-loss scam categories in the United Kingdom, with Action Fraud and the FCA both recording tens of thousands of complaints annually. The UK context offers specific protective tools that are particularly relevant to crypto fraud: the FCA's register and ScamSmart warning list can identify unregulated platforms, and the 159 hotline provides a direct connection to bank fraud teams for victims considering large transfers.
This guide covers the crypto scam patterns most active in the UK — from clone firm schemes that impersonate FCA-authorised platforms to romantic grooming that leads to fake crypto trading sites — and the UK-specific verification and reporting infrastructure.
How this scam works on the United Kingdom
In the United Kingdom, crypto scam contact arrives through social media (Instagram, Facebook, LinkedIn, X), unsolicited calls, and dating platforms. A UK-specific pattern involves clone firm crypto scams: fraudsters use the genuine Firm Reference Number (FRN) of an FCA-authorised firm but provide different contact details and promote a fraudulent cryptocurrency trading platform under the real firm's name. A victim who checks the FCA register finds the legitimate firm — but the contact details differ.
The FCA's ScamSmart service specifically maintains a list of clone firms it has identified, and updates it as new clones are reported. Checking ScamSmart alongside the FCA register is the recommended two-step verification for any UK crypto investment opportunity.
UK victims of crypto fraud who transferred money via bank transfer may have recourse under the Authorised Push Payment (APP) fraud framework: if they were deceived into authorising a transfer, UK banks are required from October 2024 to reimburse most APP fraud losses up to £85,000. Contacting the bank's fraud team immediately and raising an APP fraud claim is the primary financial recovery route for bank-transferred crypto purchase funds.
The 159 hotline allows UK residents who receive suspicious investment calls to hang up and call their bank directly to verify whether the contact was genuine.
Common red flags
- A crypto platform that claims FCA authorisation but has contact details that differ from the FCA register
- An investment opportunity introduced by an online romantic or friendly contact that involves a crypto trading platform
- Withdrawal blocked by a fee described as 'HMRC tax clearance' or 'FCA compliance charge'
- An unsolicited call or social media message promoting a crypto investment with guaranteed returns
- Platform that cannot be verified on the FCA register or that appears on the ScamSmart warning list
- Instruction to buy cryptocurrency on a regulated UK exchange and transfer it to a wallet controlled by the platform
How to protect yourself
- Check the FCA register at register.fca.org.uk — verify contact details exactly match, not just the firm name
- Use the FCA ScamSmart warning list at fca.org.uk/scamsmart to check if the platform is already flagged as a clone
- Hang up on any unsolicited crypto investment call and dial 159 to speak to your bank's genuine fraud team
- Report any suspicious crypto platform to the FCA before depositing — fca.org.uk/consumers/report-scam
- If making a bank transfer to fund crypto purchases, use Confirmation of Payee and stop if the account name does not match
How to report it
- Report to Action Fraud at actionfraud.police.uk or by calling 0300 123 2040
- Report the platform to the FCA at fca.org.uk/consumers/report-scam — the FCA can add it to the ScamSmart warning list
- If a bank transfer was made, contact your bank and raise an APP fraud claim — from October 2024, PSR mandatory rules apply
- Dial 159 to speak directly to your bank's fraud team if you are uncertain about a crypto investment call before transferring
Frequently asked questions
What is a clone firm crypto scam and how do I detect one?
A clone firm crypto scam uses the real FRN of an FCA-authorised firm but provides different contact details — phone number, email, website — to direct victims to a fraudulent platform. Check the FCA register for the exact contact details associated with the FRN. If the phone number or website you were given differs from the register, you are dealing with a clone. Also check ScamSmart for known clones.
Can I get my money back under APP fraud rules if I transferred money to a fake crypto platform?
If you were deceived into authorising a bank transfer to buy cryptocurrency or to fund a fraudulent platform, UK PSR mandatory reimbursement rules from October 2024 require banks to reimburse most APP fraud victims up to £85,000. Contact your bank's fraud team immediately, document everything, and explicitly raise an APP fraud claim. If the bank declines, escalate to the Financial Ombudsman Service.