The Financial Conduct Authority has clamped down on a Chinese cryptocurrency firm that was advertising “5% annual returns” on the London Underground.
The UK’s financial watchdog reportedly asked Zeux to remove the ads two weeks ago as the method of investment wasn’t stated within the ads.
According to This Is Money, Zeux advertised its saving scheme with fixed five percent annual returns. However, it did not state that investments were converted to cryptocurrency then sent to China.
“While these discussions are continuing the firm agreed on 24 January to pause the sale of the product to new customers and to stop all marketing activity relating to the product, including on their website, social media and public advertising on the transport network of the product in question,” the FCA stated.
However, several of the ads still remain plastered across tube stations and carriages, with the FCA revealing some of the adverts were put up before it had spoken to Zeux and that it takes some time before they can be removed due to the size of the London Underground network.
Frank Zhou, Zeux founder and CEO, told This Is Money that the company was working with the regulator to comply with the FCA’s request.
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