UK Court Shuts Down Crypto Firm Accused of Ponzi Scheme

A UK court has ordered the closure of Key Coin Assets Ltd, a crypto investment firm accused of running a Ponzi-style scheme.

The company, which was flagged as unauthorized by the Financial Conduct Authority in September 2024, had promised investors guaranteed returns between 40% and 100%, but investigators found no evidence that any real trading took place.

Nine people who complained to Action Fraud paid more than £300,000 to Key Coin Assets Ltd, which is now gone. The company's director allegedly moved customer funds into their personal account within hours of receiving them.

The Insolvency Service and FCA are urging investors to check the FCA's Firm Checker and list of unauthorized firms before investing in crypto companies.