Published May 16, 20242 min read

Breaking News: Authorities Close Cryptocurrency Firm Amidst Fraud Accusations

coinmooner logo
artwork image for: UK Crypto Company Shut Down: Fraud Allegations and Financial Schemes Unveiled

Today, Coinmooner brings you a significant development in the cryptocurrency world - the closure of a UK-based company due to government actions. This company, Amey Finance, was not just accused but found guilty of fraud, operating without proper permits, engaging in questionable cryptocurrency schemes, and financial violations. These violations included false claims of having a license and transferring over £5 million through their accounts. This case serves as a stark reminder of the potential risks in the cryptocurrency market.

According to an official statement from the British Insolvency Service, negligence in the financial reporting of Amey Finance's management led to losses for investors. Amey Finance Academy, founded in 2018 by Desmond Amy, who was the sole director and shareholder of the company, positioned itself as an expert in wealth accumulation and assured clients of the reliability of their cryptocurrency investments. The head of Amey Finance claimed to have used the company's bank account solely to assist clients in purchasing cryptocurrencies through another company, Bleuguava.

In March 2024, British authorities announced their intention to tighten measures to combat abuses in the cryptocurrency market, including manipulation and insider trading.


In addition, as we strive for a comprehensive understanding of the situation, we've decided to put even more effort into investigating the details further. It has been found that Desmond Amy represented Amey Finance as an organization licensed by the UK Financial Conduct Authority (FCA), making false claims. However, in 2022, the FCA stated that Amey Finance Academy was not authorized to provide financial services and was not a registered company. Despite the lack of clarity on this matter, law enforcement agencies have discovered that from 2019 to 2022, over £5 million (or approximately $6.2 million) passed through the company's bank accounts.

This information has sparked severe questions and debates among internet users about the financial activities and legality of Amey Finance's actions. Many suspect potential financial fraud and illegal activities, calling for further investigation and action by British authorities. The financial turnover through the company's accounts up to the mentioned period provides substantial grounds for deeper analysis of financial flows and compliance checks with the law.

Coinmooner, as your trusted source of cryptocurrency news, is closely monitoring the Amey Finance case and promises to promptly update you with any new details. We also want to remind you of the importance of staying informed and choosing your news sources wisely. In the world of Web3, financial security is paramount. Therefore, we urge you to utilize advanced protection methods to safeguard yourself against fraud and keep your assets secure.

Share This Article
Keep learning

Subscribe to our newsletter

Get the relevant crypto news and promising coins straight to your inbox