The UK government has taken decisive action this week, announcing the closure of Amey Finance Academy Ltd, a cryptocurrency advisory firm, following reports of deceptive practices and inadequate financial documentation.

Established by Desmond Amey in 2018, the company purported to provide investment advice and financial education to clients. However, alarming reports emerged of customers suffering financial losses, prompting the Financial Conduct Authority (FCA) to designate the firm as unauthorized.

Amey's misrepresentation of investment safety, falsely guaranteeing clients that their investments would remain above 90%, raised significant concerns. Furthermore, his endorsement of schemes such as Hyperfund, which faced fraud allegations despite raising $1.7 billion, further implicated Amey in deceptive practices.

The closure of Amey Finance Academy Ltd was prompted by Amey's failure to provide accurate financial records, obstructing investigations into the firm's activities. Mark George, Chief Investigator at the Insolvency Service, emphasized the severity of Amey's misleading practices regarding cryptocurrency investments, resulting in substantial losses for clients and a lack of financial transparency.

This decisive action by the UK government serves as a warning to other firms engaging in similar deceptive practices within the crypto advisory space.