The Insolvency Service has warned investors to check whether firms are registered before handing over money, after nine complainants to Action Fraud paid more than £300,000 in total to Key Coin Assets Ltd. In a statement published on 18 August 2026, the agency said the company promised guaranteed returns of 40% to 100%, with one online post claiming "0 Fees, 0 Risks", but its investigation found no evidence of any genuine trading. Key Coin Assets Ltd was wound up at the High Court in London on Tuesday 11 August. The Official Receiver has been appointed liquidator.

According to the investigation, money from new investors appeared to be used to pay earlier ones, and bank records showed funds moved into the personal account of the company's director, often on the same day they arrived. The service said the firm posted customer testimonials online without permission, told investors to avoid words such as "crypto" or "investment" in bank payments, repeatedly changed its official address and did not hand over accounting records when asked. Companies House filings claimed assets of up to £42 million, it said.

Mark George, Chief Investigator at the Insolvency Service, said the company's behaviour displayed all the hallmarks of a Ponzi-style scheme and urged would-be investors to be sceptical of guaranteed returns with no risk. The service and the Financial Conduct Authority advised checking the FCA's Firm Checker and its list of unauthorised firms. The FCA regulates cryptoassets at present only for anti-money laundering purposes and financial promotions, and most cryptoasset activities are not currently regulated in the UK; cryptoasset activities are due to become regulated from 25 October 2027.