Britain’s main financial regulator, the Financial Conduct Authority (FCA), has issued a warning about cryptocurrency exchange FTX operating in the UK without permission. “Almost all businesses and people offering, promoting or selling financial services or products in the UK must be authorized or registered by us,” the regulator said.
FCA warns against operating FTX without permission
The UK’s Financial Conduct Authority (FCA) posted a warning on its website on Friday regarding the FTX crypto exchange. The regulator detailed:
We believe this company may be providing financial services or products in the UK without our permission.
The FCA explained that FTX is not licensed but targets investors in the UK. Companies carrying out specific crypto assets business in the UK must comply with the amended “Money Laundering, Terrorist Financing and Transfer of Funds (Payer Information) Regulations”, and s register with CAF.
– Advertising –
“You won’t have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you’re unlikely to get your money back if things go wrong,” the financial regulator warned, adding:
Almost all businesses and people offering, promoting or selling financial services or products in the UK must be authorized or registered by us.
FTX tried to expand its operations in Europe. The company established FTX Europe in March and said it had obtained approval from the Cyprus Securities and Exchange Commission (CySEC).
In May, the UK government outlined its plans to support crypto adoption and affirmed its commitment to regulating stablecoins.
Former Chancellor of the Exchequer Rishi Sunak said in April: “My ambition is to make the UK a global hub for crypto asset technology, and the steps we have outlined today will help ensure that businesses can invest, innovate and grow in this area. country.” His former colleague, Glen, also said, “We want this country to be a global hub – the best place in the world to start and grow crypto companies.” However, the government’s crypto plans could change under new Prime Minister Liz Truss.
What do you think of the FCA’s warning about the FTX crypto exchange? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
We wish to thank the author of this post for this amazing web content
UK Regulator Warns Crypto Exchange FTX Provides Services Without BlockBlog Permission
Find here our social media profiles and other pages that are related to them.https://metfabtech.com/related-pages/