UK Regulator Warns Crypto Exchange FTX Provides Services Without BlockBlog Permission

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.

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“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.

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Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

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UK Regulator Warns Crypto Exchange FTX Provides Services Without BlockBlog Permission


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