UK Regulator Warns Crypto Exchange FTX Is Offering Unlicensed Services – Regulation Bitcoin News

Britain’s top financial regulator, the Financial Conduct Authority (FCA), has issued a warning about cryptocurrency exchange FTX operating in the UK without a license. Almost all firms and individuals offering, promoting or selling financial services or products in the UK must be licensed or registered by us, the regulator said.

The FCA warns about unauthorized FTX operations

The UK’s Financial Conduct Authority (FCA) published a warning about crypto exchange FTX on its website on Friday. The controller details:

We believe this company may offer financial services or products in the UK without our consent.

The FCA explained that FTX is not licensed but is aimed at investors in UK companies that carry out certain crypto asset activities in the UK under the revised “Money Laundering, Terrorist Financing and Money Laundering (Information on the Payer) Regulations” and register with the FCA.

“You’re not protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS), so you’re less likely to get your money back if things go wrong,” the financial regulator explained:

Almost all firms and individuals offering, promoting or selling financial services or products in the UK must be licensed or registered by us.

FTX has been trying to expand its operations in Europe. The company said it established FTX Europe in March and received a license from the Cyprus Securities and Exchange Commission (CySEC).

In May, the UK government outlined its plans to support crypto adoption and reaffirmed its commitment to regulating the stablecoin.

Former Chancellor of the Exchequer Rishi Sunak said in April: “It is my aim to make the UK a global technology hub for crypto assets, and the steps we have outlined today will help ensure companies can invest, innovate and grow here. Country” former colleague Glenn similarly said: “We want this country to be a global hub – the best place in the world to start and scale crypto-companies. However, with new Prime Minister Liz Truss, the government’s crypto plans could change.

What do you think about the FCA warning about crypto exchange FTX? Let us know in the comments section below.

Kevin Helms

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

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