The Financial Conduct Authority (FCA), Britain's leading financial regulator has warned that cryptocurrency exchange FTX could be operating in the United Kingdom without authorization. The regulator stated that almost all individuals and firms offering, promoting, or selling financial products or services in the U.K. must be registered or authorized by us.
FCA warns about FTX operating without authorization
The U.K. Financial Conduct Authority (FCA), published a warning Friday on its website regarding crypto exchange FTX. The regulator provided:
We suspect that this company may not have our permission to provide financial products or services in the U.K.
FCA clarified that FTX was not authorized, but was targeting investors in the U.K. All crypto assets activities must be carried out in compliance with the amended "Money laundering, terrorist financing and transfer of funds (Information on the Payer Regulations") Regulations" and registered with the FCA.
The financial regulator explained that you won't have access to the Financial Ombudsman Service (FSCS) or the Financial Services Compensation Scheme, so it is unlikely that your money will be returned if something goes wrong.
Nearly all individuals and firms offering or promoting financial products or services in the U.K. must be registered or authorized by us.
FTX Europe has been expanding its operations. FTX Europe was established by the company in March and has been approved by the Cyprus Securities and Exchange Commission.
The U.K government announced its intentions to support crypto adoption in May and reiterated its commitment to regulate stablecoins.
In April, Rishi Sunak, former Chancellor of Exchequer, stated that he wanted to make the U.K. "a global hub for crypto assets technology." Glen, his former colleague, said the same thing: "We want the country to be a worldwide hub — the best place in the globe to start and scale cryptocurrency-companies." But, Liz Truss, the new prime minister, may alter the government's crypto plans.
What are your thoughts on the FCA warning regarding crypto exchange FTX Comment below.
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By: Kevin Helms
Title: UK Regulator Warns Crypto Exchange FTX Is Providing Services Without Authorization
Sourced From: news.bitcoin.com/uk-regulator-warns-crypto-exchange-ftx-is-providing-services-without-authorization/
Published Date: Sun, 18 Sep 2022 11:30:56 +0000
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