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The Financial Conduct Authority (FCA) is Britain’s most important financial regulator. It has warned that cryptocurrency exchange FTX cannot be operated 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.

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 is targeted at investors in the U.K. All firms carrying out crypto asset activities in the U.K. should comply with the amended “Money laundering, terrorist financing and transfer of funds (Information on the Payer Regulations”) Regulations” and register with the FCA.

UK FCA claim FTX operates without authorisation

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 has been working to expand its European operations. FTX Europe was established by the company in March. It claimed that it had received approval of the Cyprus Securities and Exchange Commission.

The U.K government presented its plans to encourage crypto adoption in May and reiterated its commitment regulate stablecoins.

Former chancellor Rishi Sunak wants to make the UK the global leader of crypto

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, the government’s plans regarding crypto may change under the new prime Minister Liz Truss.

The post UK’s FCA – FTX is Offering Services or Products Without Being Authorised first appeared on The Daily Encrypt.



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Angie Byrd