UK financial regulators have warned users against cryptocurrency exchange FTX.
UK financial regulators said FTX, led by Sam Bankman-Fried, is not licensed in the UK.
UK Financial Regulators Alert for FTX
UK Financial Regulators have warned users that FTX is not licensed in the UK and is targeting British users. Regulators have warned users to be wary of FTX run by Sam Bankman-Fried.
The UK Financial Conduct Authority (FCA) said the Bahamas-based exchange offers products and services in the UK without authorization, according to a statement on the regulator’s website.
In the statement, FTX was mentioned as follows:
“This firm is not authorized by us and is targeting people in the UK”
This move against FTX, one of the largest crypto money exchanges, accelerates the UK’s regulation of the crypto money world, although there is no regulation yet. As an example, FCA and Binance faced a similar issue.
The FCA told Binance last year that its complex and high-risk financial products pose a significant risk to consumers, and that the world’s largest crypto exchange has failed some of its basic queries.
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