UK Financial Regulator Warns Against Crypto Exchange FTX

by in Cryptocurrency News

UK FCA crypto news

The Financial Conduct Authority issued a warning against the crypto exchange FTX saying the company offers services or products in the UK without having permission.

Related: UK Regulator Warns Crypto Exchanges to Report Sanction Breaches

According to the official statement, almost all firms and individuals offering, promoting, or selling financial services and products in the United Kingdom should be authorized or registered by the FCA. The regulator warned investors using FTX that they won't be able to access the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme, so they are not likely to get their money back if things go wrong.

Earlier, in July, the FCA noted the importance of global rules to regulate crypto companies.