Britain dubs crypto exchange FTX ‘unauthorized’

The apex financial regulator in the United Kingdom, the Financial Conduct Authority (FCA), has claimed that Bahama-based crypto exchange FTX operates without authorization.

In a warning note dated Sept. 16, the FCA claims that FTX “may be providing financial services or products in the UK without authorization.”

The FCA warned customers that they won’t be able to get their money back or seek the protection of the Financial Services Compensation Scheme “if things go wrong.”

New cryptocurrency-focused regulations were instituted in January 2020 to allow the FCA to supervise businesses operating in the space and enforce AML and counter-terrorism financing regulations.

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