{"id":7228,"date":"2022-09-18T21:02:18","date_gmt":"2022-09-18T21:02:18","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=7228"},"modified":"2022-09-18T21:02:19","modified_gmt":"2022-09-18T21:02:19","slug":"uk-regulator-warns-crypto-exchange-ftx-is-providing-services-without-authorization","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=7228","title":{"rendered":"UK Regulator Warns Crypto Exchange FTX Is Providing Services Without Authorization"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Britain\u2019s top financial regulator, the Financial Conduct Authority (FCA), has issued a warning about cryptocurrency exchange FTX operating in the U.K. without authorization. \u201cAlmost all firms and individuals offering, promoting or selling financial services or products in the U.K. have to be authorized or registered by us,\u201d said the regulator.<\/strong><\/p>\n<h2>FCA Warns About FTX Operating Without Authorization<\/h2>\n<p>The U.K. Financial Conduct Authority (FCA) published a warning on its website Friday regarding crypto exchange FTX. The regulator detailed:<\/p>\n<p>We believe this firm may be providing financial services or products in the U.K. without our authorization.<\/p>\n<p>The FCA explained that FTX is not authorized but is targeting investors in the U.K. Firms carrying out specific crypto asset activities in the U.K. must comply with the amended \u201cMoney Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations,\u201d and register with the FCA.<\/p>\n<p>\u201cYou will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong,\u201d the financial regulator warned, elaborating:<\/p>\n<p>Almost all firms and individuals offering, promoting or selling financial services or products in the U.K. have to be authorized or registered by us.<\/p>\n<p>FTX has been trying to expand its operations in Europe. The company established FTX Europe in March and said it had secured approval from the Cyprus Securities and Exchange Commission (CySEC).<\/p>\n<p>In May, the U.K. government outlined its plans to support crypto adoption and affirmed its commitment to regulate stablecoins.<\/p>\n<p>Former Chancellor of the Exchequer Rishi Sunak said in April: \u201cIt\u2019s my ambition to make the U.K. a global hub for crypto asset technology, and the measures we\u2019ve outlined today will help to ensure firms can invest, innovate, and scale up in this country.\u201d His former colleague, Glen, similarly said: \u201cWe want this country to be a global hub \u2014 the very best place in the world to start and scale crypto-companies.\u201d However, the government\u2019s crypto plans may change under the new prime minister, Liz Truss.<\/p>\n<p><em><strong>What do you think about the FCA warning about crypto exchange FTX? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/uk-regulator-warns-crypto-exchange-ftx-is-providing-services-without-authorization\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Britain\u2019s top financial regulator, the Financial Conduct Authority (FCA), has issued a warning about cryptocurrency exchange FTX operating in the U.K. without authorization. \u201cAlmost all firms and individuals offering, promoting or selling financial services or products in the U.K. have to be authorized or registered by us,\u201d said the regulator. FCA Warns About FTX Operating [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-7228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7228"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7228\/revisions"}],"predecessor-version":[{"id":7230,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7228\/revisions\/7230"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/7229"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}