UK regulator lists crypto exchange FTX as 'unlicensed' business
The Financial Conduct Authority says the company "may provide financial services or products without authorisation".
New
The Financial Conduct Authority (FCA), the UK's top financial regulator, has issued a warning to Bahamas-based crypto exchange FTX, saying it operates without permission. The company has joined a growing list of unregistered cryptocurrency-related businesses that continue to trump those registered with the FCA.
A warning note, dated September 16, says the company "may provide financial services or products in the UK without authorisation". Addressing potential clients, the FCA notes that they will not be able to get their money back or seek protection from the Financial Services Compensation Scheme "if things go wrong".
At the end of August, the list of FCA-registered crypto companies included 37 entities, with Crypto.com becoming the latest to join. eToro UK, DRW Global Markets LTD, Zodia Markets (UK) Limited, Uphold Europe Limited, Rubicon Digital UK Limited and Wintermute Trading LTD are other companies that have successfully gone through the registration process in 2022 to gain approval. of the Money Laundering Regulations.
Related: UK regulators target Revolut for 'material misstatements' in audit
New cryptocurrency-focused regulations were instituted in January 2020 to enable the FCA to oversee companies operating in the space and enforce anti-money laundering and anti-money laundering regulations. financing of terrorism. As the FCA spokesperson explained to Cointelegraph in August:
"Successful registration depends on a company meeting the minimum standards we expect to prevent money laundering and terrorist financing, and we've seen too many financial crime red flags ...
The Financial Conduct Authority says the company "may provide financial services or products without authorisation".
New
The Financial Conduct Authority (FCA), the UK's top financial regulator, has issued a warning to Bahamas-based crypto exchange FTX, saying it operates without permission. The company has joined a growing list of unregistered cryptocurrency-related businesses that continue to trump those registered with the FCA.
A warning note, dated September 16, says the company "may provide financial services or products in the UK without authorisation". Addressing potential clients, the FCA notes that they will not be able to get their money back or seek protection from the Financial Services Compensation Scheme "if things go wrong".
At the end of August, the list of FCA-registered crypto companies included 37 entities, with Crypto.com becoming the latest to join. eToro UK, DRW Global Markets LTD, Zodia Markets (UK) Limited, Uphold Europe Limited, Rubicon Digital UK Limited and Wintermute Trading LTD are other companies that have successfully gone through the registration process in 2022 to gain approval. of the Money Laundering Regulations.
Related: UK regulators target Revolut for 'material misstatements' in audit
New cryptocurrency-focused regulations were instituted in January 2020 to enable the FCA to oversee companies operating in the space and enforce anti-money laundering and anti-money laundering regulations. financing of terrorism. As the FCA spokesperson explained to Cointelegraph in August:
"Successful registration depends on a company meeting the minimum standards we expect to prevent money laundering and terrorist financing, and we've seen too many financial crime red flags ...
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