UK regulator says FTX has no authorization to operate in the country
The U.K. Financial Conduct Authority (FCA) said FTX operates within the country without authorization, the Financial Times reported on Sept 19. According to the FCA, those using FTX “will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS).
The financial authority has taken a hard stance against crypto and fintech companies operating without authorization, requiring all companies offering financial services to register. Earlier this year, the FCA expressed concerns over a deal involving a Binance subsidiary and financial service company, EQONEX. The regulator’s recent warnings about FTX are similar to earlier notices about Binance. Despite these warnings, the exchanges remain accessible in the U.K.
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