British regulator the Financial Conduct Authority (FCA) recently published a warning to all consumers in the UK regarding Sam Bankman-Fried’s dedicated cryptocurrency exchange called FTX. The FCA stated that the crypto exchange is not authorised by the regulator to provide financial product and services in the United Kingdom.
The Financial watchdog confirmed via its official website that the Bahamas-based exchange FTX is currently targeting citizens of the UK. It added that British investors were unlikely to get their money returned in the event that something went wrong, as they will not receive protection from the country’s compensation scheme and dedicated ombudsman service.
UK consumers with concerns about different asset classes including digital solutions like cryptocurrency often seek out professional investment advice in Chester, Shropshire and other parts of the country. Independent financial experts like wealth managers can be relied upon to run an unbiased eye over investment opportunities and explain the potential risks involved, using straightforward language.
The UK’s regulator issued a similar warning in the past regarding Binance, a major international cryptocurrency exchange, and its operations in the UK. The FAC’s advice on Binance was followed by dozens of different regulators across the globe issuing similar statements.
In April 2022, the UK made its cryptoasset register a permanent fixture. The register is a programme that requires companies carrying out crypto activity in Britain to meet the UK regulator’s anti-money laundering standards. Firms like Kraken, Gemini, and Crypto.com are now on the register, although FTX, Binance and Coinbase remain absent.
