FCA Called Bitmex Unauthorized and Warned People to Stay Away From Scammers
Bitmex is not regulated with the UK’s watchdog
The UK financial body, Financial Conduct Authority (FCA), called cryptocurrency exchange, Bitmex, unauthorized, and advise people not to engage with firms that are not registered with the FCA. Financial watchdog released a statement in which it conveyed to stay away from scammers.
Bitmex is popular in the UK for providing crypto trading services and is running for years. But the recent statement of the country’s regulatory body surprised many as they labeled Bitmex unauthorized and scam.
‘’We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.’’
More about Bitmex:
UK financial watchdog makes it clear that every Financial firm, product, and service needs to comply with it, otherwise, it will be considered illegal or scam. As the statement reads,’’ Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us.’’
FCA alleged Bitmex for offering ‘’regulated activities’’ which should be authorized. Per FCA’s statement, ‘’ This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.’’
In concluding verdict, they warn people that they should use those firms or platforms, which authorized with the Financial Conduct Authority. ‘’We strongly advise you to only deal with financial firms that are authorised by us,’’ FCA commented.
Bitmex is not Regulated
As per the given information on the site, the Bitmex is not regulated with the UK’s watchdog. However, the users from the UK are countless that are using the services of the crypto exchange. The current situation will create a problem for the crypto exchange as well as its users.
FCA started probing out the anti-money laundering cases after the implementation of anti-money laundering law from Jan.10 onward. Last year, it banned the sale of exchange-traded notes (ETNs) and crypto-assets derivatives but in the retail sector.
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