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UK’s FCA Warns Consumers About Crypto Exchange FTX

UK’s significant financial watchdog, FCA (Financial Conduct Authority) is keenly observing and has recently disclosed a few important details about the crypto industry. As the crypto industry is growing day by day and different exchanges are trying to hit a large number of clients across the world so financial authorities are now alarmed about crypto trading in order to avoid any sort of inconvenience.

Recently, UK’s financial watchdog named Financial Conduct Authority has issued a list of details in which it warned about FTX, a Bahamas-based cryptocurrency exchange of Sam Bankman Fried which is not permitted by the financial watchdog to operate its services in the United Kingdom but it is still providing its financial services in the state. UK’s FCA (Financial Conduct Authority) has clearly issued a warning to FTX to watch out for its ongoing illegal financial goods and services which are not approved by the state laws.

UK’s financial watchdog has recently released a statement in which it mentioned that FTX, a cryptocurrency exchange based in the Bahamas is extending its financial services across the world and now even illegally providing its financial services and goods in the UK.

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So, keeping in consideration UK’s Financial Conduct Authority (FCA) has pulled its reins and clearly warned the national crypto clients that as FTX is not allowed to perform its financial services in the UK so the clients shall not be entertained with compensation programs and ombudsman services. Moreover, it was made clear that UK-based clients should not expect any sort of money payback or clearance if anything goes wrong.

It is important to keep in mind that the same sort of instructions were also given to Binance earlier this year regarding its operations in the United Kingdom and dozens of different other cryptocurrency exchanges across the globe. In the April of the ongoing year, the UK legally made cryptocurrency as a permanently registered asset and also suggested crypto firms to register and to abide by the financial rules and regulations of the state carved out by the Financial Conduct Authority (FCA) of the United Kingdom.

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FCA made it clear that Binance, Coinbase and FTX are not registered but on the other hand, cryptocurrency exchanges like Crypto.com Kraken and Gemini are registered and are available for UK-based clients.

Brett Harrison, the president of the FTX.US has recently shared that their respective cryptocurrency exchange has the potential and looking for a broader marketplace as it has already hit the US-based crypto and stock trading platform in the first quarter of 2022.   


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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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