UK Financial Agency Issues Warning Against FTX

After Binance, UK’s Financial Conduct Authority (FCA) is now targeting another large crypto exchange. Namely, FCA has issued a warning to FTX for offering its service to UK citizens, without first obtaining a proper license.

This piece of news is part of FCA’s ongoing objective to make sure all crypto companies working in the UK are registered and adhere to national regulations. So far, crypto exchanges including Gemini, Kraken, and Galaxy Digital have received FCA’s approval.

FTX’s representative has stated that the exchange is currently trying to resolve the matter with regulators. Interestingly, the representative added that the phone numbers FCA has listed as belonging to FTX, actually, belong to con artists involved in a known crypto scam, and not to FTX. It seems that someone may be impersonating FTX.

Either way, FTX is warned that it risks criminal prosecution if it keeps operating in the UK. It’s yet to be seen if the exchange will have an opportunity to discuss its case with FCA.