U.K. Financial Watchdog Issues Warning Against Crypto Exchange FTX

The U.K.’s Financial Conduct Authority (FCA) is cautioning consumers about Sam Bankman-cryptocurrency Fried’s exchange FTX because it is not permitted by the authority to provide financial services or goods in the nation. The FCA claimed that “FTX is not authorized by us and is targeting consumers in the U.K.” and that “virtually all firms and person offering, marketing or selling financial services or products in the U.K. have to be authorized or registered by us.” Since August 2020, the FCA has been developing a list of businesses that deal in digital assets and have complied with the Money Laundering, Terrorist Financing, and Transfer of Funds Regulations of 2017. Sam Bankman-Friend, the CEO of FTX, also tweeted that a scammer is impersonating FTX in the U.K. Heads up: a scammer has been impersonating FTX in the UK by phone! Please only use https://t.co/ZcBNEuyQvH, https://t.co/6mG6iOFv3o, https://t.co/X88vVFRKde, etc. to access FTX, and do not respond to any phone numbers etc. FTX will never call you by phone. — SBF (@SBF_FTX) September 19, 2022 Warning Against Crypto Exchange FTX Bankman-multibillion-dollar Fried’s cryptocurrency trading platform has gained notoriety recently, partly because of its role in trying to save significant crypto companies that failed during the market collapse earlier this year. FTX is now listed in the FCA’s directory for financial services as an “unauthorized firm.” According to the warning, ...