The financial regulator for the United Kingdom has warned investors that cryptocurrency exchange FTX is not authorized to provide services to customers in the British territories.
In an official notice, the Financial Conduct Authority said: “We believe this firm may be providing financial services or products in the U.K. without our authorization.”
The well-known cryptocurrency trading platform, which is owned by Sam Bankman-Fried, has risen to prominence in the last few months as it assisted other cryptocurrency exchanges and lenders that ran into financial trouble during the current market downturn.
However, in the United Kingdom, FTX continues to be labeled an “unauthorized firm” among financial service entities and is not authorized to conduct transactions in the British isles.
Companies and individuals “offering, promoting or selling financial services or products” in the U.K. must be authorized by the FCA regulatory body, the notice said.
Investors who engage with unauthorized firms such as FTX risk losing all their money should something go wrong, cautioned the regulator.
