UK FCA Issues Warning About Crypto Exchange FTX Operating Without Authorization

The British financial market supervisor, the Financial Conduct Authority (FCA), has flagged the crypto exchange FTX for offering services in the United Kingdom without the necessary authorization.

"This firm is not authorised by us and is targeting people in the UK. You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong,"the authority said.

Moreover, the authority commented: "If you use an authorized firm, access to the Financial Ombudsman Service and FSCS protection will depend on the investment you are making and the service the firm is providing. If you would like further information about protection, the authorized firm should be able to help."

FTX is expanding rapidly this year. In March, it announced the establishment of FTX Europe, extending its presence into Europe and the Middle East. The company has also secured the approval from the Cyprus Financial Market Regulator CySEC through its ftx.com/eu domain.

Later, the exchanges announced the establishment of FTX Australia Pty Ltd, marking an essential chapter in FTX's continued global expansion.