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Britain’s financial watchdog says FTX could be operating in UK without authorisation

General view of the Financial Conduct Authority (FCA) offices in London, Britain, May 4, 2022. REUTERS/Peter Nicholls

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LONDON, Sept 19 (Reuters) – Britain’s Financial Conduct Authority said on Friday cryptocurrency exchange FTX could be offering financial products in the united kingdom without its authorisation.

FTX is among the world’s largest crypto exchanges, raising its profile this season by acting as crypto’s white knight, throwing lifelines to digital asset platforms that have faltered as cryptocurrency prices have cratered. read more

“Virtually all firms and people offering, promoting or selling financial products in the united kingdom need to be authorised or registered by us,” the FCA statement said.

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“This firm isn’t authorised by us and is targeting people in the united kingdom,” said the statement, which had the topic “FTX”.

FTX didn’t immediately react to a obtain comment sent on a public holiday.

Regulators all over the world continue steadily to grapple with how far better regulate cryptocurrency companies. The FCA said in July that global rules are essential to modify international crypto firms and “keep markets clean”. read more

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Reporting by Alun John; Editing by Kirsten Donovan

Our Standards: The Thomson Reuters Trust Principles.

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