UK’s FCA Says FTX Lacks License to Operate in the Country

British watchdog FCA has issued a warning regarding the operation of the cryptocurrency exchange FTX.

According to the agency, the Bahamas-registered platform lacks the corresponding license to operate in the country. The regulator has said:

“This firm is not authorized by us and is aimed at residents of the UK.”

The FCA has said that UK FTX customers will not be able to rely on protection of their rights, assistance from the financial ombudsman or compensation of funds in the event “if something goes wrong.”

FTX began negotiations in Spring with UK regulators as part of its expansion into the European market.