Bitfinex Lands on UK Financial Watchdog’s Warning List for Unauthorized Promotion of Financial Services
The Financial Conduct Authority (FCA) in the UK has raised concerns about Bitfinex, a cryptocurrency exchange, that it may be promoting financial services or products without the FCA’s permission.
On October 27, the FCA in the UK issued a public warning regarding Bitfinex, expressing concerns that Bitfinex may be offering financial services or products without the necessary regulatory authorization. The FCA advises the public to exercise caution and avoid engaging with this platform.
The FCA has cautioned investors that dealing with Bitfinex may not offer the protections provided by the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS). This means its users’ funds are at risk in the event of financial difficulties or insolvency faced by the company.
In response to these concerns, Bitfinex noted that it has taken measures to comply with UK law, which has led to changes in the availability of its products and services for UK customers.
Bitfinex said in a blog post on October 27:
“Bitfinex is aware that it has been placed on the UK Financial Conduct Authority’s (FCA) warning list of unauthorised firms.”
The trading platform continued and expressed disappointment with the FCA’s actions, claiming to have engaged in discussions and taken measures to meet the regulator’s requirements over the past four months.
“Bitfinex has held detailed discussions with the FCA and has proactively taken measures to attempt to meet the FCA’s requirements including issuing a notice to all its customers providing detail of all the measures it has taken to meet the FCA’s requirements. Bitfinex has also blocked a range of website pages to visitors from the UK including the Bitfinex Affiliates pages, Staking pages, Credit
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