The UK’s Financial Conduct Authority (FCA) has warned consumers against dealing with Bahamas-based FTX, the cryptocurrency exchange run by billionaire Sam Bankman-Fried.

“We believe this firm may be providing financial services or products in the UK without our authorisation …” said the FCA in a statement.

“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.”