FCA warns against crypto exchange FTX

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.”

 

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.