The regulatory body responsible for overseeing financial markets and financial services firms in the United Kingdom is issuing a warning against the crypto exchange Bitfinex.
In a new press release from the Financial Conduct Authority (FCA), the regulator tells UK customers not do business with Bitfinex.
“This firm [Bitfinex] may be promoting financial services or products without our permission. You should avoid dealing with this firm.
Firms and individuals cannot promote financial services in the UK without the necessary authorization or approval.
This firm is not authorized by us and may be targeting people in the UK.”
The FCA was established in 2013 and operates independently of the UK government. The FCA’s stated primary objective is to ensure that financial markets are fair and transparent and operate in a way that benefits consumers.
Bitfinex is a crypto exchange platform that allows users to trade a variety of digital assets. It is one of the more established and well-known cryptocurrency exchanges in the industry. Bitfinex offers a range of services, including cryptocurrency trading, margin trading, and lending.
Bitfinex, in response to the FCA’s warning, released a counter press release in response.
“Bitfinex is aware that it has been placed on the UK Financial Conduct Authority’s (FCA) warning list of unauthorized firms.
Bitfinex is very disappointed by the action taken by the FCA.
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.”
According to Bitfinex, the crypto exchange has taken many measures to address the FCA’s concerns. Those measures were announced in June.
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