The regulatory body responsible for overseeing financial markets and financial services providers in the United Kingdom is warning against the crypto exchange Bitfinex.
In a new press release from the Financial Conduct Authority (FCA), the regulator tells British customers not to do business with Bitfinex.
“This company [Bitfinex] may advertise financial services or products without our permission. You should avoid dealing with this company.
Companies and individuals cannot promote financial services in Britain without the necessary permission or approval.
This company is not authorized by us and may be targeting people in the UK.”
The FCA was established in 2013 and operates independently of the British government. The FCA’s stated primary purpose is to ensure that financial markets are fair, transparent and function 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 issued a counter press release in response to the FCA’s warning.
“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 with the FCA’s action.
Bitfinex has had detailed discussions with the FCA and has proactively taken steps to attempt to comply with the FCA’s requirements, including issuing a notice to all its customers detailing any measures it has taken to comply with the FCA’s requirements to comply with the FCA.”
According to Bitfinex, the crypto exchange has taken many measures to address the FCA’s concerns. These measures were announced in June.
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