Britain’s financial watchdog says FTX may be operating in UK without authorisation

Britain’s Financial Conduct Authority said on Friday cryptocurrency exchange FTX may be offering financial services or products in the UK without its authorisation.

FTX is one of the world’s largest crypto exchanges, raising its profile this year by acting as crypto’s white knight, throwing lifelines to digital asset platforms which have faltered as cryptocurrency prices have cratered.

“Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised or registered by us,” the FCA statement said.

“This firm is not authorised by us and is targeting people in the UK,” said the statement, which had the subject “FTX”.

FTX did not immediately respond to a request for comment sent on a public holiday.

Regulators around the world continue to grapple with how best to regulate cryptocurrency companies. The FCA said in July that global rules are needed to regulate international crypto firms and “keep markets clean”.