Cryptocurrency exchange FTX might be offering services in the UK without legal authorization, the FCA said in a statement.
The British financial regulator highlighted that "almost all firms" and individuals that offer or promote financial services in the UK have to receive an approval from it to do so. The FCA added:
"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."
Although the UK still has no clear regulatory framework for cryptocurrency business, the country has given to over 35 firms, including Galaxy Digital and Revolut, a temporary registration status, allowing them to offer services.
