UK’s Financial Conduct Authority Issues Warning on FTX to Consumers

The UK’s Financial Conduct Authority published a warning to consumers about Sam Bankman-Fried’s crypto exchange FTX, saying it isn’t authorized by the regulator to offer financial services or products in the country. The regulator said on Friday on its website that Bahamas-based FTX "is targeting people in the UK," adding that investors are "unlikely to get your money back if things go wrong" since they won’t be protected by the country’s ombudsman service and compensation scheme. The FCA previously issued a similar warning about Binance, another major global crypto exchange, and its activities in the UK.