Bitfinex Placed on UK’s ‘Warning List’ of Companies Operating Permissionless

It has just been reported the fact that Bitfinex has been placed on UK’s warning list of companies that are working without permission. Check out the latest details about the matter below.

The Financial Conduct Authority (FCA), which is the regulatory body responsible for overseeing financial markets and financial services firms in the United Kingdom, has issued a warning against the crypto exchange Bitfinex.

According to a recent press release by the FCA, UK customers are advised not to engage in any 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 Financial Conduct Authority (FCA) was established in 2013 and operates independently of the UK government.

Its primary objective is to ensure that financial markets operate in a fair and transparent manner, ultimately benefiting consumers.

Bitfinex is a well-known cryptocurrency exchange platform that offers trading services for a variety of digital assets, including cryptocurrency, margin trading, and lending. In response to the FCA’s warning, Bitfinex released a counter press release.

“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 and these were announced in June.