Tensions Rise Between Cryptocurrency Exchange FTX and Regulatory Authority FCA…Details Here
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Answer Tensions Rise Between Cryptocurrency Exchange FTX and Regulatory Authority FCA…Details Here
- Cryptocurrency exchange FTX is in a regulatory battle with the FCA regulator.
- The company’s manager undertakes to solve the existing organizational problems and to follow the imposed regulatory procedures and standards.
Sam Bankman-Fried, co-founder and CEO of cryptocurrency exchange FTX, told FTX that the tension between his company and the UK’s largest financial watchdog – the FCA – was unexpected.
According to his statement, the two sides have been discussing regulatory requirements “for some time”.
Earlier this week, the UK agency insisted that cryptocurrency exchange FTX did not have the necessary license to offer its crypto products and services in the country.Read:The dispute between Ethereum developers and miners continues as the update “EIP 1559” approaches
The position of the founder of cryptocurrency exchange FTX:
in an interview With The Financial Times, Sam Bankman-Fried revealed that the UK’s FTX and FCA have been in discussion about regulatory licenses for some time.
As such, he was surprised that the watchdog had alerted British consumers that FTX lacked permission to operate in the kingdom.
He further explained that the agency may have wanted to warn people about scams impersonating the company, not the trading company itself.
Whatever the reasons, the 30-year-old billionaire vowed to follow through on the watchdog’s obligations and clear up problems with it. He told:
We believe we comply with UK regulations but will act immediately as always if we receive any guidance from regulators.
It is worth noting that every company wishing to offer cryptocurrency services and products in the UK must first register with the FCA and cover certain anti-money laundering measures.
They must also have a license to offer regulated activities such as payment and derivatives.
However, offshore registered companies (such as FTX) are an exception to this rule.Read:Project Monero launches an upgrade that improves security and privacy features…Details here
Last year, Binance faced similar challenges with the FCA.
The FCA has claimed that Binance Markets Limited (a UK-based subsidiary of the world’s largest crypto company) is not allowed to serve local clients.Read:Did Dogecoin price increase due to the “Twitter Coin” rumor?
After hiring additional employees and submitting mandatory Know Your Customer (KYC) requirements, Binance settled the dispute.
Despite the tough tone that the Financial Conduct Authority (FCA) displays when it comes to the digital asset industry, many senior politicians in the UK are proponents of cryptocurrencies.
Earlier this month, Liz Truss was announced as the country’s new prime minister.
Four years ago, Truss called for the removal of regulations that were supposed to stop the development of the crypto market.
She thus became the new nation’s leader, as she was preferred over Rishi Sunak (he was Treasury Secretary from 2020 to 2022).
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