Catch the latest from the UK's Financial Conduct Authority (FCA), as they raise their voice against Bitfinex. Stay informed about this significant development in our exclusive report on 36crypto.com News.
In a recent announcement, the FCA has officially labeled Bitfinex as an unapproved exchange actively targeting UK investors. The FCA statement underscores that "Firms and individuals must obtain the necessary authorization or approval to offer financial services in the UK." Furthermore, it explicitly states that Bitfinex "is not authorized by us and may be targeting people in the UK."
The FCA's advisory extends to investors, cautioning them that should they continue to engage with Bitfinex, they will be left without access to the Financial Ombudsman Service for complaint resolution. Additionally, they won't have the protective umbrella of the Financial Services Compensation Scheme (FSCS) should things take a turn for the worse.
Bitfinex Voices Disappointment In response, Bitfinex has expressed deep disappointment with the Financial Conduct Authority's stance. The exchange conveyed its discontent in a statement, revealing that it had engaged in extensive dialogues with the FCA and had made concerted efforts to align with their requirements.
These efforts included notifying all customers about the measures undertaken to comply with the FCA's demands. Furthermore, Bitfinex restricted access to numerous pages on its website for UK residents, encompassing Bitfinex Affiliates pages, Staking pages, Credit/Debit Cards, Lending Pro, Bitfinex Borrow, various 'How to buy' pages, and the Mobile App information page.
Bitfinex also highlighted its history of collaboration with global regulatory authorities and law enforcement agencies, emphasizing its commitment to safeguarding investors and combating fraudulent activities.
Ultimately, Bitfinex conveyed its frustration at the FCA's failure to recognize its dedication to compliance. 🇬🇧🚫
