Crypto News

SBF Surprised by FCA FTX Warning Says They’ve Been in Talks

                                                            Sam Bankman-Fried – Mitbegründer und CEO von FTX – sagte, die Spannungen zwischen seinem Unternehmen und der obersten Finanzaufsichtsbehörde im Vereinigten Königreich – der FCA – seien unerwartet gewesen.  Nach seinen Worten diskutierten beide Seiten „seit einiger Zeit“ über regulatorische Anforderungen.

Earlier this week, the UK agency insisted that FTX does not have the necessary license to offer its crypto products and services in the country.

SBF’s position on the matter

in a (n interview for The Financial Times, Sam Bankman-Fried revealed that FTX and Britain’s FCA have “been in a discussion on licensing for some time”. As such, he was surprised that the watchdog alarmed British consumers that the exchange lacks authorization to operate in the UK.

He further explained that the agency may have wanted to warn people about scams impersonating the company, not the trading venue itself.

Whatever the reasons, the 30-year-old billionaire vowed to honor the watchdog’s commitments and sort out the issues with it:

“We believe we are complying with UK regulations but as always we will act promptly where we receive guidance from regulators.”
SBF Surprised by FCA FTX Warning Says They’ve Been in Talks, Crypto Trading NewsSam Bankman-Fried, Forbes
It is worth noting that any company wishing to offer cryptocurrency services and products in the UK should first register with the FCA and cover certain anti-money laundering procedures. You must obtain a license to offer regulated activities such as payments and derivatives. However, companies registered abroad (such as FTX) are an exception to this rule.

Last year, Binance also faced similar challenges with the FCA. the latter claims that Binance Markets Limited (a UK-based subsidiary of the world’s largest crypto exchange) is not authorized to serve local customers.

After hiring additional staff and introduce The platform has settled the dispute with mandatory know-your-customer (KYC) requirements.

Is the UK on a crypto path with the new PM?

Despite the tough tone the FCA is taking on the digital assets industry, many of the UK’s top politicians are pro-crypto advocates.

Earlier this month, Liz Truss was announced as the country’s new prime minister. Four years ago, you endorsed for repealing regulations believed to halt crypto development.

To become the new leader of the nation, she was preferred to Rishi Sunak (Chancellor of the Exchequer from 2020 to 2022). Interestingly, he also presented himself as a supporter of the asset class, arguing that the UK could prosper economically if it became a global one Blockchain-hub would.

Source: Crypto News Deutsch

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button