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SBF Surprised by FCA’s Warning Against FTX

SBF Surprised by FCA’s Warning Against FTX

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Sam Bankman-Fried – founder and chief executive of FTX – said the tension between his company and the UK’s top financial regulator, the FCA, was unexpected. According to him, the parties have been discussing the regulatory requirements “for some time”.

Earlier this week, the UK agency claimed 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 an interview with The Financial Times, Sam Bankman-Fried revealed that FTX and the UK’s FCA have been “discussing licenses for some time”. As such, he was surprised that the watchdog warned British consumers that the exchange was not licensed to operate in the Kingdom.

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

Whatever the reasons, the 30-year-old billionaire vowed to live up to the watchdog’s duties and sort things out with it:

“We believe we comply with UK regulations, but as always we will act swiftly if we receive guidance from regulators.”

Sam Bankman-Fried, Source: Forbes

It is worth noting that any company wishing to offer cryptocurrency services and products in the UK must first register with the FCA and cover certain anti-money laundering procedures. They 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 claimed that Binance Markets Limited (the UK-based subsidiary of the world’s largest crypto exchange) is not allowed to serve local customers.

After hiring additional staff and introducing mandatory Know-Your-Customer (KYC) requirements, the platform resolved the dispute.

Is the UK on the crypto trail with a new prime minister?

Despite the FCA’s tough tone on the digital asset sector, many of Britain’s top politicians are supporters of crypto.

Earlier this month, Liz Truss was announced as the country’s new Prime Minister. Four years ago, he advocated for the removal of regulations that supposedly halted the development of crypto.

To become the new leader of the country, he was preferred over Rishi Sunak (Chancellor of State 2020-2022). Interestingly, he also presented himself as a proponent of the asset class, arguing that the UK could thrive financially if it became a global blockchain hub.

This article was compiled by: Cryptopotato

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