UK’s Financial Regulatory Body Warns to be “Wary of Dealing with Unauthorised” Crypto Derivatives Exchange BitMEX

Must Read

NiceCash Lets Anyone Get Maximum Out of DeFi

in One Click NiceCash launches its nVaults -...

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be held at...

Bitcoin Eyeing $11800 After Intense Drop

As we saw earlier today, Bitcoin started by declining from $11349 to $11176, roughly 1.76%.
- Advertisement Banner
Earn Free Bitcoin

The UK’s Financial Conduct Authority (FCA) has released a warning against the crypto derivatives exchange BitMEX. As per the FCA’s website, the agency asks its citizens to be “wary of dealing with this unauthorised firm” and “protect yourself from scammers.”

In order to offer, promote, or sell financial products and services in the UK, almost all the individuals and firms have to be authorised by the agency.

BitMEX is not authorized by the UK’s financial regulatory body that operates independently of the UK Government, which it says is “targeting” people in the country and believes “it is carrying on regulated activities which require authorisation.”

The FCA isn’t particularly calling BitMEX to be involved in any fraudulent or suspicious activity but does mention that those operating without the license might be “scams.”

The agency advises people to deal with only those companies that are registered with it and can confirm the licensing status of a firm by visiting the UK’s register for license holders.

Crypto Asset Companies Fall Under FCA’s Supervision

The FAC’s notice to BitMEX came just a day after the agency issued a similar warning about yet another crypto exchange Kraken. However, the notice is now removed and showing a missing page instead.

Just about two months back, the FCA announced that crypto asset companies fall under its jurisdiction. As part of the amendments to the nation’s anti-money laundering (AML) and counter-terrorist financing regulations, it requires both new and existing companies to comply with the new requirements.

These requirements included the identification and assessment of the level of money laundering and terrorist financing risk created by these businesses, performing due diligence on every customer and “enhanced due diligence” on those that identify as high risk. It also requires a designated member of senior management to be responsible for compliance with all the requirements.

As per this, the crypto-related businesses must hold licenses no later than Jan. 2021.

- Advertisement -
- Advertisement -

Latest News

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be held at the Dubai World Trade Centre,...

USDT Is A Game Changer For Online Poker

CoinPoker - the flagman of the industry, the biggest and the oldest pure crypto poker room is the first to...

DeepTradeBot: The innovation of large companies at your service

DeepTradeBot is a collection of automated trading tools developed by Deep Neuro Networks LTD, a London, England-based company dedicated to artificial intelligence and... Instant Crypto Exchange Now Supports REN Token Trading

Decentralized finance is leading the way of the cryptocurrency industry, with the REN Protocol at the front. REN Protocol is...