The UK financial supervision authority (FCA) accuses the BitMEX exchange of providing financial services without a proper license and advises British citizens not to use the platform’s services.
According to the FCA, the cryptocurrency derivatives exchange BitMEX is accused of operating without a proper license. The regulator notes that this is illegal, and that the site is much more likely to be associated with fraudsters. The statement reads:
“This firm is not authorized by the FCA and is aimed at UK citizens. Based on the information we have, we believe that it is carrying out activities that require appropriate permits. We strongly recommend that you only deal with financial firms that are authorized by the FCA, and check the financial services registry to make sure they are properly licensed. If the company is not listed in the register, but declares it, contact our customer support service.”
This is not the first time the exchange has come to the attention of British regulators. In August last year, the UK advertising standards Authority (ASA) investigated bitcoin-related advertising on the BitMEX exchange.
The UK is one of many countries that are taking steps to regulate cryptocurrency derivatives and related companies. To avoid regulatory consequences, BitMEX has already banned access to the platform for residents of some countries, such as the United States and Canada.