October 2, 2023

UK authorities warned against using BitMEX cryptocurrency exchange

The country's Financial Supervisory Authority reported that the derivative platform did not receive permission to work on its territory. The regulator explained why this could lead to loss of customer funds.

BitMEX Derivative Cryptocurrency Exchange Has Not Receivedwork permit in the UK, the Financial Supervisory Authority (FCA) said on its official website. The department advised users to use this trading platform with extreme caution and be ready to protect themselves from scammers.

“This company provides financial services orProducts in the UK without our permission. Find out why you should be especially careful in dealing with this unauthorized company, and how to protect yourself from scammers, ”the Office wrote.

Its representatives added that almost allCompanies and individuals offering, promoting or selling financial services and products in the UK must be authorized by the agency. However, some firms operate without permission and knowingly conduct investment scams, the regulator noted.

He emphasized that one should not useservices of companies not included in the relevant register in order to avoid loss of funds. If this happens, customers will not be able to participate in the FSCS Financial Services Compensation Program, the agency explained.

Yesterday, March 4, the future head of the Bank of England, AndrewBailey said that investing in cryptocurrency could lead to a complete loss of invested funds. According to him, Bitcoin is a risky asset because it has no intrinsic value.