The Financial Conduct Authority warns that the crypto exchange is operating without proper authorization.
The U.K.’s Financial Conduct Authority (FCA) has added crypto exchange Poloniex to its warning list of non-authorized companies. The Seychelles-based exchange is one of the three companies owned by or related to entrepreneur Justin Sun, that have cumulatively suffered four hacks in the last two months.
The warning to Poloniex was published on the FCA’s website on Dec. 6. It doesn’t offer a reason, but says that “firms and individuals cannot promote financial services in the UK without the necessary authorization or approval.” The FCA also reminds the public that it can’t count on financial law protection while dealing with unauthorized entities.
In August, the FCA revealed that since 2020, it has received 291 applications from crypto companies seeking registration and has approved only 38 of them, roughly 13%. Two months ago, it announced that 140 crypto companies, including HTX or KuCoin, had been included on its warning list. Since then, the regulator has authorized only one entity, PayPal UK.
