FCA Retracts Official Warning Against Kraken
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FCA Retracts Official Warning Against Kraken

March 5, 2020      Richard M Adrian

Financial Conduct Authority( FCA), United Kingdom’s financial regulator retracted a warning it had issued against the Kraken exchange. The watchdog had apparently confused the exchange for an online scam and issued it with an alleged warning. However, a similar warning against BitMEX is still online.

FCA published the notice on its official website tipping citizens that Kraken lacked the authorization to operate in the United Kingdom. The warning went ahead to state that the leading US crypto exchange by market volume was targeting people in the United Kingdom.

Kraken Warning Taken Down, Notice Against BitMEX Still Up

Warning Against BitMEX Still Up

Following a complaint by Kraken exchange, FCA quickly took down the notice a few hours later. Nevertheless, a representative from Kraken told press journalists that the notice referred to scammers that were operating under the brand of Kraken.

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He gave the example of two Gmail addresses that FCA had published as belonging to Kraken. On the same of publishing the Kraken notice, FCA had also published a generic notice pointing fingers at derivatives exchange BitMEX.

Also Read: UK’s FCA Increases Registration Fee For Crypto Businesses To £10000

The warning claimed that BitMEX was conducting activities in the United Kingdom without acquiring authorization from the jurisdiction. Also note that the notice highlighted the following emails accounts as the official email addresses of BitMEX, “ ben@bitmex.com  and Support@bitmex.com”.

As of the writing of this post, the notice against BitMEX has remained active for two days.

It is worth noting that FCA proposed to ban derivative products such as those that BitMEX offers. Especially the ones targeting investors. BitMEX has not yet responded to the allegations and cryptoknowmics is still waiting for an update from their end.

The Financial Conduct Authority assumed the position of a watchdog against counter-terrorist financing (CTF) and anti-money laundering (AML). Especially watching over enterprises that are dealing with cryptocurrencies.

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#Bitmex #Cryptocurrency News #Exchange news #FCA #Kraken
Richard M Adrian
Richard M Adrian

Blockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.