Revealed that the exchange was “warned” by UK regulators

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The FCA’s warning is like pouring cold water directly on Bitfinex.

Recently, the UK Financial Conduct Authority (FCA) just issued a warning to Bitfinex, accusing it of promoting financial services or products without the permission of the regulatory agency. At the same time, investors are reminded to avoid transactions with the company.

In particular, individuals who join Bitfinex will not be able to use the Financial Ombudsman service to resolve complaints. They are not even covered by the Financial Services Compensation Scheme if an adverse event occurs.

In response to the above warning, Bitfinex expressed “disappointment” with the FCA’s actions. They revealed that Bitfinex has had multiple discussions with the FCA in the past four months and has actively taken measures to meet the FCA’s requirements. Additionally, they comply with some “strict” regulations from legal authorities, such as restricting UK citizens from accessing the site related to pledges, affiliate programs, credit/debit cards, debt and various “buying guide” pages.

The exchange emphasized that it has cooperated with multiple regulatory agencies and law enforcement agencies around the world to combat illegal activities and protect investors. Therefore, judging from their long-standing approach, the warning issued by the FCA is tantamount to “erasing” all efforts of Bitfinex.

However, the FCA’s warning is part of new regulations related to three main concerns about cryptocurrency marketing in the UK.

To address these issues, the FCA urges responsible firms to approve financial promotions involving cryptocurrency companies to ensure strict compliance with the new regulatory guidance. The regulator added that failure to do so could result in actions such as restrictions on non-compliant entities.

The FCA emphasized that the new regulatory framework is not intended to prevent users from accessing existing assets, but to discourage high-risk investments while promoting user protection.

However, Bitfinex insists it is fully compliant with the new rules and has provided comprehensive risk warnings to users who try it. “Cryptocurrencies are high-risk products and you are unlikely to be protected if something goes wrong,” the disclaimer reads.

Bitfinex said it remains committed to providing services to customers in a manner that is fully compliant with regulatory requirements in any particular jurisdiction.

As we all know, Bitcoin is a cryptocurrency exchange owned and operated by iFinex Inc. Founded in 2012, Bitfinex was one of the first professional platforms to respond to the growing interest in cryptocurrency trading, accounting for more than 10% of trading volume.

Since then, Bitfinex has gradually strengthened its position among individual and corporate traders in the field of digital asset investment.

In addition to price charting tools and advanced trading features that support market analysis, Bifinex also offers spot, margin and lending (P2P) trading, OTC trading, and various types of derivatives trading, various digital currencies and assets.

Bitfinex’s strategic focus is to simultaneously provide support, tools and system improvements to professional traders and liquidity providers around the world.

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