Bitfinex Blacklisted by the UK Financial Regulator (FCA)

The FCA has announced that it has included Bitfinex exchange in its warning list for allegedly promoting its products without authorization. It is stated that if the exchange does not comply with these rules, it could face imprisonment and unlimited fines.

Bitfinex has been included in the unauthorized firms warning list by the UK Financial Conduct Authority (FCA) due to its lack of authorization and the unauthorized promotion of financial services or products. The FCA has published this warning on its official website and cautioned the public to “avoid doing business with these firms.”

New Rules to Prevent Crypto Scams

The financial regulatory authority has announced new financial advertising rules aimed at preventing fraud. These rules also apply to companies promoting crypto asset services and require them to adhere to the rules when advertising on various media platforms, including websites and social media.

“We have blocked various website pages to visitors from the UK to comply with the new rules on promoting crypto asset services by the FCA. This includes Bitfinex Affiliates pages, Staking pages, Credit/Bank Cards, Lending Pro, Bitfinex Borrow, and Mobile Application information pages.”
Approval of Advertisements by an Individual Required by the FCA

The FCA’s new financial promotion rules contain important requirements that unregistered crypto firms, in particular, need to consider. These requirements aim to ensure that advertisements are approved by the FCA or an individual authorized by the FCA to protect consumers and prevent the unauthorized promotion of financial services.

Source: The Block

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