UK authorities have warned against using the BitMEX crypto exchange

UK authorities have warned against using the BitMEX crypto exchange

The derivative crypto exchange BitMEX did not receive a permit to work in the UK, the country’s financial Supervisory Authority (FCA) said on its official website. The Agency advised users to work with extreme caution with this trading platform and be ready to protect themselves from scammers.

“This firm provides financial services or products in the UK without our permission. Find out why you should be especially careful in dealing with this unauthorized firm, and how to protect yourself from fraud,” the Department wrote.

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

He stressed that you should not use the services of companies that are not included in the relevant register, in order to avoid losing 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, Andrew Bailey, said that investing in cryptocurrency can lead to a complete loss of invested funds. According to him, bitcoin is a risky asset because it has no intrinsic value.