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What is the role of the UK Financial Conduct Authority in regulating digital currencies like FTX?

avatarAid ImenJan 12, 2022 · 3 years ago1 answers

Can you explain the role of the UK Financial Conduct Authority (FCA) in regulating digital currencies such as FTX? How does the FCA ensure the safety and integrity of the digital currency market in the UK?

What is the role of the UK Financial Conduct Authority in regulating digital currencies like FTX?
UK Financial Conduct Authority
Digital Currencies
FTX

1 answers

  • avatarJan 12, 2022 · 3 years ago
    As a leading digital currency exchange, FTX operates under the regulatory oversight of the UK Financial Conduct Authority (FCA). The FCA plays a crucial role in ensuring the safety and integrity of the digital currency market in the UK. It sets and enforces rules that digital currency exchanges like FTX must adhere to, including anti-money laundering (AML) and know-your-customer (KYC) regulations. The FCA conducts regular inspections and audits to ensure that FTX and other exchanges comply with these regulations. By working closely with the FCA, FTX aims to provide a secure and trustworthy platform for users to trade digital currencies. The FCA's regulatory oversight helps to build trust and confidence in the digital currency market, benefiting both investors and businesses.

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