UK regulators warn about Binance's FTX

The Financial Conduct Authority of the UK has issued a warning to consumers about Sam Bankman- Fried's FTX, saying it isn't authorized by the regulators to offer financial services or products in the country.

The regulators said on Friday that Bahamas-based FTX is targeting people in the UK and that investors are unlikely to get their money back if things go wrong, because they won't be protected by the country's ombudsman service and compensation scheme.

The FCA issued a warning about Binance, another major global criptocurrency exchange, and its activities in the UK. Dozens of regulators around the world made similar statements about Binance.

FTX and the FCA didn't respond immediately to requests for comment.

The UK made permanent its criptoasset in April of this year, a program that requires firms conducting activities in the country to meet the FCA's anti-money laundering standards. While some firms like Gemini, Kraken andCrypto.com are on the register, others like FTX, Coinbase and Binance are not. The UK consumers are still able to access all of them.