Advertisement

Kraken Exchange Warning By UK Financial Authority Dismissed Over Confusion

Kraken Exchange Warning By UK Financial Authority Dismissed Over Confusion
  • One financial watchdog has quickly dismissed a warning about the Kraken exchange after apparently confusing the platform with online scammers.
  • The UK Financial Conduct Authority published a notice on its website which warned the public that Kraken is not authorised to operate in the United Kingdom. 

One financial watchdog in the United Kingdom has quickly dismissed a warning about the Kraken exchange after apparently confusing the platform with online scammers.

Earlier this week on the 3rd of March, the United Kingdom Financial Conduct Authority published a notice on its website which warned the public that one of the biggest crypto platforms in the United States is not authorised to operate in the United Kingdom. The warning specifically said that the company is actually targeting people in the UK.

“We believe this firm has been providing financial services or products in the UK without our authorization. Find out why to be especially wary of dealing with this unauthorized firm and how to protect yourself from scammers.”

After a few hours though, the authority took down the notice after a complaint from the exchange itself.

For those that don’t know, the Kraken platform allows investors to trade, buy and sell digital assets. Traders can look at their crypto portfolio for value of cryptocurrency including the Bitcoin price.

A representative from the Kraken platform has said that he believes the notice was in relation to the activities of investment scammers that claim to operate under the brand of the platform. 

The exchange has said:

“The warning was based on Gmail addresses and phone numbers that belonged to investment scammers falsely using our brand and we've reached out to the FCA to get this clarified [...] Kraken Futures (CryptoFacilities) is already registered with the FCA under the reference number 757895.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

You can share this post!

Advertisement