British regulator adds Justin Sun-linked Poloniex to warning list after $100M hack
The Financial Conduct Authority warns that the crypto exchange is operating without proper authorization.
The United Kingdom’s Financial Conduct Authority (FCA) has added crypto exchange Poloniex to its warning list of non-authorized companies. The Seychelles-based exchange is one of the three companies owned by or affiliated with entrepreneur Justin Sun that have suffered four hacks in the last two months.
The warning to Poloniex was published on the FCA’s website on Dec. 6. It doesn’t offer a reason but says that “firms and individuals cannot promote financial services in the UK without the necessary authorization or approval.” The FCA also reminds the public that it can’t count on financial law protection while dealing with unauthorized entities.
In August, the FCA revealed that since 2020, it has received 291 applications from crypto companies seeking registration and has approved only 38. In October, it announced that 140 crypto companies, including HTX and KuCoin, had been included on its warning list. Since then, the regulator has authorized only one entity, PayPal UK.
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