Justin Sun’s Exchange Was Warned By The UK Because It Did Not Have An Operating License

After the $125 million hack case was recently resolved, Justin Sun's exchange is  Poloniex. Continued to fall into the situation of operating without permission in the UK.

Justin Sun’s Exchange Was Warned By The Uk Because It Did Not Have An Operating License_65b97d2737595.webp

The UK Financial Conduct Authority (FCA) has listed Poloniex, a cryptocurrency exchange that Justin Sun acquired in 2019, on its list of businesses banned from operating in the UK.

The FCA warning notice said: “Poloniex is carrying out activities promoting financial services and products without FCA authorization. The UK Financial Conduct Authority advises users to avoid trading on this floor and if a problem occurs, citizens will not be protected under financial law.”

justin suns exchange was warned by the uk because it did not have an operating license 65b97d273d7eb

Read the details here

The special thing is that before that, FCA listed two other exchanges owned by Justin Sun. Those are Houbi (Cooperative) and KuCoin on the list of illegal activities in the UK.
Not only that, KuCoin also received a warning from the Netherlands for the same reason. In the past, both HTX and KuCoin were also accused of violating US sanctions by anonymously providing crypto services to Russian customers.
Recently, the “Justin Sun ecosystem” with many exchanges and blockchains has continuously faced negative information.

justin suns exchange was warned by the uk because it did not have an operating license 65b97d274226a

Justin Sun

  • In early November 2023, Poloniex was hacked and lost more than 125 million USD. But then the remediation process was completed to protect users.

  • At the end of November 2023, the cooperative’s blockchain became known as HECO Chain. A series of unusual transactions have been recorded with cryptocurrency withdrawals amounting to more than 86 million USD.

Previously in September 2023, Huobi Global (now renamed HTX Global) also experienced an attack, with hackers “stealing” an amount of 7.9 million USD. Fortunately, after two weeks of negotiations, the attacker returned all the stolen money.

Related: New Binance CEO Richard Teng Refused to Reveal the Location of the Company’s Headquarters

It can be seen that the UK market is increasingly serious about regulating companies operating in the field of cryptocurrency. FCA’s latest move aims to strengthen crypto advertising laws. Placing tight constraints on organizations marketing cryptocurrencies has disrupted the operations of foreign exchanges such as Binance and Bybit.

5.0/5

(100 votes)

Latest

Azcnews Jpmorgan's Bold Prediction For Solana And Xrp Etfs

News | Altcoin | Editor Choice | Policy & Regulations

JPMorgan’s Bold Prediction for Solana and XRP ETFs

JPMorgan predicts $3 billion to $8 billion in inflows into Solana and XRP ETFs if Trump administration approves.

How Do Countries Around The World Tax Cryptocurrency

News | Editor Choice

How Do Countries Around the World Tax Cryptocurrency?

The cryptocurrency market is one of the sectors that faces heavy taxation from various countries, but there are also some "friendly" nations that offer a more welcoming environment for crypto activities.

Azcnews Move Token Plummets Despite Raising $100 Millio

News | Altcoin | Editor Choice | Memecoin

MOVE Token Plummets Despite Raising $100 Million

MOVE has fallen about 11% in the past 24 hours, extending its correction to 26% over the past 7 days.

Tether Announces Relocation To El Salvador

News | Editor Choice

Tether Announces Relocation to El Salvador

The world's largest stablecoin provider, Tether, has decided to relocate its headquarters to Bitcoin-friendly El Salvador.

Azcnews Bitcoin Plunges To $89k Before Rapid Recovery

News | Bitcoin | Editor Choice

Bitcoin Plunges to $89K Before Rapid Recovery

Bitcoin has been volatile over the past 24 hours, falling as low as $89,300 before quickly recovering to its current price.