The cryptocurrency exchange FTX, which has its headquarters in Solana, was recently launched in 2018. In spite of this, it is one of the biggest cryptocurrency exchanges in the world with a market valuation of $32 billion.
Plans for expansion are currently encountering opposition in Britain as a result of the British regulator raising its concern. Due to the company’s lack of a legitimate license to conduct business in the UK market, the Financial Conduct Authority (FCA) has advised British citizens against using the services being offered:
“This company is not authorized by us and offers its services targeted to people living in the UK.”
The issue is that the British who employ him cannot rely on the institution to assist them in times of need:
“They don’t have access to the Financial Ombudsman Service and aren’t protected by the Financial Services Compensation Scheme (FSCS), so it’s unlikely you’ll be able to get your money back if something goes wrong.”
There would be no legal recourse available if the exchange determined that it was unable or unwilling to pay its UK consumers for whatever reason.
Sam Bankman-Fried, the founder and CEO of FTX, issued a warning immediately after the UK regulator’s announcement that a con artist was attempting to use the circumstances in Britain. To obtain peoples’ info, he phones them while posing as an FTX employee.
FTX is the only cryptocurrency exchange in the world with a complete MiFID II license, according to Bankman-Fried. Therefore, the platform satisfies greater standards than those set by the local registration authorities.
As a result of obtaining a license from CySEC, FTX is now authorized to provide its services inside the EU, as stated by Bankman-Fried:
“Obtaining this license in the European Union is an important step in achieving our goal of becoming one of the most regulated exchanges in the world.”
Technical Course Marks at Solana
At a price of 32.225 dollars, the SOL/USD registered a gain of 3.13% today, while the weekly loss is -16.43%.
The support at the 78.6% Fibo retracement at $30.75 was challenged yesterday after making an intermediate high at $38.91 on September 13. A challenge of the $34.51 level representing the 61.8% Fibo retracement is feasible as long as this level holds at day’s end. Beyond there, there would be further possibility for gains to be extended until the $37.15 level of the 50 percent Fibo retracement.
The psychological threshold of $30.00 will be put to the test if the bulls are unable to stop a breach of support. The cycle low of $25.96 will then come into focus below that.