The UK Financial Conduct Authority (FCA) has raised a red flag against Justin Sun's Poloniex crypto exchange for operating without the necessary permissions. This warning highlights Poloniex's lack of registration with the UK's financial watchdog, prompting concerns over the lack of investor protection. The exchange, which recently suffered a significant hack resulting in substantial losses, faces increased scrutiny in the UK. In response to these developments, the FCA has intensified its regulatory efforts, issuing 146 alerts on the first day of enforcing new crypto promotion regulations. Additionally, the FCA released a 32-page guidebook to ensure that crypto businesses maintain transparent and non-misleading promotional activities.
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