FTX Meets FCA

This is a slight follow-on from the previous post.

For those of you who do not know how (British) offshore financial services operate, or who have never needed to use such services, this is a reminder of how they operate.

FTX Met With UK Regulator Over Licensing but Ended Up 'Surprised' by the Warning, According to Reports

As reported, the chief financial regulator in the United Kingdom issued a warning against Bahama-based crypto exchange, claiming it operates without authorization and is "targeting people in the UK." This came as FTX was trying to secure a UK licence.

This is the same stance as every other bully-nation and their financial dogs.

There is nothing illegal about a British national (in this case) using such services, so long as one is informed. The quibble is always about soliciting - like a pro.

It is not possible to truly hide the existence of offshore financial services. It is all about creating barriers so that money doesn't just flood out of the UK.

The real secret, however, is that the money floods back in - not to the UK as such, but to the City of London.

Now, how to keep the scam going in the face of crypto? Nothing to do with pretending to be "decentralised" - it is about being permissionless.