The Financial Conduct Authority said consumers “should be wary” of Sam Bankman-Fried’s cryptocurrency-trading platform and warned investors have little protection if things go wrong. (The Logic)

Talking point: The FCA’s warning highlights the legal grey area FTX and other major international cryptocurrency-trading platforms still inhabit in most jurisdictions. The Bahamas-based company says a scammer is impersonating the platform, leading to the warning, which lists an incorrect phone number. FTX, which counts the Ontario Teachers’ Pension Plan as an investor, intends to become available to Canadians by acquiring Calgary-based Bitvo after placing restrictions on users following a crackdown by securities regulators. The platform has been bailing out distressed crypto firms and is reportedly in the lead to buy the assets of TSX-listed Voyager Digital in a bankruptcy court auction.