The UK Financial Conduct Authority (FCA) has placed the Seychelles-based crypto exchange Poloniex on its warning list for operating without proper authorisation.
Poloniex, affiliated with entrepreneur Justin Sun, has experienced four hacks in recent months, including a significant $100-million hack on November 10.
The FCA warning indicates that individuals dealing with unauthorised entities like Poloniex cannot rely on financial law protections typically offered in the UK.
Poloniex has reportedly completed most of its restoration efforts following the hack and resumed deposit and withdrawal services for certain cryptocurrencies via the Tron network.
Justin Sun, the founder of Tron, also owns Poloniex and HTX, with the latter suffering significant losses from multiple hacks, including an $8 million loss in September and a $30 million hot wallet breach in late November.