UK users of exchanges: A cautionary tale

I recently watched a friend of mine open their exchange's app, to check their open orders. Upon opening the app, they were forced to complete an FCA mandated form. This form asks if you are earning above 100k or have 250k+ assets. My friend mistakenly indicated that they earn under 100k and have less than 250k in assets. They were shocked to see their account was immediately suspended and they were unable to see their portfolio, orders or any part of their account.

Fortunately, they were able to login and redo the form, correcting their mistake and indicating they earned either over 100k or had more than 250k in assets. They were then able to continue using their account as normal.

Be careful when completing such forms. It seems the UK government has decided that plebs are not smart enough to manage their own investments.