FCA bans the sale of crypto-derivatives to retail customers in the U.K.
BTC $10,571 (-1.3%) • ETH $340 (-2.9%) • XRP $0.24 (-1.4%)
The U.K. Financial Conduct Authority (FCA) has published a new set of rules banning the sale of crypto derivatives to retail consumers in the country. The regulator made the decision to protect consumers almost a year after first proposing the ban, explaining that cryptocurrency derivatives are “ill-suited” for retail consumers as they can pose harm.
The main financial regulator in the U.K. has published a landmark decision regarding the crypto industry, effectively banning the sale of derivatives and exchange-traded notes (ETNs) to retail consumers.
According to the official announcement published on FCA’s website, retail consumers can suffer harm from these products as they “cannot be reliably valued.” Without an inherent nature of the underlying asset, there’s no reliable basis for valuation which causes a slew of other problems for retail consumers, the FCA explained in the announcement.
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