Cryptocurrencies
U.K. FCA Bans Sale of Crypto-Derivatives to Retail Investors
- Regulator says ordinary investors cannot value these products
- Ban will prevent 53 million pounds a year in losses, FCA says
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Britain’s financial watchdog has banned the sale of cryptocurrency derivatives, saying they have no value for ordinary investors.
The Financial Conduct Authority, which first proposed a ban in July 2019, said prohibition would prevent 53 million pounds ($69 million) a year in losses for retail investors once it comes into force on Jan. 6. Customers with existing holdings will be allowed to remain invested as long as they wish.