97% of People Consulted by UK Financial Regulator Opposed Crypto Derivatives Ban

97% of People Consulted by UK Financial Regulator Opposed Crypto Derivatives Ban

The Financial Conduct Authority (FCA) ban on crypto derivatives sales to retail investors has set tongues wagging. It is no mystery. After a consultation process that closed Oct. 3, 2019, with 97% of participants opposed to the prohibition, the U.K. financial regulator still proceeded to issue the ban, completely disregarding the overwhelming public input. In its defence, the FCA claims to be protecting consumers and “enhancing the integrity” of the British financial system. But many within the U.K. crypto industry and elsewhere are unimpressed, perhaps with good reason. On....


Related News

UK Bans Sale of Crypto Derivatives to Retail Investors, Says Move to Save $69...

The U.K.’s Financial Conduct Authority (FCA) has banned the sale of cryptocurrency derivatives products to retail investors in a move that it says will save the targeted customers £53 million ($68.9 million) in losses each year. The ban comes into effect on January 6, 2021. In a statement on October 6, the regulator declared that the sale, marketing, and distribution of any derivatives including contracts for difference, options, futures, and exchange-traded notes (ETNs) by any local or foreign company operating in the U.K. is banned. The Authority said derivatives based on....

Top 5 Crypto Derivatives Exchange in 2020

Crypto derivatives are now among the most common financial products on any cryptocurrency exchange or trading platform, thanks to increased interest among the trading community. Trading crypto derivatives has its own advantages as it allows users to mitigate volatility-associated risks and hedge against potential losses. There are various derivatives products that include Swaps, Futures, Forwards, […]

UK's FCA bans retail crypto derivatives after year-long consideration

CoinShares' pleas last year went unheard as crypto futures and ETNs will be soon banned. In a landmark decision issued on Tuesday by the U.K.’s Financial Conduct Authority, companies in the country will no longer be able to offer cryptocurrency derivatives products such as futures, options and exchange-traded notes (ETNs) to retail customers.The decision comes almost exactly one year after the regulator first proposed banning these products. In a statement released by the FCA, the regulators claim that cryptocurrency derivatives are “ill-suited for retail consumers due to the harm they....

The UK Bans Crypto Derivatives

The crypto industry reacts to a big move from the United Kingdom's Financial Conduct Authority, which banned crypto derivatives.

UK FCA crypto derivatives ban ignored 97% of consultation respondents

The U.K.’s Financial Conduct Authority is accused of ignoring its own consultation and cherry-picking data. Last week’s blanket banning of cryptocurrency derivatives by the United Kingdom’s Financial Conduct Authority ignored 97% of respondents to its consultation, according to the FCA’s own policy statement.The 527 respondents included exchanges and companies involved in crypto assets and derivatives, trade bodies, national competent authorities, legal representatives and individuals.The 97% who opposed the FCA proposed ban argued that crypto assets do have intrinsic value, retail....