It’s Official: FCA Imposes a Ban on Crypto Derivatives Retail Trading

[mlawson71]

The FCA officially banned cryptocurrency derivatives on UK soil this week. The FCA additionally banned the sale of exchange-traded notes (ETNS).

According to the FCA, digital coin instruments are untrustworthy and they come with in-built unreliable aspect, can be easily manipulated by scammers and are very hard to predict.

The agency issued out a statement:

“The FCA considers these products to be ill-suited for retail consumers due to the harm they pose”

The agency also considers British investors incompetent in regards to trading crypto derivatives – they believe that locals don’t have the skill or knowledge to do so.

Source

Frankly, I find this attitude a bit paternalistic on the part of the FCA. The people trading these instruments are adults capable of making decisions for themselves, after all.