FCA proposal could spell UK BitMEX ban
As regulations and tolerance for crypto-derivatives saw some leniency in the United States of America, as we saw with ErisX recently, the United Kingdom decided to take the opposite stance. Two of the world’s largest economies with the most recognised financial markets in the world, NYSE and LSE, are not in the same boat when it comes to crypto-derivatives.
The Financial Conduct Authority (FCA), the UK’s market regulator, is proposing a ban on cryptocurrency derivatives such as contracts for difference (CFDs), futures, options and exchange-traded notes (ETNs). The ban will be only applied to retail investors as they “cannot reliably assess the value and risks of derivatives or exchange-traded notes (ETNs) that reference certain crypto-assets”.
The FCA also stated that: "As with our work on the wider CFD and binary options markets, we will act when we see poor products being sold to retail consumers. These are complex contracts built on top of complex assets. Most consumers cannot reliably value derivatives based on unregulated crypto-assets. Prices are extremely volatile, and as we have seen globally, financial crime in crypto-asset markets can lead to sudden and unexpected losses. It is therefore clear to us that these derivatives and exchange-traded notes are unsuitable investments for retail consumers.”
According to Reuters, this ban would only be implemented from early 2020, after the UK’s exit from the European Union (i.e Brexit). If it is set in motion it will ban UK-based customer’s access to the largest crypto-derivatives platform, BitMEX.
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