Bitcoin Products Banned In The UK As Authorities Crack Down On Cryptocurrency

By paritynews February 10, 2021 Business 0 Comments

All firm operating in or out of the UK have been banned from selling products based on Bitcoin’s price to consumers.

That’s after City regulator the Financial Conduct Authority (FCA) announced new rules in an effort to stop honest Brits being ripped off by those taking advantage of how few people understand this new breed of “cryptocurrencies”.

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The FCA’s Sheldon Mills told Mirror.Co.UK:

This ban reflects how seriously we view the potential harm to retail consumers in these products. Consumer protection is paramount here.

Significant price volatility, combined with the inherent difficulties of valuing crypto assets reliably, places retail consumers at a high risk of suffering losses from trading crypto-derivatives.

We have evidence of this happening on a significant scale. The ban provides an appropriate level of protection.

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