The whole UK has introduced new bans
The ban on crypto CFDs, options, futures and ETNs in the UK was announced by the FCA in October. The move caused a wave of discussion, criticism and hate, but the regulator remained adamant
On January 6, the ban came into force. Now the country has banned advertising, sale and distribution of any cryptocurrency derivatives and other financial instruments for retail investors.
According to the regulator, banning such financial giants as Coinshares, Crypto Facilities, eToro, Hargreaves Lansdown, IG, working with derivatives, it will be possible to save investors from losing at least 53 million pounds.
Industry officials are expressing concern that consumers are now migrating en masse to unregulated exchanges (Deribit, BitMEX) or even offshore. Where the FCA's long arm can't reach them. This will cause many scams and hacks.
Industry commentators like Dermot O'Riordan, partner at venture capital firm Eden Block, see the ban as an indicator of the FCA's weakness. The regulator simply doesn't know how to effectively manage the crypto space. Worst of all, private investors suffer from this.