UK Court Orders Crypto Exchange to Shut Down After Clients Lose $2M
The U.K. is ordering GPay to shut down on allegations that 108 clients lost £1.5 million, or $2 million, through the crypto exchange.
The FCA’s retail investor crypto derivatives ban is a misuse of regulatory authority, argues Noelle Acheson. What’s more, its main justification is one of crypto assets’ strongest features.
The U.K. watchdog said it considers derivative products to be ill-suited for retail consumers due to the risks they pose.
The FCA's ban could prompt some individuals to shift their crypto trading to offshore, unregulated exchanges.
The Financial Conduct Authority is seeking to oblige more firms, including some working with cryptocurrency, to report how they manage the risks of financial crime.
The firm became Britain's first FCA-approved crypto hedge fund last July.