The UK announced that the sale of cryptocurrencies is prohibited, stating that cryptocurrencies pose a risk to consumers and have the potential to harm.
The UK Financial Conduct Authority (FCA) announced that cryptocurrencies were deemed “inappropriate” for retail consumers for a number of reasons, and the sale of cryptocurrencies to retail users was officially banned.
Sheldon Mills, FCA General Manager of Interim Strategy and Competition, stated that high price fluctuations in cryptocurrencies pose a risk of damage to retail consumers in cryptocurrency trading, saying, “We have evidence that this is happening significantly.
The ban, which will officially take effect on January 6, 2021, will cover all companies operating in the UK. “This ban reflects how seriously we take the potential harm to retail consumers in these products. Consumer protection is the first thing we think about. ” stated that the ban will be put into effect for consumers.
According to the statements of the UK Financial Conduct Authority, the cryptocurrency ban will enable retail consumers to save £53 million. It is currently unknown how the company and consumers who use cryptocurrency will react to the ban.