UK Financial Watchdog Mulls Ban on High Risk Crypto Derivatives12.38

The Financial Conduct Authority (FCA) is eyeing a potential ban on the sale of cryptocurrency derivatives, the Financial Times reported.

The UK financial watchdog said that it would begin discussions in the first quarter of the next year on whether it would go ahead with the proposed ban on crypto-based difference, futures, and options. The agency affirmed that it still believes cryptocurrencies have no intrinsic value and investors should be prepared to lose a lot of money if they venture into this unregulated territory. It also repeated global concerns about the amount of manipulation and frauds that could take place in the crypto market, adding that it could give criminals a ready-made platform for laundering money.

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