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Author Topic: Remember: BitCoin trading (derivatives/ETNs) banned in the UK  (Read 346 times)

Caesar

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Remember: BitCoin trading (derivatives/ETNs) banned in the UK
« on: November 21, 2021, 09:37:59 AM »

To all members: please remember that our valued member, @Leebax,
has been very helpfully highlighting the ins and outs of trading BitCoin
for some time, to the benefit of all users.

However, without discussing his personal setup (broker, location, etc.),
I would like to remind all users that the SALE OF BITCOIN PRODUCTS
to the British public has been BANNED by the Financial Conduct Authority (FCA)
last year, with effect from

1st January 2021.

For the full article on this, I refer you to the following:

https://www.fca.org.uk/news/press-releases/fca-bans-sale-crypto-derivatives-retail-consumers

You will notice that BitCoin may be available on some brokers in the UK, which may be due to
regulation about off-shore exchanges etc. bypassing the FCA ban, as the excerpt (attached image)
from https://theconversation.com/bitcoin-the-uk-and-us-are-clamping-down-on-crypto-trading-heres-why-its-not-yet-a-big-deal-147775 shows.

Take care out there.
« Last Edit: November 21, 2021, 11:20:31 AM by Caesar »
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Caesar

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Re: Remember: BitCoin trading (derivatives/ETNs) banned in the UK
« Reply #1 on: November 21, 2021, 09:45:36 AM »

This month (November 2021) the Financial Times reviewed the FCA ban on BitCoin/Cryptos in the UK:

https://www.ft.com/content/6e79e3e0-c7c9-4577-998c-5c79d24cf1d2

The question asked is: does it really protect retail investors? How effective is it at doing so?
It seems that a lot of people hungry for cryptos have found a way around the regulatory ban
by using exchanges that circumvent it, for example, or accessing the assets without an intermediary
broker altogether.

« Last Edit: November 21, 2021, 11:21:46 AM by Caesar »
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Leebax

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Re: Remember: BitCoin trading (derivatives/ETNs) banned in the UK
« Reply #2 on: November 23, 2021, 02:39:58 AM »

Thanks for the mention @Caesar its appreciated to know im a valued contributor.

Wow the FCA really are a bunch of moron's imo. I am even in an investment company for which they have put on hold for investigation, going on well over a year now without updates. They are a body to their own and have no body to answer to but themselves. They are a farce imo. Their cover is the protection of the public then in fact them just want to protect them selves and their bank balance. Not letting retail investors make their own judgement to invest is basically sayin we are all too stupid, its ridiculous. As you can tell I dont like them.

Which also comes to my own personal logic with crypto and even forex and other markets. I have always used off shore brokers to trade with, for the simple fact that the regulations are obviously better suited for me a retail trader/investor. It is my opinion that if any retail trader or investor wants to do this more then we will ALL be using off shore brokers to trade with in the future. The governments dont like us little people making good money and moving higher up the ladder. Crypto even more so as it has made alot of what we would describe average normal people very wealthy. They obviously dont like that and will continue to tighten restrictions and regulations further and further, pushing most off shore. unless you have a huge balance of course then you wouldnt really need any leverage, but most dont have that. So that's my opinion on the matter.

With regards to my situation, I havent kept up on that regulation as although I am a UK citizen, I live in Hong Kong with my fiance so im not actually considered a ''resident'' of the UK as i dont live there more than 30 days out of the year. Even the small little village where i am has a tiny little shop with a single BTC ATM for which anyone can use lol. Most people including myself dont have a great pension setup so im trying to make crypto my 'pension'. So i will continue to trade and HODL together.
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Swiss_cheese

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Re: Remember: BitCoin trading (derivatives/ETNs) banned in the UK
« Reply #3 on: December 12, 2021, 10:55:53 PM »

Wow, this is the first I have heard about it... When did that happen?
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