#UK #regulator bans selling #Bitcoin-based products to retail investors
The UK financial regulator announced on Tuesday that it will ban the sale of products that monitor the price of crypto assets like Bitcoin to retail investors, as many are losing money.
According to Reuters, the Financial Management Authority (#FCA) noted that it is not a safe base for valuation of crypto assets that support derivatives and exchange traded funds.
The ban will take effect from January 6, 2021.
Stocks of online trading platforms such as Plus500, IG and CMC lost 2 to 3 percent after the FCA's ban announcement.
The regulator released the proposals to the public last year and said on Tuesday that the ban would protect small investors £ 53m.