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FCA UK Crypto CFD ban now in effect

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Old 11-01-2021, 18:43
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Default FCA UK Crypto CFD ban now in effect

The United Kingdom crypto CFD ban came in effect on January 6th, 2021. Since then all cryptocurrency derivatives are not accessible anymore to UK traders. The FCA implemented this ban back in October 2020. The reason was the immense volatility of these derivatives and the risk it poses for retail traders. Ripple’s recent spectacular crash is a good illustration of the FCA’s point – once the information about SEC’s lawsuit against Ripple Labs became public, the XRP token fell like a rock and depreciated with more than 60%, which was a pretty shocking turn of events.
According to the FCA, by banning such CFDs the retail traders in the UK will save up some 70 million GBP.
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Frankly, if the people who are prone to investing in one risky instrument will search for another if that instrument became unavailable. Those 70 million pounds are a good sum in theory, but let’s see whether that will happen in practice.
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