Article preview: UK financial services regulator, the Financial Conduct Authority (FCA), has banned the sale to retail consumers of derivatives and exchange-traded notes (ETNs) that reference certain types of cryptoassets. Publishing its final rules banning their sale, the FCA explained that these products are ill-suited for retail consumers because of the harm they pose. The FCA explained that the products cannot be reliably valued by retail consumers because of the inherent nature of the underlying assets, which have no reliable basis for valuation. There is also widespread market abuse and financial crime in the secondary market for the underlying assets, including cyber theft.
High risk cryptoasset products are banned
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This 411-word blog post reports on the ban of the sale of derivatives and exchange-traded notes (ETNs) that reference certain types of cryptoassets to retail consumers. Written on 7th October 2020.
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