FCA bans the sale of crypto-derivatives to retail customers in the U.K.BTC $10,571 (-1.3%) • ETH $340 (-2.9%) • XRP $0.24 (-1.4%)
The U.K. Financial Conduct Authority (FCA) has published a new set of rules banning the sale of crypto derivatives to retail consumers in the country. The regulator made the decision to protect consumers almost a year after first proposing the ban, explaining that cryptocurrency derivatives are “ill-suited” for retail consumers as they can pose harm. The main financial regulator in the U.K. has published a landmark decision regarding the crypto industry, effectively banning the sale of derivatives and exchange-traded notes (ETNs) to retail consumers. According to the official announcement published on FCA’s website, retail consumers can suffer harm from these products as they “cannot be reliably valued.” Without an inherent nature of the underlying asset, there’s no reliable basis for valuation which causes a slew of other problems for retail consumers, the FCA explained in the announcement. 📈 Trending … DeFi Tokens • Oracle Tokens • Biggest Gainers • Stablecoins More news ⏬DIA Co-Founder Paul Claudius on providing transparent data oracles for the DeFI economyCryptoSlate recently had the opportunity to chat with Paul Claudius, the Chief Operating Officer of DIA. Bank of Canada raises concerns and risks around digital currenciesBank of Canada analysts raised concerns over the use of Central Bank Digital Currencies (CBDCs) as countries around the world weight the use of digital tokens instead of paper-based money. Cardano update: IOHK fired up for DeFi, mobile clients for Daedalus, and CBDCsWith multiple teams both inside and outside of IOHK currently working on Daedalus and Goguen, the first week of October has been largely uneventful for Cardano. US SEC charges and arrests John McAfee after $23 million in illegal Bitcoin, ICO gainsThe US Securities and Exchange Commission (SEC) filed a suit against cybersecurity entrepreneur John McAfee for his alleged role in manipulating cryptocurrency prices using his social media influence. How an unfortunate Ethereum yield farmer lost $140,000 in UNI overnightFor many, yield farming has been a profitable activity: there have been stories of users turning small accounts into a large amount of capital, simply by swapping from projects like Yam Finance and SushiSwap. Yearn.finance’s (YFI) loudest bull, Blue Kirby, distances himself from the Ethereum protocolLike Bitcoin, Yearn.finance (YFI) doesn’t have a centralized figurehead. This Tezos DEX is bringing DeFi to XTZ holdersA new decentralized exchange (DEX) built on blockchain protocol Tezos promises lower fees and ultra-fast transactions for all upcoming tokens built on the blockchain. $1.5 billion worth of Bitcoin from Mt. Gox hack might spook crypto marketsVictims of the infamous Mt. SushiSwap (SUSHI) dives 18%, loses $1 support as DeFi sell-off continuesDespite relative resilience in the price of Bitcoin after the news of the United States CFTC charging BitMEX, leading Ethereum-based decentralized finance coins are being crushed as of this article’s writing. Featured event
Virtual Blockchain Conference BlockDown is back for a third edition this Halloween (Oct. 22-23) with a host of the blockchain world’s biggest and brightest stars lined up to deliver ground-breaking keynotes and spark informed and fierce debate on the industry. Whilst the virtual conference space has been saturated in recent months, BlockDown Conference has consistently delivered the best content and is a must for any avid crypto enthusiast. 🗞 Got a story tip? Email tips@cryptoslate.com Crypto market dataFor more pertinent market data, please see: Connect with usDisclaimer: None of the content in this newsletter is meant to be financial advice. Please do your own due diligence before taking any action related to content within this article.
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