- Under new crypto legislation, Binance and Coinbase launch business in the United Kingdom.
- The UK FCA highlights the risky nature of cryptocurrency investing.
- FCA issues a warning about possible losses and a lack of protection.
In accordance with the new laws in the nation, the biggest cryptocurrency exchange, Binance, along with the top US-based exchange, Coinbase, now provide trading platforms for citizens of the United Kingdom.
In a recent post on X (previously Twitter), a well-known Bitcoin expert, CryptoBusy initially alerted crypto aficionados to the development. While Binance and Coinbase provide exchange services to users in the United Kingdom, the Financial Conduct Authority (FCA) classifies cryptocurrency investments as high-risk due to their potential for large losses, he emphasized.
The Bitcoin analyst also emphasized the dangers the FCA sees in investing in cryptocurrencies. The risk of losing all invested money, the lack of regulatory safeguards in the event of unforeseen problems, the potential difficulty in selling investments when desired, and the inherent complexity of investments in crypto assets are a few of them.
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The FCA also suggests that investors diversify their investments rather than placing all of their money in one place.
The exchange also stated that cryptocurrency investments are not protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme in the announcement of Binance’s U.K. offering.
Additionally, Binance pointed out that several exchange services in the UK are not accessible to ordinary investors. Certain solutions are only available to UK Professional Clients due to our dedication to regulatory compliance, according to the statement.
Notably, among of the highlighted services include buying and selling non-fungible tokens as well as spot trading of more than 350 cryptocurrencies. In a similar vein, Coinbase advised investors in the United Kingdom to avoid investing in cryptocurrencies unless they were prepared to lose their money.
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