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UK’s FCA Plans to Ban Credit-Fueled Crypto Investments
The UK Financial Services Authority (FCA) has announced a proposal to ban retail investors from using borrowed funds to purchase Bitcoin and other crypto assets, citing concerns over rising consumer debt risks. This move is part of the agency’s efforts to regulate the crypto market and protect investors.
According to reports, the FCA plans to prohibit the practice of buying cryptocurrency with credit cards or bank loans, effectively ending a trend that has seen an increasing number of investors using borrowed funds to invest in cryptocurrencies. The agency claims that this move will help prevent further financial harm, particularly among retail investors who may not fully understand the risks associated with borrowing money to invest.
The proposal is currently in the public consultation stage and will remain open until June 13, 2025, allowing individuals and industry players to voice their opinions on the matter.
Source: https://www.crypto-news-flash.com/uks-fca-plans-to-ban-credit-fueled-crypto-investments/?utm_source=rss&utm_medium=rss&utm_campaign=uks-fca-plans-to-ban-credit-fueled-crypto-investments
