The World Federation of Exchanges (WFE) has asked the UK Financial Regulatory and Supervisory Authority (FCA) not to ban the sale of cryptocurrency derivatives to retail investors.
The WFE has asked @TheFCA not to ban the sale of crypto derivatives to retail consumers while supporting the regulator's desire to better protect vulnerable consumers. Read more here: https://t.co/mIPIEXfN8n
– WFE (@TheWFE) October 7, 2019
WFE brings together 70 exchange operators, including the Intercontinental Exchange (ICE), Nasdaq, Deutsche Boerse, CME Group and London Stock Exchange Group.
According to the industry association, the FCA needs to strike a balance to allow innovative products to be sold in the UK and to ensure that this is done by the responsible regulated providers.
“We ask the authorities, including the FCA, to set the right course of regulation in order to allow the market to flourish and benefit consumers, even if we understand that this is a compromise ,” said WFE CEO Nandini Sukumar.
Recall that in June, the FCA launched a consultation on the prohibition of cryptocurrency derivatives for retail investors due to their high volatility. The regulator estimates that this will prevent investors from losing from £ 75 million to £ 234.3 million per year.
FCA voiced the idea of such a ban last year.
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