I couldnāt see coinbase in the list provided by FCA approved/temporary approved.
Apart from Argo blockchain, there is RIOT as well, based out of US.
What are the implications for Coinbase not being on the list?
There arenāt any for Coinbase, it will operate as normal as it doesnāt sell derivatives of Bitcoin; Coinbase sells you the physical underlying asset itself.
Cheers just added that to the watchlist.
Coinfloor doesnāt sell derivatives, but it is on the temporary list
https://register.fca.org.uk/servlet/servlet.FileDownload?file=0154G0000062BtF
I see, thanks for your thoughts on it, appreciated!
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This exactly, and with only 48 hrs notice as well. Nicely timed as the price dumped too. I would not trust them to honour their promise with this either.
They already confirmed in another thread
Thatās what they said before though. Then 2 days later they gave everyone 48 hours to close all their positions.
Cfds, had margins and all sorts, this is a traded stock on the German stock exchange,set up by a British company. Plus the ETP was added to t212 after the FCA announcement
Martin,
IG.COM would still be providing access to spreadbets on cryptos to professional clients. You guys are just going to lose market share?
Why canāt you also provide access to professional clients at least?
BTCE is fully backed by bitcoin it canāt be called as a derivative unless its a leveraged ETF?
Kindly check with your compliance.
Regards,
Dawn
- We donāt offer spread betting.
- Even if itās fully backed, itās still not an eligible product. We have discussed it with compliance, even the issuer itself (hanETF) has confirmed that itās not compliant.
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Thanks for a prompt reply David.
we need to find some other product to have an exposure to cryptos.
this is going to be big (agreed with FCA that its super risky) and at least professional investors should have access in someway.
any platform which wants to attract millennials should provide access to crypto (certainly under FCA rules).
FCA should be worried about if investors are aware and warned enough of the risks associated with cryptos rather than a wide ban.
Who knows Bank of England would also be buying cryptos instead of gold as reserve currency in a few years time ))
Spread betting is a form of exposure.
classification might be different but the output is same.
Are there any other Etps which invest in crypto?
Itāll be interesting to see, with all the big boys starting to dive into Bitcoin, whether the FCA about-faces on their crypto derivatives decision in the near future.
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I personally donāt think it was up to the FCA and the pressure came from banks/government.
They do have a history of stupid decisions though like SCA.
Such a shame with ETH ETPs being released.
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