<![CDATA[<figure class="image"><img src="https://cimg.co/news/124694/329362/fca-logo.jpeg" srcset="https://cimg.co/news/124694/329362/responsive-images/fca-logo___media_library_original_5000_3334.jpeg 5000w, https://cimg.co/news/124694/329362/responsive-images/fca-logo___media_library_original_1200_800.jpeg 1200w, https://cimg.co/news/124694/329362/responsive-images/fca-logo___media_library_original_900_600.jpeg 900w, https://cimg.co/news/124694/329362/responsive-images/fca-logo___media_library_original_720_480.jpeg 720w, https://cimg.co/news/124694/329362/responsive-images/fca-logo___media_library_original_600_400.jpeg 600w, https://cimg.co/news/124694/329362/responsive-images/fca-logo___media_library_original_300_200.jpeg 300w" width="5000" class="content-img" alt=""><figcaption>Source: AdobeStock / Ascannio</figcaption></figure>Luno, a crypto exchange owned by Barry Silbert&rsquo;s Digital Currency Group (DCG), plans to stop certain UK clients from trading crypto due to regulatory changes that are coming into effect.The new <a href="https://www.fca.org.uk/news/press-releases/fca-introduces-tough-new-rules-marketing-cryptoassets">regulations</a>, introduced by the UK&rsquo;s Financial Conduct Authority (FCA) and <a href="https://cryptonews.com/news/uks-fca-extend-deadline-for-crypto-firms-implement-changes-marketing-processes.htm">expected to come into effect on October 8</a>, means that exchanges with UK customers must make certain changes to their platform in order to stay compliant, CoinDesk <a href="https://www.coindesk.com/business/2023/09/11/luno-to-halt-some-uk-clients-from-investing-in-crypto-as-regulation-looms/">reported</a> on Monday.<h2 id="temporary-restriction">Temporary restriction</h2>Luno customers were reportedly informed about the change via an email from Luno that said they would no longer be able to trade crypto starting from October 6 &ndash; two days prior to the regulatory changes coming into effect.Commenting to CoinDesk, Luno&rsquo;s head of public policy, Nick Taylor, confirmed the news, although he indicated that the restriction is only temporary.&ldquo;The FCA has implemented new rules for crypto firms. As a result, all compliant crypto firms with U.K. customers are making a number of changes to their platforms in order to comply with the new regulations,&rdquo; Taylor was quoted as saying.&ldquo;For Luno, this includes pausing the ability to invest through the platform for some customers for the time being,&rdquo; he added, while stressing that selling and withdrawals would remain open for all users.<h2 id="crackdown-on-crypto-marketing-and-promotion">Crackdown on crypto marketing and promotion</h2>The new FCA rules centers around marketing and promotion of crypto trading, and categorizes the asset class as &ldquo;restricted mass market investments.&rdquo;Under the new rules, all advertisements for crypto trading will need to be &ldquo;clear, fair and not misleading,&rdquo; as well as contain appropriate warnings.Additionally, all trading incentives such as bonuses will be banned, a move that some <a href="https://cryptonews.com/news/uk-crypto-lobby-group-voices-concerns-about-fcas-incentives-ban-impact-whats-going-on.htm">crypto lobby groups have criticized</a>.<figure class="media"><oembed url="https://twitter.com/TheFCA/status/1699799069470908549"></oembed></figure>&ldquo;It is up to people to decide whether they buy crypto. But research shows many regret making a hasty decision. Our rules give people the time and the right risk warnings to make an informed choice,&rdquo; Sheldon Mills, the FCA&rsquo;s Executive Director for Consumers and Competition said in a statement about the new rules.
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Luno Exchange to Temporarily Halt Certain UK Client Investments Due to Upcoming FCA Regulations

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