Luno Temporarily Suspends Crypto Trading in the UK

JAKARTA - The leading crypto exchange platform, Luno, operating in the UK, has announced plans to temporarily stop services for some of their customers who invest in cryptocurrencies. These changes will come into effect on October 6, as reported by CoinDesk.

This decision was taken in line with the implementation of new regulations which will soon be implemented by the UK Financial Conduct Authority (FCA) on October 8. The FCA's new regulations aim to increase consumer protection and transparency in the crypto sector.

In this new regulation, cryptocurrencies will be categorized as restricted mass market investments, and strict rules will be implemented regarding advertising and promotional activities related to crypto assets. Advertising and promotions should include clear warnings and avoid offering incentives.

Nick Taylor, Head of Public Policy at Luno, said, "The FCA has issued new rules for crypto companies. As a result, all crypto companies serving customers in the UK have made various changes to their platforms to comply with these new regulations."

Not only Luno, PayPal has also announced plans to stop purchasing crypto in the UK until 2024 in response to FCA guidelines.

The FCA is giving businesses involved in crypto three months to adapt to these regulations. The move reflects a significant shift in the way cryptocurrencies are marketed and promoted in the UK, with a focus on creating a safer and more transparent environment for crypto investors. We will continue to monitor these developments.