Kenne Michael 
Luno, a renowned UK cryptocurrency exchange, will temporarily restrict certain customers’ cryptocurrency investments starting October 6.
This move is highly congruent with the impending execution of new regulations regarding promoting cryptocurrencies by the Financial Conduct Authority (FCA) of the United Kingdom, which are scheduled to go into effect on October 8.
The new restrictions introduced by the FCA are intended to improve consumer safety and transparency within the cryptocurrency industry.
They will classify cryptocurrencies as limited investments for the mass market and impose rigorous regulations on advertising and promotional activities related to crypto assets.
Warnings should always be included in advertisements and promotions, and monetary incentives should never be offered.
Nick Taylor, Head of Public Policy at Luno, stated:
“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.”
In response to the recommendations made by the FCA, Luno has made a decision similar to that of PayPal, which has stated that it intends to discontinue cryptocurrency purchases in the UK until 2024.
The Financial Conduct Authority (FCA) has granted companies involved with cryptocurrency an additional three months to comply with these requirements fully.
This action represents a fundamental shift in the way that cryptocurrency is sold and promoted in the United Kingdom, with the focus shifting to creating a safer and more transparent environment for investors in cryptocurrencies.
