The lowdown on the FCA Crypto ban

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If you live and work in the UK, is it still legal to use sites like Kraken and Binance? To transfer money in and out and to buy and sell cryptocurrency?

I have already read so many articles, blogs, etc. but none of them seem to give a straight answer.

Didnt you ask that a couple of weeks ago?

The FCA has not banned crypto, they have banned crypto derivatives. there is a range of interpretations over what is or is not a derivative (eg is dai a derivative, wbtc a derivative, btc on paypal a derivative), but if you are trading native cryptos on centralised exchange you arent dealing in derivatives.

Just to reassure you again, Kraken and Binance are registered as crypto services with the FCA as required under the new legislation (no protection if they go under tho).

It is perfectly legal to trade crypto, and even buy, sell or hold crypto derivatives, however it is not legal to offer a service trading crypto derivatives.

@Cailleachian, thank you very much , huge help!

@Cailleachian
Ps: Yes, I had asked this before - I should have searched for that thread before. I can see now that you replied there, too - much appreciate that you took the time to do it again.

No probs.

Crypto is confusing, so is the law around it, that puts lots of people off ever getting involved because they think its illegal or immoral or only for drug dealers and criminals.

But crypto is amazing, and teh more people that use it the stronger it will become.