Britain discourages cryptocurrency trading — Kraken CEO

The cautious approach of British authorities to overseeing crypto trading may slow down the industry’s development in the country, hinder the free flow of funds, and limit investors’ opportunities to earn profits, the entrepreneur complained. According to him, when opening any crypto service, including the Kraken exchange, users from the United Kingdom have to read long warnings about the risks of investing in digital assets. He compared these pop-up windows to cigarette pack warnings about health risks, whose main message is: “Use it, and you’ll die.”

“This slows down the speed of interaction with crypto services, distracting from transactions. Disclosure is important, but when users have to take 14 steps to perform the desired action, it only gets worse,” the Kraken co-founder lamented.

Strict cryptocurrency advertising rules prohibit Britons from accessing about 75% of crypto products, including staking and lending on decentralized finance (DeFi) platforms, the businessman said. According to the requirements of the UK Financial Conduct Authority (FCA), companies promoting cryptocurrency services must place warnings about investment risks in crypto assets on their websites and in their apps, as well as ask clients to fill out questionnaires confirming their understanding of crypto trading risks.

Earlier, the FCA warned that even publishing images or memes about cryptocurrencies requires prior approval from the authority.

See also: "Since the beginning of November, miners have transferred more than 71,000 bitcoins to the Binance exchange"

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