Replying to Avatar MTCᵍᵐ

🚨 Some troubling Bitcoin news from the UK.

I met a broker last week, who is making system changes to comply with new regulations requiring all exchanges to implement - by 6 Jan 2024 - the following for UK bitcoin buyers:

- A 6-page test that you must pass.

- You will get 3 chances to pass the test. If you fail all 3, they must deny your account. PERMANENTLY!

- A 48 hr “cooling period” before you can actually buy.

- Your bitcoin purchases will be limited to 10% of your net worth, measured in LIQUID assets.

Trapping you in fiat debt hell. Warn your friends.
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The Daniel 🖖 2y ago

We’re going to need a source for this “news.”

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Shawn 2y ago

Even for the UK, this sounds absurd.

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szarka 2y ago

I assume it's implementing this:

https://www.fca.org.uk/news/press-releases/fca-introduces-tough-new-rules-marketing-cryptoassets

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The Daniel 🖖 2y ago

Aren’t these regulations mainly targeted at exchange business? It doesn’t seem to be the emergency it was made to sound like, and people buying “crypto” should be warned that it’s most likely going to end badly for them.

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szarka 2y ago

Warning folks that most "crypto" is a Ponzi isn't the worst thing that could happen. A good exchange would do that anyway. But the cynic in me is betting that the same high hurdles won't be placed in the way of someone buying, say, a "crypto" ETF from Black Rock…

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MTCᵍᵐ 2y ago

Here ya “go” https://www.handbook.fca.org.uk/instrument/2023/FCA_2023_27.pdf

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The Daniel 🖖 2y ago

That’s like 4x longer than the bitcoin whitepaper.