Ban on cryptocurrency transactions in the UK


 Many cryptocurrency markets, such as Bitcoin, Etherium, and XRP, have been badly affected by the ban on cryptocurrencies for retail consumers in the UK.

The Financial Conduct Authority (FCA), the country's financial regulator, has announced in an official statement that cryptocurrencies are harmful to consumers for five reasons.

According to the FCA, cryptocurrency has no credible basis to protect its value. Similarly, the FCA has stated that drug abuse, illegal activities, and financial crimes are prevalent in the crypto market.

He also mentioned that cryptocurrency can be very dynamic and harmful when the user does not have enough knowledge.


The FCA said in a statement that if retail consumers invested in it, the sudden and unexpected investment could sink.

The UK regulator has claimed that such a ban on cryptocurrencies would save the average consumer 53 million euros a year.

The ban bans the distribution and marketing of any form of cryptocurrency among British consumers.

The FCA also mentioned alternatives to cryptocurrencies, futures, contracts for differences, CFDs, and Exchange Traded Notes (ETNs).

He said the ban would apply to all types of companies operating inside and outside the UK.

He said the ban would only formally take effect on January 6, 2021. However, the regulator FCA has instructed companies trading in crypto derivatives to stop such financial transactions before this date.

McAfee software founder arrested

Cybersecurity entrepreneur John McPhee has been arrested in Spain. The Spanish government is preparing to extradite McPhee, who was arrested on charges of tax evasion and fraud.

The US Securities and Exchange Commission (SEC) has accused McPhee of secretly paying भु 23.1 million in cryptocurrency assets to promote ICO token sales.

In addition, the US Department of Justice has made a number of allegations of tax evasion against McAfee. The ministry alleges McAfee deliberately defrauded the federal government of income tax.

The SEC has filed a civil charge against McAfee. McPhee is an outspoken person using cryptocurrencies. He has been repeatedly promoting cryptocurrency.

He had earlier used this as a basis for his election slogan when he emerged as the Liberal Party's presidential candidate.

He is the founder of MacFree Antivirus Solutions Company.