Crypto Exchange Luno to Suspend Some Crypto Investments for UK Users

Due to the Financial Conduct Authority’s forthcoming new cryptocurrency promotion regulations set to take effect as of October 8, Luno, the cryptocurrency exchange, will be suspending the ability of some UK customers to invest through the platform.

According to the company’s Head of Public Policy, Nick Taylor, this means customers will not be able to buy or trade crypto as of October 6.

Nevertheless, they will still be able to sell and withdraw their funds. Taylor also assured that Luno will be following a “phased approach to reintroducing investment opportunities” to those affected.

The new FCA regulations, enacted in June, classify cryptocurrencies as “restricted mass market investments.” Thus, any adverts or promotions must contain “clear risk warnings.”