Luno halting some UK client trades ahead of new FCA rules: CoinDesk

Quick Take

  • The Luno cryptocurrency exchange plans to halt some crypto investments for some UK customers ahead of new FCA regulations.

The Luno cryptocurrency exchange plans to halt the ability of some UK customers to trade on its platform, CoinDesk reported, citing a statement from the company.

The move comes ahead of the Financial Conduct Authority's new cryptocurrency promotion regulations set to take effect on Oct. 8.

Luno Head of Public Policy Nick Taylor said the FCA's impending rules have prompted "all compliant crypto firms with UK customers to make several changes to their platforms."

“For Luno, this includes pausing the ability to invest through the platform for some customers for the time being," and affected Luno customers will still be able to sell and withdraw their funds, Taylor said.

He added the company would adopt "a phased approach to reintroducing investment opportunities to our customers."

A Luno customer service email reviewed by CoinDesk indicated clients would be unable to buy or trade crypto as of Oct. 6, two days prior to the enforcement of the FCA's new crypto promotion regulations.