No Crypto Derivatives For You! Says UK Crypto Authority

Plus Galaxy gets in on the mining game (sorta)

Happy Tuesday, Blockfolians

The Lede

Hot on the heels of last week’s big CFTC and DOJ action against BitMEX, the UK’s Financial Conduct Authority has taken dramatic action against crypto derivatives products - outright banning them for retail investors.

FCA UK Issues Clone Firm Warning Capital International Management

The action is, of course, pretty patronizing.

Still, while most people in crypto are against their decisions being limited by regulators, there were still some commentators suggesting that this was actually good for the space as a whole.

In general, we’re pretty big fans of giving people more, not less, choice.

Enjoying Blockfolio’s Market Refresh? Sign up to have it delivered every day.

Highly Relevant Reading

Community Commentary

Ouch, after telling everyone that he dumped bitcoin, Keith points out that it dumped on news of no stimulus.

A Really Big Number We Should Be Paying Attention To

>$100 Billion

That’s the volume of crypto-friendly Silvergate Bank’s Silvergate Exchange Network for bitcoin and stablecoins.

Final Thought

This is how bitcoin do.