International exchanges campaign against UK cryptocurrency derivatives ban

Global exchanges are begging the UK‘s Financial Conduct Authority (FCA) not to ban the sale of cryptocurrency-based derivatives.

The World Federation of Exchanges said today that there is a need to find a balance between innovation and keeping consumers protected, Reuters reports. But it doesn’t think banning cryptocurrency-based investment products is the right answer.

“The WFE recognizes the volatility identified by the FCA in its consultation report and is supportive of ensuring that proper consumer protection is put in place as a priority for any new and relatively untested product on the market,” the WFE said in a statement.

Earlier this year, the FCA proposed a blanket ban on cryptocurrency-related investment products in an attempt to protect retail investors.

In July, the FCA said that cryptocurrency-based derivatives and exchange traded notes, were “ill-suited to retail consumers who cannot reliably assess…