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FCA proposal – further information and request for your feedback

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Guest DanC,
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10/06/21 10:53
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The cryptocurrency industry has grown rapidly in recent years, with the total market capitalization now exceeding $500 billion. However, the industry still faces a number of challenges, including security and on-chain efficiency which is one of the biggest challenges in the cryptocurrency industry, because in recent years, there have been a number of high-profile hacks of cryptocurrency exchanges & wallets, and traders are faced with high cost of on-chain transactions. All of which summed up to make cryptocurrency trading less efficient. In order to address these issues, exchanges are seen taking up the responsibility of solving the problems and I've seen Bitget, a leading cryptocurrency derivatives exchange, recently partnering with Cobo, a leading provider of digital asset custody and security solutions. This partnership is aimed at enhancing the security and efficiency of cryptocurrency trading, which will allow users to seamlessly execute cross-exchange transactions, enabling users to capitalise on arbitrage opportunities without having to deposit their funds directly on exchanges. This could significantly reduce on-chain transaction gas costs and make crypto investments more efficient and cost-effective. Developments like this, if it could be capitalised on would take away bad players from the industry, make crypto a safe place and increase its adoption, but how wide would it cover for the whole users in the crypto space and even Bitcoin?
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By Maxicreed01 · Posted
I think bitget will be the obvious option cos binance that use to be a good option isn't finding it rosy atm with regulatory bodies and speculations around the health of the exchange aren't friendly to feel safe with them atm
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Question
Guest DanC
As you may be aware, there has been a recent proposal from the Financial Conduct Authority (FCA), which would, among other things, reduce the leverage permitted for CFDs and spread betting. If the proposal goes through, you’ll need to put more money on your account to trade with us, in some cases up to ten times more margin.
Click here to share your views on the FCA's proposal now.
The FCA is seeking to raise conduct standards across the industry, to ensure fair outcomes for all UK clients – something which IG fully supports. However, we think there may be tools that could better help the FCA do so, such as limited-risk trading to prevent clients from losing more than their initial deposit. German and French regulators have suggested this measure too, and we believe it might be more effective than raising margins for all.
As well as increasing margins (ie reducing leverage), the FCA has proposed:
You can read the FCA’s full proposal and suggested leverage limits here.
This gives you an idea of what IG think, but what’s really important is what you think. It’s essential that the FCA receives opinions from everyone involved in the industry – especially traders.
The FCA has put together a simple form to enable you to share your views easily. Click here to share your views now.
If you prefer, you can also contact the FCA by email at cp16-40@fca.org.uk, or by letter to:
CP16-40 - Wholesale Conduct Policy Team
Strategy and Competition Division
Financial Conduct Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
We’d also appreciate any comments or thoughts you may have below.
Thanks,
Dan
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