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FCA’s ban on crypto derivatives doing more harm than good, executives say

Crypto executives say the British ban on crypto derivatives is hurting retail investors rather than protecting them. Crypto execs are slamming the U.K.’s Financial Conduct Authority over its ban on crypto derivatives, saying it’s hurting retail investors more than helping them. Joshua Barraclough, CEO of One Trading and a former JPMorgan executive in an interview with Financial News said the “terrible” ban is “harming consumers,” suggesting that people should be able to make their own investment choices, even if they come with risks. Konstantinos Adamos, Revolut’s legal counsel for crypto, shared similar views. He noted that while the FCA’s concerns about the complexity and volatility of crypto derivatives are understandable, retail investors should still be allowed to decide for themselves. Carly Nuzbach Lowery, founder of Gateway 21, believes that the ban is outdated, as it feels “blunt” and unnecessary. You might also like: Coinbase CPO urges US Congress to act on crypto regulation The FCA first introduced the ban in 2020, reaffirming it later in a March 2024 update. FCA’s tough stance on crypto has driven firms like crypto exchange Bybit to suspend their operations in the United Kingdom. Only 14% of the 368 crypto registration applications received by the FCA since 2020 have been approved so far. Meanwhile, the FCA failed to remove all illegal crypto ads as nearly half of flagged promotions still online. As crypto.news reported earlier, between October 2023 and October 2024, the FCA issued over 1,700 alerts about illegal crypto ads, apps, and websites. However, less than 55% were taken down. Read more: FCA doubles down on hawkish crypto stance to fight money laundering TipRanks

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Avalanche Foundation and Rain unveil a new crypto card

The Avalanche Foundation, a platform dedicated to advancing the Avalanche ( AVAX ) ecosystem, and Rain, a financial technology ( Fintech ) company, have launched the Avalanche Card, as per the reports shared with Finbold on Wednesday, February 26. Both a physical and digital credit card , the Avalanche Card allows users to make purchases using their crypto holdings anywhere where Visa would be accepted. As of now, the card supports USD Coin ( USDC ), Tether ( USDT ), Wrapped AVAX (wAVAX), and AVAX. Avalanche Card features The card was announced back in October 2024 , when Avalanche promised 24/7 dedicated support and seamless transactions via popular mobile apps. Now, with the launch, the team has emphasized features such as accelerated sign-ups in Southeast Asian, African, and Latin American countries. Individuals from Cuba, Venezuela, Nicaragua, Russia, North Korea, Syria, and Iran, as well as those from Crimea, Luhansk, and Donetsk, however, are not eligible for the card. Integrated with Visa’s network directly, the Avalanche Card allows for online and in-store transactions and removes the need for crypto-to-fiat conversions. In addition, the Avalanche Card facilitates international transactions without conversion fees, thus offering a secure alternative to traditional payment methods in regions with unstable or lacking banking infrastructure. Likewise, the card comes with features such as spend alerts, freezing, and PIN code changes. As such, the launch aligns with Avalanche’s broader objective of driving worldwide adoption of decentralized finance ( DeFi ) solutions. The post Avalanche Foundation and Rain unveil a new crypto card appeared first on Finbold . TipRanks