The Financial Conduct Authority (FCA) has recently published rules banning the sale, marketing and distribution to all retail consumers of any crypto currency derivatives (i.e. contract for difference – CFDs) by firms with a UK license. As BUX X is licensed by the FCA this impacts all BUX X clients.
The ban will come into effect on the 6th January 2021. To find out more about this ban, please click here.
How will this affect my account?
From the 6th January 2021, you will not be able to open any new crypto currency positions. You will only be able to close your existing cryptocurrency positions from that point. There is no deadline for closing these positions.
This is a temporary situation as we're currently finalizing the application process for our new EU license that will allow us to offer cryptocurrency CFDs to EU clients (unfortunately not UK clients). We expect to receive this license early in 2021.
Is there any other way to invest in cryptocurrencies with BUX?
Yes! You can invest in real cryptocurrencies by opening an account with BUX Crypto, which is an easy and affordable way to invest in bitcoin and other digital currencies. With BUX Crypto you will be investing in real cryptocurrencies and you are therefore not affected by the FCA's ban. You can find BUX Crypto here.