BREAKDOWN: The UK Bans Crypto Derivatives
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 6 October 2020
⏱️ 17 minutes
🧾️ Download transcript
Summary
The crypto industry reacts to a big move from the United Kingdom's Financial Conduct Authority.
This episode is sponsored by Crypto.com, Nexo.io and Elliptic.
Today on the Brief:
- John McAfee arrested in Spain
- BTC addresses added spikes to two-year high
- A new election-market narrative emerges
Our main discussion: The U.K. has banned crypto derivatives.
Just days after the U.S. announced significant action involving BitMEX, the U.K.’s Financial Conduct Authority has made its own move to stop crypto derivatives.
In this episode, NLW breaks down what actually happened, and looks at the reactions from the crypto industry including:
- Accusations of hypocrisy
- Skepticism of enforceability
- Why it might actually be good for bitcoin
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | The UK has banned the sale of crypto derivatives to retail customers. For me, personally, I keep |
| 0:06.1 | coming back to this notion that the ban would, quote, save retail consumers around 53 million |
| 0:11.7 | pounds, as though they were guaranteed to lose those 53 million pounds, and even more importantly, |
| 0:18.0 | as though they didn't have the right to lose those 53 million pounds. |
| 0:22.7 | Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big |
| 0:30.0 | picture power shifts remaking our world. The breakdown is sponsored by crypto.com, nexo.io, |
| 0:36.8 | and eliptic, and produced and distributed by CoinDesk. |
| 0:41.0 | What's going on, guys? It is Tuesday, October 6th, and today we are talking about the UK's |
| 0:47.7 | ban of crypto derivatives. Is this a big deal? Is this a non-event? We're going to get into |
| 0:54.0 | all of the reactions, but first, |
| 0:56.4 | let's do the brief. First up on the brief today, John McAfee has been arrested in Spain. Yes, |
| 1:03.8 | it looks like John McAfee is going to have to eat his dick from prison. I refer, of course, |
| 1:09.9 | to a famous and highly emblematic tweet, or really a set of |
| 1:13.5 | tweets predicting 500K and then 1 million Bitcoin by the end of 2020. These tweets are reflective of, |
| 1:20.9 | let's call it a colorful personality that not everyone has always loved as a face of crypto, |
| 1:26.7 | but let's get into what actually happened. |
| 1:29.4 | McCaffee was arrested in Spain on allegations of tax evasion. Basically, actually, there were two |
| 1:35.0 | things going on here. The first was a suit from the SEC saying that McCaffey had been pumping |
| 1:40.7 | ICO coins without disclosing that he was being paid. |
| 1:44.6 | The complaint showed that he received $11.6 million worth of Bitcoin and ETH for tweets |
| 1:50.3 | around seven ICOs and received another $11.5 million in the promoted tokens of the projects |
| 1:56.3 | themselves. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from CoinDesk, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of CoinDesk and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.