Share this article
Luno to Halt Some UK Clients From Investing in Crypto as Regulation Looms
The U.K. Financial Conduct Authority crypto promotion rules will be effective by October 8.
Updated Sep 11, 2023, 7:09 p.m. Published Sep 11, 2023, 6:39 p.m.
Crypto exchange Luno plans to stop some U.K. clients from investing in crypto, Nick Taylor, head of public policy at the company, told CoinDesk in a statement.
These changes will come into effect by Oct. 6, two days before the U.K.’s new crypto promotion rules are set to come into force. CoinDesk and Luno are both subsidiaries of Digital Currency Group.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“The FCA has implemented new rules for crypto firms. As a result, all compliant crypto firms with U.K. customers are making a number of changes to their platforms in order to comply with the new regulations,” Taylor said. “For Luno, this includes pausing the ability to invest through the platform for some customers for the time being.”
An email shown to CoinDesk from a Luno client said that they would be unable to buy or trade crypto as of Oct. 6.
The U.K. Financial Conduct Authority’s new promotion rules will treat crypto like “restricted mass market investments” and require any advertisements or promotions to contain clear warnings and ban incentives. Though the new rules were set to take effect on Oct. 8, firms can now apply for an extra three months to apply the rules.
Luno is not the only one pausing parts of its U.K. business temporarily. In response to these rules, PayPal also said it would halt crypto purchases in October till 2024.
Affected Luno customers can still sell and withdraw their funds, Taylor added. “We are taking a phased approach to reintroducing investment opportunities to our customers,” he said.
Read more: U.K. Crypto Firms Can Apply for 3-Month Reprieve to Comply With Tough New Ad Rules
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
VanEck's new Avalanche ETF filing to include staking rewards for AVAX investors
The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
What to know:
- VanEck has updated its filing for an Avalanche ETF, VAVX, to include staking rewards, aiming to generate income for investors by staking up to 70% of its AVAX holdings.
- The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
- If approved, the fund will trade on Nasdaq under the ticker VAVX, tracking AVAX's price via a custom index, and will be custodied with regulated providers, including Anchorage Digital and Coinbase Custody.
Top Stories
