UK BITCOIN PURCHASE BANNED ON EXCHANGES!🤯1% Regulation

INSANE! In the UK, people are now seemingly prohibited from holding more than 1% Bitcoin on exchanges like Kraken! If someone owns over 1% of their portfolio in Bitcoin, they are banned from using the exchange! WTF?!

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Disclaimer
I am not a financial advisor, and my content is not to be understood as financial advice. My content focuses on explaining technology and its associated benefits.

[draiguk]

Calm down ffs, it's just some regulatory quiz so they can show you understand the risks involved. Answer the questions "correctly" then do what you want and pull things off exchanges to a cold wallet. They have zero way of knowing what your portfolio looks like. Honestly, why does everything need to be such a drama.

[carlhopkinson]

Uh, just buy stable coins, take them into a private wallet and then swap for BTC on a DEX.

[scott]

1% of what? How would they know your portfolio? This is fearmongering that cannot be policed

[davespadafora]

Regulators are overstepping now, that's ridiculous when they start telling you how to invest your money and put limits on certain assets like BTC. They're panicking!

[chuckc]

How does Kraken even know what's in your portfolio to begin with?

[rafaelkelsey]

Something not right with European countries first was Eliminating usdt now btc next exchanges.... Where's the problem?

[CabinOnTheWater]

You'd be surprised how many people don't even have 1% of Bitcoin yet. If you have 0.25 Bitcoin you already own MORE Bitcoin than the 55 million millionaires on planet earth. That's right, if every rich person on earth decided tomorrow that they wanted to own at least 1 Bitcoin each they couldn't all do it. There are just not that many whole Bitcoin to go around.

[mattbaker]

This is not correct, you are not limited to 1% of your portfolio, when you sign up you declare how much of your INCOME you intend to invest, anything above 5% will put your account on stop, so you just answer 5% or lower. Maybe that figure is no longer the case and you need to answer 1% but it isn't the amount of your portfolio, it's income. Even if it were 1% of your portfolio you just take it out to self custody and keep £10 of cash, then withdraw every time it gets to £1000 for example. Don't keep it on your exchange ever unless you need to.

[PolyDave]

How on Earth can this be policed? It can't.

[ShoelessNomadThailand]

The FCA make it near on impossible to buy BTC or any crypto. Your bank blocks the transaction.

UK FCA also banned the BTC ETF. The only way round this is buying MSTR.

[voltaregellodeleon]

You need to diversify by using different types of horse or maybe cow, camel, donkey or maybe a boar hahahaha. The gov made me laugh every time

[DavyX-O]

what portfolio and how can they tell how much is 1%

[LetsbehappyO.o]

So how do they determine what your portfolio is? They need to know what your portfolio is to begin with.

[carlhopkinson]

This will backfire BIGTIME. Everyone will take their BTC off Centralized Exchanges and the price will explode.

[leighgordon]

And everyone who has managed to purchase Bitcoin will simply be taxed out of their KYC Bitcoin through 30% taxes on unrealised capital gains.

[carlhopkinson]

You have to diversify into Zimbabwian Bonds.

[Delton]

It's retails escape valve to Bitcoin, as Christine Lagarde says, and they stupidly want to limit it. The country that ends up with the most Bitcoin WINS, and that must includes retail and their influential ownership.

[goratron]

How dare the poors try to get wealthy.

[jz]

Wot if you purchased the BTC prior to these regulations ??

[jrocky]

you mean 10% instead of 1% ? as that what exchanges questionnaires ask for