UK Financial Conduct Authority Proposes Ban on Purchasing Crypto Assets with Credit

The UK's Financial Conduct Authority (FCA) has proposed banning the use of any form of credit, including credit cards and loans, to purchase crypto assets, citing the increasing consumer debt associated with highly volatile digital assets. Recently, a survey commissioned by the FCA and conducted by YouGov found that in August 2024, 14% of UK cryptocurrency users used credit to purchase cryptocurrencies.