FCA Financial Promotion Overview

FCA Financial Promotion Changes

The UK Financial Conduct Authority (FCA) is updating their Financial Promotions regime, which introduces several changes to our platform, BnkToTheFuture.com, in the UK:

Financial Promotions Regime Overview

The Financial Promotions Regime, effective from 8 October 2023, mandates that all firms marketing “cryptoassets” to UK consumers must update their website, app content, and marketing materials by this date. Additionally, from 8 January 2024, firms must have implemented certain frictions in the trading process for all users. These include:

These requirements are mandated by the FCA and cannot be opted out of or expedited.

Participation in Incentives and Promotions

The Financial Promotion Regime prohibited BF Virtual Assets Ltd. from offering monetary or non-monetary incentives in relation to virtual asset trading after 8th October 2023.

Product Access

Access to certain products offered by BF Virtual Assets Ltd. on BnkToTheFuture.com may be restricted if you have not completed the FCA Financial Promotion regulation requirements. Completing these requirements will grant you full access to our products and services.

Client Categorisation

From 8 January 2024, all users must self-categorise into one of the FCA-defined categories: Restricted Investor or High Net Worth Investor, or certify that neither applies. Only those in these categories can buy or trade virtual assets.

Users must revalidate their categorisation every 12 months. Failure to do so will restrict existing users from trading virtual assets, staking, withdrawing, or depositing virtual assets.

24-Hour Cooling-Off Period for New Users

New users who sign up after 8 January 2024 must wait 24 hours before they can start trading. During this period, they can complete onboarding, browse prices, and explore products, but cannot buy or trade.

Appropriateness Assessment

This short multiple-choice test ensures that our virtual asset products are suitable for customers. Only those who pass can buy or trade virtual assets. If you fail, you can retake the test after 24 hours. If you fail again you will need to contact support to enable virtual asset services again after demonstrating you understand the risks involved and pass the test again.

Risk Warnings

Our website and app will feature a non-dismissible risk warning: “Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.”

Financial Promotion Approver

BF Virtual Assets Ltd., operating via BnkToTheFuture.com, requires an FCA-authorised firm to approve any financial promotions made in the UK. The approver ensures our promotions meet FCA standards.

Platform Risks

BF Virtual Assets Ltd. allows clients to trade, custody, and stake virtual assets like BTC, ETH, and USDT. We are not liable for client trading losses or the performance of any virtual asset. Assets are reviewed before being made available, but their availability is not an endorsement of their merits. Always conduct your own due diligence before investing.

Handling Risks of Virtual Assets

Assets held on our platform are in custody with BF Virtual Assets Ltd., which invests heavily in security. However, operational, technological, and cyber risks remain. In the event of a cyber attack, access to your assets may be impacted. Always ensure the accuracy of wallet addresses when transferring assets to avoid permanent loss.

Regulatory Risk

BF Virtual Assets Ltd. is not authorised to provide investment advice and is not covered by investor protection schemes. Trading profits may be subject to capital gains tax, which you are responsible for calculating and paying.

Market and Investment Risks of Virtual Assets

Investing in virtual assets is high-risk. You can only sell when there is market liquidity. Platform downtime may affect trading, and no virtual asset guarantees a price increase. Diversify your investments to reduce risk, and only invest what you can afford to lose.

Asset-Specific Risks

Different virtual assets have different risks, including:

Stay informed about these risks and conduct thorough research before investing in any virtual asset.

Full risk disclosure can also be found on our risk warnings page here.