Kraken CEO: UK Crypto Rules Are a Damp Squib! 🚨💰

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Arjun Sethi, the co-CEO of Kraken (not the squid, the exchange), has lobbed a verbal hand grenade at the U.K’s crypto rules, claiming they’re about as consumer-friendly as a troll under a bridge. 🌉💨 Apparently, the U.K’s financial regulators have decided that crypto enthusiasts need more warnings than a wizard’s spellbook, and Sethi’s not having it.

  • Sethi reckons the U.K’s rules are like a nanny state on steroids, with disclosures so excessive they’d make a lawyer blush. 📜😱 He warns this could scare off potential crypto investors faster than a dragon at a gold convention.
  • Kraken’s steering clear of tokenized private company shares, with Sethi calling the idea “terrible”-a word usually reserved for Discworld’s Auditors. 📉🤡 He also clammed up tighter than a clam at low tide when asked about IPO plans.

According to the Financial Times, Sethi’s not just blowing smoke. He claims the U.K’s cautious approach to crypto is like putting a speed bump on a highway-it slows everyone down. 🛣️🚧 The pop-ups on crypto websites, he says, are as cheerful as a dwarf with a hangover, warning users they’re about to “die” if they proceed. 💀💻

“It’s like telling someone to cross a road, but first they have to solve a riddle, juggle three balls, and recite the entire phone book,” Sethi quipped. 🤹♂️📖 This marks the first time a crypto bigwig has publicly griped about the Financial Conduct Authority’s 2023 rules, which apparently treat crypto like a contagious disease. 🦠

Sethi also pointed out that U.K users are missing out on 75% of crypto products, including DeFi staking and lending, thanks to the FCA’s ban on trading incentives. It’s like being invited to a feast but only getting to sniff the leftovers. 🍖😢

The FCA’s rules require crypto promoters to slap risk warnings everywhere, create “positive frictions” (whatever that means), and make users take quizzes that would make a wizard’s exam look easy. 🧙♂️📝 They’ve also banned incentives, because apparently, crypto investors don’t need encouragement to lose money. 💸😂

Sethi argues these rules could scare off customers entirely, leaving them to miss out on potential gains-or losses, depending on how you look at it. 🎢💰 The FCA, meanwhile, insists the rules are there to protect consumers, even if it means they decide crypto isn’t for them. “Better safe than sorry,” they say, like a grandmother with a raincoat in July. 🧥☔

U.K regulators have always been more cautious than a cat on a hot tin roof when it comes to crypto, especially compared to the U.S., where it’s more like the Wild West. 🏜️🇺🇸 Just last month, the FCA sued HTX, a crypto exchange linked to Justin Sun, for allegedly flouting promotion rules. 🚔⚖️

What’s Next for Kraken? 🦑🤔

Sethi revealed Kraken won’t be jumping on the tokenized private company shares bandwagon, calling it a “terrible idea”-probably because it’s about as stable as a three-legged stool. 🪑💥 He also dismissed Robinhood’s decision to offer OpenAI shares, saying investors would struggle to sell them faster than a bad joke at a funeral. 🤡⚰️

When asked about Kraken’s IPO plans, Sethi zipped his lips tighter than a dragon’s treasure hoard. 🐉💼 Meanwhile, Kraken’s U.K operations got a boost with an Electronic Money Institution license in March 2025, allowing them to issue e-money and speed up transactions. 🚀💳

Bivu Das, Kraken’s U.K General Manager, declared the U.K was on “the brink of mass crypto adoption,” though with the current rules, it feels more like the brink of a very long queue. 🛤️🤦♂️ Still, Kraken’s ready to lead the charge, even if it’s through a minefield of regulations. 💣🦑

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2025-11-12 11:54