The UK’s financial watchdog has prohibited the sale of cryptocurrency-related derivatives to retail consumers due to concerns that consumers don’t understand the risks they’re taking.

On Tuesday, the UK Financial Conduct Authority (FCA) issued its final rules banning the sale of derivatives and exchange traded notes (ETN) based on “certain types of cryptoassets” to retail consumers. The new rules, which affect “firms acting in, or from, the UK,” will take effect on January 6, 2021.

As a result of its new policy, the FCA warned consumers that any pitch they subsequently encounter for crypto-related derivatives – contracts for difference (CFD), options and futures – is “likely to be a scam.” These products are “ill-suited for retail consumers due to the harm they pose” and the ban could collectively save consumers £53m in “sudden and unexpected losses.”

The FCA has long sought to limit CFDs and spread betting, leading to significant tumbles in the share prices of companies offering these products to UK customers. UK-listed companies such as Plus500 and CMC did report declines on Tuesday, but only in the 1-3% range.