Coinbase calls on the UK FCA to adjust its rules to prevent DeFi access from being practically blocked Coinbase's European Policy Director Katie Harries wrote that the proposed cryptocurrency regulatory rules by the Financial Conduct Authority (FCA) in the UK may require regulated platforms to only execute customer orders on trading venues authorized by the FCA, thereby restricting users from accessing decentralized finance (DeFi) protocols through compliant platforms. Due to the fact that decentralized protocols typically do not have entities that can apply for regulatory authorization, relevant rules may result in regulated platforms being unable to provide DeFi access services, leading to a de facto ban. The relevant encryption regulatory system is expected to be implemented from October 25, 2027.