The FCA has recently provided new regulatory guidelines for all crypto-related exchange services operating within the UK. Plutus will be working alongside the FCA to implement these best-practice compliance protocols in accordance with their framework.
From 2nd August 2021 onwards, the decentralised exchange (DEX) component of our services will experience a period of downtime whilst we undergo these changes.
Important Note: The downtime of the DEX feature only applies to UK customers.
All other product features remain unaffected and will continue to function as usual. UK customers can still load their Plutus Cards with fiat (GBP/EUR) and earn 3% back in crypto rewards (PLU) on everyday purchases.
How Might This Affect You
- UK customers will no longer be able to swap between crypto and fiat using the DEX after 02/08/21
- UK customers with an open or matched order will have it cancelled before 02/08/21
- UK customers will still be able to view previous transaction history on the DEX
- UK customers will still be able to earn, withdraw, and stake their earned rewards
- EEA customers will experience no changes
Note: As a non-custodial service, the impacts will be minimal. All customer assets remain accessible in the comfort of their personal wallets.
Why is the PlutusDEX Temporarily Being Paused?
To implement best-practice compliance protocols under new FCA guidelines.
When Will the PlutusDEX Return?
We are working closely with the FCA to produce a comprehensive timeline on when the DEX will be re-activated for GBP customers. We will keep our community updated regularly.
Can I Continue to Earn Pluton Rewards?
Yes, you can still spend your fiat and earn 3–5% in Pluton Rewards.
What Happens to My Existing PLU Rewards?
No change. Your Pluton Rewards balance can be:
- Withdrawn to a personal wallet
- Staked to unlock additional benefits
Can I Still Withdraw My PLU Rewards?
Yes, you can withdraw your earned PLU rewards to a personal wallet.
Can I Still Stake PLU?
Pluton Rewards earned via spending with a Plutus Card will still contribute towards your staked balance.
PLU within wallets that are connected to the Plutus application prior to 02/08/21 will still contribute towards your staked balance.
In the near term, you will not be able to connect any new wallets in order to stake PLU externally.
Can I Upgrade my Account to Premium/Pro?
If you meet the staking requirements your account will be upgraded.
If you have previously connected a wallet to the Plutus App, simply ensure that you have enough PLU within your connected wallet(s) to meet the Premium/Pro Account staking requirements and your account will be upgraded automatically. PLU earned via spending with a Plutus Card will also contribute towards your staked balance.
It is not currently possible to connect a new wallet to Plutus, however, the team is amending the connect-a-wallet flow, so this functionality will soon be restored.
What Are the Best-Practice Compliance Protocols?
Plutus is improving its transaction monitoring, risk and control systems, and enhancing its due diligence processes in line with the FCA guidelines.
Plutus is not alone, the FCA has outreached to 665 UK crypto-related services. It will be business-as-usual once these updates have been completed.
How Can a DEX be Paused?
Plutus is decentralised in the sense that no one entity has control of customer crypto assets. Our customers are always in full control of their crypto and the DEX works on a peer-to-peer basis without any intermediary.
Unlike traditional DEXs, the PlutusDEX offers crypto-fiat swaps rather than crypto-crypto swaps. It is due to the custodial nature of fiat currencies that the PlutusDEX can be paused.