A Chinese-British woman, Jian Wen, is facing charges in London for allegedly helping a fugitive, Yadi Zhang, launder Bitcoin (BTC) obtained from proceeds of a previous investment fraud that affected nearly 130,000 investors. Authorities seized devices holding over 61,000 Bitcoin that came from $6.34 billion previously stolen by Zhang from investors in China. A Fake...Read More
Several crypto exchanges are taking steps to adhere to recently imposed regulations by the UK government. These regulations require crypto entities to inform users about the risks associated with trading digital assets and to promote their services responsibly. These measures have been implemented as part of the Financial Services and Markets Act in the UK,...Read More
Financial technology company Revolut is reportedly planning to halt cryptocurrency purchases for its business clients in the United Kingdom. As stated by Revolut, the suspension will enable the company to make necessary adjustments in response to the new rules on crypto promotion by the UK’s Financial Conduct Authority (FCA), which will take effect in January...Read More
The largest US-based crypto exchange experienced a threefold increase in law enforcement requests in the current year compared to 2020, as revealed in its latest transparency report. The total number of requests during the reporting period amounted to 13,079, marking approximately a 6% rise from the previous year. Notably, the United States maintained its position...Read More
Major cryptocurrency exchange Binance has stopped onboarding new users from the United Kingdom, pending when the firm can find a new FCA-authorized partner to approve its cryptocurrency promotions. The UK financial regulator restricted Binance’s previous local partner from approving crypto marketing materials. Binance Currently Unable to Promote Crypto to UK Customers Binance said it will...Read More
Coinbase co-founder and CEO Brian Armstrong has condemned the planned move by Chase UK, a subsidiary of the US-based multinational financial services behemoth JPMorgan, to restrict its clients in the United Kingdom from making cryptocurrency transactions. The Coinbase chief advised UK crypto holders to close their accounts with Chase in response to the bank’s ban....Read More
Two of the most popular cryptocurrencies – Ripple (XRP) and Shiba Inu (SHIB) – have achieved a major milestone as the British banking behemoth HSBC allowed their usage for specific payments. In the following lines, we will explain in detail in which cases customers can take advantage of the latest offering. XRP, SHIB, DOGE, and...Read More
Ripple intends to increase its headcount in the following months. However, the United States of America is not a market that it will touch upon. In the following lines, we will pinpoint the destinations that will witness such expansion. Ripple to Strengthen its Presence in Asia and Europe The pro-XRP lawyer John Deaton said he...Read More
The United Kingdom Financial Conduct Authority (FCA) said it will extend the deadline for crypto firms to implement the strict marketing rules created to protect consumers. According to an official release, the core rules will still come into effect from October 8, 2023, while measures that require greater technical development, like the 24-hour cooling-off period,...Read More
A resident of Norfolk, the United Kingdom, has reportedly lost her life savings (more than $200,000) after falling prey to cryptocurrency fraudsters. This is hardly the first such scheme in the country that has resulted in substantial losses. David Lindberg – Chief Executive of retail banking at NatWest – has previously warned local investors to...Read More
The London Stock Exchange (LSE) is reportedly planning to develop a digital markets enterprise. The move aligns with its broader strategy to become the first major exchange offering comprehensive trading of traditional financial assets on blockchain technology. One of the world’s oldest stock exchanges which can trace its history back more than 300 years, is...Read More
PayPal announced that it will temporarily suspend crypto purchases on its platform for its U.K. based users beginning in October. The move comes in response to evolving regulatory guidelines provided by the Financial Conduct Authority (FCA) – Britain’s chief market regulator. PayPal Pauses Crypto Buys Per an email received by certain U.K. users on Wednesday,...Read More
The leading financial technology company – Revolut – reportedly plans to increase its global cryptocurrency team by hiring up to 20% more employees by the end of 2023. The move comes somewhat unexpectedly since the firm recently disclosed that it will suspend digital asset services to US-based customers from September. As revealed by Financial News, Revolut...Read More
Craig Wright is not someone to stay out of the spotlight for a long time. In the latest development, the self-proclaimed Bitcoin creator was ordered to pay approximately $516,000 (400,000 British pounds) in security covering legal costs to pursue claims against crypto exchanges Coinbase and Kraken. The lawsuit against Coinbase and Kraken’s parent company Payward...Read More
Andrew Griffith, economic secretary to the UK Treasury, said that equating crypto assets as a form of gambling would risk creating misalignment with international standards and approaches from other major jurisdictions, including the European Union. Responding to a Treasury Committee’s report on regulating crypto, Griffith said that such a move would potentially create unclear and...Read More
Simon Hoadley – a 66-year-old retired financial advisor who lives in East Sussex, the UK – has reportedly become a victim of a “horrendous” cryptocurrency scam that drained nearly $100,000 from him. Fortunately, legal experts managed to recover nearly all the lost funds. Scammers Have No Mercy As reported by Mirror, Hoadley was looking to earn some...Read More
On June 28, King Charles III granted Royal Assent to a landmark bill to “regain control of the financial services rulebook.” The Financial Services and Markets Bill 2023 was approved by the upper chamber of the UK parliament on June 19. The bill includes measures to bring crypto assets and stablecoins into the scope of...Read More
Leading cryptocurrency exchange Gemini has announced the launch of its Ethereum (ETH) staking program in the United Kingdom. Dubbed Gemini Staking Pro, the product will enable institutions and high-net-worth individuals to run validators on the Ethereum blockchain. The development aligns with Gemini’s expansion plans, as the staking program is already live in the United States...Read More
The UK’s Financial Services and Markets Bill (a proposed legislation that touches upon traditional monetary services and cryptocurrencies) has moved forward after the Parliament’s upper chamber – the House of Lords – gave its nod. It will now enter into final reading, where the House of Commons is authorized to make amendments. The legislation can...Read More
The United Kingdom has grand aspirations of becoming a digital assets hub, just as London already is for traditional finance. However, those plans are being thwarted by watchdogs and policymakers who want to take a heavy-handed approach to regulation. On May 17, it was reported that a panel of UK lawmakers said crypto assets should...Read More
Nexo – a popular cryptocurrency lending platform – is dissolving two business units based in the United Kingdom while it deals with regulatory issues in other parts of Europe and North America. The latest steps are part of a “restructuring” effort that will still involve Nexo continuing operations within the country. As reported by BNN...Read More
The United Kingdom is gearing up for tax treatment of lending and borrowing on decentralized finance (DeFi) protocols. The country’s taxation division – HM Revenue and Customs – released a consultation document seeking views on modifying the tax treatment of DeFi lending and staking. The final decision on whether to proceed with legislative changes will...Read More
A resident of Scotland’s county Lanarkshire was left with a £150,000 debt (almost $190,000) after falling victim to a cryptocurrency fraud. She is now forced to sell her home to avoid additional financial issues. The woman sought support from Advice Direct Scotland and the local police, but the entities could not help her retrieve the...Read More
On April 12, Andrew Bailey, governor of the Bank of England, stated during a press conference at the Institute of International Finance in Washington that stablecoins should be regulated in the same way as fiat money. According to Bailey, stablecoins lack an “assured value,” one of the main characteristics that people look for when investing...Read More
The number of countries approving different types of bitcoin futures trading continues to increase, with the UK being the latest example. The London Stock Exchange Group has tapped Global Futures Options to start offering the nation’s first regulated trading clearing in bitcoin index futures and options derivatives. Although the exact date of the product launch...Read More
Crypto firms in the United Kingdom are struggling to obtain banking services, Bloomberg reported Sunday, citing multiple sources. Local crypto executives expressed frustration with rejected applications, frozen bank accounts, and overwhelming paperwork. The situation was exacerbated by the departure of United States-based lenders Silvergate Capital, Signature Bank, and Silicon Valley Banks. Banking Restrictions Hinder Crypto...Read More
The United Kingdom has dropped its plans to launch a government-backed non-fungible token (NFT) aimed at enhancing the country’s approach to crypto assets. Andrew Griffith, Economic Secretary of the Treasury, disclosed to Parliament that the Royal Mint, tasked with creating the NFT, would not proceed with the plan but would keep the proposal under review....Read More
The intercontinental political forum consisting of the seven biggest economies in the world (better known as the G7) is reportedly willing to implement rigid rules on the cryptocurrency industry after the numerous negative events which took place recently. The final version of the framework should be ready by July this year, while the nations will...Read More
The London-based cryptocurrency platform – Luno – announced that its long-reigning CEO Marcus Swanepoel will step down from his post to become an Executive Chairman. James Lanigan, who previously served as the firm’s Chief Operating Officer, will replace him. The new boss will aim to raise funds from new investors (other than DCG) and prepare...Read More
Popular UK-based financial institution National Westminster Bank (NatWest) has restricted the funds its customers can spend on crypto purchases to reduce their exposure to the volatile asset class. According to a Bloomberg report, NatWest account holders now have a transfer limit of £1,000 ($1,215) per day or £5,000 ($6,090) every 30 days into crypto exchanges....Read More
