The FCA Warns Investors on Crypto Tokens Advertised by Celebrities like Kim Kardashian

The UK financial watchdog FCA has cautioned on the dangers of buying crypto-assets hyped by celebrities like Kim Kardashian. The head of the UK's Financial Conduct Authority (FCA), Charles Randell, criticized Kim Kardashian for promoting an untested cryptocurrency on Instagram. He noted that Ms. Kardashian advertised the little-known cryptocurrency Ethereum max to more than 200 million Instagram followers. Ms. Kardashian did not reveal the amount she got for the advert. However, a 2019 court filing revealed she could earn up to £361,000 for a…

Britain’s FCA Plan to Push For Crypto Regulation Power

Britain’s Financial Conduct Authority (FCA) said that developing regulations for digital currencies requires efficient planning over time. The announcement comes after public consultation on regulating crypto-assets. Some celebrities also came into the limelight to promote questionable cryptocurrencies. Most receive vast sums of money to push new altcoins to their followers. It works because their fans trust them to promote legit products. However, most of these have turned out to be pure scams. The Need for Powers to Regulate Crypto In…

Binance Exchange is in Turmoil after Payment Services Act Breach

Cryptocurrency exchange Binance is no longer operating in Singapore until further notice. Earlier on, the Monetary Authority of Singapore(MAS) placed the exchange on its investor alert list. This year, Singapore upped up implementation of the Financial Action Task Force’s standards. The well-known trading platform appeared among several exchanges in scrutiny. Binance Had No Trading License A MAS spokesperson stated that the central bank has gone through Binance.com’s operations in detail. Consequently, they established that the exchange might breach the Payment Services Act (PS Act). …

FCA Bans Binance’s Regulated Markets; Spot Trading Still Available

Pioneer crypto exchange Binance faces a minor setback after the Financial Conduct Authority banned its regulated market operations in the UK region. Although the ban falls under the regulated trading crypto activity category, buying and selling crypto assets remains unaffected. The FCA issued an ultimatum warning the exchange to comply with its rules or eradicate all its advertising by Wednesday. Futures, option, and tokenized stock trading are banned, but buying and selling crypto in the region continues as usual. Binance…

UK Crypto Businesses Could Cease Operations After Failing to Meet AML Rules

The Financial Conduct Authority (FCA) has announced that a “significantly high number” of crypto firms operating in the UK are failing to meet current anti-money laundering (AML) rules. The regulator pointed out that up to 50 companies dealing in crypto had withdrawn applications for the Temporary Registrations Regime (TRR) issued last year. The permit allowed crypto service providers to continue trading until the FCA could formally approve or reject their operations. We are extending the Temporary Registrations Regime for existing…

$1.69 Billion of Stablecoins Withdrawn From Crypto Derivative Exchanges

The crypto market has experienced increased volatility this month, with BTC slashing half of its gains amidst a broader market selloff. Other top crypto assets such as ETH and ADA also struggled to hold on to recent gains, leaving investors debating whether the bulls can pull off an upset and propel prices higher. The recent bloodbath in the crypto markets resulted in $1.69B of stablecoins being withdrawn from derivative exchanges, as per data from CryptoQuant. Lex Moskovski, the Chief Investment…

Finbold 2020 Report Shows Banks Were Fined $14 Bn Due to Irregularities

A recently released report by Finbold showed a tally of banks and countries served with fines due to breaching money laundering regulations and leaking private data. The compilation is arranged from the highest-fined to the lowest. The USA has 12 banks fined, standing as the largest number in the tally by far as China followed it with 7.  More Details on the Report Finbold's report further stated that the banks' faults varied, including not following Anti-Money Laundering protocols (AML), sharing…

The Future of Banks Lies in DeFi, Says OCC Chief

Brian Brooks, the Comptroller of the United States Currency believes that decentralized finance (DeFi) could determine the future of banks.  According to him, DeFi will eventually redefine the banking system provided that adequate regulations are put in place. DeFi Could Change the Banking Sector Brian Brooks the current director of the Office of the Comptroller of the Currency (OCC) revealed his thoughts in an opinion piece published for the Financial Times.  According to Brooks, licenses from national banks could one…

Top UK Bank Will Not Process Bitcoin Transfers from Exchanges

A recent report from The Times revealed that HSBC, one of the largest banks in the UK, was barring bitcoin holders from cashing out their gains. The report added that some of Britain's largest banking institutions refused to accept credit cards for crypto purchases.  This blatant anti-crypto stance from banks only adds to hassle for holders who wish to take advantage of bitcoin's record-breaking rally. One user commented that banks' failure to process digital asset payments would result in users…

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