The UK's Financial Conduct Authority (FCA) has justified its stringent stance on registering cryptocurrency firms, emphasising that high standards are crucial for fostering a sustainable and reliable digital asset industry. In a statement issued today, Monday, October 21, Val Smith, Head of Payments and Digital Assets in the FCA's authorizations ...
The U.K.'s Financial Conduct Authority (FCA) has evaluated cryptocurrency firms' compliance with the new financial promotion regulations introduced in October 2023 to enhance consumer awareness of crypto investment risks. During the evaluation, the FCA examined how companies implemented personalized risk warnings, the mandatory 24-hour cooling-off period, client categorization, and appropriateness ...
Xapo Bank has introduced a new financial product allowing its UK customers to earn daily interest on their Bitcoin deposits. The interest will be paid in Satoshis, the smallest unit of Bitcoin, with variable rates applicable to balances up to 5 BTC. The bank's new Bitcoin accounts reportedly offer 1% ...
Coinbase's U.K. subsidiary, C.B. Payments Limited (CBPL), has been fined £3.5 million by the Financial Conduct Authority (FCA) for “repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers.” According to the FCA, despite a voluntary agreement with it to limit the onboarding of high-risk customers, ...
The U.K.'s top financial authority, the Financial Conduct Authority (FCA), has approved the country's first cryptocurrency exchange-traded products (ETPs) for listing on the London Stock Exchange (LSE). On May 22, WisdomTree announced that the FCA had given the green light for their Physical Bitcoin and Ethereum ETPs to be traded ...
The U.K. government is preparing to introduce new legislation covering crypto staking, stablecoin, exchange and custody services by June or July 2024. The nation's Economic Secretary, Bim Afolami, reportedly announced this at the Innovative Finance Global Summit on Monday, April 15. Afolami stated that active efforts are underway to finalize ...
In a surprising turn of events, Bybit has announced the suspension of its services in the United Kingdom (UK). Starting from October 1, 2023, the exchange will cease onboarding new users residing in the UK. Existing users in the region are expected to wind down their positions on the exchange ...
The UK's Financial Conduct Authority (FCA) has announced that it will give crypto firms an extended grace period to implement the required changes as it begins to enforce new regulations in the sector from October 2023. In a statement released on September 7, 2023, the FCA noted it could extend ...
Binu Paul, the former head of digital assets at the United Kingdom Financial Conduct Authority (FCA), has left his position at the regulatory agency after less than a year. According to information on his LinkedIn profile, Paul officially departed from the FCA in June of this year and has since ...
The Financial Conduct Authority (FCA) of the United Kingdom announced on June 8, 2023, that it would introduce stringent regulations to improve investor protection and promote a better understanding of risks among investors. The new regulations, effective from October 8, 2023, primarily target cryptocurrency services in the country. These regulations ...
