The Financial Conduct Authority (FCA) has conducted internal reviews on 44 cryptocurrency firms registered in the country to tackle money laundering concerns. In a Feb 14 release, the regulator highlighted key areas in the UK markets including digital assets regulations. Last year, the FCA carried out wider industry oversight functions ranging from advertising compliance to…
Read more
The U.K. Financial Conduct Authority (FCA) has revealed that it has dealt with over 1,400 crypto cases between January 2020 and June 2023. The regulator noted that “a shortage of crypto skills meant the FCA took longer than planned to register crypto-asset firms under money laundering regulations.” 1,400 Cases Related to Unregulated Crypto-Asset Activity The…
Read more
Source: AdobeStock / Ascannio The Financial Conduct Authority has added cryptocurrency exchange Poloniex to its warning list of firms that may not be fully authorized to render trading services in the country. In an official publication on Dec 6, the financial regulator warned users from dealing with the company adding that the firm may be…
Read more
The United Kingdom’s financial regulator has endorsed a blueprint model designed to facilitate the tokenization of funds for asset management firms. Investment managers in the United Kingdom are receiving regulatory support to leverage blockchain technology for the tokenization of funds, breaking away from conventional record-keeping systems. In a recent report published by The Investment Association (IA),…
Read more
The payments giant Paypal has successfully achieved registration with the Financial Conduct Authority (FCA) in the United Kingdom, a fact verified by the FCA’s website on October 31. This move comes shortly after Paypal’s temporary cessation of crypto purchases within the U.K., although the company pledged to reinstate these services at the start of 2024.…
Read more
Source: iStock Payments giant PayPal has become the latest to secure a cryptoasset registration from the UK’s Financial Conduct Authority (FCA). According to the update on the FCA’s crypto register, the regulator issued registration to PayPal UK Limited on 31 October. The registration would allow the company to offer crypto services in the UK as…
Read more
Source: AdobeStock / Iakov Kalinin The United Kingdom has released proposals for a stablecoin framework alongside wider industry regulations in a bid to position the country as an investment destination and to protect users. In an Oct 30 release, His Majesty’s Treasury published a set of guidelines for regulating ‘fiat-backed stablecoins’ amid calls for global…
Read more
Britain’s Financial Conduct Authority (FCA) has issued hundreds of alerts regarding companies “illegally promoting crypto assets to U.K. consumers.” The regulator also highlighted several “common issues” with crypto promotions it has identified since it imposed stricter marketing rules earlier this month. U.K.’s Financial Watchdog Vows to Remove ‘Illegal’ Crypto Marketing Content Businesses that wish to…
Read more
Binance’s UK chief Jonathan Farnell who is also the CEO of a subsidiary Bifinity, has resigned from the company, adding to a slew of executive departures in recent times. His departure comes a week after the world’s largest crypto exchange announced suspending new customer registrations in the UK, following a crackdown on crypto promotions from…
Read more
Marinade Finance, the largest decentralized finance (DeFi) protocol on the Solana blockchain, is blocking users in the United Kingdom from accessing its platform over “compliance concerns.” The concerns are related to newly introduced regulations from the UK’s regulator, the Financial Conduct Authority (FCA). Upon accessing Marinade Finance’s website from the UK, users are now met…
Read more
