In a landmark case in Scotland, £110,000 (worth approximately $144,384) has been seized from 29-year-old John Ross Rennie. This marks the first time that proceeds of crime legislation have been used to confiscate cryptocurrency as physical cash. This case was settled at the High Court in Edinburgh. Violent Robbery Rennie of Cambuslang was convicted of...Read More
Coinbase’s UK unit – CB Payments Limited (CBPL) – was fined $4.5 million by the UK financial regulatory agency, the Financial Conduct Authority (FCA), for repeatedly violating a requirement that barred the firm from providing services to high-risk customers. While CBPL itself does not handle crypto transactions for customers, it serves as a “gateway” for...Read More
Two individuals were detained and questioned by the UK Metropolitan Police and the Financial Conduct Authority (FCA) for allegedly running an illegal cryptocurrency operation exceeding 1 billion British pounds ($1.2 billion) in the region. The FCA emphasized key registration requirements for crypto businesses and issued consumer warnings. Suspects Arrested and Questioned According to the Financial...Read More
In a high-profile case involving a massive cryptocurrency fraud, a British-Chinese woman, Jian Wen, has been sentenced to six years and eight months in prison for her role in laundering Bitcoin proceeds from a $6 billion investment scam in China. Wen, aged 42, was found guilty in March of laundering Bitcoin on behalf of her...Read More
The Financial Conduct Authority (FCA) in the UK has declared its intention to address meme-based marketing for financial products by releasing guidelines for financial services firms and social media influencers. The FCA’s latest report comes after its announcement last month that it will take action against firms engaged in illegal financial promotions. FCA Releases Guidelines...Read More
Jian Wen, a former takeaway worker residing in north London, was found guilty of one count of money laundering after she was found with Bitcoin worth over $2.5 billion (£2 billion) in 2018. Jian Wen assisted a Chinese fugitive known to Wen as Zhang Yadi, whose real name is Qian Zhimin, in laundering the BTC...Read More
According to Bloomberg, the British government is expediting the approval of new regulations for stablecoins and crypto asset staking services, aiming to have these rules passed by lawmakers within the next six months. This statement comes amidst mounting pressure to deliver concrete proposals before an impending general election. Expedited Crypto Legislation Economic Secretary to the...Read More
The Financial Conduct Authority (FCA) has issued 450 warnings to companies unlawfully promoting cryptocurrency assets from October 8, 2023, to December 31, 2023. The regulatory agency is currently collaborating with technology firms to eliminate and block unauthorized advertisements across various platforms like websites, mobile apps, and social media accounts. This effort led to the removal...Read More
Kraken has reportedly implemented a requirement for its users in the United Kingdom to verify their self-custodial wallets. According to a few recent posts, Kraken has commenced the implementation of this verification process, citing “regulations in the UK.” Verification Measures A snippet of the email shared by Van Straten outlined the necessity of maintaining current...Read More
Phishing attacks have wreaked havoc in the crypto industry. In a recent move to combat cyber fraud, the National Fraud Intelligence Bureau (NFIB) in the United Kingdom announced the blocking of 43 web domains associated with fraudulent activities. Spearheaded by the City of London Police, this crackdown follows the discovery of a spoof email address...Read More
Mikhail Klyukin, a Russian banker sanctioned by the White House in March 2022, sold more than £15m in shares of UK-based cryptocurrency firm Copper Technologies. The firm, chaired by former Chancellor Philip Hammond, appears to have played a significant role in the decision, raising questions about the transparency of cryptocurrency transactions and potential evasion of...Read More
British investment managers have received approval to create tokenized funds, marking a shift towards using blockchain technology in mainstream asset management. The country’s trade body gave the green light on Friday, allowing funds to be split into smaller digital tokens backed by blockchain technology. UK Investment Managers to Launch Tokenized Funds The Investment Association announced...Read More
The United Kingdom is set to implement new regulations allowing authorized financial firms to work with overseas stablecoins. The new regulatory framework will be supervised by the Bank of England, the Financial Conduct Authority (FCA), and the Payment Systems Regulator (PSR) with a focus on minimizing potential risks and ensuring customer protection. UK to Permit...Read More
Marinade Finance, the largest decentralized finance (DeFi) protocol on the Solana blockchain, has recently initiated a process to block access for users based in the UK. This decision follows a similar action by Orca Finance and is responding to “compliance concerns” related to the Financial Conduct Authority (FCA) regulations. Marinade Finance Blocks UK Users Marinade...Read More
In a decisive move to counter the escalating use of cryptocurrencies in criminal activities, London’s Metropolitan Police established a 40-member team specializing in crypto investigations. The move comes as authorities express mounting concerns that digital currencies now play an ‘endemic role’ in organized crime. UK Crypto Fraud Cases Skyrocket Since its inception in May, the...Read More
In a bold move aimed at safeguarding consumers, the FCA added 145 digital asset companies, including major exchanges Huobi-owned HTX and KuCoin, to its warning list. This decision follows the FCA’s expansion of regulations to include cryptoasset service providers, regardless of their geographical location. Cracking Down on Crypto The United Kingdom’s Financial Conduct Authority (FCA)...Read More
By Faryar Shirzad, Chief Policy Officer The digital economy is permanently changing the nature of financial services globally and digital assets are at the center of much of this rapid change. This is something clearly understood by the UK Government. John Glen, Economic Secretary to the Treasury, used his recent keynote speech at Fintech Week...Read More
A new survey in UK found that about a third of British people are keen on investing in cryptocurrency but a majority of them do not understand the digital asset’s market conditions well enough to actually make investments. According to the national wide survey, 31% of British people are curious about crypto, however, 62% said...Read More
Customers in France can now pay in Bitcoin when they order from Just Eat France which is an online food ordering company and a part of the UK based Just Eat group. Moreover, the platform announced on its website that it would use Bitpay as its BTC payment provider. There was no official announcement about...Read More
In a panel discussion with the Brooking Institution, Governor of the Bank of England, Andrew Bailey said that stablecoins, Bitcoin, and other cryptocurrencies are difficult and unsuitable for the public to use for traditional payments as he believed that the majority of the retail public still does not understand the usage of digital currencies. According...Read More
Europeans are feeling more optimistic about the future of bitcoin. A recent study shows that two thirds of them believe cryptocurrency will remain in existence in 10 years time, with some convinced BTC will become a key part of the economy, both as a security and investment. Crypto exchange Bitflyer, which produced the study, said...Read More
Yoni Assia is the CEO and founder of multi-asset trading platform Etoro. The brokerage firm, which enjoys a high profile within the cryptosphere, enables digital assets such as BTC and BCH to be traded alongside stocks, ETFs, and commodities. Juxtaposed between the traditional and crypto investment realms, Etoro has a unique insight into the health...Read More
International payment and crypto service Wirex has enjoyed a productive year. Over the course of 2019, partnerships have been formed, a native token (WXT) released and the Wirex website and card completely redesigned. With the firm’s reach rapidly growing, CEO and co-founder Pavel Matveev has no plans to rest on his laurels. On the contrary,...Read More
The crypto community has had a rough relationship with traditional financial institutions with limited solutions available. Around the world, both early and recent crypto users have had bank accounts closed, transactions rejected, unnecessary delays in receiving their funds, or worse. To add to this dilemma, the availability of trustworthy and regulated solutions where both your...Read More
The CEO of a digital currency exchange in the UK has set himself an incredibly bizarre challenge. People have been donating to Pete Wood of CoinBurp as he attempts to raise money for a homeless charity by saying the word “crypto” 100,000 times.Wood is live streaming the challenge via YouTube with public addresses displayed for...Read More
Numerous cryptocurrency exchanges provide fiat onramps for clients all over the world. One notably absent currency is the Pound Sterling, albeit Kraken is offering extra options in this regard. It is crucial for any cryptocurrency trading platform to cater to users from all over the world. Kraken Expands its GBP Options Albeit the UK is...Read More
A scammer who sold people’s personal details on the dark web has been ordered to forfeit $1.12 million worth of Bitcoin. Grant West, also known as “Courvoisier “, gathered sensitive information about individuals using a phishing scam targeting a popular online takeaway ordering service and other well-known British retailers.The investigation and subsequent confiscation is the...Read More
