UK digital bank Revolut has come under the regulator’s scrutiny for inconsistencies in its auditing process. Citing sources familiar with the matter, FT reported that the Financial Reporting Council (FRC) criticized an audit by accountancy firm BDO of an unidentified “financial services provider” as “inadequate.” The FRC further revealed that the “risk of an undetected...Read More
The United Kingdom finally has a new Prime Minister of the United Kingdom in the face of Liz Truss, who spoke positively about the cryptocurrency industry several years ago. To become the UK’s next PM, Truss was chosen over Rishi Sunak (Chancellor of the Exchequer from 2020 to 2022), who also favors digital assets. Earlier...Read More
The United Kingdom’s Office of Financial Sanction Implementation (OFSI) has included “cryptoassets” in a list of assets that must be frozen if they belong to a person or company who is facing sanctions. These developments come as the list of sanctioned Russian entities continue to increase. Eye on Sanctioned Accounts, Breaches As per the new...Read More
One of the oldest soccer clubs in the UK – Oxford City – will reportedly allow fans to purchase match tickets, food, and beverages in bitcoin instead of fiat currency. The initiative will see the light of day following a multi-year partnership between the team and the digital asset exchange CoinCorner. Over the years, the...Read More
In 2013, James Howells – a citizen of Newport, Wales – mistakenly threw away his iPhone-sized hard drive containing 8,000 BTC. To find his lost possessions (worth around $169 million as of now), the 36-year-old man reportedly came up with an $11 million master plan involving robot dogs and artificial intelligence-powered machines. A Needle in...Read More
One of the largest banking institutions in the United Kingdom – Barclays – is reportedly one of the investors in Copper’s latest financing round and will purchase a stake in the company. The initiative could be considered a surprise since the global cryptocurrency sector is in a state of significant decline, while many UK authorities...Read More
5ire – a London-based layer one blockchain firm – secured a $100 million fundraiser, boosting its valuation to $1.5 billion. Becoming a Unicorn in Less Than a Year 5ire’s latest fundraiser was led by SRAM & MRAM Group (a leading international conglomerate headquartered in London). The company vowed to use the Series A financing to...Read More
The UK Treasury Committee has launched an inquiry into the risks and opportunities posed by crypto-assets to businesses and consumers. According to the official note, the inquiry is requesting evidence related to the potential impact of distributed ledger technology (DLT) on financial institutions, including the central bank and financial infrastructure. The Treasury also seeks to...Read More
The UK is gearing up to close the regulatory vacuum present in the crypto market. The recent crash has only strengthened lawmakers’ resolve. As such, the Bank of England’s Financial Policy Committee highlighted the need for enhanced regulatory and law enforcement frameworks in the sector. Enhanced Regulatory Framework in Crypto In their latest report, the...Read More
British multinational jeweler Graff Diamonds Corp. has filed a lawsuit against its insurer, The Travelers Companies, Inc. (Travelers), for failing to provide indemnity after it paid $7.5 million in Bitcoin to ransomware hackers. Graff Sues Insurer Over $7.5M BTC Ransom Loss According to a Bloomberg report on Wednesday, Graff’s security systems were exploited by the...Read More
The UK-based cryptocurrency mining firm – Argo Blockchain – mined 179 BTC last month. However, due to the current market conditions and its loan agreement with Galaxy Digital, the company had to sell 637 BTC at an average price of around $24,500. More Sellings Than Production In September 2021, Argo Blockchain secured a $25 million...Read More
Twitter and YouTube accounts of the British Army were simultaneously hacked on Sunday and used for promoting two different crypto scams. However, by Sunday evening, the compromised accounts had been restored to normal, media reports said. Cyber Attack The unknown hackers changed the account details to make them look in sync with the crypto scams they...Read More
Her Majesty’s Treasury hosted the regulatory pillar of the US-UK Financial Innovation Partnership with its counterpart, the US Treasury Department, on Jun 29th. Both parties acknowledged the importance of teaming up to support safe innovation and strengthen regulatory outcomes for digital assets across jurisdictions. On Stablecoins According to the joint statement issued, top domestic watchdogs...Read More
Philip Hammond – a British politician who served as Chancellor of the Exchequer from 2016 to 2019 – urged the United Kingdom’s authorities to open their arms to the digital asset industry. Otherwise, other countries that have already hopped on the bandwagon will turn into global crypto leaders, while the UK will miss this opportunity....Read More
Just shortly after releasing a stablecoin pegged to the Mexican Peso, Tether has introduced a new product focusing on the British Pound. GBPT will first work on top of Ethereum, while other blockchain networks could be added in the future. The company’s announcement reads that the new stablecoin will hit the market in early July...Read More
A West Yorkshire resident, Simon Barclay, has been convicted of drug trafficking worth millions of pounds on the dark web with cryptocurrency proceeds. Man Pleads Guilty to Drug Deals Involving Crypto Barclay, 41, pleaded guilty on Tuesday at Leeds Crown Court to several crimes, including the possession of Class A and B drugs and crime...Read More
Chris Philp – digital minister of the United Kingdom – revealed that the Johnson administration plans to turn the country into a “global crypto hub” while reiterating a cautious stance regarding the potential crimes within the digital asset space. In a radio interview with Bloomberg on Wednesday, the minister stated that the government would push...Read More
The catastrophic event sparked renewed effort from the global regulators to address key inefficiencies in the stablecoin market that many consider could potentially jeopardize financial stability. The UK government, for one, is introducing measures in a bid to protect investors against the potential collapse of stablecoins. Changing Existing Legislation In a consultation paper released on...Read More
The condition of the global economy seems to be in a state of knockdown. The years of financial boom after the crisis in 2008 ended with the outbreak of the COVID-19 pandemic at the beginning of 2020. Social distancing measures and “stay-at-home” rules crippled production to a serious extent, while numerous central banks took the...Read More
The catastrophic failure of Terra’s algorithmic stablecoin, TerraUSD (UST), last week exacerbated the chaos in the crypto industry and accelerated plans to regulate the stablecoins market. Following the market meltdown, global financial regulators started proposing different legislations to regulate stablecoins better and prevent similar incidents from occurring in the future. UK to Legalize and Regulate...Read More
Though Bitcoin touched the 30,000 level after days of violent dumps befalling the crypto market, a large portion of investors have since then remained underwater. The recent market selloff led by Terra and its two native cryptocurrencies plummeting in value has at one point wiped out the crypto market’s total gains attained from 2021. But...Read More
The founder of the whistleblowing platform WikiLeaks – Julian Assange – could soon be extradited to the United States since the British and the American governments are diligently working on this. Still, the Australian activist will be able to appeal the decision. How Close Is Assange to a US Prison? The creator of the media...Read More
As part of its international expansion efforts, Robinhood signed an agreement to purchase the British cryptocurrency exchange – Ziglu Limited. The former raised hopes that the acquisition will allow it to spread its presence into the UK and across Europe. Robinhood Reveals the Deal With Ziglu The US financial services company – Robinhood – continues...Read More
Even though trading volumes for NFTs have somewhat declined overall, the space is seemingly thriving and getting more attention. The last bit comes from none other than the UK’s Finance Minister – Rishi Sunak. Rishi Sunak – the finance minister of the United Kingdom – has asked the Royal Mint to create a non-fungible token...Read More
UK’s progress in crypto innovation hangs in limbo due to a lack of clarity from the watchdogs. Many high-profile companies are now looking for crypto friendlier pastures elsewhere. If cryptocurrency-based firms wind down their operations, the UK might face a mass exodus as the FCA deadline for receiving approval nears. Regulatory Hurdles in the UK...Read More
South Korea’s National Tax Agency’s chairman Kim Dae-Ji held a meeting this week with tax executives from Bulgaria and Britain to discuss the “rise of tax-dodging schemes” through the use of digital assets. As per a report from a local news outlet, the National Tax Agency plans to further cooperate with Bulgaria and Britain to...Read More
The Advertising Standard Authority (ASA) intensified its negative stance against crypto-related companies. It warned such entities not to encourage individuals to purchase digital assets with credit cards or swap their pensions for coins like bitcoin. The ASA’s Latest Warning The British authorities and financial regulators are known for their harsh stance against the cryptocurrency sector....Read More
Crypto mixer, which can obfuscate data linking a user to certain transactions, is designed to preserve privacy. But it also makes an obvious hotbed for all sorts of illicit activities. Hence, governments and regulators have expressed concerns over such protocols. The UK’s National Crime Agency (NCA) is the latest to call for regulating protocols that...Read More
Alan Chang, the Chief Revenue Officer of Revolut, is reportedly leaving the UK fintech company with plans to raise funds in the millions of dollars for a new cryptocurrency initiative. $100 Million in Funding for New Crypto Venture According to Bloomberg, Chang is set to leave Revolut after working as one of the company’s executives...Read More
The Financial Conduct Authority (FCA) of Britain has ordered that all Bitcoin cashpoints in the country be shut down. ATM providers recently received an order from the watchdog to cease operations, or risk facing enforcement action. Weeding Out Money Laundering Bitcoin ATMs allow holders of cash to independently convert their cash into Bitcoin, or vice...Read More
