Cryptocurrency regulation: The FCA will publish its cryptocurrency review later this year April 9, 2018 The UK’s markets watchdog is set to publish its review of cryptocurrencies in the third quarter this year after issuing a number of warnings on the controversial digital assets. In its business plan for the financial year ahead, the Financial Conduct Authority (FCA) said the review was part of a taskforce with the Treasury and [...]
Crypto-phobia risks tarnishing blockchain with the bitcoin brush April 9, 2018 Bitcoin, the most well-known cryptocurrency, has been associated with dark and unsavoury topics such as human trafficking, money laundering, and most recently indecent image transfer. As such, cryptocurrencies, and their foundational technology blockchain, have been negatively tainted in the public eye. While we cannot shy away from confronting this dark side of cryptocurrency, there remains [...]
Cryptocurrency derivatives: Financial Conduct Authority (FCA) warns firms offering crypto derivatives need its approval April 6, 2018 The City watchdog has warned that firms offering financial services linked to cryptocurrency derivatives must be approved by the Financial Conduct Authority (FCA) and comply with all the rules in the regulator’s handbook. While the FCA does not currently regulate cryptocurrencies, it said crypto derivatives are capable of being financial instruments under Mifid II – [...]
Cryptocurrency exchange Coincheck has been snapped up by Japan’s Monex for £24m April 6, 2018 Japanese financial services firm Monex Group today announced it will buy the troubled cryptocurrency exchange Coincheck for ¥3.6bn (£24m). Coincheck, which Monex called a “pioneer” among cryptocurrency exchanges, suffered a $534m (£382m) hack in January. Monex confirmed earlier this week it was interested in making a bid for the exchange, but it said it has [...]
Could the bitcoin price (BTC) rocket back to $20,000, or are they halcyon days over? Here’s what the analysts say March 27, 2018 Bitcoin’s price hovered around the $8,000 mark today after dropping yesterday on the news that yet another tech giant was banning crypto adverts on its platform, but some analysts say it could rocket back up to $20,000 this year. Having fallen from more than $13,000 at the start of the year, Jordan Hiscott, chief trader [...]
Twitter joins Facebook and Google in tightening cryptocurrency advertising rules, Bitcoin drops below $8,000 March 26, 2018 Twitter has become the latest tech giant to ban advertising of cryptocurrency on its platform, sending Bitcoin’s value below $8,000. The company told Reuters today that it will not allow promotions for initial coin offerings (ICOs) or cryptocurrency wallet services, following the likes of Google and Facebook which have taken similar actions recently. Some crypto-exchanges [...]
Hacker who made ATMs spit out €10m at a time to buy cryptocurrencies arrested in Spain March 26, 2018 The leader of a criminal gang which hacked into cash machines to make them spew out money as part of a €1bn (£870bn) swindle has been arrested. Europol today announced that Spanish police had apprehended the head of a cybercrime syndicate, which targeted over 100 financial institutions in 40 countries with two pieces of malware, [...]
The fintech revolution is democratising finance, and London is leading the way March 26, 2018 It has been a busy seven days for those who work in fintech or follow its developments closely. A week ago today, we saw unlikely partners come together at the start of the Innovate Finance Global Summit. The City’s 800 years of Gothic grandeur of the Great Hall played host to leading innovators, investors, politicians, [...]
World’s largest cryptocurrency exchange Binance could face criminal charges in Japan for operating without proper registration or licensing March 23, 2018 Binance, the Hong Kong-based cryptocurrency exchange that is believed to be the largest in the world by volume, has been told it could face criminal charges if it continues operating in Japan without the proper registration, permission or licensing. The Japanese Financial Services Agency issued the group a warning on Friday, which could lead to [...]
The missing link: Four ways blockchain will change the face of retail banking March 22, 2018 It's no secret that the retail banking system is in dire need of an upgrade. There is a strong case to be made for a decentralised banking system based on blockchain. With high barriers to entry (particularly in the financially vulnerable and unbanked section of the market), and the security concerns around centralised stores of [...]