FCA: Crypto exchange FTX may be operating in UK without authorisation CRYPTOCURRENCY Britain’s Financial Conduct Authority said on Friday cryptocurrency exchange FTX may be offering financial services or products in the UK without its authorisation. FTX is one of the world’s largest crypto exchanges, raising its profile this year by acting as crypto’s white knight, throwing lifelines to digital asset platforms which have faltered as cryptocurrency prices [...]
More than 90 per cent of IFAs would not suggest crypto to clients IFAs crypto investing Over 90 per cent of Independent Financial Advisors (IFAs) in the UK would not recommend crypto investments to clients. Following the recent crypto crash that saw prices of major cryptocurrencies plunge, 93 per cent of IFAs say they would not advise clients to invest in crypto, research by strategic insight firm Opinium found. The “crypto [...]
Coinbase sheds £0.9bn in second quarter as revenues plunge amid crypto crash Coinbase £0.9bn loss Crypto giant Coinbase lost $1.1bn ($0.9bn) in the second quarter of the year as revenue dropped declined during the crypto crash. $446mn (£365m) of this loss was due to an impairment charge on the exchange’s crypto and venture investments as the “crypto winter” led to plummeting cryptocurrency prices and caused widespread losses across the industry. [...]
Former CMA chair sues crypto exchanges Binance, Kraken and others for £10bn August 9, 2022 Crypto exchanges Binance, Kraken, and others have been hit with a £10bn lawsuit in a competition dispute by the former chair of the UK’s Competition and Markets Authority. Lord David Currie filed the claim against the two crypto giants as well as exchanges Bittylicious and ShapeShift for delisting the BSV cryptocurrency from their platforms, Financial [...]
Crypto firms spend £1.9bn on sports sponsorships as they rack up advertising expenditure August 5, 2022 Crypto companies have spent $2.4bn (£1.9bn) globally over the last year and a half on sports sponsorships as they splurge on marketing. Major crypto firms have signed deals with big athletes, sporting franchises, and leagues as they seek to rival the marketing prowess of non-crypto brands, according to Bloomberg. Crypto exchange Binance has signed with [...]
Crypto firm puts out 10 per cent bounty for stolen funds after £157m vanishes August 5, 2022 Crypto firm Nomad announce today a 10 per cent bounty for the $190m (£157m) stolen funds it lost in a hack this week. The company said it would give the bounty to hackers who return at least 90 per cent of the funds and will consider them to be “white hats”, meaning Nomad would not [...]
Crypto regulation would promote financial stability and tackle ‘inefficiencies’, says Moody’s August 5, 2022 Crypto regulation would be good for financial stability, consumers, and industry efficiency as regulators around the world decide on appropriate laws, Moody’s says. Clear regulations that seek to prevent fraudulent activity and provide guidance to companies would “protect consumers and ensure that the industry does not become a source of financial instability,” the financial services [...]
Coinbase shares soar after BlackRock reveals Bitcoin partnership August 4, 2022 The world’s biggest asset manager BlackRock announced a partnership with Coinbase today to ease the way that institutional investors can buy and track Bitcoin, sending shares in the crypto bourse soaring beyond 30 per cent.
Robinhood lays off almost a quarter of staff as crypto crash continues August 3, 2022 Trading platform Robinhood cut about 23 per cent of its staff as the crypto crash persisted and economic outlook dampened. The company, which enables crypto trading, had previously laid off 9 per cent of its staff to manage costs. The layoffs follow other crypto companies cutting staff as the “crypto winter” causes prices of major [...]
Revolut will offer 22 new cryptocurrencies for UK customers August 3, 2022 Revolut announced today it will offer 22 new cryptocurrencies to its UK customers, expanding the trading platform’s crypto offering to over 80 tokens. The new crypto offerings include Metaverse token APE, DeFi tokens REQ, ETC, and other tokens like CLV, FORTH, AVAX. Revolut previously increased the cryptocurrencies available on its app to 60 tokens from [...]