Tag Archives: united kingdom

Several crypto exchanges are taking steps to adhere to recently imposed regulations by the UK government. These regulations require crypto entities to inform users about the risks associated with trading digital assets and to promote their services responsibly. These measures have been implemented as part of the Financial Services and Markets Act in the UK, which has expanded its scope to include firms dealing with crypto and stablecoins, subjecting them to the same...

Financial technology company Revolut is reportedly planning to halt cryptocurrency purchases for its business clients in the United Kingdom. As stated by Revolut, the suspension will enable the company to make necessary adjustments in response to the new rules on crypto promotion by the UK’s Financial Conduct Authority (FCA), which will take effect in January 2024. Revolut to Temporarily Stop Crypto Purchases Revolut’s UK business customers will only be able to sell and hold...

Although far behind the United States in terms of revenue and the number of users, the UK crypto industry maintains a strong pace of growth, growing much faster than the world’s largest crypto market. According to data presented by AltIndex.com, the UK crypto industry grossed $1.9bn this year, showing a massive 137% year-over-year growth. This figure is expected to double and hit $3.77bn by 2027. The Fastest-Growing Crypto Industry Among the Top Five Markets Over the years, the United Kingdom...

The largest US-based crypto exchange experienced a threefold increase in law enforcement requests in the current year compared to 2020, as revealed in its latest transparency report. The total number of requests during the reporting period amounted to 13,079, marking approximately a 6% rise from the previous year. Notably, the United States maintained its position as the leading country in both 2022 and 2023, with a slight uptick in the number of requests in 2023. Coinbase...

Major cryptocurrency exchange Binance has stopped onboarding new users from the United Kingdom, pending when the firm can find a new FCA-authorized partner to approve its cryptocurrency promotions. The UK financial regulator restricted Binance’s previous local partner from approving crypto marketing materials. Binance Currently Unable to Promote Crypto to UK Customers Binance said it will place temporary restrictions on its platform for users in the United Kingdom as it is...

Coinbase co-founder and CEO Brian Armstrong has condemned the planned move by Chase UK, a subsidiary of the US-based multinational financial services behemoth JPMorgan, to restrict its clients in the United Kingdom from making cryptocurrency transactions. The Coinbase chief advised UK crypto holders to close their accounts with Chase in response to the bank’s ban. Armstrong Not Pleased With Chase UK Crypto Restrictions Brian Armstrong took to X to slam Chase UK’s crypto...

Chris Larsen – Co-Founder and Executive Chairman of Ripple – applauded the United Kingdom for turning into a financial and technological hub that aids the advancement of different innovations. The ongoing regulatory uncertainty in the United States and the lawsuit between the crypto company and the US SEC have prompted Ripple to expand globally. The UK has been among the destinations with the most open roles. Putting the UK on a Pedestal Larsen retweeted a post by Jeremy...

11 members of a drug operation have been arrested and jailed after taking part in an operation through which they sold 40 kilograms of cocaine on the streets of the United Kingdom. Crypto Crime in the United Kingdom is Getting Bigger However, once they were placed behind bars, their crimes didn’t end. They got in touch with friends and family members and used them to launder their criminal funds through Coinbase, one of the biggest and most popular digital...

The United Kingdom Financial Conduct Authority (FCA) said it will extend the deadline for crypto firms to implement the strict marketing rules created to protect consumers. According to an official release, the core rules will still come into effect from October 8, 2023, while measures that require greater technical development, like the 24-hour cooling-off period, can be implemented from January 8, 2024. FCA Extends Deadline for New Crypto Rules The FCA has labeled...

The London Stock Exchange (LSE) is reportedly planning to develop a digital markets enterprise. The move aligns with its broader strategy to become the first major exchange offering comprehensive trading of traditional financial assets on blockchain technology. One of the world’s oldest stock exchanges which can trace its history back more than 300 years, is “definitely not building anything around cryptoassets.” The focus is rather on blockchain technology to improve the...