Tag Archives: united kingdom

PayPal announced that it will temporarily suspend crypto purchases on its platform for its U.K. based users beginning in October. The move comes in response to evolving regulatory guidelines provided by the Financial Conduct Authority (FCA) – Britain’s chief market regulator. PayPal Pauses Crypto Buys Per an email received by certain U.K. users on Wednesday, the suspension will take effect on October 1, and is expected to last until early 2024. “Your crypto remains safe,”...

A group of lawmakers in Canada is calling for full-on regulation of the crypto industry. Will Canada Regulate Crypto? In a recent report, the lawmakers wrote: While many emphasized Canada’s strong regulatory safeguards, such as provincial securities regulation and federal anti-money laundering and anti-terrorism financing obligations, witnesses stated that governments need to partner with industry to better understand this rapidly evolving sector and enact...

The leading financial technology company – Revolut – reportedly plans to increase its global cryptocurrency team by hiring up to 20% more employees by the end of 2023. The move comes somewhat unexpectedly since the firm recently disclosed that it will suspend digital asset services to US-based customers from September. As revealed by Financial News, Revolut is set to onboard over 1,000 people this year across the United Kingdom, Europe, and India. Approximately 40% of those...

James Wharton – a former campaign manager to Boris Johnson that’s now leading an education quango – is being questioned over his alleged ties to a crypto lobbying firm. James Wharton Criticized for Ties to Crypto Wharton presently leads an organization known as the Office for Students (OFS). However, he’s also launched a new public affairs company designed to help clients “navigate the complexities” of Westminster. He also provides legal counseling on regulated...

Not long ago, regulators in the United Kingdom said crypto trading was akin to gambling. In other words, betting on bitcoin was like sitting at a blackjack table. Not exactly the best metaphor, but we get what the country means. Is the United Kingdom Wrong About Crypto? However, there are many that don’t agree with this sentiment. In fact, they think it’s downright wrong, and they say it shows a dangerous lack of understanding. Amongst the people that feel this...

Andrew Griffith, economic secretary to the UK Treasury, said that equating crypto assets as a form of gambling would risk creating misalignment with international standards and approaches from other major jurisdictions, including the European Union. Responding to a Treasury Committee’s report on regulating crypto, Griffith said that such a move would potentially create unclear and overlapping mandates between financial regulators and the Gambling Commission. Regulating Crypto...

Simon Hoadley – a 66-year-old retired financial advisor who lives in East Sussex, the UK – has reportedly become a victim of a “horrendous” cryptocurrency scam that drained nearly $100,000 from him. Fortunately, legal experts managed to recover nearly all the lost funds. Scammers Have No Mercy As reported by Mirror, Hoadley was looking to earn some extra money during the COVID-19 pandemic as his dad was dying from cancer, whereas his wife was living in a care home. At that...

Earn Your First Bitcoin Sign up and get $12 Bonus Referral bonus up to $3,000 Sign up Is investing in crypto equivalent to gambling? That’s how the United Kingdom sees it, and leaders are suggesting that crypto be regulated in the same way the U.K. oversees gambling activities. The United Kingdom Sees Crypto Investing as Gambling To an extent, one can argue that investing in crypto is sort of a...

Leading cryptocurrency exchange Gemini has announced the launch of its Ethereum (ETH) staking program in the United Kingdom. Dubbed Gemini Staking Pro, the product will enable institutions and high-net-worth individuals to run validators on the Ethereum blockchain. The development aligns with Gemini’s expansion plans, as the staking program is already live in the United States (except New York), Hong Kong, Brazil, Singapore, Australia, and over 30 other countries. Gemini...

The United Kingdom has grand aspirations of becoming a digital assets hub, just as London already is for traditional finance. However, those plans are being thwarted by watchdogs and policymakers who want to take a heavy-handed approach to regulation. On May 17, it was reported that a panel of UK lawmakers said crypto assets should be regulated as gambling “given they are potentially used by fraudsters and pose significant risks to consumers.” The report from Parliament’s...