Jun 8
How Prediction Markets and Crypto Firms Steamrolled a Watchdog Agency
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How Prediction Markets and Crypto Firms Steamrolled a Watchdog Agency
FCA Unveils Shocking Data: UK Crypto Firms Flout Regulations 221 Times
Key Points: Regulatory Breaches: FCA reports 221 violations of new crypto marketing rules since October, with warnings on insufficient risk warnings and misleading claims. Actions Against Businesses: Even legitimate firms face FCA’s scrutiny, as restrictions imposed on Rebuildingsociety exemplify. Binance halts U.K. onboarding. Consumer Protection: The FCA collaborates with platforms to block…
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Crypto Firms Face Turmoil as Prime Trust Fallout Causes Service Disruptions and Concerns
After the Bitgo acquisition deal to purchase Prime Trust fell through, it seems that crypto firms that have worked with the custodian are experiencing problems. On Thursday, Seattle-based fintech startup Stably announced the need to “temporarily pause” certain services and operations. According to reports, the bitcoin payments platform, Strike, is also encountering difficulties and has…
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189 crypto firms shut down following Estonia’s recent regulations
Estonian regulators made amends over the past few years to restore the country’s reputation after a high-profile scandal in 2018 involving Denmark’s Dankse Bank.
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NYDFS to Assess Supervisory Costs from Licensed Crypto Firms
The NYDFS will assess supervisory costs from licensed crypto firms in the state of New York to add top talent to its virtual currency team. This new regulation provides the Department with additional tools and resources to regulate the virtual currency industry. (Read More)
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Binance.US Struggles to Find Banking Partner in the U.S.
Binance.US is facing challenges in finding a bank partner to serve as a fiat on-ramp and off-ramp for its clients in the United States, following the recent failures of Silvergate and Signature Bank. The regulatory crackdown on banks with crypto clients is another factor contributing to the exchange’s struggles. (Read More)
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Crypto Advocacy Group Calls on Regulators to Address De-Banking of Crypto Firms
The Blockchain Association has submitted Freedom of Information Act requests to U.S. financial regulators, seeking documents and communications that could reveal if regulators’ actions have contributed to the recent failures of banks that provide services to crypto firms. The association is investigating allegations of account closures and refusals to open new accounts by banks against crypto…
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Crypto Firms Report Funds Tied Up with Shuttered Signature Bank
Crypto firms including Coinbase, Paxos, and Celsius have reported funds tied up with Signature Bank, which was shut down by New York regulators due to concerns about systemic risk. While some firms expect to recover their funds in full, others have disclosed only that they had exposure to the bank. Other firms in the crypto industry have reassured customers that they had no exposure to Signature…
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