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FCA’s enforcement of new advertising guidelines triggers changes in the UK crypto space, prompting high-profile exits and the birth of compliance gatekeepers. On Oct. 8, the UK’s Financial Conduct Authority (FCA) announcув a novel set of rules under the Policy Statement PS23/6. These guidelines were specifically crafted to oversee the promotion of crypto assets in the UK.  The immediate aftermath of this introduction saw a substantial shakeup, with many crypto companies deciding to exit the UK market due to the heightened regulatory environment. High-profile departures and market realignments have also been evident, emphasizing the significant impact of these regulations.  Let’s delve deeper into this topic and try to unravel the intricacies of these changes and understand the present state of the UK’s crypto sector in light of the FCA’s new regulations. Crypto firms respond to FCA’s regulatory overhaul The introduction of the FCA’s new pr...

Jonathan Farnell, the compliance officer of Binance in the UK, has left the company. In a comment to crypto.news, Binance’s spokesperson confirmed Farnell’s departure. “We’d like to thank Jonathan for his contributions and wish him all the best on his next challenge.” Binance representatives According to his LinkedIn page, Farnell left Binance Markets Limited at the end of September. He had already left his senior role at Binance Europe in June. Now, he heads the Bifinity subsidiary. You might also like: Exploring FCA’s new crypto promotion rules and their implications Binance under regulatory pressure Binance is still under increasing regulatory pressure in the U.S., where it is embroiled in disputes with two regulators, and the UK. Many top managers have left the company in recent months amid ongoing repression. Over the past few months, several more top management employees have left the company. We are talking about the head of the Asia-Pa...

G20 finance ministers say the document is necessary to achieve macroeconomic and financial stability goals. The G20 Finance Ministers and Central Bank Governors (FMCBG) adopt ed a crypto roadmap designed to support a coordinated regulatory framework for all group members. As reported by Business Standard, the roadmap called on boosting the World Bank’s capacity to support the “low and middle-income countries to meet the global challenges.” The new regulatory guidelines are based on updates from the International Monetary Fund and Financial Stability Board. According to the roadmap, jurisdictions should implement the Financial Action Task Force (FATF) anti-money laundering and counter-terrorist financing (AML/CFT) standards to “address risks to financial integrity” and mitigate criminal and terrorist misuse of cryptocurrencies. You might also like: G20 leaders support FSB recommendations on crypto regulation G20 and crypto regulations In ear...

Ukraine ’s Ministry of Digital Transformation unveiled its strategic plan for regulating artificial intelligence (AI) on October 7. This comprehensive plan, available on the ministry’s official website, aims to equip local businesses with the necessary tools to brace themselves for the eventual adoption of AI legislation, mirroring the European Union’s AI Act. Moreover, it seeks to raise awareness among citizens about safeguarding themselves against potential AI-related risks. The essence of this plan rests on a bottom-up approach, advocating a gradual progression from minimal regulation to more robust oversight. Its primary objective is to empower businesses with the resources needed to preemptively address forthcoming regulatory requirements before they are officially enacted. The roadmap also allocates a preliminary timeframe for companies to adapt to the potential legal changes expected within the next two to three years. Deputy Minister of Digital Transformatio...

Ripple Labs, Inc. secured another legal victory over the U.S. Securities and Exchange Commission (SEC) as the court denied the SEC’s request for an interlocutory appeal against the San Francisco-based blockchain company. In an order issued on Oct. 3, U.S. District Judge Analisa Torres dismissed the SEC’s motion, rejecting the claim that there was a “substantial ground for difference of opinion.” The judge also disagreed with the SEC’s assertion that the appeal would “significantly expedite the ultimate conclusion of the legal proceedings.” “The SEC’s motion for certification of interlocutory appeal is denied, and the SEC’s request for a stay is denied as moot.” U.S. District Judge Analisa Torres You might also like: Ripple CEO calls US one of the worst regions for crypto startups While the recent court ruling may appear to be another positive development for the cryptocurrency market, Ripple’s leg...

1,432 individuals and corporations in South Korea have reported holding $98 million in crypto overseas, which is 70% of all reported assets. Cryptocurrencies like Bitcoin (BTC) accounted for the largest share of South Korea’s reported overseas assets in the latest report by the country’s tax organization. South Korea’s National Tax Service (NTS) issued an official announcement on Sept. 20, stating that 1,432 individuals and corporations reported overseas accounts in cryptocurrency this year. The total reported amount in crypto was 130.8 trillion Korean won (KRW), or $98 million, which makes up more than 70% of the total amount in all reported overseas assets. According to the official data, a total of 5,419 entities reported their overseas financial accounts, holding a total of 186.4 trillion KRW ($140 million) in assets like cryptocurrencies, stocks as well as deposits and savings. While cryptocurrencies were the biggest reported overseas assets by the amount of reported assets ,...

Hong Kong is aiming to finalize stablecoin regulation s by mid-2024 , highlighting the territory’s contrasting approach to mainland China.  Legislative Council member Duncan Chiu has signaled that Hong Kong is on track to finalize its stablecoin regulations by mid-2024. The announcement was made at the Shanghai Blockchain International Week, according to a local news outlet.  Hong Kong potentially wants to establish the region as a web3 nexus, driven by regulations and diverging from China’s more restrictive stance on cryptocurrency. Regulatory roadmap for Hong Kong’s stablecoin regulation Chiu revealed that the legislative body is presently in its second consultation phase to formulate guidelines for stablecoin issuers. This marks a significant step in the region’s effort to foster a crypto-friendly environment, as it follows the introduction of a licensing system for cryptocurrency exchanges back in June. The licenses permitted the exchanges to offer...

The SEC settled with Nashville-based Linus Financial, Inc. for not registering its crypto lending product, appreciating its cooperative stance and swift corrective measures. The Securities and Exchange Commission (SEC) settled charges against Linus Financial, Inc., stemming from its failure to register offers and sales related to its crypto lending product, the Linus Interest Accounts. The regulator opted against imposing civil penalties, citing Linus Financial’s cooperation and immediate rectification steps. In March 2020, Linus Financial introduced the Linus Interest Accounts in the U.S., allowing investors to exchange U.S. dollars for a promise of interest. These funds were converted into crypto currency assets, with Linus Financial pooling them and overseeing their utilization to generate revenue for both the company and the interest payments for investors. The SEC determined these accounts were marketed and sold as securities, making their offers and sales liable for SE...

Lawyers representing the former FTX CEO say he's being served a “flesh diet” in prison even though he's vegan, and has been subsisting on bread, water and peanut butter. FTX founder Sam Bankman-Fried has seemingly been doing it tough behind bars, eating only bread with peanut butter to accommodate his vegan diet, while exhausting his supply of prescription medication. In the same hearing where Bankman-Fried pleaded not guilty to seven fraud-related charges, Bankman-Fried’s lawyers pleaded for the former FTX CEO to receive better treatment inside Brooklyn’s notorious Metropolitan Detention Center (MDC), according to an Aug. 22 transcript shared by the Inner City Press. Bankman-Fried’s attorneys claimed that due to the lack of vegan options provided by the prison, he had been forced to subsist on a diet of bread, peanut butter and water. The former FTX boss refused to eat the “flesh diet” being served at the MDC. Mark Cohen: They are serving him a flesh diet. He is only eating b...

The United States Securities and Exchange Commission isn't likely to block the debut of Ethereum futures ETFs, according to sources. The price of Ether (ETH) surged around 11% to $1,700 following news that the United States Securities and Exchange Commission is set to allow the first exchange-traded funds (ETFs) based on Ether Futures. According to an Aug. 17 report from Bloomberg — which cited anonymous sources familiar with the matter — the regulator does not look as though it will block the applications of nearly twelve companies, including ProShares, Volatility Shares, Bitwise and Roundhill, that have filed to launch Ether (ETH) futures ETFs in recent weeks. Breaking The SEC is expected to green light an ETH futures ETF The beginning of something potentially massive here… pic.twitter.com/x9KtOpCqei — Bankless (@BanklessHQ) August 17, 2023 It remains unclear which ETF applications would be approve d by the SEC; however, officials indicated that several of the filings may be...

Regulators in Australia today announced the termination of FTX Australia ’s license to offer financial services in the country nine months after the crypto firm imploded.   The company’s Australian Financial Services (AFS) License, which is required for any Australian company to operate a financial services business, was revoked on July 14. Despite the termination of the license, the Australian Securities and Investment Commission (ASIC) said that FTX may still “provide limited financial services that relate to the termination of existing derivatives with clients.”  The regulator also noted that FTX Australia must remain a member of the Australian Financial Complaints Authority while continuing to compensate retail clients. These conditions are in place until July 12, 2024. Was FTX funded by Chinese capital flight? Read more: Exploring the similarities between crypto exchanges Binance and FTX ASIC had previously announced that it was suspending FTX Australia’s license...

Coinbase has asked the court to dismiss the lawsuit filed against the company by the US Securities and Exchange Commission (SEC), stating that the tokens mentioned in the lawsuit are not “investment contracts” and therefore do not qualify as crypto asset securities.  Coinbase refutes the SEC label of digital assets on its platform  U.S. crypto exchange giant Coinbase filed a 177-page response to the SEC’s complaint on June 28, stating that the SEC lacked the regulatory power to oversee digital assets. In June, the SEC sued Coinbase for operating as an unregistered broker, national securities exchange, and clearing agency. The lawsuit also mentioned Coinbase’s staking program along with 13 tokens including DASH, NEXO, FLOW, SOL, and ADA, labeling them as securities .  You might also like: Sen. Cynthia Lummis lambasts SEC over enforcement actions against Coinbase Meanwhile, the document claimed that Coinbase’s business remains ...