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UK crypto clampdown: FCA unveils slew of new rules

LUS QuestionsCategory: DivorceUK crypto clampdown: FCA unveils slew of new rules
Ira Barnes asked 7 months ago

The lawsuits against Binance and Coinbase Global have increased fears the crypto market’s ordeal could be prolonged further after the sector was battered by a string of meltdowns including the bankruptcy of FTX, Binance’s biggest competitor, last year.

The prospect of a deal, which reportedly includes scope for an additional 1 million barrels per day of Iranian production, had knocked down West Texas Intermediate (WTI) crude by $3.50 to just shy of $69 at one point on Thursday.

The decision comes weeks after Binance Australia told customers they would lose access to Australian dollar deposits and withdrawals because payments provider Cuscal cut access.

“If we don’t see that regulatory clarity emerge in the US we may have to consider investing more elsewhere in the world,” Coinbase CEO Brian Armstrong told a conference in London.

The fact that the price of bitcoin held up well after the SEC asked for more information on the bitcoin ETF filings suggested sentiment is not turning bearish, said Ed Moya, senior market analyst at Oanda.

However, the asset remains less than half its all-time high of $69,000.

(Reporting by Tom Wilson in London; Editing by Sharon Singleton)

Top token bitcoin last week hit $31,818, its highest for a year, and is up more than 80% in price so far in 2023.

Tether is the largest stablecoin that aims to maintain a 1:1 peg with the U.S.
dollar. Tron is the ninth largest cryptocurrency with a $6.3 billion market value, main site while ether is the largest after bitcoin, with its $210 billion market capitalization.

The news helped bitcoin bounce out of the doldrums and snap two consecutive weeks of losses. BlackRock filed for a prospective spot bitcoin ETF on June 15, undeterred by the Securities and Exchange Commission’s (SEC) past record of rejecting every such application.

cryptocurrency platform of operating illegally because it failed to register as an exchange, a move which came just a day after the regulators sued Binance, the world’s largest cryptocurrency exchange, and its CEO Changpeng Zhao. The U.S.

Securities and Exchange Commission (SEC) on Tuesday sued Coinbase, accusing the largest U.S.

In a speech on Wednesday, Lowe reiterated that some further tightening may still be required to bring inflation to heel, though that would depend on how the economy and inflation evolve.

Investors pulled around $780 million from Binance and its American affiliate, Binance.US, in the 24 hours since the Securities and Exchange Commission launched legal action against the company.

The emergency order on Tuesday evening came a day after US regulators sued Binance’s billionaire CEO Changpeng Zhao¬†over an alleged ‘web of deception’ and ‘blatant disregard for the federal securities laws’ – sending investors into a frenzy.

(Reporting by Manya Saini and Niket Nishant in Bengaluru; Ankur Banerjee and Rae Wee in Singapore; Editing by Devika Syamnath and Pooja Desai)

Plans for BlackRock’s ETF were reported by CoinDesk earlier in the day.

The U.S. dollar index, which measures the currency against a basket of six major peers, rebounded 0.09% to 103.41, but still close to the low of 103.29 reached on Thursday, a level last seen on May 23.

Leading crypto asset bitcoin briefly dipped before recovering to trade 0.3% firmer at $26,601 after crypto exchange Binance said it was suspending dollar deposits and would soon pause fiat currency withdrawal channels following a U.S.

Securities and Exchange Commission crackdown.

In its tweet on Thursday, Binance.US said crypto-denominated trading, deposits, withdrawals and “staking” – where users deposit cryptocurrencies for use in blockchain transactions – would remain fully operational.

Crypto prices barely reacted to the news, with bitcoin last trading up 0.4% at $26,610.

It was headed for a weekly loss of about 1.9%, after having dipped to an over two-month low of $25,350 earlier in the week as the SEC crackdown stoked nerves.

corporate earnings: JM Smucker

The dollar was marginally firmer overall.

Events to watch for later on Tuesday: * U.S. Secretary of State Antony Blinken visits Saudi Arabia * U.S.

SYDNEY, June 8 (Reuters) – Commonwealth Bank of Australia (CBA) said on Thursday it would block some payments to certain cryptocurrency exchanges as part of a suite of new anti-scam measures that would limit customer crypto payments.