The Financial Conduct Authority (FCA), UK’s primary regulatory watchdog, has finally recognized Ripple’s XRP token in a similar fashion as it has for Bitcoin (BTC) and Ethereum (ETH). The latter two crypto coin systems had already been classified as being an exchange or utility token, as opposed to being deemed a security and then subject…
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It is always nice to be first at something, and Prime Factor Capital Ltd., a London-based investment management firm, achieved this relatively unique status by becoming the first firm to receive the “green light” from the Financial Conduct Authority (FCA) for its crypto-focused hedge fund. The fund will also fall within the auspices of the…
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The UK’s regulatory watchdog was in the press again yesterday. Per its press release: The Financial Conduct Authority (FCA) is proposing rules to address harm to retail consumers from the sale of derivatives and exchange traded notes (ETNs) referencing certain types of cryptoassets. The FCA considers these products are ill-suited to retail consumers who cannot…
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The Financial Conduct Authority (FCA) and the China Securities Regulatory Commission (CSRC) have made it clear today that they both approve the Shanghai and London Stock Exchanges’ proposed new Shanghai-London Stock Connect. The Stock Connect scheme launches today and is a aims to encourage cross-border investment between the countries and provide investors and companies in…
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Regulators have a tough enough time policing their domestic jurisdictions, but with the complexities of global commerce, cyber threats proliferating across the globe, and shady virtual businesses evading the rule of law, the need for ample coordination and cooperation between national regulators is paramount. Due to this need, the United States Commodity Futures Trading Commission…
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Cryptocurrency scams and theft are undeniably two of the largest and most serious problems in the crypto space. Security issues arise almost every month now. The latest “casualty” was Binance, through which hackers stole $40 million in digital coins. The stolen amount was equivalent to around 7,000 Bitcoins at that time. Hackers stole API tokens…
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The UK regulator FCA has issued several Decision Notices today in respect of three firms and five individuals. The companies names are Financial Page Ltd, Henderson Carter Associates Limited and Bank House Investment Management Limited and the individuals - Andrew Page, Thomas Ward, Aiden Henderson, Robert Ward and Tristan Freer. The FCA will take the…
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The Financial Conduct Authority (FCA) has announced yesterday that it has fined Standard Chartered Bank £102,163,200 for Anti-Money Laundering (AML) breaches. This is the second financial penalty for AML controls failings in less than 5 moths imposed by the regulator. In December 2018, the FCA fined the former Chief Executive Officer of Sonali Bank (UK)…
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The UK Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) have just announced that they have agreed two MoUs to ensure there is continuity once the UK leaves the European Union. Last week, ASIC announced that new laws are about to protect financial service consumers in Australia. According to several independent…
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The UK Financial Conduct Authority (FCA) has just confirmed that all companies acting in or from the United Kingdom are prohibited from selling, marketing or distributing binary options to retail consumers. Back in January 2018, the regulator has urged the public to be vigilant to the threat of online investment fraud, revealing that last year investors…
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