Crypto News
Unlock the Truth Behind FCA and Met Police Bitcoin ATM Crackdown in East London
The United Kingdom Financial Conduct Authority (FCA) continued its crackdown on illegal Bitcoin automated teller machines (ATMs) this week, announcing it had inspected several sites in East London suspected of hosting unregistered machines. As per an announcement by the FCA on March 8, the financial regulator stated that it had investigated several sites in the East London area alongside the Metropolitan Police, and would continue to “identify and disrupt” unregistered crypto ATM businesses in the UK. The latest development in the FCA’s ongoing battle against illegal ATM operators follows similar raids conducted in Leeds earlier this year, alongside the West Yorkshire Police’s Digital Intelligence and Investigation Unit.
Current Prime Minister of the United Kingdom, Rishi Sunak, laid out a comprehensive plan to make the UK a “global crypto asset technology hub” in early 2022, during his time serving as Chancellor of the Exchequer. Since then, the UK parliament introduced the Economic Crime and Corporate Transparency Bill, which extended police powers to make it easier to “seize, freeze and recover” cryptoassets in a bid to combat money laundering. This week’s raids by the FCA are part of the larger effort to crack down on illegal crypto operations in the UK.
Bitcoin ATMs exploded in popularity in 2021 in lockstep with the cryptocurrency market surge of that year, which saw Bitcoin, Ethereum, and the broader crypto market cap ascend to all-time highs. Over 2,000 Bitcoin ATMs were being installed monthly around the globe during the summer of 2021. However, that trend has since reversed, with 1,054 Bitcoin ATMs closing down between February and March of 2023 alone. According to global data from CoinATMRadar, there are currently 1,469 Bitcoin ATMs operating in the European region, of which just 18 are operational in the UK. There are 32,164 Bitcoin ATMs in the United States alone, amounting to 86% of the worldwide figure.
The United Kingdom Financial Conduct Authority is continuing to crack down on illegal Bitcoin ATMs in the UK. This follows the introduction of the Economic Crime and Corporate Transparency Bill, which extended police powers to make it easier to “seize, freeze and recover” cryptoassets in a bid to combat money laundering. Bitcoin ATMs have seen a resurgence in popularity in recent years, as the cryptocurrency market surged to all-time highs. However, the market has since reversed, with 1,054 Bitcoin ATMs closing down between February and March of 2023 alone. This week’s raids by the FCA are part of the larger effort to crack down on illegal crypto operations in the UK.
#UKFCA #BitcoinATMs #CryptoAsset #CryptoCrackdown #EconomicCrime
You can read more about this topic here: Decrypt: FCA, Met Police Continue Bitcoin ATM Crackdown in East London
The post Unlock the Truth Behind FCA and Met Police Bitcoin ATM Crackdown in East London first appeared on Byte Syze Crypto.
Tron founder and advisor to the exchange, Justin Sun, has stated that Huobi could get a Hong Kong crypto license in six to twelve months. Specifically, Sun told Coindesk that the exchange applied to become a virtual asset service provider (VASP) last week. Additionally, Sun discussed the process of the VASP application and his belief that the crypto exchange could have an answer by the end of the year. Huobi had recently relocated to Hong Kong, aiming to launch Huobi Hong Kong by the summer. Sun was asked about embracing potential competition in the Canadian market and noted the strict regulatory standards in the country, referring to the Caribbean, Hong Kong, and Japan. There has been no verification of other cryptocurrency exchanges that have applied for a similar license, however, Coindesk reported Sun’s expectation that five to six other exchanges could make the move.
This news is good for Huobi as they are in the process of obtaining a crypto license in Hong Kong, which would allow them to operate in the region and serve customers. Other exchanges may also apply for the license, and the grace period given to the exchange could provide them with the opportunity to get approval in the next six to twelve months.
#Huobi #HongKong #CryptoLicense #VASP #JustinSun
You can read more about this topic here: Watcher Guru: Justin Sun Says Huobi Could Get Hong Kong Crypto License in 6-12 Months
The post Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year first appeared on Byte Syze Crypto.
#CryptoSafety #RugPulls #DefiExploits #ProtectInvestors
You can read more about this topic here: Watcher Guru: Crypto Rug Pulls Outvalued Defi Attacks in May, $45 Million Lost
The post Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May first appeared on Byte Syze Crypto.
The Commodity Futures Trading Commission (CFTC) has proposed a re-modelled rule-set for risk management as part of its effort to respond to the U.S. banking crisis. Commissioner Christy Goldsmith Romero highlighted the need for such regulations due to the risks posed by the emergence of technologies like crypto, AI, and cloud services. The CFTC’s advance notice of proposed rulemaking will be open for public comments for 60 days. The final version will then be voted upon. #CFTC #RiskManagement #Crypto #Regulations
You can read more about this topic here: Watcher Guru: Crypto: U.S. CFTC Looking to Change Risk Rules
The post CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry first appeared on Byte Syze Crypto.
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