Cryptocurrency News Official TheBitTimes.com

The Financial Conduct Authority (FCA) issued a final warning to companies promoting crypto assets to UK consumers. This warning letter detailed the agency’s previous outreach efforts and endeavors to assist crypto firms in complying with the rules. A bolded final warning The UK government has brought forward legislation that would bring certain crypto assets in scope of the financial promotion regime, according to a prior June 8 announcement. Under these rules, all firms marketing crypto assets to UK consumers, which includes overseas firms, must comply with these regulations from Oct. 8 onwards. However, the letter cited that the regulatory body is “concerned by the poor engagement from many unregistered, overseas crypto asset firms who have UK customers on this important change.” According to the FCA, only 24 out of 150 firms responded to a survey issued. You might also like: UK FCA unveils guidelines for crypto operators ahead of ‘Travel Rule’ enf...

A recent study has revealed that two-thirds of crypto firms in the UK are failing to verify the credentials of the financial firms they conduct business with. The research from anti-money laundering software firm SmartSearch reveals that, out of 500 financial institutions it surveyed in the UK, ranging from crypto firms, gaming outlets, and banks, only 28% often carry out verification checks. In addition, the research found that 70% of high street banks, 56% of challenger banks, half of casinos, and over half of property developers also failed to carry out verification checks.  SmartSearch’s managing director Martin Cheek stressed, “While Know Your Customer checks are a well-established part of compliance, know your business is just as critical, enabling firms to assess the risk posed by new business customers .” UK watchdog FCA warns crypto firms miss money laundering Read more: Nomo Bank latest in UK to block Binance payments Cheek added, “Firms across financial s...

Ukrainian authorities allege crypto exchange s have evaded over $81 million in contributions to the national budget over the past ten years. A tweet from Aug. 2 highlighted that non-affiliated crypto exchanges were accountable for a tax deficit of at least 3 billion hryvnia, approximately equivalent to $81 million. The amount covers the period from 2013 to 2023. Бюджет втратив 3 млрд грн податків від діяльності криптобірж Деталі https://t.co/9ZyXZjsLOl pic.twitter.com/mXz2fPpPf9 — Economic Security Bureau of Ukraine (@ESBU_gov_ua) August 2, 2023 In an Aug. 2 announcement, the Economic Security Bureau of Ukraine shared the results of an Analysis of trading activities on exchange s established by Ukrainian residents. The government authorities state that Ukranian exchanges would have participated in about $55 billion worth of trading across digital assets from 2013-2023. Considering that each exchange in the country determines its trading fee for transactions, which may b...

The legislation now waits on King Charles’ table for royal assent, the final step required for a parliamentary bill to become law. A bill bringing crypto currencies under the same rules applied to traditional assets is set to pass into law in the United Kingdom as it reaches the final stages for King Charles’ royal assent on June 29, the final step required for a parliamentary bill to become law. Approved by the upper chamber of the U.K. parliament on June 19, the Financial Services and Markets Bill has been discussed in the British Parliament since July 2022 and is expected to increase legal clarity and support the adoption of crypto currencies in the country. The new law will give the Treasury, Financial Conduct Authority (FCA), Bank of England and Payments Systems Regulator the power to introduce and enforce regulations for crypto businesses. #HouseOfLords conducts ‘tidy up’ of the #FinancialServicesBill from 3.15pm before it is returned to @HouseOfCommons to consider Lords cha...

The wallet developer also raised $4.5 million from HackVC and other firms to further advance ZK-based enterprise solutions. Demox Labs has debuted a new wallet for the privacy-oriented Aleo blockchain network, according to a June 1 announcement. Called “Leo,” the wallet allows users to generate zero-knowledge (ZK) proofs within their browsers, letting them interact with Aleo’s ZK-based apps. Aleo is in its testnet phase but expects to launch a mainnet later this year. According to the announcement, Demox also raised $4.5 million from investors to further develop ZK-proof technology through Aleo and other networks. Over 40,000 users signed up for the Leo wallet waitlist in the period leading up to its debut. Congratulations to Demox Labs, creators of @theLeoWallet for securing $4.5m in funding. We are proud to have a top-notch team building the future of privacy on @AleoHQ https://t.co/4P5bNVx4Ea — Aleo (@AleoHQ) June 2, 2023 The funding round was led by venture capital firm ...

The Neuralink device is designed to be surgically implanted and, according to CEO Elon Musk, will eventually be marketed to the general public. Elon Musk’s brain -computer interface (BCI) startup, Neuralink, reportedly received approval from the United States Food and Drug Administration (FDA) to conduct some form of “in- human ” trials for its surgically implanted brain device.  Congratulations Neuralink team! https://t.co/AWZGf33UDr — Elon Musk (@elonmusk) May 26, 2023 It’s unclear at this time what kind of trials the Neuralink tweet is referring to — the only other information mentioned was that the company isn’t accepting applicants yet. Neuralink was denied the FDA’s approval for human trials in early 2022 over several concerns related to safety, which, at the time, the company was reportedly working to resolve. The FDA’s apparent U-turn would indicate that such concerns have been worked out, and the company should then be free to conduct limited testing of its sur...

On this week’s episode of The Market Report, Cointelegraph’s resident experts discuss ChatGPT pump-and-dump tokens and why you should be cautious. This week on The Market Report, the resident experts at Cointelegraph discuss dozens of pump- and -dump token s purporting to be related to ChatGPT and Bing AI chat. We will be doing things a little differently this week since our handsome and charming host, Joe Hall, will be somewhere over the Atlantic during the livestream and will not be able to join us. Not to worry, though, as our resident experts Marcel Pechman and Sam Bourgi are here, as always, to break down the latest news in the markets. Bitcoin bulls ignore recent regulatory FUD by aiming to flip $25K to support The New York State Department of Financial Services ordered Paxos to “cease minting” the Paxos-issued Binance USD (BUSD) dollar-pegged stablecoin. On Feb. 16, a bank account controlled by Binance.US moved over $400 million to the trading firm Merit Peak, which is suppose...