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Binance: Barclays blocks payments to cryptocurrency exchange Binance days after FCA ban – why is it facing action?

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Binance: Barclays Blocks Payments To Binance Cryptocurrency Exchange Days After FCA Ban – Why Is It Traded? (Image: Ina Fassbender / Getty)

Since the FCA issued the warning about the security of the Binance cryptocurrency exchange, it has been scrutinized more intensively by customers, regulators and banks alike.

The move came as part of a wave of international action by government agencies around the world, alerted to the rapid rise and centrality of crypto in new avenues for money laundering and organized crime.

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On June 21, the Chinese government said it would crack down on the significant amount of cryptocurrency mining in the country, with the repercussions of the announcement that the prices of Bitcoin, Dogecoin and Ethereum are falling.

Bitcoin prices even fell below the dreaded $ 30,000 threshold that many commentators claimed could lead to a mass sell-off of the cryptocurrency and even greater volatility.

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Bitcoin price: has it recovered from falling below $ 30,000? Is China still causing …

Another crypto hotspot, South Korea, also seized the crypto assets of around 12,000 citizens accused of tax evasion totaling over $ 47 million, and the Metropolitan Police carried out the largest seizure of cryptocurrencies in the UK to date to fight money laundering – and seized an estimated value of 114 million pounds of cryptocurrency.

Here’s everything you need to know about what the move against Binance means.

What is binance

Binance is a cryptocurrency exchange used worldwide by people looking to trade cryptocurrencies like Bitcoin, Ethereum, and more, with their website providing a centralized platform through which to participate in decentralized currency exchange by buying, selling, or selling loans secured by cryptoassets receives.

Primarily based in the Cayman Islands, Binance Group has a number of companies around the world, including London-based Binance Markets Limited.

Although he recently received a letter of recommendation from the Regional Organized Crime Department in the South East United Kingdom, for “[their] Working together to support our investigation into the delivery of Class A Controlled Medicines over the Dark Web, “Binance has now become a stronger subject of oversight by UK regulators.

Why did the FCA banned Binance?

The FCA said in its statement that Binance Markets Limited, a subsidiary of the larger Binance Group company, “may not conduct regulated activities in the UK” and, as required by the FCA, not “without the prior written consent of the FCA”.

The FCA continued: “No other Binance Group company has any form of UK license, registration or license to conduct regulated activities in the UK.

“The Binance Group appears to offer a range of products and services to UK customers through a website, Binance.com.”

Binance and similar exchanges, which call themselves “the world’s largest crypto exchange”, must be registered with the Financial Conduct Authority (FCA) to operate fully in the UK.

This decision by the tax authorities comes after plans for a new regulated subsidiary “Binance UK” and a crypto exchange based in Great Britain have failed.

The FCA warned UK customers and consumers against investing in cryptocurrency or cryptoassets that are not regulated by traditional government or monetary authorities and operated on a decentralized basis.

Binance tweeted in response that the FCA’s announcement “has no direct impact on the services” it offers on its exchange platform.

“BML is a separate legal entity and does not offer any products or services through the http://Binance.com website.

“Binance Group acquired BML in May 2020 and has not yet launched its UK business or used its regulatory clearances from the FCA.”

The FCA’s measures are not entirely surprising, however, as the company owns the giant crypto exchange Binance Holdings Ltd. is also being investigated for potential criminal activity by several US federal agencies, including the US Department of Justice, the Internal Revenue Service, and the Commodity Futures Trading Commission.

How will Binance’s UK customers be affected?

UK customers using Binance services can still use the platform, but the FCA’s warning urges consumers to be cautious and be aware of the greater risks of investing in cryptocurrencies.

However, the FCA has a deadline of March 31, 2022 that crypto asset companies must comply with and register in order to continue trading in the UK.

Key to the FCA’s concerns about cryptocurrency operations is the rise in scams across social media platforms, often out of the blue asking users about investment opportunities in coins such as Bitcoin, Dogecoin, and Ethereum.

According to the FCA, those using such platforms and trading crypto should “do further research on the product you are considering and the company you are planning to invest with.”

On June 28, UK based users started reporting that they were unable to make faster withdrawals from their accounts on the Binance website after confusion over the future of Binance in the UK.

Those logging into their accounts and preparing for withdrawals were faced with a notice that the payment channel that allows UK users to make quick withdrawals from their sterling accounts was “under maintenance”.

The decision left many users frustrated and skeptical about the timing of this maintenance, which came online just hours after news of the FCA banning the platform.

Has Barclays stopped making payments to Binance?

Today (July 5th), Barclays Bank informed UK customers who had previously made payments to Binance that payments to the platform have been blocked until further notice, stating that this was being done “to help you find your Keeping Money Safe ”.

Barclays customers received the following message:

“Since you made a payment to Binance this year, we wanted to let you know that we are suspending credit / debit card payments until further notice.

“This is to help you keep your money safe.

“For more information, please search FCA Binance online.”

A Barclays spokesman said, “Barclays intends to stop making credit and debit card payments to Binance as of today.

“This promotion does not affect the ability for customers to withdraw money from Binance.

“The decision was made after the FCA warned consumers to keep our customers’ money safe.”

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Cryptocurrency

Neobank launches real-time cryptocurrency conversion

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California-based MovoCash, a neo bank that Launched in 2017, released a new cryptocurrency service for its users last week. The technology called MOVO Chain acts as a curfew on cryptocurrency investments and enables customers to quickly convert 10 different cryptocurrencies into fiat currencies that are stored on a debit card.

The fintech works with the Coastal Community Bank and offers its customers five core services: MOVO Cash, MOVO CASH Cards, MOVO Pay, MOVO Digital Banking and MOVO Chain. MovoCash CEO Eric Solis said the company had registered more than 1.2 million accounts and issued half a million cards.

The company said “United States-based cryptocurrency users can convert and send / spend funds by debit card to anyone with an email address or cell phone number.

The new service can make crypto more important as a medium of exchange. Solis’ vision for the service is for customers to “use Bitcoin and other major cryptocurrencies as long-term savings and fiat for their daily payments.”

In order to process the conversion of cryptocurrency into cash, neobank has teamed up with the payment service provider BitPay.

According to Solis, Bitpay acts as a firewall “between the bank and the crypto” so that “over time [the payment] If you get anywhere near the bank, it’s back in fiat currency. “More specifically, the payment is stored in the form of tokens on an electronic debit card that can be sent to another electronic device.

Partnership with bank

Eric Sprink, President and CEO of Coastal Community Bank, said he was proud to work with neobank.

“MOVO Chain is providing MOVO customers with a unique solution that enables them to seamlessly convert and send cash values ​​from their Bitcoin or other cryptocurrency holdings,” he said in a statement.

MovoCash caters to a wide audience with its mobile banking services, from celebrities to those who make a living from paycheck to paycheck. Solis does not expect MOVO Chain to be used by all or even most of Neobank’s customers.

“I think the percentage of our users using Bitcoin is probably the same as what you would find in a general sample of society,” he said. The service fills a niche for selected customers who want to use cryptocurrencies like Bitcoin and Ethereum as an asset class, but want to access these funds for payments at any time.

The company recently signed up to Equity crowdfunding on StartEngine. To date, MovoCash has raised $ 219,204 from 106 investors on the crowdfunding site. In total, the fintech has raised around $ 1.5 million for a convertible bond. MovoCash has more than 420.8 million US dollars in user deposits and cites a growth rate of 242% in 2019 and 2020. neobank cites its security and the contactless end-to-end payment experience as reasons for its success.

Solis said he anticipates user accounts growth will grow organically as customers send payments and suggest the app to friends and family.

Movo has competition

MovoCash is hardly the first Neobank to offer its customers services related to cryptocurrencies. Update recently released a Bitcoin Rewards credit card that offers customers 1.5% bitcoin refunds when they use the card. Fintech Paybby plans share a cryptocurrency platform this summer as the company seeks to increase the popularity of crypto with minority investors. The Neobank electricity plans to launch crypto products in the future.

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Why Ethereum Could Surpass Bitcoin In The Near Future – Crunchbase News

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By Ahmed Shabana

Even after major cryptocurrencies experienced a threatening collapse from their all-time highs in April, most have soared 200 percent to 300 percent or more from that point in the past year. Bitcoin is making all the headlines, and there are legitimate concerns about its roller coaster nature.

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But what about Ethereum? Ethereum was conceived in 2013 and is an open source platform that helps develop and implement new decentralized applications with the same core concepts as blockchain.

The difference between Ethereum and Bitcoin has caught the attention of large market players like Goldman Sachs, who recently advised investors that Ethereum has a good chance of surpassing Bitcoin’s market cap of $ 660 billion.

The Ethereum network holds more promise because of its real world applications and its ability to store value. Ethereum represents the future of programmable money and smart contracts in ways that older cryptocurrencies like Bitcoin cannot.

Ethereum simplifies worldwide payments

Since the Ethereum network supports the development of new applications in its infrastructure and enables their creation, it is potentially a more valuable resource in the long run. Ether (ETH) will be used to pay for these transactions, as last seen with the booming popularity of NFTs this spring. The result is a much higher usage rate for Ether with far more transactions than Bitcoin in the last 12 months.

Ahmed Shabana from Parkpine Capital

Despite the recent decline in cryptocurrencies, ether rose nearly 1,000 percent in the past 12 months, compared to the 300 percent increase in Bitcoin. Where a Bitcoin is a pure token of value – a currency that is backed by the perceived value of those who own it – Ethereum and the ETH blockchain fuel each other. The recent upgrades to the Ethereum network are helping it to scale much faster and lower transaction costs on the network, which further drives the price of the tokens up.

Instead of having a central instance that monitors how the applications run on the Ethereum network and which transactions are processed, Ethereum-based apps are booming. The most common types of these apps are DeFi. These apps saw 2,000 percent growth in 2020, with more than $ 16 billion in crypto assets stored in their logs by the end of the year.

The future of ETH

Ether started 2020 at $ 125.63 and grew nearly 500 percent to $ 729.65 by the end of the year. It hit $ 4,380 briefly in 2021, but has since hovered between $ 1,700 and $ 2,500, sometimes rising or falling as much as $ 1,000 in a single week.

The big question is where will ETH end in 2021. Many projections are relatively optimistic, with an average price target of between $ 3,500 and $ 4,500 by the end of the year and average long-term projections of $ 11,170 by 2025. However, there are some who see it even faster and more substantial during this time grows.

In a recent Forbes article, a panel of crypto experts including Sagi Bakshi and Lex Sokolin predict that ETH could climb as high as $ 19,842 by 2025 and that by the end of 2022, due to its growing utility in the world, it could increase the The most common cryptocurrency could be the marketplace.

These experts name a number of upgrades that will be made to the network in 2021 that will lower the currently high transaction costs and dramatically increase the benefits. An expert on the panel, Sarah Bergstrand, estimates that ETH could reach US $ 100,000 by 2025.

The biggest upgrade contemplated by investors is EIP-1559, which will overhaul the transaction fee system used by Ethereum. Instead of sending charges to miners who perform tasks on the network, users send the charge to the network itself, which wipes out the charge, reduces the overall supply, and then increases the value of the currency.

The future of cryptocurrency regulation

Ethereum represents a sustainable, function-oriented approach to cryptocurrencies that will support the future of DeFi. But many people stay on the sidelines waiting for government regulations to be implemented.

While longtime cryptocurrency investors lament the idea that regulations limit the freedoms currently available in the market, large investors and corporations see the inevitable implementation of such regulations as a source of stability that could lead to mass adoption.

After several months of chaos, the Biden government is examining how to tackle the markets. A congressional committee has been set up to review digital currencies, the FDIC has asked banks to provide documentation on how they use digital assets, and auditor Michael Hsu is reviewing all current and past guidelines on cryptocurrencies. The chairman of the US Securities and Exchange Commission warns bad actors of impending enforcement and regulation.

Overall, many view these changes as good. When markets are regulated, they become safer for everyday users, and Ethereum can go “normal” with the range of decentralized apps that support and enable it.

Ahmed Shabana is a venture capitalist, startup advisor, investor and entrepreneur. He is Managing Partner of Parkpine Capital, Founder of the Global Ventures Summit, and Creator of The Hungry Company.

Illustration: Li-Anne Dias

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Google’s New Cryptocurrency Ad Policy Goes Into Effect – Featured Bitcoin News

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Internet giant Google’s new advertising policy has come into effect. The company now allows certain cryptocurrency displays, such as: B. those that advertise the exchange of cryptocurrencies and wallets. Advertisers must meet certain requirements and be certified by Google.

Google now allows some crypto ads

Google’s new advertising policy for financial products and services, announced in June, has come into effect. A note on the internet giant’s website:

Starting August 3, advertisers offering US-targeted cryptocurrency exchanges and wallets will be able to advertise these products and services if they meet the following requirements and are certified by Google.

To be certified by Google, advertisers must either be registered with the Financial Crimes Enforcement Network (FinCEN) as a money services company or be a federally or state-recognized bank. They must also meet the relevant legal requirements and their ads and landing pages must comply with Google’s advertising guidelines.

In 2018, Google banned ads related to “cryptocurrencies and related content (including, but not limited to, Initial Coin Offerings)”. [ICOs], Cryptocurrency exchanges, cryptocurrency wallets and cryptocurrency trading advice) ”as well as advertisements for crypto-related“ aggregators and affiliates ”. Google then allowed selected crypto ads in the US and Japan.

Last June, Sydney-based law firm JPB Liberty filed a class action lawsuit against Google, Facebook and Twitter for banning cryptocurrency ads.

While the new policy allows certain crypto ads, Google still doesn’t allow ads for ICOs, defi-trade protocols, and those that “promote the buying, selling, or trading of cryptocurrencies or related products.” In addition, “ad targets that aggregate or compare issuers of cryptocurrencies or related products” are prohibited.

One of the prohibited ad categories is “Celebrity Cryptocurrency Recommendations”. Many scammers have taken advantage of Google and Youtube to promote fraudulent Bitcoin giveaways. Apple co-founder Steve Wozniak sued Google and Youtube last July for promoting Bitcoin advertising fraud using his name and likeness. However, the court ruled in Google’s favor.

What do you think of Google changing its policy to allow ads in cryptocurrency? Let us know in the comment section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation to make an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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