#Binance one of the world's largest cryptocurrency exchanges, has recently announced that it will stop accepting deposits and withdrawals in British pounds (GBP) from March 30, 2023. This move comes as a result of regulatory pressure faced by the exchange from the UK Financial Conduct Authority (FCA).

The #FCA has been cracking down on cryptocurrency exchanges operating in the UK without proper authorization, and Binance has been one of the exchanges that has faced regulatory challenges. As a result, the exchange has decided to cease #GBP transactions in an effort to comply with local laws and regulations.

While the decision to stop accepting GBP may come as a surprise to some users, it is part of a broader trend towards greater regulatory compliance in the #cryptocurrency industry. As more countries seek to regulate cryptocurrency exchanges, many exchanges are making changes to their operations in order to avoid regulatory action.

In a statement announcing the decision, Binance said that it is committed to working with regulators around the world to ensure that it is in compliance with local laws and regulations. The exchange also emphasized that it remains committed to providing a safe and secure platform for its users.

The decision to stop accepting GBP transactions is likely to have an impact on Binance's UK-based users, who will need to find alternative platforms for depositing and withdrawing GBP. However, Binance has said that it will continue to support other fiat currencies, such as euros and US dollars.

It is worth noting that Binance's decision to stop accepting GBP transactions is not an isolated incident. Other cryptocurrency exchanges, such as Kraken and Bitstamp, have also stopped accepting GBP transactions in response to regulatory pressures in the UK.

While the move may be seen as a step towards greater regulatory compliance, it is also likely to have a negative impact on the wider cryptocurrency market. The reduced availability of GBP on global cryptocurrency exchanges could limit liquidity for GBP-denominated trading pairs, which could make it more difficult for traders to buy and sell cryptocurrencies using GBP.

Overall, Binance's decision to stop accepting GBP transactions is a significant development for the cryptocurrency industry. While it may be seen as a necessary step towards greater regulatory compliance, it is also likely to have a negative impact on some users and on the wider cryptocurrency market.

In a move aimed at addressing the diversification of tokens issued on blockchains, Japan’s Financial Services Agency (FSA) has released responses to public comments solicited in December last year concerning the eligibility of various tokens as crypto assets and how to supervise acquired crypto exchange companies.

The FSA has been working towards clarifying the interpretation of crypto assets under the Payment Services Act. As part of this effort, the agency released a partial revision (draft) of the “Administrative Guidelines (Volume 3: Financial Companies)” on December 16, 2011, with public comments solicited at that time.

@azcoinnews

The amendment (draft) mainly focused on clarifying the interpretation of crypto assets eligibility for various tokens issued on the blockchain, supervisory responses to crypto exchange service providers in light of the diversification of business models, and supervisory responses to the crypto exchange service provider in case of selling or transferring the crypto exchange service provider due to the transfer of the shareholder by the major shareholder of the crypto exchange service provider, among other things.

The FSA has now released its views on the eligibility of NFTs as crypto assets based on the revision (draft) of the Administrative Guidelines (Volume 3: Financial Companies) and public comments. NFTs, or non-fungible tokens, are digital assets that represent ownership of a unique item, such as art or collectibles, and are issued on a blockchain.

According to the FSA’s response, NFTs can be considered as crypto assets if they meet certain criteria, such as being transferable or exchangeable, having value that can be determined by the market, and being recorded on a blockchain. The agency has also emphasized the need for appropriate risk management and transparency in the issuance and trading of NFTs.

The FSA’s response is expected to provide greater clarity to the cryptocurrency industry in Japan, particularly in relation to the supervision of crypto exchange service providers. The agency has previously taken a strict stance on regulating the industry to prevent money laundering and protect investors.

With the increasing popularity of NFTs and the diversification of tokens issued on blockchains, it is crucial for regulatory agencies to keep up with the changes and provide clear guidelines for the industry. The FSA’s response is a step towards achieving this goal and is expected to have a positive impact on the development of the cryptocurrency market in Japan.

#Japan #FCA #Bitcoin #NFT #azcoinnews

This article was republished from azcoinnews.com

The UK's Financial Conduct Authority (FCA) has dropped some big news, revealing that a whopping 87% of crypto firms didn’t make the cut for registration this year. Either rejected, withdrawn, or refused—these companies fell short as the regulator amps up its fight against fraud and focuses on protecting investors. 🔐
🔥 Key Highlights:
Stricter Marketing Rules: New guidelines require a 24-hour cooling-off period for crypto investments, ensuring that promotions are clear, fair, and not misleading. 📜450 Alerts Issued: Early in 2024, the FCA flagged 450 illegal crypto promotions to protect consumers from high-risk investments. 🚨Global Impact: The FCA is not just local—it's leading the charge on global crypto regulations and enhancing anti-fraud measures. 🌍
📈 What’s Next for Traders?
Keep an eye on how these regulations might impact your favorite crypto projects. 💥With stricter rules in place, it’s time to double-check which firms are fully compliant before diving in! 💡
#CryptoTrading take on the FCA's new approach? Drop your thoughts below and stay tuned for more crypto insights! 👇
#FCA #BinanceBlockchainWeek #BinanceSquareFamily #Write2Earn!

Post By: CryptosHeadlines.com
PayPal UK has completed its registration process with the UK’s Financial Conduct Authority (FCA) to offer cryptocurrency-related services in the region. This move follows the UK Treasury’s release of its regulatory framework for crypto assets.

As of October 31, PayPal UK’s registration with the UK’s financial regulator is in effect. However, there are specific limits imposed on PayPal UK’s crypto services unless the FCA grants additional authorization, as indicated in an FCA notification.
PayPal UK faces restrictions that prevent it from acquiring new clients and limit existing users to holding or selling tokens, with no option to purchase new ones.
The FCA has also prohibited certain services, including peer-to-peer transactions, participation in initial coin offerings, offering staking services, and engaging in DeFi activities like crypto lending and borrowing. Additionally, PayPal UK cannot operate machines for automated cryptocurrency exchanges.
Crypto Purchase Halt and UK Crypto Asset Regulation
Due to the FCA’s guidelines, PayPal paused cryptocurrency purchases in the UK in August until 2024. This decision coincided with the UK Treasury’s recent announcement of plans for crypto asset regulation.
These plans aim to include many crypto asset activities within the regulatory framework for financial services, requiring cryptocurrency service providers to register with the FCA and adhere to anti-money laundering rules.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Bitcoin #CryptoNews #PayPal #UK #FCA

A U.S. appeals court has revived investor Michael Terpin’s lawsuit against telecommunications company #AT&T concerning the theft of $24 million in cryptocurrency following a SIM swap hack. This decision allows Terpin to continue his legal claims under the Federal Communications Act (#FCA ).
Key Claims Reconsidered
A Ninth Circuit Court of Appeals panel reinstated a key claim in the case, in which Terpin alleges that AT&T allowed hackers to take over his phone account, leading to the loss of his #Cryptocurency portfolio. This ruling reinstates part of the lawsuit that had been previously dismissed and allows Terpin to continue his claims based on federal laws protecting telecommunications data.
Fraud and Negligence by AT&T
The court ruled that Terpin presented enough evidence to show that AT&T's failure to protect his account resulted in hackers gaining access to his phone number through a fraudulent SIM swap. They then used this number to access his personal data and change his passwords, ultimately stealing $24 million worth of cryptocurrency.
The 2018 SIM Swap Hack
The hack occurred in January 2018, when a group of #hackers , led by 15-year-old Ellis Pinsky, allegedly paid AT&T employees to transfer Terpin’s phone number to a SIM card under their control. Despite new security measures implemented after a previous breach, the hackers found a way to bypass the protection. Once they gained access to his phone number, they changed his passwords and stole the cryptocurrency.
Legal Battles with Hackers
Pinsky returned his portion of the stolen funds, but another hacker, Nicholas Truglia, was ordered by a Los Angeles court to pay Terpin $75.8 million in damages. This case highlighted the vulnerability of cryptocurrency accounts during SIM swap attacks.
AT&T and Hacking Incidents
Around the same time, AT&T faced another issue with hackers allegedly stealing customer information, such as call logs and text messages. AT&T reportedly paid $400,000 in bitcoin to hackers to remove the stolen data, although the company officially neither confirmed nor denied the payment.
What’s Next?
The reinstatement of Terpin’s claim allows the lawsuit to proceed, with Terpin seeking $24 million in damages, plus interest and legal fees. His legal team believes this verdict may pave the way for other consumers to sue telecommunications companies for insufficient protection during SIM swaps.
AT&T has apologized to Terpin but noted that most of the allegations against the company were dismissed, and they remain confident in defending the remaining claims. This case has attracted attention from blockchain experts, as the number of #HackingIncidents related to cryptocurrency continues to rise.

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

One of the world’s largest financial institutions, Legal & General Investment Management (LGIM), is charting a bold course into the blockchain era. As one of the UK’s most established financial institutions, with an impressive $1.5 trillion in assets under management, LGIM’s move towards fund tokenisation marks a significant moment in the evolution of asset management.
Transforming Traditional Finance Through Technology
The investment giant's initiative to digitize its offerings comes at a crucial time when the financial industry is experiencing unprecedented technological transformation. By exploring the tokenization of its liquidity funds, LGIM is positioning itself alongside industry titans like BlackRock and Franklin Templeton in the race to modernize investment services.
This strategic shift was recently unveiled by LGIM's Global Head of Trading, Ed Wicks, who highlighted the firm's commitment to revolutionizing their liquidity fund offerings. These funds, traditionally used for managing short-term cash reserves, are set to undergo a digital metamorphosis that promises to reshape how investors interact with financial products.
UK's Progressive Regulatory Framework
The timing of LGIM's blockchain adoption aligns perfectly with the UK's forward-thinking regulatory environment. Following a landmark decision in November 2023, the British government created a comprehensive framework for tokenized funds, demonstrating the nation's commitment to financial innovation. This regulatory breakthrough emerged from collaborative efforts between the UK Treasury, the Financial Conduct Authority (FCA), and leading investment firms.
The new guidelines establish clear parameters for fund tokenization, ensuring that while innovation flourishes, investor protection remains paramount. Authorized funds can now leverage blockchain technology for transactions, provided they maintain traditional valuation methods and focus on mainstream assets.
Revolutionizing Investment Management
Under the leadership of outgoing CEO Michelle Scrimgeour, who chairs the Working Group spearheading this transformation, LGIM is reimagining the future of fund management. The integration of blockchain technology promises multiple benefits:
Enhanced Operational Efficiency: Automation and smart contracts will streamline administrative processes, reducing manual intervention and associated costs.Improved Accessibility: Tokenization opens investment opportunities to a broader investor base, democratizing access to sophisticated financial products.Advanced Risk Management: Blockchain's transparent nature enables better monitoring and management of investment risks.Real-time Settlement: Digital assets can potentially enable faster, more efficient transaction settlement.
Future of Asset Management
LGIM's blockchain initiative represents more than just technological adoption—it's a fundamental reimagining of how investment products are structured and delivered. By tokenizing traditional investment vehicles, the firm is creating a bridge between conventional finance and the digital future.
The potential impact extends beyond immediate operational improvements. Tokenization could enable the creation of more customized investment solutions, allowing investors to access previously unavailable opportunities. This technological leap forward might also facilitate fractional ownership of assets, making high-value investments more accessible to retail investors.
Setting New Industry Standards
As one of the UK's largest asset managers, LGIM's move into blockchain technology sets a compelling precedent for the entire financial sector. The firm's initiative demonstrates how established institutions can embrace innovation while maintaining their commitment to security and regulatory compliance.
This transformation comes at a time when traditional finance is increasingly intersecting with digital innovation. LGIM's approach shows how blockchain technology can be integrated into conventional financial services without compromising the stability and trust that investors expect from established institutions.

#LGIM #UK #FCA