One of the biggest centralized crypto exchange platforms in the world is planning on delisting a popular privacy-focused altcoin in two European nations in the coming months. In a new article, crypto exchange Kraken says it’s going to be delisting Monero (XMR), a blockchain focused on anonymity that launched in 2014, from Ireland and Belgium […]
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Blockchain-based payments firm Ripple Labs can now provide certain digital asset services in Ireland. In a new statement, the San Francisco-based firm says the Central Bank of Ireland (CBI) has just granted its local subsidiary, Ripple Markets Ireland Limited, the license to operate as a Virtual Asset Service Provider (VASP). VASPs can carry out transactions […]
The post Central Bank of Ireland Adds Ripple to List of Registered Virtual Asset Service Providers appeared first on The Daily Hodl.
To date, Irish authorities managed to recover approximately 4 million euros of the 20 million euros lost in banking scams since January 2023.
Fraudsters in Ireland prefer targeting traditional banking customers instead of cryptocurrency investors amid a two-year-long bear market.
The frequency of cryptocurrency scams is often directly proportional to the hype and profits around the ecosystem at a given time. It appears that the ongoing crypto bear market has helped eradicate at least some of the bad actors, including scams and businesses, while it has largely retained serious investors who believe in due diligence.
The resultant difficulty in targeting crypto investors has led scammers in Ireland to focus on banking customers. According to the Irish Independent, in 2023, Irish people lost nearly 20 million euros ($21.8 million) to scammers posing as banking officials. A source revealed:
“In the last few months, what has become more and more common is that victims have been contacted often by phone or by email by fraudsters who are saying they work for legitimate, high-profile British banks or trading houses.”
Fraudsters mimicking traditional banks approach unwary customers through phone calls and emails. The Irish police are currently investigating numerous frauds of a similar nature and have been successful in retrieving 2 million euros ($2.1 million) from one of the scammers.
Irish authorities have recovered approximately 4 million euros of the 20 million euros lost to banking scams since January 2023. Detectives confirmed with the Irish Independent that crypto scams are no longer the dominant form of investment scams despite accounting for 95% of scams at its peak.
Instead of plotting complex crypto scams, fraudsters mimic banking websites and brochures to convince victims to part with their savings. Detectives have identified well over 20 bank accounts in the United Kingdom being used by the fraudsters but are yet to dismantle the operation.
The Bank of Ireland warned customers to be suspicious of banking employees pressurizing them into acting quickly and without thinking — a technique commonly used by scammers to dupe investors.
Related: Binance users in Hong Kong lose $450K in wave of fraud texts: HK police
While Ireland investigates the rising scams against banking customers, an Australian bank recently claimed that 40% of scams “touch” crypto.
During a panel at the Australian Blockchain Week on June 26, Sophie Gilder, managing director of blockchain and digital assets at Commonwealth Bank, said:
“One in three of the dollars that are scammed from Australians touch crypto, one in three. So it’s the single largest lever that we have to reduce this impact on our customers.”
Nigel Dobson, banking services portfolio lead at ANZ, referred to data from the Australian Financial Crimes Exchange suggesting that the figure may be even higher, at 40%.
Magazine: Beyond crypto: Zero-knowledge proofs show potential from voting to finance
US-based crypto exchange Kraken is reportedly adding to its suite of products with the addition of traditional stock offerings. According to a new report by Bloomberg Law, sources familiar with the matter say that Kraken is planning on offering US-traded stocks and exchange-traded funds (ETFs) to its customers. This marks the first time that Kraken […]
The post US-Based Crypto Exchange Kraken Continues Expansion by Pushing Into Traditional Stock Offerings: Report appeared first on The Daily Hodl.
One of the top US-based crypto exchanges is expanding globally into major European financial hubs. According to a new press release, Kraken Exchange has secured an E-Money Institution (EMI) registration with the Central Bank of Ireland, as well as a Virtual Asset Service Provider (VASP) registration with the Bank of Spain. Ireland’s EMI license will allow […]
The post Crypto Exchange Kraken Pushes Ahead With Expansion, Obtaining Key Authorization in Ireland and Spain appeared first on The Daily Hodl.
Gabriel Makhlouf reportedly said there was an “uncomfortable” level of crypto advertisements targeting young adults.
Gabriel Makhlouf, the governor of the Central Bank of Ireland, reportedly supports legislation which would ban advertising crypto projects to young people.
According to a Jan. 25 report from Bloomberg, Makhlouf said before the Committee on Finance, Public Expenditure and Reform, and Taoiseach there was an “uncomfortable” level of crypto advertisements targeting young adults. The central bank governor reportedly referred to many cryptocurrencies as “unbacked” assets and suggested lawmakers “find a way” of banning related ads.
Makhlouf cited the implementation of the European Union’s Markets in Crypto Assets, or MiCA, framework as one of the central bank’s milestones for 2023. EU policymakers have pushed back a final vote on the crypto framework to April.
Read Governor Makhlouf's opening statement at today’s Committee here –https://t.co/Ce6CwRWNmu pic.twitter.com/Wa11wELnBq
— Central Bank of Ireland (@centralbank_ie) January 25, 2023
Ireland’s central bank issued a warning in March 2022 about the risks around crypto investments, referring to many advertisements as misleading — “particularly on social media, where influencers are being paid to advertise crypto assets.” Makhlouf has also previously criticized investments in crypto, saying people should be “prepared to lose all their money”.
Related: Central Bank of Ireland nixes crypto funds: Too difficult 'for a retail investor'
Authorities in other jurisdictions have also targeted crypto-linked advertisements both online and in the physical world. The United Kingdom’s Advertising Standards Authority cracked down on many ads in 2022, including those part of marketing campaigns from Coinbase, Kraken and eToro. In the United States, the Securities and Exchange Commission arranged a $1.26 million settlement with celebrity Kim Kardashian over a story on her Instagram account promoting the EthereumMax (EMAX) token.
Coinbase has announced it has secured regulatory approval as a virtual asset service provider (VASP) in Ireland, according to a company blog post published on Dec. 21. According to the company, Coinbase has been approved by Ireland’s central bank which means the company can “provide products and services to individuals and institutions in Europe and […]
Operations in the country will be overseen by Cormac Dinan, a former employee of Crypto.com, Deloitte and Citigroup.
Crypto exchange Coinbase was granted permission by the Central Bank of Ireland to act as a virtual asset service provider (VASP), according to a Dec. 21 announcement. The company’s operations in the country will be overseen by Cormac Dinan, a former employee of Crypto.com, Deloitte and Citigroup.
Under the VASP registration, Coinbase Ireland will be subject to the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010.
Two Coinbase entities are covered by the VASP registration: Coinbase Europe Limited and Coinbase Custody International Limited. The first provides crypto trading services to European customers, while Coinbase Custody International provides crypto custody services to institutional clients across the region.
Nana Murugesan, vice president for international and business development at Coinbase, commented on the approval:
“Our Irish regulatory approval demonstrates our commitment and collaboration with the Central Bank of Ireland. Coinbase views regulation of the industry as an enabler for crypto’s growth, setting clear ground rules that will create an environment which encourages innovation and strengthens trust in the sector.”
The executive also emphasized the importance of the European Union’s political agreement on the Markets in Crypto-Assets framework in providing one of the most significant regulatory frameworks for crypto worldwide. According to Coinbase, additional registrations or license applications “are in progress in several major markets.”
Related: Regulatory and privacy concerns trail SEC’s threat to Coinbase
In 2018, Coinbase started operating in Ireland after concerns about Brexit’s impacts on its business in EU countries. Since then, the company has been active in various activities, including market operations, compliance, cybersecurity, legal and customer experience. Coinbase obtained its first license in the country in 2019 when Ireland’s central bank granted it an e-money license, securing passporting for customers across the EU and European Economic Area.
Alongside Ireland, Coinbase has dedicated hubs in the United Kingdom and Germany; in the latter country, Coinbase is under scrutiny due to the outsourcing of some of its essential banking operations. In September, the company was registered with De Nederlandsche Bank, the central bank of the Netherlands, allowing the crypto exchange to offer its retail and institutional crypto products in the country.
Crypto trading platform Gemini was the first firm in the space to register as a VASP with the Central Bank of Ireland in July 2022.
Adults in Ireland have become slightly less interested in crypto with a drop in ownership from 12% to 10% in the last year.
The number of crypto investors in Ireland has decreased slightly in the past year, or so it appears according to recent data from Finder.com.
The report revealed that cryptocurrency adoption in the island nation has dropped by approximately 16.6% within the last year. Of the surveyed adult Irish internet users, 10% own cryptocurrency, as opposed to 12% in 2021.
Finder’s crypto specialist James Edwards commented that such a small decrease is actually a positive shock given the state of the bear market.
“We saw huge drops in the price of Bitcoin at the start of May and June and while we did see a reduction in the number of people holding cryptocurrency it’s not as severe as expected."
Edwards says the data suggests that despite the selloffs, the low drop in holders signals both hodlers and even more purchasing at discounted rates.
The survey also highlighted the dominance of Irish male investors over female investors, with 72% of surveyed holders being men. This gender gap is in line with the reality of the entire crypto space, which is highly male-dominated.
This is slowly changing as the space continues to integrate with various global industries. According to the BTCM Investor Study Report of 2021, the amount of women investors that entered the space increased by 126%.
Irish investors are most keen on Bitcoin (BTC) at 35% ownership among local users. This is followed by Dogecoin (DOGE) (26%) and Ether (ETH) (23%).
Related: Dogecoin launches new update to improve security and efficiency
Generally, Ireland has been a friendly jurisdiction for cryptocurrency companies. In fact, in October 2021, Binance established three subsidiaries in Ireland and a fourth in November.
The crypto exchange Gemini received its virtual assets provider license in Ireland in July 20 of this year. Kraken and Ripple are two other crypto-centric companies that have chosen Ireland as the European headquarters.
New York-based crypto exchange Gemini opened its local office in Dublin, Ireland, last year. Now, it is granted with a VASP license.
New York-based crypto trading platform Gemini claims to be the first one to get registered as a virtual asset service provider (VASP) by the Central Bank of Ireland (CBI). Earlier in February 2022, a company received an electronic money institution (EMI) authorization from the CBI.
The news was reported on Gemini’s official blog on Tuesday. As Gillian Lynch, head of Ireland and the European Union for Gemini, commented on the release:
“Gemini was founded on the ethos of asking for permission, not forgiveness. Since day one, Gemini has engaged with regulators around the world to help shape thoughtful regulation that both protects consumers and fosters innovation.”
Individuals and institutions in Ireland now can access Gemini’s exchange and custody services to buy, sell and store over 100 cryptocurrencies along with the euro and Great British pound.
Related: Ireland bans political crypto donations on foreign interference fears
The EU’s Fifth Anti-Money Laundering Directive, or 5AMLD, was transposed into Irish law in April 2021, making it illegal to operate in the country without the registration from the CBI and carrying out due diligence on clients — including identification, accounting for the origin and destination of their crypto assets and reporting suspicious financial activity.
The e-money license, for which Gemini applied in early 2020 and received in March 2022, has been allowing it to issue electronic money, provide electronic payment services and handle electronic payments for third parties, but to operate as an exchange.
Gemini opened its Dublin office in early 2021 and hired Gillian Lynch, a former executive at the Irish banking platform Leveris and Bank of Ireland, as head of Ireland and Europe. Kraken and Ripple have also selected the country as their European base, and Binance opened three subsidiaries in Ireland in September.
