Barclays-backed Copper withdraws UK crypto license application

December 20, 2024 Coin Telegraph

Barclays

The UK FCA previously said that almost 90% of annual crypto license applications had failed as of September.

Update (Dec. 20, 10:40 am UTC): This article has been updated to include exclusive interview comments from Copper.

Copper Technologies, a cryptocurrency custody firm backed by British multinational bank Barclays, has withdrawn its crypto license application in the United Kingdom.

Copper withdrew its application to register with the UK’s Financial Conduct Authority on Dec. 20, saying it will shift focus to foreign hubs under its new CEO, the firm confirmed to Cointelegraph on Friday.

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FCA issues warning, bans Pump.fun in the UK

December 6, 2024 Coin Telegraph

Coin Telegraph

The United Kingdom’s financial watchdog has blocked Pump.fun following a warning that the firm is not authorized in the country.

The United Kingdom’s Financial Conduct Authority (FCA) has issued a warning about the memecoin generator platform Pump.fun, stating that the platform is not authorized to operate in the country.

The warning, issued on Dec. 3, notes that the platform “may be providing or promoting financial services or products without our permission” in the UK.

The notice adds that customers dealing with Pump.fun won’t have access to consumer protections, such as the Financial Ombudsman Service or the Financial Services Compensation Scheme. The FCA said:

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Ex-Binance employee sues UK exchange, alleging bribery: Report

November 28, 2024 Coin Telegraph

Binance

Amrita Srivastava, who worked at Binance from 2022 to 2023, alleged reporting a bribe at the crypto exchange resulted in her dismissal.

A former senior employee at Binance has reportedly filed a lawsuit against the cryptocurrency exchange’s United Kingdom arm, making allegations including bribery and unfair dismissal.

According to a Nov. 28 Bloomberg report, former Binance employee Amrita Srivastava sued the crypto exchange in the UK, claiming that another worker solicited bribes from a customer. She alleged that she was unfairly dismissed from her position a month after bringing the matter to management’s attention in April 2023.

Srivastava alleged that the unnamed Binance employee accepted the bribe “under the guise of providing consultative services.” An exchange spokesperson reportedly said the alleged bribe “was already known,” and Srivastava’s employment was terminated for “poor performance” at the firm.

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United Kingdom to Introduce Regulation for Crypto in 2025

November 22, 2024 Bitcoin.com

bitcoin.com

Stablecoins and staking services will be covered by the regulations which will provide clarity for the crypto sector in the United Kingdom. UK Looking to Attract Crypto Companies The United Kingdom (U.K.) plans to share a legislative framework to regulate the cryptocurrency industry early next year, as the U.K. attempts to keep up with crypto […]

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MoonPay boosts self-custodial crypto spending with new solution

November 13, 2024 Coin Telegraph

Bitcoin

MoonPay Balance will support deposits and withdrawals in euros and British pounds, with future plans to expand to the US.

Cryptocurrency infrastructure firm MoonPay is moving to improve self-custodial spending by introducing a new payment solution allowing users to hold and spend fiat balances.

On Nov. 13, MoonPay officially introduced MoonPay Balance, a new payment tool enabling users to store and spend fiat balances on MoonPay and use it as an entry point to interact with decentralized finance (DeFi).

The new solution empowers users to spend balances through MoonPay’s direct integration with non-custodial or self-custodial wallets like MetaMask, Phantom and Bitcoin.com, according to an announcement shared with Cointelegraph.

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UK-based pension scheme makes 3% Bitcoin allocation

November 4, 2024 Coin Telegraph

Bitcoin

Cartwright reported that an “unnamed scheme” based in the UK had made a 3% allocation of Bitcoin into its pension fund.

United Kingdom-based pension specialist Cartwright reported that an “unnamed scheme” had made a 3% allocation of Bitcoin into its pension fund.

According to a Nov. 4 notice, Cartwright reported that “after a rigorous training and due diligence process,” a UK pension scheme had chosen to make the Bitcoin (BTC) allocation, citing its “long investment time horizon.”

The firm’s head of investment implementation, Steve Robinson, said the crypto investment would help “reduce reliance on employer contribution.”

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Man Sues City Council for $647,000,000 for Blocking Him From Digging Up Old Hard Drive With Bitcoin: Report

October 14, 2024 The Daily Hodl

Bitcoin

A UK man is reportedly suing his city council for hundreds of millions of dollars for not allowing him to dig up his old hard drive containing Bitcoin (BTC) from a landfill. According to a new report by WalesOnline, James Howells has filed a $647 million lawsuit against the City Council of Newport for blocking […]

The post Man Sues City Council for $647,000,000 for Blocking Him From Digging Up Old Hard Drive With Bitcoin: Report appeared first on The Daily Hodl.

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UK finance regulator FCA a ‘deterrent’ to crypto industry, says CryptoUK

September 16, 2024 Coin Telegraph

Banking

UK regulators have approved only four out of 35 crypto business registrations in the last 12 months, deterring others from engaging with the process.

The lengthy, difficult registration process for crypto firms in the United Kingdom is acting as a deterrent to business, according to one local industry group.

CryptoUK, a self-regulatory trade association for the UK crypto industry, said some of its members “have expressed reluctance about the process” under the scrutiny of the Financial Conduct Authority (FCA).

A CryptoUK spokesperson told Cointelegraph that its members have “heard stories from organizations that have gone through it, and it’s quite a deterrent. The application is a huge ask in terms of resources, people and finances.”

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Amazon faces UK merger probe over $4B Anthropic AI investment

August 8, 2024 Coin Telegraph

Amazon faces UK merger probe over B Anthropic AI investment

Acquisition

Microsoft and OpenAI face similar scrutiny as Europe and the UK seek to identify the line between investment and acquisition.

Amazon and artificial intelligence research firm Anthropic are being investigated as a de facto merger in the United Kingdom.

The UK’s Competition and Markets Authority (CMA) issued a formal notice on Aug. 8 announcing the inquiry’s commencement. According to documentation published on the UK government website, this marks the beginning of a “phase 1” investigation.

As Cointelegraph previously reported, UK authorities announced they were conducting preliminary investigations into partnerships between Amazon and Anthropic, Microsoft and Mistral AI, and Microsoft and OpenAI to determine whether any of the relationships had run afoul of EU regulations.

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Can Bitcoin price break out after Bank of England interest rate cut?

August 1, 2024 Coin Telegraph

Bank of England

This marks the bank’s first interest rate cut in over four years, with the last rate cut occurring in March 2020.

Bitcoin price could see more upward momentum from the latest interest rate decision of the British central bank.

The Bank of England announced an interest rate cut of 0.25%, to the current 5% mark, on Aug. 1, bringing an end to one of the longest periods of heightened interest rates.

Bitcoin's (BTC) price could benefit from the surprise interest rate cut since economists were split on whether the bank will cut or hold its interest rates steady.

United Kingdom

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