Tagged: fca

Global Digital Finance Hammers UK FCA’s Decision to Ban Crypto Derivatives for Retail Investors, Says UK Fintech Innovation at Risk

Earlier this month, the UK Financial Conduct Authority (FCA) announced a ban on the sale of crypto derivatives and exchange-traded notes (ETNs) that reference cryptoassets for retail investors. The ban is scheduled to go into effect on January 6, 2021. Many cryptoasset insiders have criticized… Read More

While Some Industry Insiders Complain, Coinpass Welcomes Ban of Crypto Derivatives for Retail

Last week, the UK Financial Conduct Authority announced a ban on the sale of crypto derivatives and exchange-traded notes (ETNs) that for retail investors. The ban, which goes into effect on January 6, 2021, has no impact on spot trading of cryptoassets. Some crypto-industry insiders criticized… Read More

Mettalex, a “Decentralized” Crypto and Commodities Derivatives Exchange, Claims its Product Solves Pain Points Related to FCA Derivatives Ban

Binance alum Fetch.ai, an established blockchain-focused AI firm launched by former DeepMind investors and developers, had introduced Mettalex, a “decentralized” crypto and commodities derivatives trading platform (back in August 2020). Mettalex had stated in August that it would be working with a consortium of steel… Read More

Crypto Industry Participants Slam FCA Decision to Ban Retail Investors from Cryptoasset Derivatives

Earlier today, the UK Financial Conduct Authority (FCA) issued a ban on cryptoasset derivative products for retail investors. The decision came after an extended consultation pertaining to the issue. The ban did not impact spot trading for cryptoassets like Bitcoin or Ethereum. The FCA outlined… Read More

UK Financial Conduct Authority Bans Crypto Derivatives for Retail Investors

The UK Financial Conduct Authority (FCA) has instituted a ban on the sale of crypto derivatives and exchange-traded notes (ETNs) that reference cryptoassets for retail investors, according to a note distributed by the regulator. The ban goes into effect on January 6, 2021. The decision… Read More

Cornerstone Receives FCA Approval to Acquire FXPress Payment Services

Following final approval from the Financial Conduct Authority (FCA) Cornerstone has completed the acquisition of FXPress Payment Services – a regulated Authorised Payment Institution providing cross-border payment services. Cornerstone will now operate as Cornerstone FS plc. Additionally, Cornerstone says it has received the consent of… Read More

Billion Dollar DeFi Protocol Aave Awarded Electronic Money Institution License by the UK’s Financial Conduct Authority

The Aave protocol, an open-source and non-custodial DeFi protocol to earn interest on digital asset deposits while also being able to borrow assets, has been awarded an Electronic Money Institution (EMI) license by the UK’s financial regulator, the Financial Conduct Authority (FCA). Aave Ltd received… Read More

Fintech Firm FXPress, a Forex Specialist, to Acquire Avila House so it Can Offer Accounts for Depositing, Holding, Transferring Funds

Fintech firm FXPress Payment Services revealed on August 18, 2020, that it will be acquiring Avila House Ltd, which is subject to regulatory approval. Avila House is a licensed Small Electronic Money Institution. FXPress Payment Services Ltd is authorized and regulated by the UK’s Financial… Read More

Invoice Financing Marketplace Crowdz Partners Wiserfunding to Provide Improved SME Default Assessments

Barclays-backed Fintech, Crowdz, which serves as a financing marketplace that allows SMBs to sell unpaid invoices for cash, has teamed up with Edward Altman‘s latest project, Wiserfunding, a business credit score provider. As mentioned in an update shared with Crowdfund Insider: “As Silicon Valley’s Crowdz… Read More

HM Treasury Issues Consultations on Promotions of Cryptoassets as Well as Broader Regulatory Framework

HM Treasury has issued two public consultations today. One is a review of the current requirement for an authorized firm to approve the financial promotion of an unauthorized firm that may not operate as a strong enough safeguard to ensure such financial promotions are compliant… Read More

UK FCA Worried about Access to Cash as Bank Branches Shutter, ATMs Go Away

The UK Financial Conduct Authority (FCA) has published draft guidance on their expectations for banks and availability to cash in a market that is seeing a growing number of bank branches closing and ATMs going away. The regulator states that it wants to ensure that… Read More

UK Financial Conduct Authority Partners with City of London Corporation to Pilot Digital Sandbox Supporting Firms Addressing COVID-19 Challenge

The Financial Conduct Authority (FCA) and the City of London Corporation are partnering on a digital sandbox designed to support firms that are addressing the COVID-19 challenge. The digital sandbox will support both big finance and early state Fintechs seeking to play a role in… Read More

Shariah-Compliant P2P Lending Platform Qardus Launches in the UK, will Provide Financial Assistance to SMEs

An Islamic, or Shariah-compliant, peer to peer lending platform has been introduced in the United Kingdom. The new P2P lender aims to provide funding to the nation’s SMEs, which might be struggling to maintain operations due to the economic challenges created by COVID-19. Qardus, an… Read More

UK’s Consumer Finance Association Questions Whether Forbearance During COVID-19 Crisis Should be Reflected on Credit Records

The UK’s Consumer Finance Association (CFA), a trade association of non-bank lenders that represents alternative consumer credit providers, recently questioned whether forbearance during the COVID- 19 crisis should be reflected or shown on credit files. The Financial Conduct Authority (FCA) has provided guidelines that may… Read More

Kraken Subsidiary & European Cryptocurrency Exchange Crypto Facilities Obtains Multilateral Trading Facility License from UK’s Financial Conduct Authority

Crypto Facilities, a subsidiary of Kraken and European cryptocurrency exchange, announced on Monday it has obtained a Multilateral Trading Facility (MTF) license from the UK’s Financial Conduct Authority (FCA). Crypto Facilities reported with this new license, it will be able to expand its product range… Read More

UK-based Fintech Elpaso Launches Services for Ukrainian Companies

Electronic Payment Solutions Ltd. (ELPASO) was founded in 2017 by a group of IT geeks, corporate bankers and entrepreneurs is a digital platform for those “who wish to go international in their daily needs like international cross-border payments and currency exchange”, according to its website…. Read More

Nausicaa Delfas Delivers Speech on Building a Suitable Financial Regulatory System for a New UK

On July 1st, Nausicaa Delfas, Executive Director of International and member of the Executive Committee at the FCA, delivered a speech for a series of webinars offered by City & Financial Professional Virtual Roundtables. The focus of the speech homed in on Brexit, Covid-19 and a suitable… Read More

Stealth Bank: Transferwise Preps Investment Features with UK Roll Out Later this Year

  Transferwise, a top UK based Fintech and transfer/payments platform, has received Financial Conduct Authority  (FCA) approval to offer retail investment services, according to a report. Transferwise has emerged as a global stealth bank providing border-free currency services with ultra-low-cost transfers attacking the domain of… Read More

Rapid Rise: UK FCA Reports a 1.1 Million INCREASE in Cryptoasset Purchases in One Year

The UK is experiencing growing interest in cryptoassets, according to the UK Financial Conduct Authority (FCA). The research by the FCA states that 2.6 million UK consumers have purchased digital assets showing a dramatic 1.1 million increase since research completed by the FCA last year…. Read More

UK FCA Halts Wirecard’s Regulated Activities, Fintechs Scramble to Adapt, German MPs Call for an Inquiry into Wirecard’s Collapse

  On June 26, the UK Financial Conduct Authority (FCA) imposed several “requirements” on Wirecard‘s (WDI:DE) activities in the UK. The move was in response to Wirecard’s missing €1.9 billion in funds along with allegations of fraud and other nefarious activities. After an audit uncovered… Read More

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