Former Chancellor of the Exchequer in the United Kingdom, Lord Philip Hammond, has joined cryptocurrency custodial group Copper as a senior advisor with the ambition of “promoting the UK as a global leader in digital asset technology.” The London start-up firm, which provides custodial and infrastructure services in the digital asset sector, reportedly facilitates over $50 billion in transaction value per month for in excess of 400 institutional clients. During his administration as chancellor between 2016 and 2019, Hammond was commended for expanding the nation's financial technology sector as well as fostering a capitalistic environment for start-up businesses. Speaking on …

The United Kingdom’s Financial Conduct Authority (FCA) released a supervisory notice on Wednesday, stating that prominent crypto exchange Binance is incapable of being effectively supervised and exposes users to financial risk. The FCA notice — originally dated June 25 — was in relation to Binance’s “complex and high-risk financial products” that pose a significant risk to the investors. It read: “Based upon the firm’s engagement to date, the FCA considers that the firm is not capable of being effectively supervised.” In the notice addressed to Binance Markets Limited, the FCA required the crypto business to halt activities that were authorized …

The United Kingdom Financial Conduct Authority’s (FCA) crypto licensing regime is reportedly proving arduous for cryptocurrency businesses looking to operate in the country. According to a Reuters report on Tuesday, the number of withdrawn licensing applications from crypto businesses increased by over 25% in June. Indeed, Cointelegraph reported near the beginning of the month that 51 crypto firms had withdrawn earlier submitted filings for registration with the FCA. An FCA spokesperson quoted by Reuters said that 13 more companies have pulled out of the approval process, bringing the total number of withdrawals to 64. Since January 2020, the FCA has …

One crypto user is seemingly taking exception to current monetary policy from the Bank of England and expressing their frustration with a laser projector. Reported by Twitter user Dominic Frisby, an unknown person projected “Bitcoin fixes this” and other messages on the exterior walls of both the BoE and the Parliament of the United Kingdom on Saturday. The message appeared underneath Big Ben as well as the front of the central bank surrounded by a red box with the artist’s hallmark, and the photo has already been turned into a nonfungible token. OMG they did it on Parliament too pic.twitter.com/jijp6RutXj …

John Glen, the United Kingdom's financial services minister, has said that stablecoins will be the main focus of the government’s crypto regulatory activity. Glen made delivered his comments while addressing a conference organized by City & Financial Global on Tuesday, Reuters reported. For Glen, the U.K.’s decision to prioritize stablecoins over regulating the broader financial market is due to fears of monopolies emerging in the market based on the limited number of participants offering fiat-pegged cryptocurrency payment services. “There is the potential for some firms to swiftly achieve dominance and crowd out other players, due to their ability to scale …

London-based cryptocurrency and fintech firm Wirex has announced that it will no longer take on new U.K.-based customers following discussions with the jurisdictional regulator, the Financial Conduct Authority. The decision to temporarily halt U.K. sign-ups was apparently voluntary, according to a press release posted by Wirex on March 24, however, it did follow hot on the heels of “constructive dialogue” with the FCA. From March 25 onwards, U.K. residents will no longer be allowed to sign up for Wirex’s services. Moving forward, Wirex will dedicate attention and resources to strengthening its 5AMLD (Fifth Anti-Money Laundering Directive) compliance protocols in line …

Upon the announcement of the United Kingdom budget for 2020, Chancellor Rishi Sunak commissioned Ron Kalifa to conduct an independent review of the U.K. fintech sector. On Friday, eight months later, the FCA published the 108-page report, and it contains multiple clear guidelines aimed at cementing the U.K.’s position as a fintech powerhouse. Over $95 billion was spent by U.K. fintech firms in 2019, and with 10% of the global market share, the U.K. is already ahead of the curve when it comes to fintech adoption and business. Investments in U.K. fintech firms totaled $4.1 billion in 2020, notes the …

Bank of England Governor Andrew Bailey thinks it is unlikely that the current generation of crypto assets lack the design and structure needed to ensure long term regulatory survival. Speaking during the World Economic Forum’s Jan. 25 online panel “Resetting Digital Currencies” Bailey responded to a question on whether cryptocurrencies are here to stay for the long term with skepticism: “Are crypto-currencies here to stay? Digital innovation in payments – yes. Have we landed on what I would call the design, governance and arrangements for a lasting digital currency? No, I don't think we're there yet [...] I don’t think …

Digital asset exchange Dacxi is joining CryptoUK, a self-regulatory trade association for the U.K. cryptocurrency industry. According to an announcement from CryptoUK today, Dacxi will be joining the group as its 8th executive member alongside exchanges Binance.UK, Coinbase, CryptoCompare, Electroneum, eToro, Ripple and Simmons & Simmons. Executive members are responsible for collaborating "to lead the association’s strategic direction" in addition to working with government policy makers in the U.K. to develop a regulatory framework for crypto. Katharine Wooller, the managing director of Dacxi’s U.K. arm, said the addition of the exchange was evidence of the firm’s “growing role and influence …

Her Majesty's Treasury requests and requires the crypto industry's input on prospective regulation. In a Thursday announcement of open consultation, the United Kingdom's finance policy department is asking the crypto community to weigh in on a series of proposals: "The government invites views from a wide range of stakeholders, and particularly firms engaged in cryptoasset activities." While Brexit formally came into effect early last year, New Year's Eve was the end of freedom to work and live between the United Kingdom and the European Union. The question lingers in today's consultation as to how much the nation's crypto rules should …