UK Regulator Issues Fresh Warning to Crypto Firms amid Key Deadline Approaches

The Financial Conduct Authority (FCA), a financial regulatory body in the United Kingdom, has issued a fresh warning to crypto firms. The regulator issued a mildly worded statement on Thursday informing crypto companies to be clear and honest with their customers when selling crypto assets, taking into account custody and prudential considerations and assessment of risks related to financial crime.

The statement comes amid confusion about the future of multiple high-profile crypto providers in Britain. Many cryptocurrency firms could be forced to shut down their businesses in the U.K. if they fail to register with the finance regulator ahead of a key deadline next week. From March 31, companies operating crypto services in the UK must be registered with the FCA.

Last year, the financial watchdog extended the deadline allowing companies on a temporary register to continue trading while they seek full authorization. The extended period is coming to an end. Now, with just a few days to go until the new deadline elapses, the fate of companies on the temporary register — including $33 billion fintech firm Revolut and, a cryptocurrency trading firm that signed former U.K. Finance Minister Philip Hammond as an advisor – hangs in the balance.

Many industry participants have expressed frustration regarding the manner in which FCA is handling the crypto registration.

One lawyer advising crypto firms on their applications mentioned that the watchdog was often unresponsive and had been slow to approve applications. The statement has also been quoted by other players in the sector.

An FCA spokesperson disclosed that so far, the regulator has approved just 33 crypto firms’ applications. Over 80% of the companies that the watchdog has assessed to date have either withdrawn their applications or been rejected. And some firms are still withdrawing their applications.

Companies that have had their applications rejected by the regulator can appeal, but the process is quite long and could even go through the courts’ interventions.

Many rapidly growing fintechs such as and Revolut may soon be forced to wind down their crypto trading activities in the UK and move overseas if they don’t make it onto the full register.

Continued Actions on Crypto Activities

The FCA has repeatedly made clear that it will continue taking action where needed in the UK crypto-asset landscape. Consumers and companies should remain alert to risks associated with crypto assets as the FCA’s activity and expertise in this area continue to develop.

In January, the watchdog announced new measures aimed to clamp down on risk-free crypto advertising. The regulator launched such efforts to protect consumers from investing in high-risk products where they are unaware of the risks.

As part of the proposals, companies selling and enabling the trading of cryptocurrencies, would be required to issue a warning on each advert that the consumer is putting their funds at risk. Furthermore, any prospective promotion or advertisement would also have to be approved by an existing FCA-regulated firm as being fair, clear, and not misleading.

Last week, the regulator opened a search for someone to head its crypto division. The financial watchdog is currently seeking to hire an expert to head its digital assets department and build a new team. The department head is expected to lead the FCA’s regulatory activities into crypto companies that may be involved in frauds and scams.

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Crypto Exchange Rolls Out Savings Product and USDT Margined Futures, a Singapore-based crypto exchange owned by Matrixport, has launched a new savings product and USDT margined futures to diversify the cryptocurrency options. 

With an annualized yield of 30%, the fixed savings product will enable users to earn interest from different coins like Bitcoin (BTC), Tether (USDT), Ethereum (ETH), Chainlink (LINK), Bitcoin Cash (BCH), and USD Coin (USDC), among others. 

The savings product was established to meet’s objective of driving financial product innovation by rendering trading strategy execution, price discovery, and liquidity provision services. It is also supported by Matrixport, a digital assets financial services platform headquartered in Singapore. 

In September 2021, Matrixport rolled out a “BTC-U Range Sniper” product meant to offer participants high returns whenever Bitcoin’s price moved within a specified range. 

Given that the global population is gearing up to cryptocurrencies as a financial way of the future and wealth-builders based on a Visa study, rolling out different crypto features has been necessitated. 

Therefore, the new’s USDT margined futures will enable users to create long or short positions based on the underlying asset and profit whenever the price falls or rises.

Having already supported USDT margined perpetual swap,’s new cryptocurrency derivatives will enable participants to have more options in the crypto space.

Earlier this month, the crypto exchange partnered with TON to expand, enhance and develop its ecosystem. This decision was arrived at after witnessed a notable performance from TON’s native token following its listing in January this year. 

TON, which stands for “The Open Network,” is a third-generation proof of stake (PoS) blockchain designed in 2018 by the Durov brothers who founded Telegram Messenger. Furthermore, it is a community-driven blockchain project that prompts rapid transactions and aids various decentralized applications (dapps). 

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NSAV Partners with MNC to Launch First Multi-token Blockchain Home Mining Rig HIVE

Net Savings Link, Inc. (OTC Pink: NSAV), a technology services company for the digital asset industry, announced Thursday a partnership with Metaverse Network LLC (MNC) to release HIVE, the first multi-token-enabled blockchain home mining device.

MNC, a DApp converting diverse users into decentralized will be listed in New York in Q1 2022.

WY Cheung, CEO of MNC stated that:

“We are in talks with additional BTC and ETH physical mining farms, which are now planning to algorithmicize their hash rate and map it into the HIVE soon and expand our DECENTRALIZED ECOsystem This innovative Home Mining breakthrough will eventually be the new standard in the next level of Blockchain Ecology.”

The company claims that new mining developers can experience “1 DEVICE ALL MINE” (multi-chain mining) in their HIVE App version 2.0.

Users can subscribe to the cryptocurrencies listed in the Crypto Store of our HIVE App, and after selection, perform simultaneous mining, including centralized platform coins such as BNB, etc.

“We are delighted to announce this upgrade for HIVE and it will definitely place NSAV in the forefront of the innovative blockchain arena, whilst we are contributing to the Decentralized community with pioneering products like this,” says Senior Vice President of Cryptocurrency Operations from NSAV.

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Binance Invests another $5m in Metaverse Startup Ultiverse

Binance is putting in a fresh $5 million investment in metaverse gaming startup Ultiverse after leading a $4.5 million seed investment a week earlier for the firm. - 2022-03-25T164243.582.jpg

The previous seed investment was announced in a blog post by Binance Labs, the venture capital arm and innovation incubator of Binance, on March 18.

The raise was co-led by DeFiance Capital, and Three Arrows Capital and SkyVision Capital also invested.

The initial $4.5 million raise was done by selling Ultiverse’s governance token MXS.

However, according to both companies, Binance’s $5 million will be invested in the equity of Ultiverse.

Additional investments have also been made to create a bond between the firms to allow Binance some say in terms of the team’s future path, according to Nicole Zhang, director at Binance Labs.

Binance Labs said that the proceeds of the initial seed round would help in creating a social gaming metaverse with BNB Chain – Binance’s blockchain.

Zhang has claimed that BNB Chain is the only ecosystem capable of supporting gaming projects at scale.

Currently, there are above 100 employees working on the Ultiverse’s games under the leadership of CEO Frank Ma.

The startup’s first game Endless Loop – slated for a full launch in the first quarter of 2023 – will be a 3D massively multiplayer online role-playing game (MMORPG) with play-to-earn functionality.

In Binance’s recent development, it successfully acquired a business license in Dubai.

Blockchain.News reported that Binance, the world’s largest cryptocurrency exchange by trading volume, said it had obtained a license from Dubai’s Virtual Asset Regulatory Authority (VARA) to carry out some business operations in the region.

Binance received the greenlight as Dubai adopted its first law governing virtual assets last week and formed VARA as a market regulator to oversee the sector.

In a statement, the leading exchange said, “the exchange will be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers. All licensed VARA service providers will be monitored progressively to open access to the retail market.”

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Leumi to Become 1st Israeli Bank Facilitating Crypto Trade

Bank Leumi’s digital platform Pepper Invest announced that the bank is set to become the first Israeli bank to facilitate cryptocurrency trading – following a partnership with US blockchain firm Paxos, according to a report by Reuters. - 2022-03-25T145046.084.jpg

The announcement also clarified that currently, the new service will only allow customers to buy, hold and sell bitcoin and Ethereum. The transactions are limited to at least 50 shekels ($15.49).

However, the launch date is yet to be decided due to pending regulatory approval.

Leumi is one of Israel’s two largest banks, Reuters reported.

“Pepper will collect tax according to the guidelines of the Israeli Tax Authority so that customers will not need to manage tax complexities,” Pepper Invest said. The service will also eliminate the risks of downloading a digital wallet, it added.

Israel has already taken steps to safeguard people from illegal crypto activity in the country.

According to a report from Blockchain.News, the Bank of Israel has issued a new draft guideline to stakeholders in the cryptocurrency ecosystem concerning Anti-Money Laundering (AML) provisions.

The press release published by the bank stated that the new guideline has become a necessity due to the growing number of funds flowing into the traditional banking system through the crypto ecosystem.

The report stated that according to the new guideline, the Bank of Israel will mandate financial institutions operating in the country to “conduct a risk assessment and set out policy and procedures for the transfer of money that originates in or is destined for virtual currencies, taking a risk-based approach and identifying the virtual currency service provider.”

While the Bank of Israel also carried out a pilot test in June last year and has seriously considered implementing a CBDC of digital Shekel.

Top US crypto exchange Coinbase has also built a presence in Israel after acquiring security company Unbound.

Unbound is involved in developing ways to transfer and store cryptocurrencies more easily and securely. 

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BlackRock CEO Believes Russia-Ukraine War in Boosting Crypto Adoption

BlackRock Chairman and Chief Executive Officer Larry Fink has lent his voice to describe the role of digital currencies in the ongoing war between Russia and Ukraine.


In a letter to Shareholders on Thursday, Larry criticized Russia’s invasion of Ukraine, noting that it has set back about 30 years of globalization efforts.

Of particular note is the acknowledgement of the role of digital currencies which he noted will help many countries record a paradigm shift in their view and approach to the nascent asset class. An excerpt of Larry’s letter reads:

“A less discussed aspect of the war is its potential impact on accelerating digital currencies. The war will prompt countries to re-evaluate their currency dependencies. Even before the war, several governments were looking to play a more active role in digital currencies and define the regulatory frameworks under which they operate,” 

As correctly observed, digital currencies came to Ukraine’s aid when the country called for help with more than $30 million contributed by the broader community to support the country’s efforts in repelling Russian forces. From Bitcoin (BTC) to Dogecoin (DOGE), and Non-Fungible Tokens (NFT), the backing the crypto ecosystem gave to the Ukrainian people has not gone unnoticed.

Larry identified the move by many Central Banks to float a digital version of their currencies, a move that is poised to stem the dominance of cryptocurrencies in the emerging payment ecosystem. In Larry’s belief, crypto can help cut down the cost of transactions as well as in remittances. This obvious superior outlook has cemented BlackRock’s resolve to continually embrace digital currency innovations as it has done in time past.

“A global digital payment system, thoughtfully designed, can enhance the settlement of international transactions while reducing the risk of money laundering and corruption,” Larry said, concluding his talk on digital currencies, adding that “Digital currencies can also help bring down costs of cross-border payments, for example when expatriate workers send earnings back to their families.” 

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Liverpool FC to Launch NFT Collection in Partnership with Sotheby’s

The launch of the NFT collection comes in two categories, including a set of 24 unique ‘Legendary’ 1 of 1 NFTs and a series of generative ‘Hero Edition’ NFTs that combine multiple player illustrations to produce a unique digital collectable for each fan. - 2022-03-25T160548.708.jpg

The Liverpool NFT collection was created in conjunction with legacy auction house Sotheby’s, and they are resident on the Polygon Layer-2 protocol to advance the club’s energy efficiency commitments. 

“The LFC Heroes Club drop is a first-of-its-kind initiative, which seeks to bring a new, exciting and innovative way for supporters worldwide to engage with the club. We always strive to adopt new emerging technology for the benefit of fans and clubs while also being very conscious of our impact on the environment. This is why we have chosen to work with Sotheby’s due to its capability to create NFTs on an energy-efficient blockchain,” said Drew Crisp, senior vice-president of digital at Liverpool FC.

The football club said the NFTs are not an investment offering and that they are created to enhance how fans interact with their favourite footballers. The collections will be open for sale from Wednesday, March 30 to Friday, April 1, with the Hero Edition NFTs will sell for $75 (£56).

The intersection between sports teams and the crypto ecosystem is gradually becoming more visible by the day. Particularly in the English Premier League, the number of top clubs getting involved with crypto or blockchain startups increases. Manchester United partnered with Tezos (XTZ) as it gears up to move into the metaverse to boost its fan engagement. 

In addition, Manchester City FC, the EPL’s current titleholder, is also planning to build a copycat of the Etihad stadium in the metaverse.

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Nayib Bukele Criticises U.S. Does Not “Stand for Freedom”, the Senate Comm Passes ACES Bill

El Salvador President Nayib Bukele has lashed out at the United States Government after the Senate Foreign Relations Committee passed the Accountability for Cryptocurrency in El Salvador Act (ACES) Bill, which is now slated to head to the full house for voting.


The ACES Bill seeks to monitor how El Salvador implements its Bitcoin law which grants the digital currency a legal status alongside the United States Dollar.

The bill will grant relevant U.S. agencies the right to monitor the impact of BTC as a legal tender on the country’s macroeconomic stability and public finances. It will also assess the role of Bitcoin in the rule of law in the country and its democratic governance. While the date of voting in the bigger house has not been announced, the bill grants the agencies the right to peek into the most salient aspects of monetary governance, including whether the country is adhering to relevant anti-money laundering rules.

Lamenting on Twitter, Nayib Bukele said he never dreamt of a time when the U.S. government would be scared of the work that is being done in the Central American nation. Bukele said the U.S. government does not support freedom as is popularly being said of the North American nation.

“The U.S. Government DOES NOT stand for freedom, which is a proven fact. So we will stand for freedom. Game on!” Bukele said in a tweet.

El Salvador’s adoption of Bitcoin as a legal tender has always met with resistance from prominent intergovernmental organizations. While the International Monetary Fund (IMF) and the World Bank are amongst those who have expressed pessimism concerning the country’s Bitcoin adoption move, the likely passage of the ACES Bill by the U.S. Senate has formed a more unsettling struggle for the El Salvadoran president.

Either way, things play out, Bukele is still arguably committed to Bitcoin’s financial freedom.

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Bank of England Outlines Framework for Regulating Crypto Assets

The Bank of England, the Central Bank of the United Kingdom, announced Thursday the first regulatory framework for crypto assets in the country. The UK Central Bank made a move as it admitted that though the crypto sector remained small, its rapid growth could pose risks to financial stability in future if it remains unregulated. - 2022-03-25T124139.489.jpg

Of late, crypto coins have come under the regulatory spotlight amid concerns they can be used to circumvent financial sanctions imposed on Russia since its invasion of Ukraine.

In a statement on Thursday, the Central Bank’s Financial Policy Committee (FPC) stated: “While crypto assets are unlikely to provide a feasible way to circumvent sanctions at scale currently, the possibility of such behaviour underscores the importance of ensuring innovation in crypto assets is accompanied by effective public policy frameworks to… maintain broader trust and integrity in the financial system.”

The Financial Policy Committee said that although direct risks to financial stability from cryptocurrency are currently limited, if the recent growth continues, there would be risks in the future. The committee admitted that crypto-assets like Bitcoin and Ether are largely unregulated as they fall outside the setout regulatory scope. However, the committee now considers a change of law to be made to bring cryptocurrencies inside the full scope of UK securities rules.

According to the FPC, regulation for the crypto sector should be based on “equivalence”. This means that crypto-related financial services that function similarly to the existing traditional financial services should be subjected to the same laws.

The FPC further stated that setting up such a regulatory framework would help mitigate risk associated with stablecoins that do not have a deposit guarantee scheme or regime for winding themselves down if in trouble.

The FPC disclosed that the Central Bank and Financial Conduct Authority (FCA) will conduct further tasks on rules for stablecoins and consult on a regulatory “model” for systemic stablecoins in 2023.

While the UK Central Bank is working on bringing cryptocurrencies fully under the regulatory framework, the regulator has been focusing on ensuring that risks from crypto-assets are controlled in the banking sector.

On Thursday, Sam Woods, the Deputy Governor at the Bank of England, wrote to local lenders about banks and investment firms’ rising interest in offering crypto trading services.

Woods told lenders that the boards of banks should fully consider risks from crypto-assets and therefore adapt their existing risk management strategies and systems. “We would also expect firms to discuss the proposed prudential treatment of crypto-asset exposures with their supervisors,” Woods said in reference to the amount of capital required to cover any losses.

The Central Bank considering CBDC

This is not the first time the UK Central Bank has warned on cryptocurrency risks. Late last year, a senior Bank of England official warned that fast-growing crypto-currency assets could pose a danger to the established financial system. In December, Sir Jon Cunliffe, the Deputy Bank Governor, said that although not much of UK households’ wealth is currently held in assets like Bitcoin, they are becoming more mainstream. The executive emphasized that cryptocurrencies had been “growing very fast”, with people like fund managers wanting to know whether they should hold part of their portfolios in crypto assets.

When cryptocurrency becomes integrated into the financial system, a major worry is that big price correction could significantly affect other markets and affect established financial market participants. Mr. Cunliffe, therefore, urged authorities to beef up measures and get a regulatory framework in place to contain the crypto risks.

One of the counters that the Bank of England has taken is to embark on research and exploration for a potential launch of its own cryptocurrency (a central bank-backed digital currency) to tackle some of the challenges posed by cryptocurrencies such as Bitcoin.

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David Beckham Joins Metaverse, Becomes DigitalBits Blockchain Global Brand Ambassador

Famous football star and entrepreneur David Beckham is appointed as a global brand ambassador for the DigitalBits blockchain.

Beckham, as known as one of the most influential football players in the world, will help spread the transformative power of the DigitalBits blockchain to the masses.

The DigitalBits blockchain is a first-layer protocol for NFTs to tokenize assets and support various brands created on their blockchains. With Beckham’s close relationship with the brand, the partnership will facilitate DigitalBits’ collaboration with global brands such as Adidas, Maserati, Tudor, Sands, Diageo and EA.

In addition to this, Beckham will launch a series of NFTs and other blockchain-based digital assets about himself on the eco-friendly DigitalBits blockchain.

David Beckham says that:

“I am always keen to find new ways to connect with my fans across the world. The moment I spoke with Al and the DigitalBits team, I knew that this was a major opportunity to create new experiences for my fans online. I have always taken pride in working with the best teams and I am so excited to work on my NFT collections and more innovations in the future.”

“I’m looking forward to working with Beckham to bring the transformative power of Blockchain technology to mainstream audiences and help people around the world understand the true potential,” said Al Burgio, Founder of the DigitalBits blockchain.

Two days ago, Four-time tennis star Naomi Osaka became FTX’s global ambassador, becoming one of the first major female professional athletes to partner with FTX.

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Bitcoin Cash (BCH) $ 231.55 1.03%