The warning list serves as a clear message from the FCA, indicating that the included companies lack authorization or have failed to meet regulatory requirements for operating within the United Kingdom.
On October 8, the UK’s Financial Conduct Authority (FCA) included 143 new entities in its warning listof unauthorized firms. Notably, this list features major crypto companies like Huobi/HTX and KuCoin, both significant players in the crypto industry. The warning list essentially functions as a public notice intended to caution users against engaging with these entities.
The Financial Conduct Authority of the United Kingdom is tasked with controlling and regulating financial services in the country, encompassing those related to cryptocurrencies and crypto assets. The commission plays a pivotal role in ensuring that firms operating within its jurisdiction adhere to the necessary regulations, aimed at safeguarding customers and upholding the integrity of the financial system.
The warning list serves as a clear message from the FCA, indicating that the included companies lack authorization or have failed to meet regulatory requirements for operating within the United Kingdom. The regulator also intends to take robust enforcement actions against those unlawfully promoting their services to UK customers. These actions may encompass website and social media account removals, as well as pursuing criminal charges, among other measures.
“Our Warning List shows the firms that we’re concerned are working without our permission. We add firms to this list as soon as possible. But if a firm isn’t on the list, it may still be unauthorised or be a scam. Unauthorised firms often change their names, and we may not be aware of it yet,” wrote the FCA.
For a firm to engage in crypto asset activities in the UK, it must either be registered with the FCA or possess a temporary license for legal operation. This framework is designed to protect citizens and prevent malicious entities from exploiting crypto for illicit activities and fraud. Consequently, these companies must adhere to anti-money laundering (AML) and know-your-customer (KYC) rules. The FCA warned:
“Make sure you only deal with authorised firms. If you deal with an unauthorised firm, you won’t be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.”
The Impact of UK FCA’s Regulatory Actions on Crypto Businesses
The FCA’s endeavors to regulate the crypto industry have led to a relatively low number of registered crypto companies. Presently, only 42 companies are registered out of 291 applications received since 2020, showing the regulator’s selective approach to granting registrations. All of these actions underscore the regulator’s unwavering commitment to preserving the integrity of the financial system and safeguarding consumers in the volatile and continually evolving crypto industry.
These regulations have also posed challenges for some companies operating in the country. Consequently, companies like Bybit have planned to suspend their services in the UK, while PayPaltemporarily halted crypto transactions until it can ensure full compliance with the FCA’s requirements.
nextBlockchain News, Cryptocurrency News, News
Author Temitope Olatunji
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
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Oil prices rose today as Hamas and Israel continue their conflict with many injured and several dead on both sides.
Oil prices have risen following the conflict between Israel and the Palestinian militant movement Hamas as the fight extends into the third day. Global benchmark Brent hit $88.41 per barrel on Monday after rising by 4.53%. The US West Texas also recorded an increase, climbing 4.69% to $88.67 a barrel.
The conflict between both sides does not directly impact oil prices as neither is a major oil producer. According to the US Energy Information Administration (EIA), the Palestinian side does notproduce any oil. On the other hand, the EIA notesthat Israel had an estimated 14 million barrels in oil reserves with nearly no crude oil production. According to EIA data, Israel has two refineries and a combined capacity of 300,000 barrels per day.
Hamas and Israel Conflict May Not Affect Oil Prices
Although the conflict may have some effect on oil prices, analysts do not believe there will be any permanent problems. Vanda Insights CEO Vandana Hari predicted in an email to CNBC that there might be a “knee-jerk” rise in crude prices as markets open today.
Vivek Dhar, the Commonwealth Bank’s Director of Mining and Energy Commodities Research, also believes that the conflict might not affect oil prices in the long term. According to Dhar, other market forces are more potent. He stated:
“For this conflict to have a lasting and meaningful impact on oil markets, there must be a sustained reduction in oil supply or transport. Otherwise, and as history has shown, the positive oil price reaction tends to be temporary and easily trumped by other market forces.”
According to the Managing Director for the Middle East at Facts Global Energy (FGE), Iman Nasseri, the conflict will have a limited effect on oil prices until it expands into a regional war.
On Saturday, Hamas launched a surprise attack on Israel, sending rocket attacks from the Gaza Strip into Tel Aviv. Hamas also launched sea and land attacks during the episode. According to a postfrom Israeli Prime Minister Benjamin Netanyahu, many civilians were either killed in their homes or abducted. In addition to consoling bereaved families, the Prime Minister promised to “destroy Hamas’s capabilities” and assured citizens of victory. However, he stated that there are challenging days ahead as the war will be “difficult” and “take time”.
Risk of Higher Prices
As of this writing, a reportfrom the Associated Press (AP) states that the death toll has crossed 1,100 on both sides, with at least 700 in Israel and over 400 in Gaza. However, a Sunday updatefrom the Palestinian Ministry of Health puts its number lower at 313.
While most predictions suggest no direct impact on oil prices, there is still considerable risk. The Eurasia Group Director of Energy, Climate and Resources, Henning Gloystein, told CNBC that the risk of regional escalation is present. Gloystein believes that supply issues are imminent if Iran is somehow affected and joins the war.
nextCommodities & Futures, Market News, News
Author Tolu Ajiboye
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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Per Hogan, considering where the case currently stands, only two outcomes are possible going forward.
The ongoing SECvs Ripplecase has dragged on for quite a reasonable amount of time (approximately 3 years) now. With so much back and forth and no end in sight for the case, many concerned parties are beginning to raise concerns.
The growing concerns are linked to the fact that the case, which was opened in December 2020, potentially holds immense influence on the crypto industry. That is especially true as it concerns the way the industry would be regulated henceforth.
SEC vs Ripple Case to Be Resolved By 2027, Says Lawyer
Jeremy Hogan, a well-known lawyer, recently took to his X (formerly Twitter) page to outline how and when he believes the case will end. Hogan suggestedthat a resolution could be reached by 2027.
Per Hogan, considering where the case currently stands, only two outcomes are possible going forward. The renowned legal analyst says that the SEC may opt to settle the case against individual defendants. If that happens, he believes that the regulator will then seek a final judgment against Ripple before heading to an appeal court if the judgment is not in its favour. Although Hogan does not exactly see the SEC toeing this path, he believes it will be the best decision for the agency.
By Hogan’s estimations, taking this route would save the SEC between 9 to 12 months for it to reach an appellate court. But more than saving time, it will also help the SEC to save resources.
After the settlement of individual defendants, the suit would automatically enter into the “remedies” proceedings stage. However, remedies litigation is extensive, so that may likely extend well into 2026, the legal juggernaut says.
The alternative route, according to Hogan, is that the SEC may settle the entire case against Ripple and all the individual defendants. However, it must be noted that, so far, the SEC has refused to show any willingness to compromise on its stance. Nonetheless, this is a possible scenario that could arise during a settlement conference, Hogan submitted.
What Next?
As Coinspeaker earlier reported, the court recently denied the SEC’s interlocutory appeal. However, popular expert opinion is that the said denial only pertains to the kind of appeal that precedes a final judgment.
Popular legal analysts such as Cody Carbone, Elliott Z. Stein, and Max Schatzow are all in agreement on this. They insist that post-trial appeals remain on the table of options as demanded by standard litigation procedures. However, that is after all remedies must have been determined.
nextBlockchain News, Cryptocurrency News, News, XRP News
Author Mayowa Adebajo
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
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This is not the first time Israel’s central bank has intervened in the foreign exchange market to stabilize the shekel.
The Bank of Israel has announced its intention to sell up to $30 billion in foreign reserves to support the Israeli shekel as it faces its weakest point in seven years. The decision comes in the wake of a sharp currency depreciation, reaching its weakest point in seven years, following a deadly incursion by Hamas militants over the weekend.
The incursion by the Palestinian militant group Hamas, which occurred during a major Jewish holiday, involved multi-pronged attacks by land, sea, and air, including the use of paragliders. It followed a barrage of thousands of rockets launched from Gaza into Israel, intensifying the ongoing conflict.
Central Bank of Israel to Control Volatility of Shekel
Due to the ongoing conflict, the Israeli shekel saw a 1.63% drop, trading at 3.90 against the US dollar, reaching its lowest value in seven years. The country’s central bank has decided to tackle the situation by selling its foreign reserves to save the local currency.
According to the official announcementon Monday, Bank of Israel Governor Amir Yaron said the bank will operate in the market to smooth out volatility in the shekel’s exchange rate and provide the necessary liquidity.
“The Bank will operate in the market during the coming period in order to moderate volatility in the shekel exchange rate and to provide the necessary liquidity for the continued proper functioning of the markets.”
Aside from the planned forex sale, the Bank of Israel will provide liquidity through SWAP mechanisms in the market, offering up to $15 billion. This move aims to ensure market stability amidst ongoing uncertainty.
The announcement follows a 6.47% drop in Israel’s benchmark TA-35 index, the largest loss in over three years. However, after the central bank’s statement, the index showed signs of recovery, edging up 0.11% during the first hour of trading on Monday.
Not the First Intervention
This is not the first time Israel’s central bank has intervened in the foreign exchange market to stabilize the shekel. Two years ago, in 2021, the Monetary Committee at the Bank of Israel announced its intention to purchase $30 billion in the foreign exchange market. The move was aimed at preventing the appreciation of the shekel.
“The advance announcement of the scope of the purchases is intended to provide the market with certainty regarding the Bank’s commitment to dealing with the recent sharp appreciation, and thus support the economy’s continued dealings with the economic ramifications of the COVID-19 crisis,” the central bank said in a statement.
Meanwhile, the impact of the shekel’s recent decline is not limited to Israel alone, as other Middle East markets have also faced declines. Egypt’s EGX 30 saw a 0.6% dip, and Saudi Arabia’s Tadawul All Share Index dropped by 0.55%.
Read other market newson our website.
nextCurrencies, Indices, Market News, News
Author Chimamanda U. Martha
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
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