UK Financial Watchdog Warns Public of Crypto Clone Firm

The primary financial regulator of the United Kingdom, the Financial Conduct Authority (FCA), warned that ICAP Crypto is a clone firm in a public announcement on May 24. According to the report, ICAP Crypto is a clone firm of ICAP Europe Limited. Clone firms are a type of scam in which the scammers use information from legitimate firms in an attempt to convince targets that they are genuine. In this case, ICAP Europe Limited is a legitimate firm that is authorized by the FCA, and its details are being propagated…

Bitfury Partners With Kazakhstan-Based Financial Hub to Cooperate on Blockchain Projects

Blockchain tech giant Bitfury partnered with major Kazakhstan-based financial hub to apply the technology across multiple industries, local government-backed newspaper The Astana Times reports on May 21. Headquartered in Nur-Sultan, the newly renamed capital of Kazakhstan, the Astana International Financial Centre (AIFC) will apply Bitfury’s blockchain expertise in creating projects and promoting new startups on a global scale. In turn, Bitfury plans to launch data centers in Kazakhstan to gain exposure and cooperate with the Nur-Sultan city administration, as well as support the development and promotion of distributed ledger technology…

Cryptocurrencies Pose No Threat to Financial Stability: EU Central Bank

The European Central Bank (ECB) has said that cryptocurrencies are currently not a threat to financial stability in the euro zone. In its latest paper on the subject, published Friday, the ECB said the combined value of crypto-assets is small relative to the financial system, and “linkages” to the financial sector are still limited. Further, banks in the EU do not appear to have “systemically relevant” holdings of crypto-assets. The ECB also said cryptocurrencies do not perform the functions of money. A “very low” number of merchants currently allow buying of goods…

BitOasis Secures Preliminary Approval With UAE Financial Regulator

United Arab Emirates-based cryptocurrency exchange BitOasis has reportedly secured preliminary approval with financial regulators, Bloomberg reported on May 13. Founded in 2015, BitOasis claims to be the Middle East’s first digital currency wallet that uses multi-signature technology. The company previously announced that it was seeking to be fully licensed in the financial center Abu Dhabi Global Market (ADGM) before the end of this year. Ola Doudin, the founder and CEO of BitOasis said then that “we are hoping to be one of the first regulated exchanges to get that licence.”…

Financial Advisory Firm Says Past Market Trends Point to Bitcoin at $20,000 by 2021

Financial advisory firm Canaccord Genuity has predicted that bitcoin (BTC) could hit $20,000 by 2021 based on retrospective projections in an analysis published on May 9. This prediction is based on a close similarity between the four-year price cycles of bitcoin during the 2011–2015 and 2015–2019 ranges, as shown in the following graph: Bitcoin price cycles. Source: Canaccord Genuity Canaccord Genuity points to the bitcoin mining rewards schedule as a possible cause for these four-year price cycles, since the reward drop — which decreases by 50% for every 210,000 blocks…

BitGo Hires Wall Street High-Frequency Trader as Head of Financial Services

Blockchain security and cryptocurrency custody firm BitGo has appointed a veteran Wall Street trader as its head of financial services, according to a press release published on May 9. The new hire, Nick Carmi, joins BitGo after a reported 25 years of experience as a financial executive. His most recent role was as Global Head of FICC Business at the high-frequency trading firm Tower Research Capital — founded by former Credit Suisse proprietary trader Mark Gorton. According to a statement from BitGo CEO Mike Belshe, the hire was spurred by…

HBUS Hires Tech and Financial Services Veteran as VP of Product and Technology

HBUS, the operator of United States-based crypto exchange Huobi.com, has announced the appointment of technology and financial services veteran Oren Blonstein as its vice president of product and technology. The development was revealed in a press release shared with Cointelegraph on May 7. As previously reported, the Huobi.com marketplace first launched under the name of HBUS in June 2018 as a strategic partner of Huobi Group — operator of the flagship Huobi Global crypto exchange, currently ranked 19th largest by daily adjusted volume globally. According to the press release, Blonstein…

How Security Tokens Can Prevent an Impending Financial Crisis

Many economists argue that the root causes of the 2008 global financial crisis have yet to be addressed comprehensively, or that measures taken have been exhausted, such as the extent to which quantitative easing was used, which has been put forward by the deputy director of the International Monetary Fund (IMF). Some argue that the efforts to address the causes of the crisis have actually made the system more — rather than less — susceptible to a catastrophic collapse. On the heels of the recent yield curve inversion, finding new…

Financial Regulator Authorizes 9 Fintech, Blockchain Firms for Trial Operations

The South Korean Financial Services Commission (FSC) has authorized nine fintech companies to operate in the country as part of a regulatory sandbox, English-language local media The Korea Times reported on May 2. Per the report, the regulator has named the aforementioned nine startups and companies to provide innovative services using blockchain, fifth-generation telecommunications and other new technologies. The development is reportedly part of a broader financial regulatory sandbox initiative launched last January. The sandbox will reportedly include new financial services being offered for a trial period of up to…

Malta’s Financial Regulator Issues Guides on Crypto Assets, Scams

Malta’s financial regulator has issued a note to the public regarding the risks of crypto assets and the possibility for scams, news outlet Times of Malta reported on April 25. The Malta Financial Services Authority’s (MFSA) new guidance note intends to warn the public about cryptocurrency investments and related risks, and educate people on how to identify and avoid scams and fraudulent schemes. The guidance reportedly outlines the most common types of digital currency-associated scams, which include fake iInitial coin offerings (ICOs), crowdfunding ventures promising higher gains which are availed…