China News Daily TheBitTimes.com

The UK Financial Conduct Authority has issued an official warning to the crypto exchange Bitfinex. The warning concerns the unauthorized promotion of financial services and products without proper regulatory approval. The FCA recommended that citizens avoid any use of the services of a crypto company. However, representatives of the crypto exchange denied the accusations in the Bitfinex blog: “Over the past four months, Bitfinex has held detailed discussions with the FCA and has proactively taken measures to meet the FCA’s requirements including issuing a notice to all its customers providing details of all the measures it has taken to meet the FCA’s requirements.” Bitfinex post The financial watchdog reminded that under current legislation, companies are prohibited from promoting financial services in the country without the necessary permission or approval. You might also like: Bitfinex Securities to launch tokenized bond The FCA added that B...

Uniswap’s founder burned $650 billion of HayCoin, amounting to 99% of the token’s supply. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The past week in DeFi was filled with bullish resurgences for many projects , but it was the Uniswap founder’s $650 billion HayCoin (HAY) burn — 99% of the token supply — that grabbed headlines. In other news, a new report highlighted that 85% of the rug-pulled DeFi projects in Q3 didn’t report an audit, and the largest DeFi protocol on Solana has shut down its United Kingdom operations due to strict regulations imposed by the Financial Conduct Authority (FCA). The top 100 DeFi tokens had a bullish week, with most of the tokens trading in green with double-digit weekly gains. 85% of crypto rug pulls in Q3 didn’t report audits: Hacken Cryptocurrency rug pulls are not too difficult to spot by investors, as the...

The crypto Travel Rule, which came into effect on Sept. 1, aims to stop anti-money laundering and counter-terrorist financing activities carried out on-chain. Cryptoasset businesses in the United Kingdom could now begin withholding certain crypto transfers to comply with the new Travel Rule for crypto that came into effect on Sept. 1. The rules targeting virtual asset service providers were first introduced by the Financial Conduct Authority on Aug. 17, and see to it that VASPs based in the U.K. will “collect, verify and share information” relating to crypto -asset transfers . If an inbound payment is received from a person or entity from an overseas jurisdiction that hasn’t implemented the Travel Rule, the VASP must make a “risk-based assessment” as to “whether to make the cryptoassets available to the beneficiary.” The Travel Rule is designed to bring greater transparency to cryptoasset transfers, making it harder for criminals to use #crypto for illegal activity.https://t.co/km...