UK’s Financial Conduct Authority Sets New Rules for Crypto Advertising

The Financial Conduct Authority (FCA) in the UK has come up with new rules to guide crypto advertising in the country. The new rules place certain restrictions on crypto adverts targeting UK residents.

Advertisers are also required to include a “cooling off period” for investors entering the crypto space for the first time.

Adverts must also included clear warnings on the dangers of investing in crypto, and must be “clear, fair and not misleading”, the guidelines state. Speaking on the new rules, executive director, consumers and competition at the FCA, Sheldon Mills said:

“It is up to people to decide whether they buy crypto, but research shows many regret making a hasty decision. Our rules give people the time and the right risk warnings to make an informed choice.

“Consumers should still be aware that crypto remains largely unregulated and high risk. Those who invest should be prepared to lose all their money,” he added.

The new rules which will be effective from 10 October, will also ban ‘Refer a friend’ bonus offers. Mills however assures that the FCA is working to introduce guidelines that will make it easier for the crypto industry to cope with the new rules.

“The crypto industry needs to prepare now for this significant change. We are working on additional guidance to help them meet our expectations.”

Growing Crypto Ownership Raises Concern

The number of crypto owners in the UK has grown significantly, doubling between 2021 and 2022. Many of the crypto owners however are not aware of the risks involved in holding such assets. Financial planning expert at Quilter, Rio Stedford said the new rules are necessary to protect those who are unaware of the risks but still hold crypto assets.

He added that despite making some money from crypto, investors are taking huge risks, especially those new to the system who are being lured by the older investors.

Myron Jobson, senior personal finance analyst at Interactive Investor also chimed in. “Cryptocurrency advertising often paints a vibrant picture, focusing on the allure of potential riches while conveniently sidestepping the intricacies and risks that underpin the crypto market,” he said.

“Without a firm grip on the reins, advertising in the crypto realm has become a wild west of dubious claims and misleading information. Unscrupulous actors have exploited the regulatory vacuum to peddle false promises and entice unsuspected victims into unwise and sometimes outright scam investments,” he added.

FCA and Crypto Regulation

The FCA has been quite friendly towards the crypto industry. However, the recent crackdown on crypto companies like Binance and Coinbase may have triggered the fresh concerns around crypto as expressed by the agency.

Last month, it announced its intention to work with crypto companies to bring up a crypto regulatory framework for the country. This is an important step in ensuring that while the industry’s growth isn’t stifled, investors are also protected to bring about a win-win scenario.

So far, the UK is among the most crypto-friendly, with the current prime minister being a strong supporter of the industry. The concerns being raised are genuine and can be traced back to the stringent crackdown on crypto in the US.

Clearly, the UK is on its way to becoming a crypto hub, but it is determined to ensure that investors understand what they’re getting into with crypto investing, which is what any responsible government would do.

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Louis Vuitton Set to Launch $42000 Physical NFTs

Louis Vuitton, the famous luxurious fashion brand, announced on Tuesday plans to release a new series of non-fungible tokens (NFTs) dubbed “Treasure Trunks.”  The fashion company stated that each NFT would be traded at $41712, equivalent to €39,000.

The Louis Vuitton team anticipates that the NFT would enable members to purchase exclusive fashion products and services.

Louis Vuitton Releases New NFTs

In an interview with Vogue Business, the Louis Vuitton group stated that the Treasure Trunk would comprise a few hundred NFTs. The fashion company added that each Treasure Trunk would be accompanied by a physical Louis Vuitton brands, which would go for ten thousand dollars in the market.

The Louis Vuitton team plans to launch limited products within a stipulated time in 2023. The team behind the new NFT plans to integrate soulbond features into the digital collectibles. A Soulbond NFT can neither be purchased nor sold at the individual level.

The southbound element was integrated to prevent third parties from accessing the Louis Vuitton Treasure Trunk. The trunk would only be accessed by the holder of the digital collectible.

Remarkably the owner of the digital collectible would be given access to customizable products and receive updates on new products.

Features on the New NFT

As of June 8, the owner of Louis Vuitton digital collectibles residing from the US, UK, Canada, France, and Australia would be allowed to register to the Treasure Trunk. Also, consumers from Japan and Germany would proceed with the registration on the Louis Vuitton waitlist.

After registration, Louis Vuitton team will select eligible applicants to proceed with the next stage. At the preliminary stage, the fashion company will allow the selected holder to buy a Treasure Trunk with their crypto and fiat currency through an official site.

It was reported that the selected registrants would purchase the NFT at $42000 from June 16.

Irrespective of this, the selected customers would gain access to exclusive Louis Vuitton products through the Via platform. Via is a Latin word that means a road developed to support the company’s traceability effort.

Significance of Blockchain Technology in the Fashion Sector

According to the fashion company, the Via platform is the first project launched in the Louis Vuitton series. Over the past, the French fashion company has invested heavily in blockchain technology.

In 2019 Bernard Arnault, the chief executive of LVMH, launched an innovative digital tracking tool centered on the Aura blockchain network. Afterward, the fashion company collaborated with best-performing fashion retailers such as Cartier and Prada to develop the Aura blockchain network. 

During the official launch of the Aura blockchain, the developers aimed to track counterfeit products that affected the growth of the fashion sector.

In 2022 Louis Vuitton invested in developing NFT games, pop-ups, and other programs to reach a larger audience. The fashion company offered NFT  rewards to high-profile customers to boost their experiences. 

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California Regulators Order Coinbase to Halt Crypto Staking Service

Regulators in the state of California have ordered Coinbase to stop offering its crypto staking services in the state. The Department of Financial Protection and Innovation on Tuesday ordered the top US cryptocurrency exchange to ‘desist and refrain’.

The department stated that Coinbase has been offering the services to residents of the state without permission, which violates state laws. This is coming on the same day that the US securities and exchange commission (SEC) sued the exchange for trading unregistered securities.

As at the end of March, the department estimates that at least 644,470 California residents were participating in Coinbase’s stake-and-earn program, with over $1.2 billion in investments. Coinbase isn’t the only exchange facing allegations in the US.

Binance, the biggest crypto exchange by trading volume was dragged to court a day before Coinbase by the same SEC. The commission alleges that Binance avoided regulation, and wasn’t transparent in its operations, putting investors at risk. At the moment, both exchanges are preparing to answer the SEC in court for the allegations levelled against them.

Coinbase to Defend Self in Alabama

Coinbase is facing a battle on many fronts, with the SEC and California against it, and now the state of Alabama. The financial regulator in the state, the Alabama Securities Commission (ASC) on Tuesday alleged that the crypto exchange violated securities laws by offering its staking rewards program to state residents without registration. 

The ASC stated that Coinbase manages about 3.5 million staking rewards program accounts across the United States, none of which are insured by the Federal Deposit Insurance Corporation (FDIC) nor the Securities Investor Protection Corporation (SIPC).

“There is no protection from loss for any of these accounts, including the more than 33, 000 accounts currently held by Alabama investors,” the state securities watchdog said in a statement on Tuesday.

“The purpose of registering an offer and sale of securities, in part, is to ensure that investors receive all material information needed to evaluate the risks of participating in an investment, including in a staking rewards program,” the regulator further explained.

The commission, in conjunction with other agencies is asking Coinbase to within 28 days give reasons why it shouldn’t be given a cease-and-desist order for selling unregistered securities in Alabama.

Other regulators involved are those from California, Illinois, Kentucky, Maryland and New Jersey. Also included are state regulatory authorities from South Carolina, Vermont, Washington and Wisconsin.

What will Coinbase Do

Coinbase had before now demanded that the SEC come up with clear regulations for the crypto industry in the US. The case is still in court, but the SEC has filed fresh charges against the crypto giant. Meanwhile, Coinbase had said it remains 100% loyal to the US, but will it continue to do that?

The exchange’s CEO Brian Armstrong had early stated that the company wouldn’t mind leaving the US if the regulatory climate doesn’t improve. It seems that the environment has only gotten more hostile since that statement, which means it may be time to make a move.

The exchange is already strengthening its presence outside the country, as if in preparation for this sort of situation. It has launched an offshore derivatives trading platform, and is now discussing expansion with the regulators in the United Arab Emirate (UAE). At this rate, the worst may not be over for Binance in the US yet.

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Be The Bank Review – Is Bethebank.pro Scam or a Legit Crypto Broker?

Be The Bank Review

In the last decade, online trading has seen its popularity rise substantially and it is primarily because it offers a great deal of convenience. With the growth of the market, the demand for online brokers has also gone up because there is a massive influx of people and they need to be catered to.

This has resulted in more and more trading platform popping up in the market, which has only made it more challenging for people to find a reliable and legitimate broker. I think this Be The Bank review can help you deal with this dilemma.

I also faced the same challenge when I began looking for an online broker and ended up making a few wrong choices, which cost me significantly. Obviously, you do not want to waste your time or money, so I suggest that you take advantage of this BeTheBank review to see just why this broker could be a good choice.

Demo trading

The first thing about the Be The Bank broker that makes it a suitable option for every trader, even beginners, is the fact that it offers demo trading. How is this beneficial? Demo trading means that you will be offered an account, which is quite similar to a real trading account.

The only difference is that it does not use real money and virtual money is available. It is an excellent way for traders to get in some practice.

This feature can come in handy when you are using the Be The Bank trading platform because it lets you get used to the market and learn about the ups and downs. You will also figure out how to execute trades and the possible outcomes you can expect with a particular strategy. Not only is this beneficial for beginners, but can also help experienced traders.

Educational material

The financial markets are very diverse and constantly evolving, which means you have to keep up with your learning in order to succeed in the long run. If you do not do so, you might miss out important details and this can result in disaster. Every trader wants to avoid this, but the problem is that it is not easy to find learning material and resources nowadays.

Sure, the internet gives you access to plenty, but there is no way to ascertain if it is updated, accurate and reliable. This is where the BeTheBank broker has proven to be exceptional because it offers its clients access to educational material.

You will find an entire library on the BeTheBank trading platform, which comprises of a ton of resources and material that can help newbies as well as veterans. If you are new to the market, you can use the guides, tutorials, glossary and articles that are provided.

Veteran traders can benefit from the market updates, the seminars, webinars and even 1-on-1 private coaching sessions with experts where they can learn the latest strategies and trends.

Deposits and withdrawals

Two fundamental steps of the online trading process are deposits and withdrawals. Online trading depends on them because you cannot start without depositing money and you will want to withdraw funds once you have generated profits.

The bethebank.pro broker has changed the dynamics completely because it is offering multiple options that traders can explore for their deposits and withdrawals. You have the freedom to choose a method you are comfortable with.

You have the option of using bank wire transfers, or you can also go with debit and credit cards. The bethebank.pro trading platform has also added support for online payment methods like Skrill to facilitate its clients.

They do not have any complex steps and procedures for you to follow when you want to make your deposits, or withdraw your funds.

Efficient customer support

The customer support service of the Be The Bank broker is robust and it is available to you 24 hours a day, 7 days of the week. This can make a huge difference in your experience because you want to be able to get the assistance you need in a timely manner.

This is what you will find on the Be The Bank trading platform because their staff can be reached via email, phone and even live chat support. No matter what option you use, they are quick to respond and they will address your issues right away.

Is Be The Bank scam?

Some people might wonder about Be The Bank scam because it sounds too good to be true, but the reality is that it is one of the handful of reliable and professional platforms in the market and is completely legitimate.

Ending Thoughts

I checked the services of many brokers, but as this bethebank.pro review shows, none came close to offering such a comprehensive package for all kinds of online traders. It is one of the most suitable choices for anyone looking for a long-term partner in their trading journey.  

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EpsilonFX Review – Is Epsilonfx.io Scam or a Legit Crypto Broker?

EpsilonFX Review

Online trading has drawn the interest and attention of people from all over the world. This is one of the top reasons that the demand for trading platforms has surged and their numbers have also multiplied to keep up.

But, I have talked to many people who started out on one platform, only to end up switching several times because they were not happy with their choice. This is not just a waste of time and opportunities, but also financial losses and reading this EpsilonFX review can help you steer clear of such a situation.

An important thing to remember is that rather than choosing a platform at random, or one that seems suitable on the surface, you should always asset their offerings first.

After all, you will be trusting them with your money and your sensitive data, so it is best to know who you are dealing with. The following Epsilon FX review offers you a complete assessment of the broker’s offerings.

Trading assets

Start your assessment of any online brokerage with their trading assets because these are what you trade for generating money. A look at the EpsilonFX broker shows you a long list of trading assets that you can choose from for creating your portfolio. They have added a variety to ensure that every trader signing up on their platform is able to find assets that are in accordance with their interest and risk appetite.

Some of the trading assets that you can access on the EpsilonFX trading platform are forex, stocks, cryptocurrencies, indices and commodities.

They have added a horde of options from each market, which gives you plenty of room for diversifying your portfolio. You can start with one market and gradually add others and use one account to manage all of them.

Educational content

You need to know what kind of educational content, if any, is provided by a broker because not everyone has a strong trading background. Therefore, the traders may need all the help they can get and this is precisely what you will find on the Epsilon FX trading platform.

They are fully aware that many people who are jumping on the trading bandwagon do not have prior knowledge and experience.

The most up-to-date, advanced and extremely detailed educational content has been put together by the team of the Epsilon FX broker to assist its clients. It is available in different forms, such as video, tutorials, e-books, articles, guides, seminars and webinars. This content is useful for learning about online trends, markets, insights and more.

Trading tools

It is not just knowledge and skill that can help you trade well; trading tools are also a weapon you need in your arsenal and the tools available depend on the broker. The epsilonfx.io broker has done a thorough job in this respect because they have a host of trading tools on their platforms, which are designed to assist their clients in improving their trading performance.

Many platforms offer trading tools, but you will find that most offer those that are usually freely available online.

However, the trading tools that you will come across on the epsilonfx.io trading platform are some of the best ones in the market. They include market news, trading signals, analytical tools, economic calendar, automated trading, live charts, price alerts and plenty more. You can take advantage of these to make profitable and smart decisions.

Customer support

If there is one aspect of a broker that you should definitely assess before signing up, it is their customer support because you do not want to be left hanging in case of a problem. It is certainly not a scenario that you will face when you decide to go with the EpsilonFX broker because it has put together a strong and professional customer support team.

Support can make a difference between a successful and failed trade due to which the EpsilonFX trading platform has added 24/5 customer support for facilitating its clients. Their agents are ready to assist you in whatever way you need and can be contacted through the phone number, or email that has been given on the website.

If you prefer to talk to them at your own convenience, you can schedule a callback and they will get back to you.

Is EpsilonFX scam or genuine?

As you will trust the online broker to provide you everything you need, you need to ensure that there is no EpsilonFX scam because it is your hard-earned money at stake. The EpsilonFX brokerage is one of the best platforms that you will find because it is completely genuine and does not exploit, or scam you.

Final Word

Before you start trading, you need to know who you are relying upon and this epsilon.io review has assessed the offerings of the broker to show that it is a platform you can use without any worries.

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Zodia Custody Partners with Blockdaemon to Launch Crypto Staking Services for Institutional Clients

On June 6, London’s leading cryptocurrency storage provider, Zodiac Custody, signed a partnership agreement with the blockchain firm Blockdaemon. Under the partnership agreement, Zodia and Blockdaemon agreed to invest in developing crypto-staking services that meet the ever-changing needs of institutional investors. 

Zodia Partners with Blockdaemon to Launch Staking Services 

Following the recent upgrade on the Ethereum network and the rollout of proof of stake technologies, the crypto proponents have developed a tremendous interest in staking activities. Earlier in May, it was reported that over 22.58 million Ether, which translates to $42 million, were invested in crypto staking. After the launch of the Ethereum Shapella upgrades on April 12, it was observed that staking ETH increased by 4.4 million Ether. 

The growing interest in crypto staking activities has inspired Zodiac to explore promising opportunities in the staking sector. Primarily the crypto firm plans to bridge the gap in institutional staking services by providing cutting-edge solutions.

According to Zodiac, the partnership with the forward-thinking firm would enable the crypto firm to develop revolutionary digital assets that support multiple blockchain networks. In addition, the partners plan to develop a unique platform where the user can earn rewards from their returns.

Benefits of the Partnership

The June 6 announcement revealed that the partnership between Zodiac and Blockdaemon aimed to increase blockchain technology adoption among institutional clients. The partnership will support Zodia in managing liquidities more effectively.

Notably, Zodia Custody, an affiliate company of Standard Chartered, ranks as the first custodial bank to provide innovative staking services to diverse institutional clients. On the other hand, Blockdaemon has been pursuing various ways to support the growth of the crypto custodial sector.

Blockdaemon released a digital wallet service a few months ago that will provide banks and crypto firms with a platform to manage their digital assets. The team behind the new wallet service confirmed that Blockdaemon’s latest development aimed at eliminating intermediaries.

Factors Contributing to High Adoption of Staking Services

In light of the partnership agreement, Blockdaemon plans to leverage its vast expertise and groundbreaking technologies to support Zodia in improving its staking services. Also, Blockdaemon’s group would support Zodiac to create a secure and reliable staking platform.

Staking is a process that compels the user to lock their digital assets to support the functionality of the blockchain network. Crypto staking activities play a crucial role in the validation of transactions.

Surprisingly the staking service provides the user with attractive rewards, which include earning extra crypto assets. Recently high adoption of proof-of-stake (PoS) services has hampered the high demand for staking services. The launch of Zodia staking services positions the crypto firm among other industrial heavyweights seeking curb the high market demand for crypto staking.

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OKX Teams up with Komainu to Boost Security for Institutional Traders

Top crypto exchange OKX has partnered with Komainu Connect, a collateral management platform to secure assets of institutional investors. Komainu Connect will give OKX’s institutional customers access to secure, around-the-clock trading of segregated assets under custody.

The arrangement will also increase the trust of institutional investors in the crypto space, by giving them unmatched custodial security for their assets.  The Connect platform will mitigate counterparty risks for clients and eliminate the need for customers to store collateral with trading partners, by offering them the ability to keep assets in safe custody.

“We’re paving the way for a new era of trust and innovation in the industry,” Nicolas Bertrand, the CEO at Komainu, commented. “The combination of OKX’s reputation as a leading cryptocurrency exchange and our expertise in providing institutional-grade custody services is what makes this partnership strategic.”

OKX is currently the second largest cryptocurrency exchange in the world by trading volume, and its partnership with Komainu only goes to show how trustworthy the platform is as a custodial services provider, according to Head of Komainu strategy, Sebastian Widmann.

OKX has been pursuing expansion in all areas and taking care of institutional clients seems like an important step towards achieving this.

The Need for Securing Institutional Clients

The main goal of cryptocurrency is to make financial services available to everyone, regardless of location. This can only be achieved through mass adoption of cryptocurrencies, and institutional clients are the most important in driving this move for two reasons.

First their confidence in the crypto space will boost the confidence of retail investors. In the early years of crypto, many retail investors stayed away from the assets because there were no institutional investors showing interest in the industry. That has changed now that institutional investors are investing in the space.

Secondly, Institutions can influence their employees to buy into cryptocurrencies by payment of salaries using crypto and other programs. This will significantly boost participation and ensure that more people come into the space.

OKX giving priority to the security of institutional clients is therefore a timely move, and it may mark a new phase of growth both for the exchange and the crypto space at large.

According to the exchange’s Global Chief Commercial Officer Lennix Lai, “Institutions need peace of mind knowing their assets are safe with a leading custodian while retaining their ability to capitalize on investment opportunities. That’s why we are delighted to partner with Komainu.”

OKX’s Expansion

OKX has its headquarters in Seychelles, but has offices all over the world. It however recently started embarking on fresh spread of its offices to other crypto-friendly jurisdictions. In March this year, the exchange set up its office in Hong Kong where crypto-friendly regulations have been set up.

It has also applied for a virtual assets license in the region. This will give it legal backing to operate in the region where many other crypto companies are rushing to. More recently, the exchange also applied for a digital assets services provider (DASP) license in France in order to fully comply with the country’s regulatory requirements.

To further boost investors’ confidence, OKX recently unveiled a proof of reserves report. The report shows that the exchange has $10 billion in collateral for BTC, ETH and USDT, suggesting that it is committed to winning the confidence of institutional investors.

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