The UK’s Financial Conduct Authority (FCA) has issued guidance for banks on how to handle the risks associated with “crypto assets”, according to a letter posted on the FCA’s website June 11.
Per the statement issued by Executive Directors of Supervision Jonathan Davidson and Megan Butler, banks should apply a highly individual approach to clients dealing with crypto assets since “the risk associated with different business relationships in a single broad category can vary.” The statement continues: “Following a risk-based approach does not mean banks should approach all clients operating in these activities in the same way.
In the statement, the financial regulator also stressed the non-criminal motives for using cryptocurrencies, including funding “innovative technological development” and high-risk “speculative investments.” However, taking into account the globality and anonymity of crypto, the FCA suggested a couple of “high-risk” indicators, such as clients using a state-issued cryptocurrency and possessing large amounts of initial coin offering (ICO) tokens.
In April, the Central Bank of Kenya (CBK) issued a similar warning to the banks in the country, warning them against providing services to crypto dealers.
CBK Governor Patrick Njoroge said, “There are risks associated with cryptocurrency particularly on consumer protection, fraud, hacking and loss of data and they are prone to be used as pyramid scheme.”
Switzerland voted against the so-called “sovereign money” referendum Sunday, June 10 – a proposal for a financial system that multiple commentators have compared to cryptocurrency. Sovereign money is an initiative that would give the country’s central bank sole control over creating money, instead of continuing to allow commercial banks to “create” money for credit and
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Bitcoin (BTC) registered a new all-time high of $118,287. 46 on July 11 and is up 3. 3% in the past 24 hours, but major altcoins are leading the gains during the same period. Ethereum (ETH) breached the $3,000 threshold for the first time since Feb.
The average stablecoin liquidity per token declined from $1.8 million in 2021 to just $5,500 in March 2025, a 99.7% drop, forcing protocols to demonstrate sound reasons for investors to hold. According to a recent report by research firm Decentralised, the drop illustrates how rising token issuance, now surpassing 40 million assets, has diluted available […]
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Canary Capital has filed an S-1 form with the Securities and Exchange Commission (SEC) to launch a crypto exchange-traded fund (ETF) that provides exposure to the PENGU token and the Pudgy Penguins non-fungible token (NFT) collection.
