This post is thanks to @bitcoin.info 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 in scams using the similarly-named ICAP Crypto “firm” which is neither authorized nor registered by the FCA.
In 2018, the FCA issued warnings over at least two nominally crypto-related clone firms. The first clone, Fair Oaks Crypto, attempted to confuse targets by claiming to be affiliated with Fair Oaks Capital. The second clone, Good Crypto, ran its scam by misrepresenting some of the registration information of the legitimate firm Arup Corporate Finance as its own.
As previously reported by Cointelegraph, the FCA stated this week that crypto and forex investors in the #UK were scammed out of over $34 million from 2018–2019. The FCA went on to say that it was contemplating a ban on “high-risk derivative products linked to cryptoassets.” The FCA also recently accepted three #blockchain businesses into its regulatory sandbox. According to the FCA, previous blockchain projects they have approved include: “... digital identity solutions, platforms which tokenize issuance of financial instruments, and services aimed at facilitating greater access to financial services for vulnerable consumers.” #bitcoin#bitcoininfo
This post is thanks to @bitcoin.info Bitcoin Holds Over $8,000 as Top Altcoins See Minor Losses
Saturday, May 25 — most of the top 20 #cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) still holds over the $8,000 mark, with minor gains on the day.
#Bitcoin is a fraction of a percent up on the day, trading at $8,025 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is up about 9.4%. #Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $26.6 billion. The second-largest altcoin, XRP, has a market cap of $16.2 billion at press time.
CoinMarketCap data shows that #ETH is nearly 0.41% down over the last 24 hours. At press time, ETH is trading around $251. On the week, the coin has also seen its value increase almost 6%. Yesterday, news broke that #Ethereum co-founder Vitalik Buterin proposed creating an on-chain smart contract-based ether mixer.
#XRP is over half of a percent down over the last 24 hours and is currently trading at around $0.385. On the week, the coin is up over 3%. Among the top 20 cryptocurrencies, the one reporting the most notable price action is bitcoin SV ( #BSV ), which is down over seven percent on the day. On May 21, BSV promoter and self-proclaimed Satoshi Nakamoto Craig Wright filed U.S. copyright registrations for bitcoin’s whitepaper and code. Following the news, BSV’s price jumped over 100%. At press time, the total market capitalization of all cryptocurrencies is $250.8 billion, over eight percent higher than the value it reported a week ago.
As Bitcoin Info reported yesterday, privacy-focused encrypted instant messaging service Telegram has created a new programming language for its Telegram Open Network ( #TON ). In other industry news, according to a recent report, the initial coin offerings sector is showing signs of an uptick due to positive investor sentiment, apparently spurred by the recent crypto market rally.
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