The founder and CEO of United Kingdom-based digital banking app Revolut publicly denied allegations of a money laundering breach and negligence by the company in a blog post Mar. 1. The latest in a series of publicity disasters to afflict Revolut, as U.K. newspaper the Telegraph last week alleged that executives had deliberately decommissioned Anti-Money Laundering (AML) software earlier last year. Further reporting by the Telegraph has revealed that the company had attracted the attention of the U.K.’s finance regulator, the Financial Conduct Authority (FCA). “This week, there's been some misleading information in the media relating to our compliance function,” …

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has joined the British Telecommunications (BT) Radianz Cloud broker community, a BT press release reports on Feb. 27. The Radianz Cloud is described in the press release as “one of the world’s largest, secure networked financial cloud communities,” comprised of thousands of institutions, exchanges, brokers and clearing and settlement houses. Now the members of this community will reportedly have access to the crypto market though Gemini. Nick Vigier, chief information officer at Gemini, declared that joining Radianz Cloud strengthens the exchange’s institutional investor connectivity. According to Michael Woodman, managing director of …

The London Stock Stock Exchange Group (LSEG) has led a $20 million investment round in fintech startup Nivaura, Reuters reported on Feb. 27. The British blockchain startup is the developer of the world’s reportedly first crypto-denominated, blockchain-settled bond. According to Reuters, LSEG paid an undisclosed amount for a minority equity stake in Nivaura. The startup provides blockchain solutions that automate the issuance, clearing and settlement of financial instruments, including bond issuance and tokenized securities. Alongside LSEG, Banco Santander’s venture capital arm, Santander InnoVentures, was reportedly among the investors in Nivaura. LSEG’s head of international development, Nikhil Rathi, told Reuters that …

United Kingdom-based cryptocurrency mining provider Argo Blockchain announced it was refocusing its business as part of a major cost-cutting exercise, according to a strategy update published on Feb. 15. Argo, which is headquartered in London with facilities in Quebec, said it would terminate its Mining-as-a-Service (MaaS) operations by April, focusing solely on direct mining. MaaS operators facilitate cryptocurrency mining on borrowed hardware remotely. Explaining its decision, Argo said the ongoing suppression of Bitcoin (BTC) prices and associated reduced profitability of mining had caused it to slim down its expenses sheet. “The redeployment of the mining infrastructure and capital is expected …

London-based banking giant HSBC has revealed its blockchain-powered platform cut costs for foreign exchange (forex) trade settlement by a quarter, Reuters reported on Feb. 14. According to Mark Williamson — chief operating officer of forex cash trading and risk management at HSBC — the bank processes anywhere between 3,500 and 5,000 trades a day using its proprietary blockchain solution “FX Everywhere.” These trades, worth $350 billion, demonstrate “[w]e’re going at a pace now [...] this is not a one-off proof of concept or just one or two trades.” Williamson notably did not disclose the overall volume or value of forex …

The Institute of Decentralized Economics (IDE) has opened in London, the United Kingdom on Feb. 14, according to a press release shared with Cointelegraph. The think tank, which is dedicated to the study of blockchain-based economic systems and their impact on existing institutions, is backed by fintech company Sweetbridge. It is purportedly designed to investigate the potential of decentralized and autonomous systems and find real use cases. Per the press release, the idea behind the IDE is to “help organizations better understand the economics that underlie the blockchain industry.” The IDE will also study the design and viability of stablecoins …

Niall Ferguson, British economic and financial historian, believes that Bitcoin (BTC) is “an option on digital gold,” as he said in a interview with a blockchain magazine Breaker Mag on Feb. 13. Ferguson, a world famous historian and author fourteen books such as The Ascent of Money, declared that Bitcoin itself is “only money in a very limited sense,” stressing that the oldest cryptocurrency is incapable of being money as a means of payment due to massive volatility. However, in near future, Bitcoin’s main function will be serving as a type of insurance, Ferguson stated, explaining that it is an …

Her Majesty's Revenue and Customs (HMRC) has delayed further work on a successful blockchain project in the wake of Brexit, according to a written parliamentary statement published Feb. 7. The question about the distributed ledger project for customs needs was raised in the Q&A section on the United Kingdom Parliament’s website. On Jan. 30, Member of Parliament (MP) Eddie Hughes asked whether the government plans to use blockchain for customs systems after the U.K. leaves Europe. He also requested an update on a previously announced trial of the technology. In response, the financial secretary to the U.K. Treasury, MP Mel …

The United Kingdom Financial Conduct Authority (FCA) has reported that common investment scams’ losses — including those crypto-related — amounted in total to over £197 million ($255 million) in 2018. The agency reported the losses in an official press release published on Feb. 6. According to data from the FCA call center, the most common reported scams involved unauthorized investments in shares and bonds, forex markets and cryptocurrencies. Each victim lost an average of £29,000 ($37,000), with such types of fraudulent investments accounting for a total of 4,996 reported cases and constituting 85 percent of the overall number of scam …

Major United States crypto exchange and wallet provider Coinbase is launching support for European Union residents to make fiat currency withdrawals to online payment system PayPal. The development was announced in an official blog post published on Feb. 5. As reported, Coinbase had first rolled out PayPal withdrawal support for U.S. users last month. The European extension of the service will reportedly apply to both E.U. residents and those living in European Free Trade Association countries — Iceland, Liechtenstein, Norway and Switzerland. Coinbase had previously integrated support for PayPal back in summer 2016, but terminated the service within several weeks …

An advisory body for the self-governing British dependency Isle of Man (IoM) has launched a hub to promote the development of blockchain, fintech news agency FStech reports on Feb. 5. As a key decision maker for the economic growth of the IoM, Digital Isle of Man initiated the formation of the Blockchain Office, a global blockchain hub to provide a favorable environment for the development of blockchain projects. Along with founding the Blockchain Office, the government executive agency has also launched an Isle of Man Sandbox in order to guide blockchain businesses through the existing and future regulatory frameworks in …

United States cryptocurrency exchange Kraken has acquired United Kingdom-based cryptocurrency exchange and futures provider Crypto Facilities, the company confirmed in a press release Feb. 4. Crypto Facilities, which began operating in 2015, is fully regulated by the U.K.’s Financial Conduct Authority, giving Kraken a major foothold in the European market. The parties declined to reveal the exact figure involved in the deal, saying only that it was a “nine-figure deal.” “We are excited to introduce eligible clients to these industry leading futures and index products,” Kraken CEO Jesse Powell commented in the press release, adding: “Over the coming months, our …