Author: Luis Acosta

Revolut, the UK fintech giant, is contemplating a significant expansion in its revenue streams by venturing into the digital advertising arena, akin to industry behemoths like Google, Facebook, and Amazon. According to a report from the Financial Times, Revolut aims to rake in around £300 million (approximately $370 million) in advertising revenue by the year 2026. Antoine Le Nel, Revolut’s Head of Growth, hinted at this potential shift, stating, “We could become a media [business]… a place where you have an audience and data about the audience, and you monetize this.” Le Nel acknowledged the wealth of user data within…

The Financial Conduct Authority (FCA) of the UK has issued a warning regarding a suspected clone firm, forexeze.com and forex-eze.com, which falsely claims to be associated with a legitimately registered company. In a recent notice, the FCA clarified that these websites are not authorized to provide financial services. The regulator highlighted that this clone firm is impersonating Forexeze Limited, a genuine entity with an FCA Firm Reference Number of 809435. Forexeze Limited is located at Scottish Provident House in Harrow, Middlesex, and can be contacted via telephone at +442088613040 or through its official email, [email protected]. The clone, however, uses different…

The latest Bitcoin halving event occurred at block 840,000, effectively halving the mining reward from 6.25 to 3.125 Bitcoins. This mechanism introduces new Bitcoins into circulation and is a critical component of the cryptocurrency’s infrastructure aimed at managing supply. Bitcoin halvings are scheduled roughly every four years, marking every 210,000 blocks mined. This deliberate reduction in the flow of new Bitcoins helps to mitigate inflation and preserve the cryptocurrency’s value by enforcing scarcity. Since Bitcoin’s inception on January 3, 2009, there have been multiple halving events. Initially, miners received 50 Bitcoins per block. The reward was first halved to 25…

Kraken, a prominent cryptocurrency exchange, has taken a significant step to enhance its footprint in the U.S. market by acquiring TradeStation Crypto, the cryptocurrency-focused division of online brokerage TradeStation. This strategic move was reported by Coindesk as part of Kraken’s broader efforts to solidify its presence across the United States. While the acquisition has been confirmed by both parties, specific details such as the closing date and financial terms of the deal have not been disclosed. “We can confirm Kraken has recently purchased TradeStation’s crypto business,” a Kraken spokesperson stated in an email to a crypto-focused publication. They elaborated, “This…

Binance, a leading cryptocurrency exchange, has recently obtained a full virtual-asset services provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), marking a significant advancement in their regulatory journey. This achievement comes nearly a year after the company progressed to the third stage of Dubai’s comprehensive four-stage regulatory framework. In 2023, Binance’s local entity, Binance FZE, was granted an Operational MVP license, a preliminary step that allowed the company to provide services to institutional and qualified investors. This license included the capacity to offer broker-dealer services and to facilitate virtual-asset derivatives trading. Alex Chehade, General Manager of Binance FZE,…

The Cyprus Securities and Exchange Commission (CySEC) has once again extended the suspension of the operating license of FTX (EU) Ltd, the European branch of the now-defunct cryptocurrency exchange FTX. This latest extension was announced today and will prolong the suspension until September 30, 2024. The EU subsidiary’s license was first suspended in November 2022 and has seen several extensions since. FTX EU, which first received approval from CySEC in March of the previous year and was fully authorized as a Cyprus Investment Firm (CIF) in September, is not permitted to offer cryptocurrencies directly under its Cypriot license. However, it…

The UK is poised to advance its legislative framework for cryptocurrencies and stablecoins by mid-2024, as stated by Economic Secretary Bim Afolami at the Innovate Finance Global Summit. Afolami emphasized the rapid progress being made to establish a comprehensive crypto regulatory regime. “We are now working at pace to deliver the legislation to put our final proposals for our regime in place,” he remarked. This initiative follows the enactment of the Financial Services and Markets Act in June 2023, which positioned cryptocurrencies as regulated financial activities in the UK. Afolami added, “Once it goes live, a whole host of crypto…

XTX Markets, a prominent online trading firm, is set to construct a large-scale data center in Finland, diverging from the common practice among financial institutions to rely on major Silicon Valley tech firms for IT infrastructure. The Financial Times reported that this London-based market maker will establish a 250-megawatt facility in the Kajaani District of Finland, with the initial phase featuring 22.5 megawatts of computing power. The strategic choice of Finland’s Nordic location is influenced by the region’s lower electricity costs and cooler climate, which reduces the necessity for extensive cooling systems. This move underlines XTX’s commitment to maintaining control…

In Australia, a substantial cryptocurrency investment scheme, which had attracted over 450 investors and involved approximately US$41 million, has recently failed. The Australian Securities and Investments Commission (ASIC) successfully pursued a court order to appoint receivers for the digital assets of three associated crypto mining companies, known collectively as NGS Companies, and their sole directors. The court order was issued as a part of the civil proceedings against NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Ltd, as well as their directors Brett Mendham, Ryan Brown, and Mark Ten Caten. This legal action was taken on Wednesday…

eToro (UK) Limited recently announced the retirement of Shalom Berkovitz from his directorial role, marking the end of his notable 7-year tenure with the company and 30 years in the industry. Berkovitz, who retired at the end of February 2023, will continue to serve as a director for several subsidiaries within the eToro Group. Berkovitz’s extensive career includes significant leadership roles before his time at eToro. He was the CEO of DSNR Media Group for five years and d-Group for three years. Additionally, he held the position of CFO at Golden Pages Israel for two years and served as the…