FcA plans to expand filling requirements

FCA will expand filing requirements for cryptocurrency companies

At the request of the regulator, financial institutions are required to submit annual reports on suspicious transactions since 2016. FCA now intends to expand the requirements for virtual asset service providers (VASP). The agency has put forward a proposal that all cryptocurrency companies compile a report on the possible risks of financial crime, regardless of their annual revenue.

According to the FCA proposal, firms should provide information on the number of clients in “high-risk” jurisdictions; the number of users who were denied service due to involvement in financial crimes; and also rank the “three most common fraud methods”.

According to the proposed rules, cryptocurrency companies will be required to provide this data from January 10, 2022. Note that if firms working with cryptocurrencies are not registered with the FCA by January 10, 2021, they will have to cease their activities. The British regulator added that in the future it may impose additional reporting obligations on such firms.

The department announced the need to collect more detailed information, since working with crypto assets implies high risks of money laundering. The initiative aims to strictly adhere to the European Union's Fifth Anti-Money Laundering Directive (AMLD5). FCA will accept comments on this proposal until November 23, and plans to submit a directive with updated rules by the first quarter of 2021.

Huobi Exchange Expands Its Presence in Russia

As part of business development in Russia, the Huobi Global cryptocurrency exchange hired Vladimir Demin as an advisor. It will help expand Huobi's presence in Russia.

Demin was previously a partner and CEO of the Russian division of the Huobi Russia exchange. He believes that the Russian market provides "huge" opportunities both for business development and for the digital currency industry itself. He hopes Huobi can make cryptocurrencies even more popular in Russia.

Note that Russian users are active traders on the Huobi trading platform - they make about 10% of the volume of transactions. The number of Russian users of the exchange exceeds 4,000. According to Ciara Sun, Vice President of Huobi Global Markets, users will be able to transfer their accounts from Huobi Russia to the global marketplace with just one click.

Dave Portnoy leaves the crypto market, investing over $ 1 million in bitcoin and losing $ 25,000

Dave Portnoy, founder of Barstool Sports, spent a week and a half in the cryptocurrency space. During this time, he managed to invest over $ 1 million in bitcoin, talk to the Winklevoss brothers and take part in the promotion of altcoins Chainlink and Orchid. The subsequent market correction shook Portnoy's faith.

“I don’t have bitcoins now,” he wrote on Twitter. “I'll just wait and see. I lost 25k. Like the stock market, it took my brain a while to realize this. I know it. Link's Marines are weak, and Orchid flowers are really dying in the crypto world. I may have finished, perhaps not. bitcoin ".