Analysis Crypto by Thebittimes.Com

In a consultation paper released on Nov. 24, the European Banking Authority (EBA), an EU agency tasked with implementing a standard set of rules to regulate banking across all EU countries, highlights that existing regulations governing Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) standards compliance for crypto provide rs are inadequate.  The EBA has since invited interested parties to provide comments until Feb. 26. The proposal, in effect As stated in the Executive Summary, the paper comes as bid to enhance measures for detecting missing or incomplete information on the payer or payee; the EBA is suggesting the repeal of the 2017 Joint European Supervisory Authorities (ESAs) Guidelines under Article 25 of Regulation (EU) 2015/847. This move aims to streamline procedures and better manage fund transfers lacking essential information within the regulatory framework. Worth noting is that in section four of the consultation paper, labeled “P...

The U.S. fintech broker Robinhood is poised to roll out European crypto offerings despite missing Q3 revenue estimates. Robinhood plans to launch its crypto services in the European region and U.K. brokerage “in the coming weeks” as the Menlo Park-headquartered stock trading company seeks new options to boost its revenue. In a press release on its financial results for Q3 2023, Robinhood revealed that crypto-related revenue decreased 55% to $23 million. And yet, the U.S.-based trading company still wants to double down on Europe with its crypto offerings as “another step in global expansion.” However, Robinhood did not specify on what scale it plans to offer crypto products in the European Union. You might also like: Robinhood identified as the third biggest Bitcoin whale with $3b wallet Crypto was not the only direction where Robinhood suffered losses. In total, transaction-based revenues decreased 11% year-over-year (YoY) to $185 million, th...

American-based Web3 companies and cryptocurrency exchanges could be pushed to move offshore following enforcement actions against Coinbase and Binance.US. The United States could run the risk of an exodus of major Web3 and cryptocurrency service providers as the Securities and Exchange Commission (SEC) takes action against Coinbase and Binance. Sergej Kunz, co -founder of decentralized finance (DeFi) protocol 1inch Network, believes the SEC’s enforcement action against the two centralized exchanges could have a negative effect on the growth of Web3 in the U.S. Related: SEC lawsuits against Binance and Coinbase unify the crypto industry Speaking to Cointelegraph during Money 20/20 in Amsterdam, which has long been a popular global fintech event focused on payments and financial service providers, Kunz highlighted his belief that regulatory uncertainty in the U.S. could hurt the industry: “I would say the same as Brian Armstrong. It's killing innovation in the U.S. All the compan...