Crypto lender [BlockFi](/news/article/is-blockfi-bankrupt), which offered unsecured crypto loans to retail investors, filed for Chapter 11 bankruptcy late Monday. There had been indications that the FTX scandal could render crypto lender [BlockFi bankrupt](https://www.nytimes.com/2022/11/28/business/blockfi-bankruptcy-cryptocurrency-ftx.html?smtyp=cur&smid=tw-nytimes) due to its exposure to the fallen exchange. It is now official.

[BlockFi had suspended withdrawals](https://www.bloomberg.com/news/articles/2022-11-11/blockfi-pauses-withdrawals-says-can-no-longer-operate-as-usual) soon after the collapse of FTX, citing significant exposure to the Bahamas-based exchange. The role of [FTX's failure](/news/article/ftx-bankrupt-who-to-blame) in making BlockFi bankrupt is becoming more evident by the day. 

BlockFi says it owes $275m to FTX US in the bankruptcy filings before a New Jersey court. This amount was part of a $400m lifeline FTX offered BlockFi in June when it began experiencing a liquidity crunch following the collapse of crypto lenders Voyager and Celsius. There was also an option for FTX to buy BlockFi. These facts are only becoming public as the scope of the FTX scandal widens.

BlockFi's bankruptcy filing indicates that the firm had $10 billion in assets and liabilities. While the company said in its bankruptcy filing that it was working to recover obligations owed by several counterparties, it adds that any recovery efforts risked delays from FTX's bankruptcy proceedings.

## BlockFi bankrupt: What next?

BlockFi had been in trouble with the US Securities and Exchange Commission (SEC) over its lending activities. It had been fined $100m by the SEC for not registering its crypto lending products as securities. In declaring BlockFi bankrupt, the filing said it still owes the regulator $30m, among other sums owed to more than 100,000 creditors.

The extent of BlockFi's entanglement with FTX continues to unravel. Bankruptcy filings reveal BlockFi made nearly $680 million in collateralized crypto loans to former FTX CEO Sam Bankman-Fried's Alameda Research hedge fund, even as it got a financial reprieve from the FTX exchange. 

Initial reports indicate that billions of dollars in the FTX balance sheet are unaccounted for. Where FTX got the funds, it used to bail out BlockFi in June is now a subject of speculation. Answers may come in the weeks ahead.


BlockFi Bankrupt - Court Documents

There is trending speculation of a rumoured Elon Musk Twitter Dogecoin arrangement. This rumour was spiked by the latest tweet about Twitter's new look, which Twitter's new CEO, Elon Musk, called "Twitter 2.0 Plan" - "The everything app".

This has made investors excited about the possibility of the [cryptocurrency DOGE](/news/article/elon-musk-twitter-deal) being integrated into Twitter. 
This recent disclosure, in a tweet yesterday, by Musk - who shared lots of slides on "Twitter company Talk" albeit without any mention of Dogecoin - saw the DOGE price surge to 19.4% from $0.089 to $0.107 before cooling off to $0.096, [as reported by CoinDesk](https://www.coingecko.com/en/coins/dogecoin).

![Picture2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Picture2_1cf9f20662.png)
 
However, [according to Coinbase, the price of Dogecoin, which has been on the rise by 26.75%](https://www.coinbase.com/price/dogecoin) in the past seven days, declined by 0.72% in the last 24 hours. In the past hour, the value increased by 1.83%. The current price is $0.096255 per DOGE. Dogecoin is 86.99% below the all-time high of $0.74.

You will recall that on 16 May, Musk tweeted a mock-up of what he called "Twitter 2.0" that included a Dogecoin tip button. The tweet sent Dogecoin's price soaring by nearly 30% in just a few hours. Musk, now Twitter's biggest shareholder, has been a long-time supporter of Dogecoin, [often tweeting about the cryptocurrency and even calling it his "favorite" coin](https://www.google.com/amp/s/www.coindesk.com/markets/2019/04/02/elon-musk-calls-dogecoin-my-fav-cryptocurrency/%3foutputType=amp). 

## Elon Musk Twitter Dogecoin Rumours

In another tweet, world-renowned golfer, Matt Wallace, said, with a hashtag:

"#Dogecoin Acceptance for Twitter Blue Would Be Awesome."

This tweet further deepened speculation on the future of a Twitter Dogecoin payment integration arrangement.
 
![Picture1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Picture1_1ed3d1e487.png)

If Twitter were to integrate Dogecoin into its platform, it would give the cryptocurrency a major boost in exposure and could lead to more mainstream adoption.

More rumours abound amid speculation that [Twitter may be working on a wallet prototype that supports cryptocurrency deposits and withdrawals](https://cointelegraph.com/news/twitter-will-do-lots-of-dumb-things-in-the-coming-months-elon-musk/amp). That, plus an announcement of [an $8 monthly subscription model](https://cointelegraph.com/news/crypto-fans-should-get-behind-elon-musk-s-subscription-model-for-twitter/amp), led to a 40% surge in price.


Elon Musk Twitter: Dogecoin Spikes Over 

Whether you are a stock investor or a crypto investor, a complete trading chart tool is a must for you. [TradingView UK](https://www.tradingview.com/) is one such tool that helps you make your way through the foggy roads of trading. It is cloud software that has made trades accessible for everyone. 

The tool dominates the market, as more than 30 million users get trade insights. If you, too, want to get started with TradingView UK, here’s everything you need to know about the platform!

## Benefits of TradingView UK

### Multiple chart types

One of the reasons behind its popularity among traders is its thorough technical analysis. The tool offers multiple categories of charts for easy data visualisation. It also gives you options like different time frames, trading volume charts, and other technical metrics and research tools. You can also set light or dark mode as per convenience.

### An array of drawing tools

Another edge TradingView UK has over other platforms is its freedom of drawing. Often drawing is one of the best ways to read charts. Therefore, the range of tools it offers becomes quite handy. However, some of the tools are available only in paid versions.

![tradingview 2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/tradingview_2_be0a25c82e.png)
 
#### Source: Daytradingz.com

It also allows you to publish the charts you draw. This will help build your portfolio as an analyst and bring accountability to your analyses. 

### Trading insights

It gives you incredible power to conduct extensive analysis. You can use numerous metrics, indicators, and strategies available on the platform. This equips you with everything you need to get in-depth trading insights. 

![tradingview 3.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/tradingview_3_644905c398.png)
 
### Crypto screener

The platform also offers a screener for cryptocurrency pairs. Through it, you can gauge the performance of a pair in the market. There are options like different time frames, oscillators, and trend-following. Also, you can get a CSV file of this data for offline usage. 

### Compatible with various brokers

Though you cannot trade directly from this platform, it supports several brokers. Among them, [FTX](https://ftx.com/) is the most trusted one for cryptocurrency dealings. But you can also integrate various others through API.

## TradingView price plans

While the basic version is free, there are three paid plans: Pro, Pro+, and Premium. You can either acquire these plans on a monthly or annual basis. It also offers a referral discount. You can get $30 for your next subscription if you refer it to someone.

![trading view.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/trading_view_4fc7a0e00c.png)
 
## Why opt for TradingView?

TradingView UK is a complete platform for everyone, whether you are a novice trader or a seasoned investor. It allows better accessibility as it is web-based, and you can also operate it through your smartphone. The technical analysis it provides can also help you make informed decisions. 

Furthermore, it introduces you to a community of traders. Here you can share your insights and also learn crypto strategies from others. Besides, you can easily integrate it with numerous brokers via APIs. In essence, it can be a definite choice for traders who want assistance with technical analysis.



TradingView UK 101

[Uquid](https://uquid.com/) is one of the largest Web3-based platforms, offering physical and digital products. It creates smart shopping experiences for users by bringing the world of e-commerce and DeFi together. 

To enhance customer experience, it has announced integration with the [Polygon network](/news/article/polygon-crypto). The smart marketplace will leverage Polygon’s low fees, high efficiency, and, most importantly, scalability. It will also allow Uquid to employ its vigorous developer ecosystem.

![uquid.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/uquid_fd41c6718c.png)
 
It will allow customers to enjoy another payment method, the MATIC token. In addition, this Web3 market will have access to Ethereum through this integration.

## Shared vision of building eco-friendly platforms

Both Uquid and Polygon share the vision of [sustainability](/articles/our-news/sustainable-future) and environmental preservation. MATIC’s network is known for being the least harmful to the environment. That’s why the smart marketplace opted for its scalable ecosystem to develop its market. Uquid believes that the MATIC network can shape a user-friendly and environment-friendly platform. 

It will not only reduce gas fees for users, but will also allow easy access to cryptocurrencies. Users can also enjoy access to various decentralised apps (DApps) available on Polygon. 

## About Polygon

[Polygon](https://polygon.technology/) is one of the leading Ethereum scaling solutions. It is entirely decentralised and ideal for creating Web3 DApps. The network leverages Ethereum's security and provides high efficiency at affordable costs. More than 53,000 DApps have chosen its scaling solution to build their platforms. Among them, names like Uniswap, OpenSea, and Aave are notable. 

The network is also a leading force in the non-fungible tokens ([NFT](/news/article/nft-art-marketplaces)) market. It has collaborated with numerous key players in the industry, including [Disney](/news/article/matic-disney-collab), Instagram, Adobe, Stripe, and others.

## About Uquid

Uquid is a platform that first introduced the idea of Web3-based smart shopping. It bridges the gap between the DeFi world and e-commerce by offering more than 85 million products. The platform also introduced the concept of a shop-to-earn market.


Uquid Web3 Market Integrates Polygon

According to a privacy policy agreement by ConsenSys, MetaMask will collect users' IP addresses and Ethereum wallet addresses. What's been the reaction to the news?

## Details of the Metamask news

The wallet's inventor, ConsenSys, notes that the [amended](https://consensys.net/privacy-policy/) privacy policy agreement and data collecting will only apply if users utilise Infura, MetaMask's default Remote Procedure Call (RPC) application. Those using MetaMask with their Ethereum node or a third-party RPC provider are exempt from the recently amended ConsenSys privacy policy. Instead, the other RPC provider's conditions apply. 

According to ConsenSys, information obtained in this manner may be provided to affiliates during business transactions or to comply with law enforcement's Know Your Customer and Anti-Money Laundering laws. With in excess of 21 million monthly active users, MetaMask is one of the most popular self-custody wallets.

## Reactions to the Metamask news

The crypto community's reaction has been generally negative. Cinneamhain Ventures partner Adam Cochran, for example, [stated](https://twitter.com/adamscochran/status/1595792167485808640) that: 
"Nothing is more important than consumer privacy, especially regarding financial information - they have the right to remain anonymous. 

For a long time, the wallet has given excellent free service, but their choice to track IP addresses and link them to transactions is unethical." 

Hayden Adams, the Uniswap protocol creator, reacted to inquiries by [stating](https://twitter.com/haydenzadams/status/1595675130038030336) that the decentralised exchange does not collect IP addresses and does not enable third-party tools on the network to do so. ConsenSys has joined the ranks of significant Web3 firms, such as [Coinbase](/news/article/coinbase-nft-platform), in implementing IP collecting, partly due to more stringent laws.

## Cold Wallets 

"With the latest revelation that [Metamask](/news/article/what-is-metamask)/Infura is gathering IP and wallet addresses, I recommend you to take the time to change your RPC" stated one Twitter user, [@0xBiZzy](https://twitter.com/0xBiZzy/status/1595807037794959363). "Following the collapse of FTX, the crypto industry has made a more significant effort to keep assets on cold wallets – wallets that don't link to the internet. Keep your privacy!" 

RPC is an [abbreviation](https://moralis.io/ethereum-rpc-nodes-what-they-are-and-why-you-shouldnt-use-them/) for remote procedure calls. Developers use it to create decentralised apps (Dapps) and allow programmes to connect directly to the blockchain.


Metamask News: Wallet to Collect User IPs

New York State has made a landmark regulatory move under Governor Kathy Hochul. It has become the first American state to ban the [mining](/news/article/mining-company) of specific crypto tokens. These include cryptocurrencies that require extensive energy to be mined.

The Governor has taken the step to confront the [environmental problems](/news/article/environmental-cryptocurrency-concerns) caused by energy consumption.

## New York crypto mining ban 

On Tuesday, Gov. Hochul [signed the legislation](https://www.nysenate.gov/legislation/bills/2021/A7389) to enforce a temporary prohibition on energy-intensive crypto mining. Essentially, the cryptocurrencies included in this category are the ones that run on the Proof of Work (PoW) mechanism. 

The suspension of such activities is imposed for two years in NY. In this period, regulators will neither provide new permits nor renew any existing licenses. The ban is imposed under [Assembly Bill A7389C](https://www.nysenate.gov/legislation/bills/2021/A7389). 

The rationale behind this legislation is the high infrastructure and environmental costs of cryptocurrency mining. The bill also directed the NY State [Department of Environmental Conservation](https://www.dec.ny.gov/) to assess the impact of PoW on the environment. 

The department will prepare a report in a year to assess its impact across the state. It will then provide recommendations to improve future policies.

## What will be the repercussions of the ban?

Various American states recently introduced policies to support the digital asset industry. After [China's crackdown](/news/article/web-wechat-china-ban-nft) on virtual asset service providers, they saw it as an opportunity to attract them to the US. However, this bill has done quite the opposite and may affect the mining operations in the country. 

The timing of this ban is also critical in terms of the market condition. The crypto market is currently going through a rough winter. First, the [Terra Luna collapse](/news/article/terra-luna-collapse) and then the decline of the [FTX exchange](/news/article/ftx-vs-binance-liquidate-funds) have left the investors in shock.

Overall, there is extreme fear among traders who doubt the future of cryptocurrencies. In this scenario, a temporary ban on mining will further aggravate the situation for these digital assets.


New York Crypto Mining Banned

[The UK's](/news/article/uk-crypto-tax-regulations) Starling Bank has tightened its grip on crypto trading, [announcing a ban on all crypto transactions](https://twitter.com/StarlingBank/status/1595095825884930050?t=8EiBd2taolnSd4Wb8VbUvw&s=19) for users, describing the activity as "high risk and heavily used for criminal purposes"'.

Following the collapse of the [FTX exchange](/news/article/ftx-bankrupt-who-to-blame) earlier this month, banks have stressed the need for crypto regulation.

## Starling Bank customers woke up to bad news

Starling Bank crypto customers received a text message stating, "we view the crypto activity as high risk".
The bank said it had decided to halt all card payments to cryptocurrency merchants and "impose additional limitations on outgoing and incoming transfers".

It comes just two weeks after [Santander imposed new limits on Bitcoin and Ethereum](/news/article/santander-uk-news) transactions and warned of the potential consequences of investing in crypto assets.

As of 15 November, Santander's mobile and online banking customers were limited to a £1,000 limit per cryptocurrency transaction and a £3,000 cap on transactions made over a rolling 30-day period. While payments will still be allowed from the cryptocurrency exchange, including Binance, payments sent to Binance will remain blocked.

## Starling is not backing off

A representative of Starling Bank said the institution has had restrictions on cryptocurrency transactions of varying degrees for a long time.

The purpose of this communication, he continued, was to ensure that this was understood by clients who had previously completed such transactions.

He added that while the cutting-edge technology that underlies cryptocurrencies has significant advantages, the high risk and widespread criminal use meant the organisation could no longer support them.

## More banks restrict crypto transactions

The Starling Bank crypto stance is the latest [bank](/news/article/crypto-friendly-banks-uk) move to restrict customer crypto activity. Lloyds, [Barclays](/news/article/barclays-crypto), and RBS have implemented various new measures, such as blocking transactions with cryptocurrency exchanges.

According to finder.com, 47% of UK banks forbid customers from communicating with cryptocurrency exchanges.


Starling Bank Bans Crypto Trading

Tornado Cash developer Alexey Pertsev could be in custody until February after being detained in the Netherlands.

Before Advocate WK Cheng gave his first defence argument on [22 November](https://uk.news.yahoo.com/tornado-cash-developer-alexey-pertsev-132129612.html), the prosecution provided a detailed summary of its research. It depicts Pertsev as a pivotal actor in the operation.

## Defence view

Cheng outlined numerous use cases for Tornado Cash and common misunderstandings about its capabilities.
"I am upset with the [court's](/news/article/pgi-global-closed) ruling. We've attempted to convey the defence's positions as plainly as possible," Cheng said after the preliminary hearing. 

The attorney acknowledged that the first session had been rescheduled for 20 February, 2023, and reaffirmed his conviction that the state had provided a biased interpretation of Pertsev's connection with [Tornado Cash](/news/article/tornado-cash).

Despite a slew of pledges from his defence team, including home surveillance and check-ins at the local police station each week, the prosecution expressed anxiety that Pertsev might flee if released before the first session. The attorney added that they would make some requests and investigations, and there are certain things they need to work out to be ready for the next court session.

## Positive support for Pertsev 

In a Tweet, crypto investor Ryan Adams [stated](https://twitter.com/RyanSAdams/status/1562475044126699521) that the Tornado Cash creator did something positive for the public by writing the code. The forum member said that "a few evil folks" opted to utilise Pertsev's code, and now the developer is paying the price. 

Aside from Adams, crypto expert Jill Gunter [said](https://twitter.com/jillrgunter/status/1562549817535959040) they hadn't released enough information on Pertsev's arrest. Gunter called the accusations' current position "confusing", describing the scenario as a "scary problem".

Protesters gathered in Amsterdam to demand the developer's release. Protesters chanted, "open source is not a crime", urging the authorities to apprehend the criminals rather than the creators.

On 12 August, the court [detained](https://www.theblock.co/post/163297/arrested-tornado-cash-developer-is-alexey-pertsev-his-wife-confirms) the developer on allegations of money laundering using the Tornado mixer. Authorities in the Netherlands stated that the mixer was used to conceal large amounts of money from criminals and can link to crypto frauds and hacks.


Tornado Cash Developer Stays in Detention

Reserve Bank of India will launch the retail central bank-backed digital currency ([CBDC](/news/article/india-cbdc-launch) pilot next month. It will be interoperable with existing payment systems.

On [1 November](https://www.reuters.com/article/india-cenbank-digital-rupee-idUSKBN2RQ0WO), RBI debuted the wholesale segment pilot for the digital rupee. According to the RBI, the digital rupee will increase market efficiency by lowering settlement transaction costs.

The settlement of secondary market transactions involving government securities has been the primary use case of the Reserve Bank of India CBDC.

## Reserve Bank of India CBDC to debut

[According](https://economictimes.indiatimes.com/news/economy/policy/rbi-in-final-stages-of-retail-cbdc-pilot-rollout/articleshow/95598347.cms?from=mdr) to the Economic Times of India, the RBI is reportedly finalising plans to launch the retail digital rupee pilot. The participating [banks](/news/article/which-uk-banks-allow-cryptocurrency-purchases) are the State Bank of India, HDFC, Union Bank of India, Bank of Baroda, ICICI, Kotak Mahindra, Yes, and IDFC First Bank.

The report stated that the pilot would include all commercial banks currently operating in the country and that the National Payments Corporation of India would host the [CBDC](/news/article/cbdc-uk) platform. It will be similar to the instant real-time payment system formed by NPCI, the unified payments interface (UPI) system.

According to the report, the digital rupee is not intended to replace existing widely used payment systems, but to supplement them. The retail CBCD will be compatible with other payment systems and function similarly to UPI.

Each participating bank will test the CBDC on 10,000 to 50,000 users. The banks will work with the PayNearby and Bankit platforms to implement the new payment option, and the NPCI will be in charge of the CBDC infrastructure.

Customers and merchants will both need to download the CBDC-specific wallets. The retail CBDC of India will initially be offered as a stand-alone product, with the final version integrating with existing mobile and internet banking services.

Plans to launch the CBDC were revealed in February 2022 by Indian Finance Minister Nirmala Sitharaman, who claimed that a digital rupee would give India's economy a "big boost". The Reserve Bank of India then suggested a three-step graded rollout strategy, aiming for little or no disruption to the traditional economic system


Reserve Bank of India CBDC Pilot

The Crypto sector is highly volatile and mysterious. The latest secret is the ownership of the [Huobi exchange](https://www.huobi.com/en-us/). 

According to tracker CoinGecko, China-based Huobi Global continues to produce a notable daily trading volume of more than $300 million despite losing its position as the world's leading exchange.

On 7 October, the Huobi exchange platform [announced](https://www.prnewswire.com/news-releases/huobi-globals-major-shareholder-completes-share-sale-301644102.html) that About Capital Management (HK) Co. Ltd, a [Hong Kong](/news/article/crypto-hong-kong-etfs) based-asset management company, had become the exchange's controlling shareholder following a successful buyout deal.

While the transaction of an unrevealed amount crowns About Capital as the new controlling shareholder, the [exchange](/news/article/best-exchanges-for-crypto-uk) stated that the transition would have no impact on core operations or business management teams.
About Capital also revealed plans to create a global strategic advisory board "led by leading industry figures", in addition to other initiatives such as establishing a margin and risk provision fund and measures to improve the exchange's competitiveness.

## Justin Sun - The probable owner

According to reports, Justin Sun spent about $1 billion to acquire roughly 60% shareholding through the [Hong Kong](/news/article/is-crypto-legal-in-hong-kong)-based asset manager About Capital.

Sequoia China and ZhenFund transferred 28% of their ownership in Huobi Global to About Capital. According to insiders, Justin Sun hid his name from the agreements to avoid Chinese scrutiny.

Huobi Global rebranded to "Huobi" because Justin Sun's previous acquisition agreement prohibited shareholders from using Chinese trademarks or conducting business in mainland [China](/news/article/china-crypto-ban).

People familiar with the matter revealed a strict agreement between all parties in this equity transfer agreement regarding trademarks, particularly the use of the Chinese brand "Huobi".

In October, it was reported that the controlling shareholder of the exchange completed the share sale, making About Capital's M&A fund the new controller. Justin Sun joined the Global Advisory Committee of Huobi Global and repeatedly stated that he was not the buyer of Huobi.


Huobi Exchange - Who Owns It?

The [American CryptoFed DAO](https://www.americancryptofed.org/) is about to fight a legal battle with the US Securities and Exchange Commission ([SEC](/news/article/sec-crypto-news)). It will become the country's first authorised decentralised autonomous organisation to do so. The issue is token registration, which the regulators approved in 2021. 

But now, the SEC has [announced](https://www.sec.gov/news/press-release/2022-208#.Y3f3-2DgThg.mailto) that the US DAO provided “misleading” information for the public offering of its tokens. It further accused the organisation of non-compliance in the investigation procedure. So, the regulatory authority will initiate an administrative proceeding against the firm. 

## Accusations from the regulators

The Enforcement Division of the crypto watchdog stated that the company provided incomplete information in Form S-1. It did not provide audited financial statements and other necessary documents related to its operations. Moreover, the statements seemed inconsistent and misleading regarding the nature of its tokens.
 
Regulators noted that the CryptoFed tokens might fall under [securities laws](/news/article/ether-staking). The firm also failed to cooperate with the regulatory body, it is alleged. Therefore, they may have to cancel the registration for their tokens.

## US DAO not to take assistance from an attorney

The US DAO, CryptoFed, has decided to fight the case without taking assistance from a legal advisor. It successfully registered two of its tokens in 2021 with the regulators. One was a stablecoin, Ducat, and the second was an interdependent governance token, Locke. 

[Cointelegraph](https://cointelegraph.com/news/first-official-dao-in-the-us-to-fight-sec-without-attorneys) has reported remarks from the COO and organiser of the firm, Xiaomeng Zhou. He confirmed it has lodged the notice of appearance per the [SEC’s regulations](/news/article/us-sec-regulation). It also reports that the firm will represent itself in court without a solicitor.

CryptoFed may also apply for an extension in the deadline to prepare its answer. If the application gets approved, the firm will likely get an extension of around 20 days to defend its stance.


US DAO to Battle SEC Without Solicitor

I am here to tell you about two famous crypto card offerings from [Nexo](https://nexo.io/) and [Binance](https://www.binance.com/en) and which one you should pick.

Crypto cards are becoming famous among people as there is a rapid growth of popularity in cryptocurrency. Now people have the option to purchase anything they like with cryptocurrencies. But what are crypto cards, you might wonder?

Crypto cards are just like any regular bank debit or credit card used to pay for goods or services and earn crypto cashback. These cards are issued by crypto exchange companies partnering with the card payment companies like Visa or Mastercard.

## Nexo card

Nexo was founded in 2018 by Antoni Trenchev and others and claims to manage $15 billion worth of assets. 

The card was launched on 13 April, 2022, by partnering with Mastercard. You can use this card like a credit card without selling your crypto assets stored in your account. To put it in simple words, Nexo gives you fiat money to spend on goods and services, but instead of converting your crypto balance to fiat, it uses them as security for you to pay later. The card is accepted in 92 million stores globally where Mastercard is authorized, enabling users to spend up to 90% of the value of their crypto holdings in currency.

## Additional Features of Nexo card:

•	You earn up to 2% rewards/cashback on every transaction or ATM withdrawal.

•	It is available with Android or IOS, where you can control the card's settings.

•	You can pay interest in Crypto or fiat money.

•	Credit interest starts with 0% APR.

![nexo 1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/nexo_1_cf897ec697.png)
  
## Binance Card

[Binance](/news/article/guide-to-binance-uk), founded by Changpeng Zhao in 2017, is one of the largest cryptocurrency exchanges. The card was launched in early 2022 by partnering with Visa and offers a crypto debit card. Crypto debit card converts your crypto balance into merchant's currency in real-time when you buy any item. This means you need to have an adequate balance in your account wallet when using your card. Binance card is accepted in more than a 60+million stores worldwide. 

## Additional Features of Binance card:

•	You earn up to 8% BNB cashback on every transaction.

•	It is supported by Google Pay and Samsung Pay.

•	Lowest fees in the market.

•	Hold cryptocurrency and only exchange it when you swipe your card.

![nexo card 2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/nexo_card_2_11326f3a3b.png)
  
Both crypto cards have various features depending upon the need. I hope this helps you to decide which one to choose.


Nexo Card or Binance Card?

Following the fall of the [FTX](https://www.ft.com/content/5d826ca9-389e-41ec-a38b-da43211da974) exchange and the market instability, Bill Ackman, the hedge fund manager and investor, says he remains optimistic about cryptocurrencies.

In a recent Twitter thread, the founder and CEO of Pershing Square Capital Management [stated](https://twitter.com/BillAckman/status/1594456744851558402) that, despite current issues, crypto is here for the long run. However, he said there is a need to enhance regulation and eliminate fraudulent individuals from the industry.

## Who is Bill Ackman?  

Bill Ackman is a billionaire American investor who recently advocated for [eliminating regulatory barriers](https://www.bloomberg.com/news/articles/2022-02-09/bill-ackman-calls-on-new-york-to-remove-crypto-barriers) and relaxing laws in New York to turn the city into a crypto centre. He is also an active participant in several [cryptocurrency](https://cointelegraph.com/blockchain-for-beginners/what-is-a-cryptocurrency-a-beginners-guide-to-digital-money) initiatives.

He believes crypto will stay and can benefit society and substantially build the global economy with proper control and regulation. 
However, he claims that technology needs to improve to combat its capacity to be used to perpetrate fraud.

The issue is that dishonest promoters might generate tokens solely to facilitate pump-and-dump strategies. Some cryptocurrencies are utilised for fraudulent reasons rather than for [legal company development](/news/article/rishi-sunak-crypto-believer-uk-pm).

## Bill Ackman is no longer a crypto sceptic

The investor now sees crypto as having "the ability to help society and develop the global economy substantially". 
He added that it could enable the establishment of essential enterprises and technology that could not previously exist.

It can also incentivise venture participants to gain access to a global workforce to promote a project.

Ackman highlighted that appropriate regulation and oversight would be critical in moving the technology forward.

The hedge fund manager's tweet follows the [FTX crash](/news/article/gemini-crypto-exchange-falls-prey). According to sources, he congratulated former FTX CEO Sam Bankman-Fried for admitting his faults in a tweet but afterward deleted it.

In his post, [the investor](https://www.theblock.co/post/188684/bill-ackman-says-crypto-is-here-to-say-but-highlights-a-curious-use-case) used Helium, a blockchain-based network, as a favourable example of cryptocurrency.


Bill Ackman Bullish on Crypto

Cryptocurrencies are becoming increasingly popular, though there are some legitimate concerns about the industry. As a result, it is not every bank, including UK banks, which will allow customers to make cryptocurrency purchases.

They don't want to risk losing money from customers, primarily if they could be held accountable for allowing it to happen.
If you want to trade crypto, you should reconsider who you bank with. Let's look at the crypto world and the UK banks that allow crypto.

## Is cryptocurrency legal in the United Kingdom?

In the United Kingdom, it is legal to own and trade cryptocurrencies. They are not currently classified as a currency but as a property asset, even though there is no tangible asset to own.

Any cryptocurrency exchange in the UK must be registered with the Financial Conduct Authority, which regulates the industry to prevent money laundering. The [FCA](/news/article/fca-crypto-regulation) is adamant that any trading platform must be able to demonstrate compliance with anti-money laundering regulations.

## Which UK banks allow cryptocurrency purchases?

Here's a list of some banks to consider if you're interested in trading cryptocurrencies:

1.      The Royal Bank of Scotland 
RBS generally supports cryptocurrencies and trading. Customers usually have no trouble buying and selling crypto using a debit or credit card. However, the group restricts access to certain exchanges that are deemed riskier, so you will not have complete freedom.

2.    Revolut
[Revolut](/news/article/revolut-bank-uk-crypto) is one of the more comprehensive banking apps. It offers stock and share trading through its platforms. It is well-known for its positive attitude toward cryptocurrencies, and customers of the bank face no trouble in dealing with exchanges regardless of account level. You also have the advantage of being able to trade cryptocurrency and manage your banking in the same app.

3.      Nationwide
Nationwide claims to have systems to prevent suspicious or unusual member payments. Customers can usually make payments to [crypto exchanges](/news/article/best-crypto-exchange-uk-reddit) using their credit or [debit cards](/news/article/crypto-debit-card-uk). If you have any issues, you should be able to resolve them with the bank and gain access to the trading platforms.

4.      Barclays
[Barclays](https://home.barclays/) has had a tumultuous relationship with cryptocurrency, having formed a partnership with Coinbase only to cancel it in 2019. Despite this reversal, the bank generally accepts payments to and from cryptocurrency exchanges.

5.      Monzo
[Monzo](https://monzo.com/) has declared itself a crypto-friendly bank, stating that customers can use their accounts to buy and sell cryptocurrency on crypto exchanges. However, they state that they will review trading platforms and, if necessary, block access to some if they are deemed too risky.

## Bottom line

Some large financial institutions still regard crypto transactions as highly risky, if not criminal. On the other hand, many progressive banks want to embrace new trends and assist their clients with cryptocurrency transactions.

We believe traditional banks will probably eventually support crypto-related services, particularly as soon as the regulatory clarity improves. Until then, you can use the [crypto-friendly banks](/news/article/crypto-friendly-banks-uk) mentioned in this article to service your customers, make deposits, and lock in profits without fear of an account freeze or ban.


which uk banks allow cryptocurrency purchases

Which UK Banks Allow Cryptocurrency Purchases?

The UK's Financial Conduct Authority (FCA) recently approved the crypto-friendly financial app Revolut to conduct its digital asset business in the country. The licensing means that startups of any size [within the European Economic Area (EEA)](/news/article/revolut-news-approved-eea) can now buy, hold and sell cryptocurrencies from their Revolut business accounts. 

## Crypto for cross-border payments

A [2021 study](https://markets.businessinsider.com/news/currencies/multinationals-cryptocurrencies-bitcoin-ether-study-cross-borders-transactions-pymnts-2021-11 30, November 2021) showed an increasing demand for diverse payment methods offering speed and convenience as B2B [cross-border payments](/news/article/russia-approves-cross-border-crypto) were expected to exceed $35 trillion. Per the study, at least 37% of the multinationals involved in the study used at least one type of cryptocurrency. 

Revolut has introduced a business account to disrupt the traditional business banking models that are shackled with astronomical charges when sending payments abroad. Revolut business offers users a 'digital alternative to big banks'. While standard cross-border payments take an average of three to five days, with potential errors and delays as part of the deal, crypto-based payments occur in real time due to fewer negotiators in the blockchain.    

## Revolut rewriting the rules

As business goes global and consumers demand additional payment options, Revolut is facilitating seamless cross-border crypto transfers. The London-based fintech firm allows its account holders to access cryptocurrencies like Bitcoin, Ethereum, Litecoin, and other digital currencies alongside over 28 fiat currencies through its mobile app.

The business account from Revolut is rewriting the rules of engagement between small startups and large businesses and their local and global customers. Whether they’re sending payments or getting paid via crypto, account holders have access anytime, anywhere to manage their entire businesses with no hidden fees. Any company with a physical presence EEA is eligible for an account.   

## How it works 

Opening a Revolut business account is simple and takes less than ten minutes to complete, with the application process taking one to seven days. Users can choose between corporate or freelance accounts.   

Pros:

•	Fast and easy setup.

•	Different pricing options.

•	Exceptional price for international transfers.

•	Easy-to-use mobile app.

Cons: 

•	No cash deposits.

•	ATM withdrawals earn a fee.

## Conclusion 

Revolut offers freedom and flexibility for startups whose customers demand alternative payment methods. Its competitive pricing might be a good choice for companies conducting transactions in different cryptocurrencies.




Revolut Business - A new way to make crypto payments

FTX’s [decline](/news/article/ftx-bankrupt-who-to-blame) has rattled the crypto market. Digital asset lending firms and exchanges are at the receiving end and falling like houses of cards. The [Gemini crypto exchange](https://www.gemini.com/) of the Winklevoss twins has also become one of the victims of FTX contagion. 

On 16 November, Gemini's Earn product experienced delays in withdrawals due to an outage. Curiously, the outage occurred just after its partner, [Genesis Global](https://genesis.global/), suspended withdrawals on its platform. Genesis took the step in the wake of the fall of the [Sam Bankman-Fried](/news/article/sam-bankman-fried-lost-billions) corporation.  

Earlier, the firm acknowledged its partner’s suspension of withdrawals in a [Twitter thread](https://twitter.com/Gemini/status/1592873279232278532). It also announced that its team is working with the crypto lender to ensure quick recovery of funds of the Earn program. 

It assured its clients that these events would not affect the activities on the [Gemini](/news/article/gemini-crypto-review) platform. However, a couple of hours later, it experienced an outage that shook investors' trust.

## Gemini crypto exchange outage caused $485m outflows

The server outage on the platform halted the operations affecting the withdrawals and deposits. However, it has only been down for about an hour. Per its official statement on Twitter, the disruption occurred at its primary databases due to the Amazon Web Services EBS.

The exchange's team swiftly recovered it and announced it was "fully back online".

![gemini exchange tweet](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/geminitweet_50471f672f.webp)
 
Moreover, it reassured its users about the safety of their funds. Nonetheless, the disruption created panic among the users, which resulted in mass outflows. 

According to [Nansen](https://www.nansen.ai/), the blockchain insights firm, more than $485 million has been withdrawn from the exchange in the past 24 hours. This is the highest outflow for any exchange in the same period. On the other hand, the inflows for the platform were only $78 million.  

## The unstoppable FTX contagion

Gemini and Genesis Global are just some digital asset service providers that suffered after the FTX collapse. Various other firms are moving towards insolvency. Crypto lenders [BlockFi](/news/article/ftx-collapse-blockfi-suspend-withdrawals) and SALT are recognised names among them. This collapse may affect many other significant firms in the future as investors' confidence seems to be shaken.


Gemini crypto exchange falls prey to FTX contagion

Rishi Sunak is a crypto advocate who has taken several initiatives to promote digital assets in the country.

When Sunak assumed the [position of United Kingdom](https://www.cbsnews.com/news/rishi-sunak-appointed-prime-minister-of-the-united-kingdom/) Prime Minister, he had become the wealthiest, youngest, and the first British Asian PM in the country's history. Sunak's rivals withdrew themselves from the race for Conservative Party leadership. This left him as the only candidate for the post. It is the third change in UK's premiership in the last two months.

Nonetheless, the blockchain industry and cryptocurrency investors are hailing the new PM because they see the Rishi Sunak crypto stance being positive.
Interestingly, he has replaced [Liz Truss](/news/article/liz-truss-prime-minister), who was pro-crypto. She had to resign after 44 days of her premiership. Unprecedented economic turmoil in the UK and the criticism from the masses forced her to step down.

## What's the Rishi Sunak crypto stance?

Truss was his predecessor and rival in the previous Conservative party elections. She was also a FinTech and digital asset supporter who backed the movement for welcoming cryptocurrencies. She also shared anti-regulatory views.

Unlike Truss, Sunak supports a regulated market. Also, he is ambitious to transform Great Britain into a global hub for cryptocurrencies and FinTech.
The newly appointed PM previously served as Finance Minister under then PM Boris Johnson. He assumed the office in 2019 and is known for his role in crisis management during COVID-19. He also took various formidable initiatives during this period to promote cryptocurrencies.  

## Initiatives for promoting blockchain and cryptocurrency

A significant step has been the advancement of fiat currency-pegged digital tokens, known as stablecoins. The Rishi Sunak crypto stance advocated using stablecoins as a legit means of payment in the country. 

Moreover, he also developed an FMI Sandbox (regulatory sandbox for financial market infrastructures). It aimed to bring forth innovation in the FinTech industry and was expected to be operational by next year.

He also expressed interest in launching the Bank of England's central bank digital currency (CBDC). He stated that a CBDC could act as a new means of payment. The swift introduction of a [CBDC in England](/news/article/cbdc-bank-of-england) seems quite unlikely. But a crypto believer's government might boost the chances.  

## Rishi Sunak's resolve to make the UK a global crypto hub

Apart from that, what defines Rishi Sunak as a crypto enthusiast is his resolve to transform the UK into a [global cryptoasset technology hub](/news/article/cryptocurrency-investment-uk). While sharing his views on regulatory reforms and the introduction of stablecoins, he stated it was his ambition to turn the country into a "global hub for cryptoasset technology".

It was a clear statement that could define the future of blockchain technology and digital assets. As per this stance, we might see regulatory changes in Britain’s policies promoting cryptocurrencies. Also, investors might expect the introduction of digital tokens as a recognised means of transaction.

However, the youngest PM of the UK in the modern era has stepped in during a period when the UK is facing economic headwinds. Amid this scenario, the tall claims might fall flat.



Rishi Sunak, crypto believer, becomes UK PM

The crypto lending firm, [BlockFi](https://blockfi.com/), certainly finds itself in hot waters after the [FTX collapse](/news/article/ftx-collapse-blockfi-suspend-withdrawals). Recently, it suspended withdrawals from client wallets and interest accounts. It is also facing a severe liquidity crisis as the [FTX exchange](/news/article/ftx-exchange-under-investigation) crashed. There are reports suggesting that the firm plans to lay off its workforce. So, is BlockFi bankrupt?

## Is BlockFi bankrupt?

Earlier, the firm denied having a line of credit of around $400 million from FTX. However, later it accepted its affiliation with the crashed exchange. The [Sam Bankman-Fried](/news/article/sam-bankman-fried) owned exchange provided this fund to BlockFi to bail it out in July. As the business has collapsed, it has again created financial problems for the crypto lender. 

Rumours suggest that the crypto lender is pondering filing for insolvency amid this situation. Other than that, it may even sack some of its employees to cut down its expenses. 

Moreover, it has already restricted activities on the platform, suspending withdrawals for its clients. These moves indicate that the firm might have to move towards complete closure. 

## Impact of FTX crash on other crypto firms

FTX collapse has rattled the entire crypto market. BlockFi is not the only platform that is facing issues after the decline of Sam Bankman-Fried’s exchange. Another digital asset lending platform, SALT, has also paused deposits and withdrawals. It has notified its users that “in light of recent industry events”, the firm has taken this step.

![blockfi.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/blockfi_d647bef6a0.png)
 
Furthermore, [SALT](https://saltlending.com/) has admitted that the fall of [SBF companies](/news/article/sam-bankman-fried-lost-billions) has also affected its business. Therefore, it is taking this step as a precautionary measure. However, the platform’s CEO, Shawn Owen, has clarified that it is [not going bust](https://twitter.com/Shawn_OwenJ/status/1592586857509896192). This is a temporary measure. It is to examine how much the events have affected the platform. Nonetheless, it will be effective immediately to limit potential risks.



Layoffs, & paused withdrawal: Is BlockFi bankrupt?