[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?

Circle, the company behind the US dollar-pegged stablecoin USDC, has added support for Apple Pay to integrate cryptocurrencies and established payment methods.

The company announced the news in a [blog post](https://www.circle.com/blog/apple-pay-is-now-available-on-circle) published on 15 November that stated merchants who accept USDC can now do so with the help of Apple Pay.

The addition will benefit crypto-native businesses by making it easier to accept payments while not excluding non-crypto customers. Furthermore, Circle stated that "traditional" businesses could use the enhancement to "shift more retail payments to digital currency".

According to reports, [Apple](/news/article/apple-crypto-and-nft-rules) Pay is the second most popular digital wallet in the United States, behind PayPal, with more than 1.8 billion active devices worldwide.

## Issuer of stablecoin Circle adds Apple Pay

Circle and Apple's collaboration will benefit cryptocurrency-native businesses that were initially only concerned with digital assets.

This step will assist them in utilising Apple Pay's payment platform. It will also function as a payment gateway for fiat users interested in experimenting with cryptocurrency payments.

The issuer of [stablecoin](/news/article/what-are-stablecoins) Circle stated that enabling this new feature is a quick and easy process with no hassle.
Merchants who meet the criteria can open a free Circle account and be added to an Apple developer account.

## Circle's similar initiatives

Circle has taken similar initiatives to provide its customers with more payment options.

In June, issuer of stablecoin Circle added support for Polygon [USDC](/news/article/usdc-coin-losses) to its payments and treasury platform, allowing developers to automate flows from fiat into Polygon USDC and swap it for native USDC across various blockchain networks.

At Converge22 in September 2022, the company announced plans to launch [USDC on five new networks](/news/article/circle-usdc) by the end of Q1 2023.

They announced that additional merchant services would enable vendors to accept cryptocurrency payments such as Ethereum (ETH) and Bitcoin (BTC). Other features to reduce checkout friction and improve the overall payment experience are also planned.

The issuer of stablecoin Circle also hinted that there could be future improvements.


Stablecoin Issuer Circle Adds Apple Pay

Witnessing the FTX collapse and volatility of the crypto market, German regulator Mark Branson has called for global crypto regulations.
 
The collapse of Bahamas-based FTX, which was widely regarded as one of the most reliable names in the industry until recently, has raised new concerns about the unregulated nature of crypto companies and what safeguards are in place to protect clients' assets. 

Crypto winter has severely affected the market resulting in ongoing crypto failures. Renowned firms have been closed due to liquidity issues. [FTX](/news/article/ftx-bankrupt-who-to-blame) is the latest in significant cryptocurrency failures this year, including hedge fund Three Arrows Capital, crypto lender [Celsius](/news/article/celsius-data-breach) Network, broker [Voyager](/news/article/crypto-lender-voyager-sells-assets) Digital and [Nuri bank](/news/article/nuri-bank-users-withdraw-funds).

## Mark Branson's statement at Frankfurt

According to German regulator Mark Branson, [crypto assets must be subject to global rules](https://www.bloomberg.com/news/articles/2022-11-14/german-regulator-bafin-sees-need-for-global-crypto-rules) if they are to be adopted by mainstream finance and exposed to banks and a broader range of investors.

At a Frankfurt event on Monday, the German regulator stated that the recent crash in digital assets was well-timed because the links between traditional finance and crypto are still limited, implying that it may not pose a risk to financial stability.

When asked about the fallout from [FTX](/news/article/ftx-collapse-blockfi-suspend-withdrawals) Group, Branson avoided mentioning any specific companies and said his comments applied to the industry as a whole.

Continuing his statement, Branson added that consumer protection is the most disturbing aspect noted in recent months.
The BaFin chief stated that cryptocurrency should either be shut out by building a "very, very strong wall" around the conventional banking system or by regulating the industry and seeing if "crypto money is in real competition with fiat money".

According to Branson, cryptocurrency is "massively susceptible to money laundering risks and doesn't have a handle on these". He stated that a set of rules for the industry would need to be addressed on a global scale rather than just in Europe.

Separately, Branson stated that despite recent issues in the cryptocurrency market, he does not anticipate a ripple effect affecting Germany's financial stability.


German Regulator Demands Crypto Regulation

After facing the digital equivalent of a bank run, the [imploding crypto trading](https://www.seattletimes.com/business/explainer-whats-happening-at-bankrupt-crypto-exchange-ftx/) business is now in the red by billions of dollars. FTX, one of the biggest exchanges in the world, filed for bankruptcy last week. Its CEO and founder also resigned. The trading firm afterward stated that there had been "unauthorised access" and that cash had vanished.  

According to analysts, hundreds of millions in cash may have gone. Elliptic, an analytics firm, estimated on Saturday that $477 million was missing from the transaction. On social media, there was a debate about whether the exchange was hacked or whether a business insider had taken assets, which cryptocurrency analysts couldn't rule out.

Its new CEO, John Ray III, announced that it would disable the ability to trade or withdraw cash and would take actions to safeguard consumers' assets.

## FTX Bankrupt: How did it happen?

Customers abandoned the exchange due to concerns over its funds and agreed a sale to rival crypto [exchange](/news/article/ftx-uk-warning) Binance. However, the transaction fell through while Binance conducted due diligence on [FTX's](/news/article/ftx-vs-binance-liquidate-funds) balance sheet.

According to its bankruptcy petition, the crypto business estimated its assets at between $10 billion and $50 billion and identified more than 130 associated firms worldwide.

On Friday, FTX and hundreds of linked entities, including founder Sam Bankman-Fried's hedgefund Alameda Research, filed for bankruptcy in Delaware.

## FTX Bankrupt: Bankman-Fried accepts blame

Sam Bankman-Fried apologised on [Twitter Thursday morning](https://twitter.com/sbf_ftx/status/1590709166515310593?s=46&amp;t=Br1_HGNzUBwspKZ7pF6myA), saying he "f—-ed up" and should have done better. Bankman-Fried also announced the closure of Alameda Research, the trading business he co-founded with FTX.

The tweet comes as the former crypto industry star pleads for billions of dollars to avoid bankruptcy. 

This week has been a rapid fall from grace for FTX. After valuing the exchange at $32 billion earlier this year, Bankman-Fried is now searching for someone to backstop the crypto business [after rival exchange Binance withdrew from a plan](https://www.cnbc.com/2022/11/09/binance-backs-out-of-ftx-rescue-leaving-the-crypto-exchange-on-the-brink-of-collapse.html) to purchase it.

He is worth an estimated $23 billion and has been a major political donor to Democrats.



FTX bankrupt: Who's to blame?

The exchange platform [Crypto.com is under investigation after sending $405 million to the wrong person](https://finance.yahoo.com/news/cryptocom-ftx-fiasco-233855168.html), raising concerns among crypto watchers in the wake of competitor exchange [FTX's](/news/article/ftx-vs-binance-liquidate-funds) bankruptcy filing on Friday.

Observers who closely examined the transaction theorised it was an attempt to inflate trading volume. The analyst who initially noticed the transaction was a [Coinbase](/news/article/coinbase-nft-platform) employee.

Before this Crypto.com investigation, the company made headlines when it sent $10.5 million by mistake instead of a $100 refund to a woman in Australia in December.

## Crypto.com investigation

CEO of Crypto.com Kris Marszalek claimed on Twitter that the transaction was an accident. A company representative told Yahoo Finance that money was sent to Gate.io, another cryptocurrency exchange, when it should have gone to an offline cold storage wallet.

The spokesperson explained that the movement of funds from the Crypto.com custody system is only possible between approved and whitelisted addresses that are attached to its cold wallets, hot wallets (connected to the internet), and corporate accounts at third-party exchanges."

Nonetheless, the transaction triggered crypto investors, who drove Crypto.com's exchange token (CRO-USD) price down by 24% in the last 24 hours. Bitcoin (BTC-USD) also decreased by less than 2.5% over the same period, while ether (ETH-USD) dropped by 2.5%.

## Exchanges publish "Proof of Reserves"

The Crypto.com investigation also follows a rush by several exchanges to publish their "Proof of Reserves," demonstrating that they are not using investor funds during the week following FTX's collapse.

On Thursday, [Crypto.com](/news/article/crypto.com-news-uk-approval) released its Proof of Reserves in its wallets, claiming to have $3 billion in total customer assets. According to the exchange wallets tracked by blockchain analytics platform Nansen, the figure was $2.55 billion as of Saturday, a 15% drop.

Proof of Reserves has long been used by some cryptocurrency exchanges, including the [Kraken](/news/article/kraken-review) exchange based in the US. However, depending on the frequency and amount of a company's disclosed balance sheet, the measure may still be insufficient.

According to CEO and co-founder of Chainlink Labs Sergey Nazarov, Proof of Reserves can prove solvency. It shows, he said, if the assets a company claims to have are available in real time.

Michael Anderson, a co-founder of the crypto venture capital firm Framework, said the mechanism is 'great', as long as there is proof of liabilities and assets.

However, he added: "It gives you a portion of the story."

Anderson continued: "It helps people know if a company is using its customer assets as collateral to borrow money."


Crypto.com Under Investigation

[Revolut](https://www.revolut.com/) is a new virtual bank with millions of customers. It is an "alternative to traditional banks" because it provides free and instant financial services to people who travel internationally or want to live a global lifestyle. But is it good for crypto?

While the worldwide banking system has remained unchanged for centuries, Revolut is bringing about positive change by allowing you to avoid the time-consuming and bureaucratic bottlenecks of traditional banking. The platform provides you with financial flexibility, allowing you to take control of your finances.

## Revolut: The banking app

[Revolut](/news/article/revolut-bank-uk-crypto) is a banking app that allows you to spend and transfer money worldwide in real-time. It is licenced in two countries: Lithuania and Australia. The platform operates in Poland, Lithuania, Bulgaria, Croatia, Estonia, Cyprus, Greece, Latvia, Malta, Romania, Slovakia, and Slovenia.

Revolut, founded in July 2015 by Nikolay Storonsky (a former trader at Credit Suisse), aims to provide mobile and online banking, allowing clients to avoid the high fees charged by traditional banks. The platform includes a pre-paid card that can be topped up with bank transfers or an existing credit/debit card. Users can also send money instantly or request payments from their accounts.

## Revolut crypto fees

Paying Revolut fees for your cryptocurrency asset activities can become very expensive, especially if you trade cryptocurrencies frequently.

As stated in the company’s cryptocurrency terms, when you purchase cryptocurrencies through the app, it will exchange them at a partner exchange (such as [Coinbase](/news/article/coinbase-singapore-approval) or Bitstamp).

You can exchange cryptocurrencies on these partner platforms without a middleman (Revolut). However, when we dig deeper and look at cryptocurrency fees on these exchanges, we find that they are still higher than on eToro.

In short, such a structure increases Revolut's costs and raises safety concerns if something unexpected occurs. You may have to pay multiple fees per transaction depending on the amount you want to exchange: 

1.	A fair usage fee.
2.	A transaction fee.
3.	A Bid-Ask spread.

## Can you move cryptocurrency from Revolut to a wallet?

Sending crypto from [Revolut](/news/article/revolut-news-approved-eea) to a wallet gives you more control and protection over your crypto assets, especially if you keep them in a cold wallet like Ledger or Trezor. 

However, Revolut crypto transfer to a wallet is not yet available to all users. The availability of withdrawals is determined by your location and the type of paid plan you have. 

Assume you live in a country where crypto withdrawals are permitted (i.e., the UK). You should know some fees and limits when using the app to withdraw cryptocurrency.

1.	Crypto withdrawal fees: The platform charges a "Network fee" and a "Service fee" when withdrawing cryptocurrencies. You can view the estimated total costs on the confirmation page before the withdrawal.

2.	Limits on crypto withdrawals: There are currently restrictions on the total amount you can withdraw from the platform. £500 is the daily cap, and £1,000 is the monthly cap.

## Is Revolut good for crypto?

Revolut is not a good option for cryptocurrency because of the high fees, absence of the withdrawal feature (in most countries), and limited selection of crypto assets. 

The 1.99% fee for purchasing and the 1.99% fee when selling cryptocurrencies are way too high, an overall of 4% at least for one trade. By switching to the [eToro](/news/article/etoro-fees) platform, you can drastically reduce the amount of fees you pay.

Although there is a possibility to upgrade your account type to Premium or Metal and pay lower fees, it is still more expensive.



Is Revolut Good for Crypto?

Cryptocurrency trading bot [Bitcoin Bank](https://the-bitcoin-bank-pro.com/) attempts to increase traders' accuracy and, consequently, their chances of profiting from the market. By spotting market patterns and assisting traders in taking advantage of them, the bot focuses on increasing the trader's success rate.

It was created to assist traders in identifying the ideal times to enter and exit trades, focusing on speed and accuracy. However, the robot's flexibility has also been praised as a critical aspect by its creators. The development team asserts that it offers both manual and automatic trading possibilities. As a result, novice and seasoned traders should find the bot quite helpful.

## How does the Bitcoin Bank function?

The bank bot uses artificial intelligence and machine learning to manage trades throughout its platform. It aims to identify market data patterns and suggest when to enter and quit trades.

It is important to note that the platform uses Contracts for Difference (CFDs) while trading. These financial derivative instruments allow you to buy certain assets, like Bitcoin, at a later time and for a specific price.

The cryptocurrency trading bot aims to ease the process and make it less complicated for users to navigate the market. The platform's creators boast a 60% success rate for their high-frequency trading system with AI and machine learning drive. 
The platform collaborates with a network of crypto brokers concerning day trading cryptocurrencies. These brokers are in charge of trade management, execution, and position size, among other things.

## Minimum deposit for the Bitcoin Bank

The minimal deposit amount is $250. This cost is comparable to that of other [cryptocurrency trading](/articles/learn-moni/cryptocurrency-trading-strategies) bots.

Also, note that the demo trading tool is subject to this minimum deposit requirement. Thus, you must pay the $250 first deposit if you intend to use the [Bitcoin](/news/article/bitcoin-price-uk) Bank robot and evaluate its feature set.

## Customer support

The bot's creators assert that they have a customer service number that users may call if they encounter any issues. However, we cannot confirm that this support line is functional. We advise you to check out the support options on Bitcoin Bank when you join up, as most crypto trading bots include phone and email service.

Also, get in touch with them before you start trading. You should choose a [cryptocurrency exchange](/news/article/best-exchanges-for-crypto-uk) platform that is accessible whenever you need it. You must approach this bot carefully as a novice trader. Given how volatile cryptocurrency trading is, you should only invest money at your own risk with proper study and investigation.

## Review analysis

Look up its reviews on the internet. You'll find many websites praising it without any proof, testimonies, or genuine reviews. 

Also, it's tough to find it getting accreditation from any credible sources. Now, we don't say it's a scam. However, there is always room for paid promotions in the form of review articles. This is just speculation; you should take every piece of information with a pinch of salt if it concerns your money.



Bitcoin Bank: Should You Use the Trading Bot?