Fiat-to-crypto on-ramp service provider Juno bank has resumed offering the core services it paused in early January following “uncertainty” with its cryptocurrency custodian partner Wyre. The crypto firm has acquired the services of a new crypto custodian, Zero hash.

Juno halted its crypto services in early January as a form of “preemptive action” in the interest of their customers as its former custodian Wyre became another victim of the meltdown caused by the [FTX saga](/news/article/ftx-bankrupt-who-to-blame). According to a [statement](https://juno.finance/blog/Introducing-our-new-crypto-partner) by Juno CEO and co-founder Varun Deshpande, the firm promises its clients a more secure experience on the new platform following the 2022 debacle and is committed to building compliance on its on-ramp product. 

## Juno bank has reinstated most of its former services

Taking to [Twitter](https://twitter.com/JunoFinanceHQ/status/1610639365595860992), Juno advised its customers to choose between selling their crypto assets for cash or self-custody as the firm worked to migrate to a new custodian. The decision was necessitated by Wyre's preparation to wind down operations in the aftermath of the FTX debacle. This happened after [news emerged](https://www.axios.com/2023/01/03/wyre-shutdown-crypto-winter) that Wyre was shutting down and laying off employees. Juno bank said they would switch custodians in preparation for potential challenges with Wyre.  

While Juno has reinstated most of its former services, it has yet to reinstate L2 withdrawal and deposits, as well as crypto paycheck services. On the brighter side, though, the crypto firm has introduced additional features such as the support of more than 35 additional cryptocurrencies, including SOL, ADA, SHIB, and DOGE. Also, users can now enjoy a zero-trading-fee incentive and a rewards program per dollar traded when they trade in non-stablecoins.

## The industry will weather the storm

As the crypto sphere struggles to remain afloat amidst a historic shock caused by a severe crypto winter and exacerbated by the [FTX bankruptcy](/news/article/ftx-funds-political-donations-to-be-recovered), there are essential lessons for the industry to learn. Overall, the digital asset industry has undergone a transformational shift beginning in the latter half of 2022, spurring a serious industry cleanup in the wake of numerous high-profile bankruptcies.

In the meantime, the conversation surrounding the regulation of cryptocurrencies around the globe continues as actors demand stringent laws akin to traditional banks and financial institutions.

This latest development by Juno bank is a clear signal that even after being dealt a severe blow by the ongoing FTX contagion, the crypto industry will weather the storm, and things will eventually improve. That’s because the way up usually begins at the point where governance-free conduct leads a sector.


blue image of bank cards and juno bank logo

Crypto Firm Juno Bank Bounces Back

Yes, you read that right. According to newly proposed advertising [laws from the United Kingdom](/news/article/cryptocurrency-regulation-uk) Financial Conduct Authority (FCA), executives of crypto firms in the region could face up to two years of jail if they fail to meet specific requirements around advertising crypto.

## What is the FCA and what did it propose?

[The UK FCA is a financial regulatory body](/news/article/uk-fca-explains-low-crypto-approval) that operates independently of the Government. The agency is tasked with regulating financial firms that provide services to consumers and maintaining financial market integrity.

In a [statement released](https://www.fca.org.uk/news/statements/cryptoasset-firms-marketing-uk-consumers-must-get-ready-financial-promotions-regime) on 6 February, 2023, the FCA announced that cryptocurrency firms marketing to consumers in the UK must prepare for the "financial promotions regime". This includes firms based overseas.

If consented to by the Parliament, under the FCA's proposed "promotions regime", crypto firms must either have permission from the agency to advertise their services or a bespoke exemption under the Financial Promotion Order.

If and when this "regime" comes into being, there will be only four courses for advertising [crypto asset services in the UK](/news/article/fintech-companies-uk-2023):

1.	The promotion is communicated by FCA-authorised personnel.

2.	The promotion is made by unauthorised personnel but approved by the FCA. At the moment, legislation is making its way through the Parliament which, if approved, would bring into being a [regulatory gateway](https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/995565/HMT_WR_113_Consultation_Response.pdf) that authorised firms will need to pass through to approve financial promotions for unauthorised personnel.

3.	The promotion is conveyed by a crypto firm registered with the FCA under the 2017 regulations known as MLRs (Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer)).

4.	The promotion abides by the conditions of a bespoke exemption in the Financial Promotion Order.

The FCA further said promotions not following one of those routes would be a breach of FSMA (Financial Services and Markets Act 2000) section 21, "which is a criminal offence punishable by up to two years imprisonment".

Along with jail time for crypto firm executives, illegally advertising crypto in the UK could lead to public warnings, websites being taken down, and further enforcement actions.

## Prepare now

Indeed. It is worth noting that the implementation period for this regime is four months from the date of approval by the Parliament.


yellow image of person advertising crypto in the uk

Advertising Crypto in the UK Could Lead to Jail

The new management of FTX is taking steps to [recover political donations](https://decrypt.co/120637/ftx-demands-return-political-donations) made by its former executives, including Sam Bankman-Fried, as part of the ongoing bankruptcy proceedings and plans to recover funds to repay the crypto exchange's creditors. 

## FTX funds donations to political parties

Bankman-Fried had been open about his political donations even before the exchange [collapsed](/news/article/is-crypto-dead). He was the second-largest CEO contributor to Joe Biden's 2020 campaign with a donation of $5.2 million. He also admitted to being a significant donor to Democratic and Republican candidates during the November midterm elections. 

The FTX funds donations to political parties are under [investigation](/news/article/ftx-exchange-under-investigation) by US prosecutors, with court documents filed in January indicating a review of donations totalling $93 million between March 2020 and November 2022.

## FTX plans to take back its political donations

FTX is taking action to retrieve millions of dollars from political contributions. John John Jay Ray III, the newly appointed company's CEO, has issued a formal demand for the return of "contributions or other payments" by 28 February.

The new management has outlined a pathway for politicians and political groups to voluntarily return the funds, with unreturned donations then required to be repaid with interest. 

Additionally, the company emphasized that it will still seek to recover funds donated to third parties like charities. The company clarified that recipients of such contributions are not exempt from its demand for return.

According to recent data from Unusual Whales, 196 members of Congress received campaign contributions from FTX's former executives, including [Ryan Salame](/news/article/ryan-salame-exposed-ftx-truth), Sam Bankman-Fried, Nishad Singh, and others.

In addition to recovering political donations, FTX's new team is also taking steps to repay its creditors, including plans to sell $4.6 billion in non-strategic investments, such as subsidiaries LedgerX, FTX Japan, Embed, and FTX Europe. 

A task force has also been formed by the Southern District of New York US Attorney's Office to investigate the exchange's collapse, including recovering missing customer funds and handling prosecutions relating to the FTX crash.


red image of ftx logo and dollars falling

FTX Funds: Political Donations to be Recovered

Dingo crypto has been marked as a scam [cryptocurrency](/news/article/what-is-future-of-cryptocurrency) by top cybersecurity firm [Check Point Research](https://cointelegraph.com/news/dingo-crypto-token-flagged-as-scam-over-99-transaction-fee-backdoor) after it found that a smart contract function which it identified as "setTaxFeePercent” can alter the buy and sell fees of a contract.
 
setTaxFeePercent is an essential part of the code behind the project's smart contract and can manipulate transaction fees, which could see owners of Dingo [crypto](/news/article/crypto-hacked-blockchain-bandit-active-again) withdraw up to 99% of transactions associated with the cryptocurrency when a buy or sell order is placed. 

A red alert has been triggered by Check Point Research because the project’s whitepaper clearly states that only a 10% fee will be charged for every transaction. 

According to the cybersecurity firm, an example of the use of the setTaxFeePercent was evident in the purchase of $26.89 worth of DINGO by one trader, which should have seen the person's wallet credited with 427 million tokens.

With the 99% withdrawal feature in place, the trader received 1% of the tokens, resulting in a total of $0.27 worth of Dingo tokens.

Like many shady projects, there is not much information about the development team behind the soaring crypto token. As of 6 February, the new token has spiked more than 70% since 30 January. It reached an all-time high (ATH) of [$0.000000006993](https://coinmarketcap.com/currencies/dingo-token-new/) on 5 February.

## Dingo token has negative reviews on CoinMarketCap
 
CoinMarketCap is one of the most patronized crypto tracking portals in the decentralized finance space. Many crypto stakeholders have highlighted the potential dangers of engaging with the token.

One user who goes by the name mile80 warned potential investors, "For those who have not seen the research on this so-called token, it is a scam. You buy and, without knowing, they take 99% of your money as per contract and give you only 1% worth of this scam token."

Another trader with the name akhilbasnotra24 had problems with the tokens swapping ability. He pointed out that potential traders and investors should "stay away from this shitcoin. 

Once bought, you won't be able to swap it back to another coin". 

There are many scam cryptocurrencies on the market today, so do your own due diligence before throwing money behind a digital currency in 2023.


green image of dingo crypto logo on green background

Dingo Crypto is a Scam Cybersecurity Firm Says 

[Pionex](https://www.pionex.com/en/) was created on 24 June, 2019 in Singapore by Daniel Seng-Cheng YEO, a finance industry expert focused primarily on automated trading.

[Automated trading](https://www.investopedia.com/articles/trading/11/automated-trading-systems.asp) can also be termed as a mechanical trading system that allows the automatic execution of trades once certain specific rules for both trade entries and exits are established. 

Due to the extreme volatility associated with cryptocurrencies and the entire decentralized finance (DeFi) sector, Pionex has created 16 free built-in trading bots to help the trading efforts of sophisticated (those with knowledge and experience) and unsophisticated (those without knowledge of fundamental and technical analysis) traders and investors.

Just because the platform was built with automated trading in mind does not mean that it does not support manual trading. Pionex supports manual trading, but this comes with limits and market orders.

Performing the same function as a regular cryptocurrency exchange, traders can buy and sell cryptocurrencies against the stablecoin United States Dollar Tether (USDT).

## Pionex has low trading fees

Many cryptocurrency exchanges are competing for the same number of crypto investors. This is why this trading platform has one of the lowest fees in the space.

Trading [fees](https://www.pionex.com/en/fees) stand at 0.05% for both makers and takers in the spot market. This means that buying, let's say, [ApeCoin (APE)](/news/article/gucci-accepts-apecoin-payment), which was trading for [$5.13](https://coinmarketcap.com/currencies/apecoin-ape/), as of writing on 14 January, 2023, with $100 will give 19 APEs while you pay less than $1 in fees. 

This explains why the exchange records more than 100 million trades daily, processes more than $5 billion in monthly trading volume, and is accessed by potential traders from 100 countries and regions. 

To compete with exchanges specializing in crypto trading bots and others such as Binance, OKX, Gemini, Kraken, Bitget, Huobi, JPEX, and others, Pionex supports approximately 379 coins and tokens. 

Popular cryptocurrencies on the platform include, but are not limited to, Bitcoin (BTC), Ethereum (ETH), [Solana](/news/article/bored-ape-solana-club) (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), [Cardano](/news/article/cardano-analysis-and-explanation) (ADA), Algorand (ALGO), Cronos (CRO), and Fantom (FTM).

## Highly accessible 

It is bad news for any trader to run into problems with liquidity, speed of processing transactions (execution), or verification when customer service cannot be reached instantly.

Within minutes, traders can reach customer service personnel through email support or via live chat through texting. 

Aside from being customer-service friendly, Pionex can also be accessed on [Google Play](https://play.google.com/store/apps/details?id=com.pionex.client&referrer=utm_source%3Dofficialweb&pli=1) and Apple Stores for smartphone users whose devices run Android and iOS.

Despite the positives, the platform lacks a demo account for novices to practice trading with virtual funds. Many crypto exchanges have this feature which can be invaluable to the fortunes of traders in the long term. 

## How to set up a Pionex account

Setting up an account with Pionex is just like creating an account with many centralized exchanges. You must provide legal details of your full name, home and email addresses, and phone number. This will be essential in the next phase of the account creation process.

You must adhere to a verification process where details of information earlier input will need to be uploaded to confirm that the person sitting behind the smartphone or personal computer is a human being. Once verification is complete, you can fund your account and start trading.

## Conclusion: Is Pionex exchange safe?

Pionex is safe to use because it has some of the most credible partners in the crypto game, including Circle, the issuer of the USDC stablecoin, the largest crypto exchange Binance, Simplex, CoinLedger, and Alchemy Pay.


Why is Pionex Trending Online? 

[Payeer](https://payeer.com/en/) was founded in 2012 as an e-wallet that enables users to receive money and shop online instantly without linking their external financial details, such as bank accounts, to their accounts.

Users in more than 200 countries can access it. Many people have taken to the idea of using the wallet because, like competitors such as PayPal, Neteller, and Skrill, it has a built-in payment exchange for systems such as VISA, Mastercard, Epay, QIWI, Advcash, and PerfectMoney.

## Payeer can be integrated with websites 

One of the reasons why millions are using the Payeer wallet is due to its numerous features. Like competitor wallets, individuals or organizations can integrate the service with their websites so that they can send, exchange, or accept fiat and cryptocurrency on their platforms. 

Some of the fiat currencies available to account holders include, but are not limited to, the US Dollar (USD), Euro (EUR), and Rouble (RUB). Cryptocurrencies accepted include [Bitcoin](/news/article/will-bitcoin-go-back-up) (BTC), [Ethereum](/news/article/why-is-ethereum-going-down) (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dash (DASH), Tether (USDT), Ripple (XRP), Dogecoin (DOGE), and TRON (TRX). 

Due to the advancement in technology, users of smartphones and devices supported by iOS and Android can access the Payeer application. The app can be found on the Apple and Google Play Store. 

## Conclusion

With many wallets being created daily to meet the demand for intermediaries that can be used to access other financial opportunities, this wallet is one of the most promising.

While users can enjoy the benefits of a cryptocurrency exchange, they can also utilize it as a multicurrency account and issue instant payments, as well as transfers, without entering passwords.

More importantly, you should know that you are joining a large number of people contributing to the current revolution of the whole centralized financial systems should you become a wallet holder.


What is Payeer and Why are People Using It?

[DappRadar](https://dappradar.com/) is a global application store tailored to the needs of stakeholders of the decentralized finance (DeFi) space. 

The platform allows the tracking, analyzing, and discovery of decentralized applications (DApps), non-fungible tokens (NFTs) collections, DeFi projects, tokens, token swaps, and airdrops, among others.

Dragos Dunica and Skirmantas Januškas founded [DappRadar](https://dappradar.com/about-us) in 2018. They serve as the company's Chief Executive Officer (CEO) and Chief Data Officer (CDO).

As of 15 January, 2023, the platform that tags itself as actionable, multichain, and peerless provides coverage to the widest selection of applications in Web3 and Metaverse, tracking 13,187 DApps, 16,053 NFT collections, and 48 portfolios. Through this platform, developers, traders, and investors can view digital collectibles, and trending DApps, analyze the periodical volumes of certain applications and NFTs, and discover new blockchain technologies with promising innovations. The data tracking portal sees more than one million monthly users and employs 71 people. 

## DappRadar supports many blockchains

Despite the decentralized nature of the crypto industry, finding information for novices or beginners can be extremely difficult. 

DappRadar has rectified this problem by providing relevant data on more than 50 blockchains. Some blockchains being tracked include Ethereum, TRON, BNB Chain, Flow, Avalanche, Tezos, EOS, [Polygon](/news/article/polygon-crypto), IoTeX, Solana, Algorand, Cronos, Ronin, Immutable X, Celo, Fantom, and WAX. 

In September 2022, DappRadar [announced](https://dappradar.com/blog/dappradar-now-tracks-cardano-blockchain-dapps) the tracking of [Cardano](/news/article/cardano-analysis-and-explanation) DApps. This came on the back of a [Vasil Hard Fork](https://cointelegraph.com/news/what-cardano-s-vasil-hard-fork-means-for-the-blockchain) upgrade which enhanced Cardano's transaction speed. Aside from this, the upgrade triggered DApp development capacity, general usability, and security.

Some of the most popular blockchain DApps tracked by DappRadar include Splinterlands, Alien Worlds, PancakeSwap, Hooked, Planet IX, Farmers World, AtomicAssets, decentralized exchanges Uniswap V3 and V2, NFT marketplaces (OpenSea, X2Y2, and Magic Eden), Meta Apes, 1inch Network, ApeSwap, ApeCoin Staking, Axie Infinity, MetaMask Swap, QuickSwap, and NFT collection NFL ALL DAY.

## DappRadar provides periodical industry reports

To keep users of the platform and stakeholders of DeFi up-to-speed with developments in the industry, DappRadar provides quarterly reports about the state of the industry. The information covered mostly includes NFT trading volume, total transactions within a period, total value locked (TVL) in decentralized applications, and the growing use of airdrops as a marketing tool to draw millions of people to a particular project. 

In a recent report, it shed light on [Blur](https://dappradar.com/blog/new-dapps-report-blur-nft-trading-volume-spikes), one of the DApps based on Ethereum, which has generated more than $300 million in all-time sales in just three months. In the process, it has jumped into the top ten NFT marketplaces in the world.

## The project is supported by a cryptocurrency

Like many projects in the industry today, DappRadar is supported by a cryptocurrency called [RADAR](https://coinmarketcap.com/currencies/dappradar/). The coin was launched in December 2021 to support the platform’s quest of becoming a powerhouse in the shift from Web2 to new heights in the [Web3](/news/article/web3-games-raised-millions) and Metaverse. 

RADAR has many uses, such as serving as a governance token for holders who will contribute to making decisions about the platform.

RADAR can also be staked for passive income. Staking is where a significant number of a coin, in this case, RADAR, is locked up to help a Proof-of-Stake (PoS) blockchain validate transactions.

As of 15 January, 2023, more than 570 million RADARs are circulating in the market from a total and maximum supply of ten billion. RADAR reached an all-time high price of $0.0604 on 15 December, 2021 and tested an all-time low price of $0.004091 on 18 June, 2022.

The coin is supported by nine exchanges (centralized and decentralized). They are Bilaxy, MEXC Global, BKEX, CoinW, Uniswap V3, DigiFinex, Huobi Global, SushiSwap, and Crypto.com.

## Conclusion: Should I use DappRadar?

Millions of people now regard this platform as the best as it provides an all-in-one system due to the quality of its application programming interface (API). With this platform, you can find all the essential information about the emerging sector in one place, which can help you make decisions about decentralized exchanges, lending, yield aggregation, and NFT investing.


blue image of Dappradar logo over image of dapps

What is DappRadar and Why Do You Care?

[Bitrue](https://www.bitrue.com/home/) is a leading Singaporean CEX founded in July 2018 by Curtis Wang and a team of crypto enthusiasts and finance professionals. The crypto exchange also has offices in Taiwan, the US, and Europe.

The trading platform comes with a straightforward registration process (KYC is not mandatory) and enables you to buy, trade, and invest in more than 700 crypto assets, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Aave (AAVE), and Cardano (ADA).

In this 2023 Bitrue review, I cover all you need to know about the platform, including trading features, security, and fees.

## Bitrue trading features

Listed are the features of the [one-stop trading platform](/news/article/coinmama-crypto-exchange):

•	Spot trading: at the time of writing, the cryptocurrency exchange enables you to conduct quick, safe (we will detail this later), and cheap transactions in more than 1,000 trading pairs. The CEX is one of the most proactive in the business, having latched onto the Bonk (BONK) and Fronk (FRONK) dog coin trend almost immediately by offering spot options.

•	Futures trading: take advantage of numerous perpetual futures margined in stablecoins such as USD Coin (USDC), Tether (USDT), and other digital currencies.

•	Leveraged ETFs: leverage trading with near-zero risk of liquidation is made possible by the trading platform.

•	Buy and sell crypto: buy and sell a [vast range of digital currencies](news/article/how-does-crypto-trading-work) via payment options such as credit/debit card (powered by Simplex), international wire transfer (no wire fee for ACH USD payments) in currencies such as USD, EUR, GBP, AUD, CAD, and CHF, and cryptocurrency (powered by Trust Wallet).

•	Bitrue coin (BTR): by holding BTR, you can reap the benefits of a 30% discount on trading fees, voting rights (new token additions), and much more.

•	Earn: once you have purchased a crypto asset on Bitrue, you can take advantage of the “Power Piggy” feature. This feature enables you to earn a passive interest rate on your deposited crypto.

•	Copy trading: this feature will be launched on the platform soon. Copy trading enables you to automatically copy the positions opened and managed by another trader.

## Bitrue trading fees

The XRP-centric CEX charges some of the lowest fees in the industry, with a 0.098% fee applicable on BTC, ETH, and USDT trading pairs, and XRP trading pairs incurring a 0.280% trading fee. XRP/BTC, XRP/USDT, and XRP/ETH trading result in a 0.2% fee (not the usual 0.280% that other XRP trading pairs incur).

Using BTR for transaction fees will make you eligible for an additional 30% discount on the fees mentioned above. Withdrawal fees are dynamically adjusted. Here is a list of some common token withdrawal fees:

•	ADA: 1 ADA

•	BTC: 0.0005 BTC

•	ETH: 0.01 ETH

•	LTC: 0.001 LTC

•	USDC: 13 USDC

•	USDT: 2.6 USDT

•	XRP: 0 XRP

## Is Bitrue safe?

Bitrue has had its [fair share of security troubles](https://www.forbes.com/digital-assets/exchanges/bitrue/). On 27 June, 2019, the crypto platform was hacked, leading to the loss of around $4.2M in XRP and ADA. The hack affected 90 clients and was, at the time, the 17th [largest crypto exchange hack](/news/article/binance-hack) in history.

To its credit, the exchange took all the right steps to contact local authorities, issue a formal statement, and refund all customers by 4 July, 2019. On the same day, the CEX launched the BTR token, only for the server to crash immediately.

A token pricing issue occurred on the mobile platform, resulting in some traders buying the token for inflated prices. Some sellers (of course) took advantage of this vulnerability and made some quick money.

The trading platform suffers from periodic deposit and withdrawal issues and other security concerns (an attempted 51% attack on 8 January, 2019, for example). In addition, there are several customer reports of stolen funds, frozen accounts, and inadequate support.

In a nutshell, Bitrue offers some fascinating features without a flashy website, good mobile applications for Android and iOS users, and decent security features. While Bitrue wouldn't be my first choice to trade cryptocurrencies on, it certainly wouldn't be my last (DYOR!).


Bitrue Crypto Exchange Reviewed

Marathon Digital Holdings Inc., a crypto mining firm, made BTC sales for the first time in two years. The firm needed to tap the recent Bitcoin rally. That’s why the company sold around 1,500 Bitcoins, as the token surged over 40% in January.

## Marathon Digital mined a record 687 Bitcoins

On Thursday, the crypto mining firm [released an update](https://ir.marathondh.com/news-events/press-releases/detail/1300/marathon-digital-holdings-announces-bitcoin-production-and) about its mining operations in January. It mentioned that the firm mined around 687 BTCs in the month, and the production saw a 45% increase compared to the previous month. 

In addition, the official statement discussed that the firm made the strategic decision to sell the tokens. The reason behind this move was higher and consistent growth in production. The sale of BTCs will allow the company to cover its operating expenses.
 
The company has sold more than 1,500 tokens and plans to sell more. Even after this sale, its total holdings stand at 11,418 BTC, from which 8,090 [BTCs](/coins/btc) are unrestricted. Meanwhile, the company also reduced its BTC collateral with the sale and increased its unrestricted cash to around $133.8 million.

## Is it panic selling?

[Marathon’s](https://marathondh.com/) move may seem like panic selling as the fear of winter looms around the crypto market. However, CEO and Chairman Fred Thiel disclosed that the reason for selling its holdings was higher production which increased its unrestricted holdings.

Meanwhile, the overall crypto market, specifically BTC, saw an historic January. The [token saw a spike of more than 40% in its price, which indicates bullish trends.](/news/article/what-is-todays-bitcoin-price) That’s one of the reasons the company sold a small portion of its Bitcoin reserves in January. 

Last year, the crypto miner’s production was down by around 44%, yet it persisted with diamond handling. However, now that the market behaviour is positive, it has decided to sell to cover its operating costs and increase its liquidity.


Marathon Digital Makes BTC Sale for First Time

The Australian Government is taking steps to strengthen its cryptocurrency regulation landscape by giving the regulator's digital asset team more tools and additional staffing to police the crypto sector in Australia.

The Australian Securities & Investments Commission (ASIC) said in a [statement](https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/making-crypto-safer-consumers) on Friday that it had received tremendous support from the Australian Competition & Consumer Commission (ACCC) to boost its efforts in the wake of unfolding scams and a spate of demands for crypto ransoms.

## Additional Australian crypto regulation efforts

According to Australian Treasurer Jim Chalmers and his Assistant [Stephen Jones](https://twitter.com/StephenJonesMP/status/1621283526502125569), the additional Australia crypto regulation would focus primarily on crypto asset providers to ensure the Australian consumer is protected from unsustainable business models that leave them exposed.

Should the regulator identify companies marketing crypto offerings without the requisite credit or financial services license, the regulator proposes legal action. Additionally, ASIC will ensure companies appropriately disclose risks to consumers, while ACCC will intensify efforts to avert scams such as those involving crypto assets.

The statement said the Government had noted that "more scammers" had infiltrated the emerging asset class, and consumers had lost more than $221 million through crypto payment systems in 2022 alone. Noting that the Government's efforts would focus on the crypto asset subsector that isn't covered adequately by the financial services regulatory framework, Chalmers added that the watchdog would establish new obligations and operational standards for crypto service providers to protect customers.

## Encouraging consumer protection

Following the [FTX exchange's global disintegration](/news/article/ftx-bankrupt-who-to-blame), regulators have intensified scrutiny on the digital asset sub-sector. Blowups have scarred scores of consumers taking advantage of new digital products and services. FTX's Sam Bankman-Fried is already facing a suite of criminal charges, including fraud in the US, following the collapse of his exchange and sister trading house, Alameda Research. 

News about efforts to alter Australia crypto regulation by introducing “tighter safety nets” and amplifying the rules for the crypto market [filtered out](https://twitter.com/business/status/1602826711653023744) in December 2022 when the Government announced it would release a consultative paper in early 2023. According to the regulators, the report would lay the groundwork for a “new strategic plan” for payment systems and primarily work towards improving the regulation of cryptocurrency providers.

Australia will adopt a "multi-stage approach" involving three elements: strengthening enforcement, encouraging consumer protection, and creating a framework for its crypto mapping reform.

These actions aim to safeguard consumers, shield financial systems, and crack down on criminals. A consultation on the proposed custody and licensing framework will begin in "mid-2023".


Australia Crypto Regulation Stepped Up

Wallet Whale is a [UK-based membership programme](/news/article/best-crypto-rewards-card-uk) that enables you to enjoy deals and discounts across retail, dining, holiday travel, Flava grocery shopping, health and fitness products, and home and garden essentials. This article explores what you need to know about the membership service.

![wallet.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/wallet_f583f12ded.png)

 Source: [Wallet Whale](https://walletwhale.co.uk/)

## Benefits of a Wallet Whale card

Listed are the benefits of becoming a Wallet Whale member:

•	Get the mobile phone you want with a guaranteed contract via one of their partners [WITHOUT a credit check](/news/article/what-is-decredit). Additionally, as a member, you can enjoy extra data, texts, and minutes. It should be noted that the mobile contract partner (such as Vodafone) will require you to conduct several weekly payments to prove your capability to pay on a contract before they ship your desired mobile phone.

•	Enjoy discounted retail in more than 6,500 British high street locations, across 300-plus retail stores and eateries. Carry your card when you go out dining.

•	Easily upgrade your holiday travel experience via the membership portal. This includes upgrading your accommodation and travel insurance benefits, among other possibilities.

•	Take advantage of exclusive Flava supermarket deals with a free premium Flava Benefits Pro account. This includes a lifetime of free shipping and spreading the cost of your grocery shopping. 

Flava is the only UK supermarket that offers these features without interest.

•	Access to a range of health and beauty products is available.

•	Reap the benefits of discounted home and garden essentials shopping.

•	Other benefits include online shopping deals and special motoring deals.

## How to become a member

To enrol on the programme, you must pay a one-time sign-up fee of £39.99 and a recurring monthly fee of £24.99. According to the website, payments will appear as "WalletWhale03707704660" on your billing statement.

![whale.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/whale_b8494c4cae.png)
  
Source: [Wallet Whale](https://walletwhale.co.uk/)

Fill out a form that requires you to enter your title (Mr, Mrs, Miss, or Ms), first and last names, email address, mobile number (optional), and date of birth. Please read the privacy policy and terms and conditions before clicking on the Next button.

If you have any queries, you can reach out to customer support via phone or email:

Phone number: 03707704660

Email address: customerservices@walletwhale.co.uk

Visit the [website](https://walletwhale.co.uk/) for more details and the FAQ section in particular.


blue image of man getting angry at his wallet whale

Wallet Whale Membership Explained

According to a report by blockchain analysis firm Chainalysis, North Korea hackers stole $1.7 billion worth of crypto to fund the country's nuclear programme.

The [cryptocurrency](/news/article/what-is-future-of-cryptocurrency) industry faced a challenging year in 2022 because of harsh market conditions and a surge in crypto hacks. The Chainalysis reports says that two significant spikes in hacking activities were recorded in March and October, with losses of $732.4 million and $775.7 million, respectively. The latter became the biggest single month in history for crypto hacking, with 32 separate attacks.

## Record-breaking year for North Korean hackers

[Chainalysis](https://blog.chainalysis.com/reports/2022-biggest-year-ever-for-crypto-hacking/) reported that [North Korea](/news/article/north-korea-crypto-hacks-worth-1.2bn)-linked hackers stole an estimated $1.7 billion worth of cryptocurrency in 2022. Of this total, $1.1 billion was taken from DeFi protocols, marking a significant increase from the previous record of $429 million in 2021. The report reveals that North Korea, facing heavy sanctions, relies on crypto theft to fund its nuclear plans. The illicit funds represent a "sizeable chunk" of North Korea's economy, which generated $142 million in total exports in 2020.

Use of decentralized finance protocols and coin mixers
The Chainalysis report also highlighted that North Korea hackers often send stolen funds to other DeFi protocols, usually decentralized exchanges (DEXs), to swap for more liquid assets. These hacks often result in the theft of illiquid tokens not listed on centralized exchanges.

The firm has also noted that these hackers use coin mixers to launder stolen funds at a higher rate than other individuals or groups. [Tornado Cash](/news/article/tornado-cash-developer-detention) was a frequently used mixer, but following OFAC sanctions, the hackers have diversified their mixer usage, particularly in Q4 2022.

According to other experts, North Korea also launders stolen crypto via brokers in China and NFTs.

A new Bitcoin mixer, Sindbad, has recently emerged as a tool to launder stolen funds. North Korea-linked hackers were detected on the platform in December 2022, and from that period to January 2023, they sent 1,429.6 Bitcoin worth almost $24.2 million to the mixer.


red image of north korea with hands on laptop

North Korea Hackers Stole $1.7B of Crypto

[FinTech](https://en.wikipedia.org/wiki/Fintech) companies are making waves in the UK, especially with the growing popularity of blockchain tech, such as NFTs and cryptocurrency.

FinTech has entered popular parlance in recent years. An amalgamation of financial and technology, it refers to companies using technology to compete with traditional financial (TradFi) methods in delivering financial services.

Four main components make up the FinTech world:

•	Artificial intelligence.

•	Blockchain.

•	Cloud computing.

•	Big data

These components, often referred to as the ABCD, form the backbone of the industry.

Technological developments are constantly pushing the boundaries of FinTech in a never-ending move toward more financial inclusion. 

The evolution of smartphones and their applications has seen a surge in the popularity and use of mobile banking, investing, lending, and various cryptocurrency services as the general population take more control over their financial future.

The industry consists of start-ups, traditional financial institutions, and technology companies, often all working together to enhance the customer experience and encourage financial intelligence.

## FinTech companies UK

Investment in global FinTech has risen by more than 12,000% from $930 million in 2008 to over $121.6 billion today. Forecasters predict that by 2030 the global FinTech market is expected to reach $949 billion at an average growth rate of 17.2% per year.

FinTech companies UK represent the country's strongest start-up sector, consisting of more than 1,400 'high growth companies' and 20 unicorns (firms worth more than $1 billion). The industry attracts more venture capital than any other business raising some £21.9 billion so far, of which £7.4 billion came in the bumper year of 2021. 

With a total market valuation of just over £11 billion, FinTech in the UK is big business.

As you might expect, 96% of all UK FinTech firms are based in London. Around 9% of companies were founded by a female boss.
As of July 2022, the [three top FinTech companies in the UK](https://www.beauhurst.com/blog/fintech-startup-companies/) were:

•	Checkout.com.

•	Revolut.

•	Monzo

Checkout.com was founded in 2012 and raised £1.36 billion through four equity rounds. Its core business is payment processing software development allowing businesses to pay in more than 150 currencies. Its innovative platform combines several separate payment technologies and covers every stage of the process. With on ramps including Visa, Mastercard, and American Express, it is easy to see why it is the UK's largest FinTech company.

Following closely behind is the well-known brand Revolut, which services more than 18 million customers worldwide with financial services and digital banking through its popular mobile application. 

Since launching in 2013, Revolut has raised some £1.27 billion in equity. In December 2021, the company was awarded a full banking licence from the European Central Bank, making Revolut one of the best well-known FinTech brands on the market today.

In third place is challenger bank Monzo, which is fully regulated by the FCA and PRA in the UK. Founded in 2015 and based in the City of London, Monzo help more than 6 million customers manage their financial well-being through its digital banking platform. Monzo is free to use, but with the Premium option (£15 per month), customers are eligible for free phone and travel insurance.

## FinTech companies UK conclusion

Despite a global market slowdown in 2022, UK FinTech investment reached some $12.5 billion last year. It is easy to see why FinTech is held in such high regard in the UK.

Indeed, with over 2500 FinTech companies based in the country, the UK ranks as the [third largest FinTech hub in the world](https://www.londonstockexchange.com/uk-fintech-ecosystem).

Furthermore, around £3.6 trillion of foreign exchange trades are processed in London daily. This is more than the next four largest markets combined. When you add the fact that some 90,000 finance and insurance firms are based in the UK, it is obvious why the country remains top of the international finance industry.

According to a recent report by Deloitte, the UK FinTech industry is dominated by WealthTech and Payments. However, there are considered to be some 23 subsegments of the national ecosystem, making for an extremely varied and versatile industry.

As we can see from the examples above, growth in the space continues to be driven by high levels of investment, reaching some $11.6 billion in 2021, second only to the USA and counting for half of all European FinTech investments. As more and more people embrace the move away from traditional banking, the FinTech industry is predicted to double in value by 2030. If, as many expect, this forecast continues to materialise for FinTech companies UK, there has never been a more opportune time to be involved in this exciting industry.


blue image of two women working on computers in tech company

FinTech Companies in the UK 2023

In the wake of the fall of FTX, the government of the UK has planned major reforms in cryptocurrency regulation.

It plans to bring digital assets under mainstream financial laws. However, it has backtracked from the resolve of treating cryptocurrencies as stocks, insurance products, and shares.

On 31 January, the Treasury announced that it would publish several proposals to align traditional finance regulations with the crypto industry.

## Key changes in cryptocurrency regulation UK

The Treasury anticipates the security of the funds of crypto users. The regulatory proposals will likely assure customers of financial security even if the crypto firm experiences insolvency. 

Moreover, it would establish robust rules for token promotion to eliminate misleading information. 

On the other hand, the Treasury will ensure that the crypto firms strictly follow the new regulations. It will help remove bad actors from the industry from running scams like [pump and dump schemes](/news/article/how-to-spot-a-pump-and-dump). Regulators will also focus on data reporting to bring more clarity and better regularisation. 

The ministry believes that these changes will likely protect investors' rights. These reforms may also minimise the risk of potential scams.

## The need for regulations after the FTX fall

2022 was a testing year for cryptocurrency investors. The year's highlights were the [Terra-Luna debacle](/news/article/terra-luna-collapse) and the [bankruptcy of Celsius](/news/article/celsius-bankruptcy-judge-order) and other lenders. However, one event which really rattled the market was the collapse of Sam Bankman-Fried’s exchange, and many began to question, “[Is crypto dead after the FTX collapse?](/news/article/is-crypto-dead)". This crash restricted many investors from accessing their funds. Now, cryptocurrency regulation has become inevitable. 

The UK will be one of the first countries to amend its digital asset laws. According to a [BBC report](https://www.bbc.com/news/technology-64468617), Harriet Baldwin MP says that the crypto market is a wild west.

However, the market also sees many technological innovations, which may help the country's economy. Therefore, the Treasury plans to reform cryptocurrency regulation UK laws to ensure security for investors.

yellow image of regulation files and bitcoins

Cryptocurrency Regulation UK: Big Reform Coming

According to an investor update seen by Moni Talks, [UK-based Monzo bank](https://monzo.com/) experienced a record 250% revenue in 2022 and is on track to attain annual profitability by the end of this calendar year.

![monzo.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/monzo_8465c9275b.png)
 
Source: [Monzo](https://monzo.com/)

The digital bank recorded an annualised revenue of £440m in 2022 (January to December) and expects to break even in 2023 - a feat not many European neobanks have achieved. According to the investor update, the neobank has been "cash flow positive", with ingoings outpacing outgoings.

## Monzo bank turns it around

In the digital bank's annual report for 2020-21, Monzo bank reported £114M in pre-tax annual loss - a similar loss rate to 2019-2020.

Monzo's accountants posed grave concern over the future of the neobank, stating that there was "significant doubt" regarding Monzo's ability to continue.

Fast forward to today, and Monzo has nearly doubled its customer base from 3.9M in February 2020 to 7M, generated record revenue in 2022, and may obtain profitability in 2023 - comeback kings indeed.

[Starling was the first European neobank](/news/article/starling-bank-bans-crypto) to attain annual profitability, in July 2022. Revolut CEO Nik Storonsky 'claims' that they have been profitable for two years, but Moni Talks cannot substantiate these claims. Revolut has missed the deadline to file accounts twice now.

If we compare Monzo to these industry stalwarts, Starling has 3.5M UK customers, while Revolut has 5.75M UK customers. The potential is clear to see.

The neobank claimed its personal account sign-ups averaged around 150k monthly in 2022. These numbers are likely to bode well for the company in the near future.

## What is Monzo?

Monzo is a [UK-based digital bank](/news/article/which-uk-banks-allow-cryptocurrency-purchases) enabling you to open a full UK bank account within 15 minutes from the comfort of your phone. You can earn up to 3.55% gross fixed/AER interest on your savings, set spending budgets, and obtain loans and overdrafts, amongst several other stellar features.

Its programs include Premium, Plus, Abroad, and Flex - take your pick.

At the time of writing, the company's revenues are heavily focused on its famous coral-pink cards.


Monzo Bank Achieves Twofold Revenue

A former Oxford University student has admitted crypto theft charges after stealing more than £2 million in cryptocurrency.

Wybo Wiersma, a 40-year-old computer genius who dropped out of a Ph.D. class at Oxford University, will serve [four and a half years in jail](https://serocu.police.uk/man-jailed-for-2m-cryptocurrency-theft/) after admitting he stole more than £2.1 million in cryptocurrency in a scam that affected over 100 people. The Dutchman created a bogus website – iotaseed.io – that would generate an 81-character 'seed' password for people interested in an online currency called Iota.

## Inserted a malicious code

A ‘seed’ refers to a private key consisting of 81 random characters that allow only the user to access their [crypto wallet](/news/article/best-crypto-wallet-uk-top-picks). However, Wiersma inserted a malicious code so that instead of random seeds, the system delivered predetermined ones that enabled him to access his victims' Iota crypto and unlawfully transfer them to his web of personal trading accounts. Wiersma programmed the site to appear on top of Google searches when victims searched for the phrase 'Iota seed generator'.

Prosecutor Julian Christopher KC revealed that the accused created the [scam](/news/article/crypto-scams-failing) iotaseed.io website between 2017 and 2018 and started transferring his victims’ cryptocurrency in early 2018. He would later set up four accounts with Bitfinex cryptocurrency exchange, where he would keep the stolen crypto funds. Bitfinex would become suspicious of the account’s activities and froze them, despite Wiersma working hard to convince them otherwise.

## Crypto theft due to greed and deception

Judge Michael Gledhill KC of Oxford Crown Court sent Wiersma to jail, noting that he abused his skills to steal, terming it dishonesty at the highest level and adding that he committed the offense of crypto theft due to greed and deception. The accused was due to stand trial in early March but pleaded guilty on the day the jury was supposed to be sworn in. Wiersma was first arrested in January 2019 but fled to his native Netherlands after being released on bail. He was extradited to England in April 2021 to face the law at Oxford Crown Court.

Noting that the investigation covering the crypto theft was complex as it involved more than 100 victims from different parts of the world, Detective Inspector Rob Bryant of the South East Regional Organized Crime Unit (SEROCU) stated that as Wiersma cools his heels in jail, SEROCU would try and ensure as much of the money they seized from his wallets is returned to the owners.


red image of Wybo Wiersma oxford student hacker

Oxford Ph.D. student jailed in £2M crypto theft scam

A disagreement has arisen between the Panama National Assembly and the government regarding a proposed crypto law.
In April, Panama legislators passed a legislative draft aimed at controlling cryptocurrencies, including [Bitcoin](/news/article/jim-cramer-says-ignore-bitcoin-hype), in the country. 

Nevertheless, President Cortizo warned a few weeks later that he would only sign it if it incorporated extra Anti-Money Laundering (AML) regulations.

On 26 January, Panamanian President Laurentino Cortizo referred the crypto law enacted last year to the Supreme Court for examination, asserting that the [crypto](/news/article/best-cryptos-to-buy-now) bill contradicts fundamental aspects of the constitution and cannot be implemented. 

## What is the controversy with the Panama crypto bill?

In September 2021, a Panama crypto bill was introduced to align the nation with the digital economy, blockchain technology, cryptocurrency, and the internet. According to the legislation, Panamanians are allowed to use [cryptocurrency](/news/article/cryptocurrency-books-guide), including but not limited to Bitcoin and Ethereum, as a substitute form of payment for any commercial or civil transaction. 

The government's innovation authority would also examine blockchain or distributed ledger technology for digitising identity.
The Financial Action Task Force, which aims to enhance financial transparency and prevent money laundering, proposed legislation permitting private and public usage of cryptocurrency assets.

The Panamanian National Assembly approved the bill on 28 April, 2022, with a vote of 38 in favour and none against. With this, Panama could soon become the third country in the world to treat cryptocurrencies on equal footing with fiat currency.

A definitive statement from the president's office stated that the provisions of articles 34 and 36 in the bill, which establish administrative structures within the government, infringe upon the state's separation of powers and therefore are invalid. After partially rejecting the legislation in June, President Cortizo also expressed that the approval process for the bill was inadequate.

At the time, the president [stated](https://www.presidencia.gob.pa/Noticias/Ejecutivo-remite-a-la-Corte-Suprema-proyecto-de-ley-que-regula-uso-de-criptomonedas) that further amendments were needed to the legislation to align it with the latest regulations. It is now up to the Supreme Court to determine whether to declare Bill No. 697 unenforceable or to give it the green light with modifications.


yellow image of panama with crypto bitcoins falling from sky

Panama crypto bill Awaits Supreme Court verdict


The UK financial regulatory body has received around 300 applications from cryptocurrency firms, but has [only approved 41 of them](https://cointelegraph.com/news/uk-s-fca-hints-at-why-its-given-only-15-of-crypto-firms-the-regulatory-nod). On 10 January, 2020, the Financial Conduct Authority (FCA) in the United Kingdom put new regulations targeting the cryptocurrency industry into effect.

These regulations are in place to oversee companies operating within this sector and to ensure that they comply with the same anti-money laundering and counter-terrorism financing regulations as traditional financial market companies.

The [UK's financial watchdog](/news/article/fca-crypto-regulation) has only approved 41 out of 300 crypto firm applications for regulatory approval despite plans to make the region a thriving crypto hub.

The UK FCA reported that of the 265 applications evaluated, only 15% were granted registration, 74% were withdrawn by the firms, and 11% were denied. Additionally, 35 applications are still pending review.

The authority did not specify the reasons for the rejection or withdrawal of these petitions. Still, it provided feedback on what is considered to be of "good and poor quality".

## Feedback from the UK's FCA regarding applications

The report stated that petitions deemed more complete included:

•	A comprehensive explanation of the company's business model.

•	The responsibilities of its partners and service providers.

•	The sources of liquidity.

•	Flow-of-funds diagrams.

•	A summary of the risk management policies and systems that have been implemented.


The report implies that some companies may have had applications denied if they could not demonstrate adequate [blockchain-compliance](/news/article/blockchain-use-cases) measures to monitor on-chain transactions.

The FCA also reinforced its stance against money laundering, requiring all companies to appoint a money laundering reporting officer who is actively involved in the application process.

The UK FCA has announced that it is working with other [regulatory agencies](/news/article/uk-crypto-exchange) globally, particularly with the US securities and commodities regulators, to enhance regulations where necessary. This is because many companies offer services on an international level. The FCA has also warned that failure to register before conducting business may lead to criminal charges.


yellow image of London with FCA logo overlayed

UK FCA Explains Low Crypto Firm Approval Rate