[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

Ruja Ignatova, the infamous name placed on the FBI's Ten Most Wanted Fugitives List, has reappeared due to the listing of a luxury London penthouse flat bought by the crypto scammer, a [BBC](https://www.bbc.com/news/uk-england-london-64407723) report disclosed. 

Details of the £12.5 million listing were revealed as part of new transparency rules in the UK, which require owners of properties to be publicly displayed.

The "Crypto Queen" and her associates made off with around £3.2 billion (around $4 billion) from her [cryptocurrency](/news/article/what-is-future-of-cryptocurrency), OneCoin. The BBC estimates that investors from the UK alone lost more than £100 million.

UK authorities believe she is trying to facilitate the sale of her property from the shadows. The reappearance of the name Ruja Ignativa - who did so much harm to stakeholders in her fake cryptocurrency - has reignited hope that some lost funds could be recouped.

A former investor in OneCoin, Layla Begum, said her family lost more than £54,000 after she was persuaded by a friend to risk money on the emerging crypto project. She said that UK authorities could help British investors who lost money in OneCoin since the purchase of the London flat undoubtedly came from proceeds in the crypto scam.

## Reward for information on Ruja Ignatova

While UK prosecutors are trying to avoid proceeds of the sale going back to the coffers of the scammers, the FBI has placed an £80,600 ($100,000) bounty on the head of Ruja Ingatova. 

In 2019, a federal jury in New York found [Mark Scott](https://www.bbc.com/news/technology-50509299), a former lawyer with links to OneCoin, guilty of conspiracy to commit bank fraud and money laundering after helping route more than £300 million out of the US.

The brother of the Crypto Queen, Konstantin Ignatova, also pled guilty to the same charges.

The latest guilty plea came from [Sebastian Greenwood](/news/article/onecoin-scam-co-founder-admits-fraud), co-founder of the worthless cryptocurrency, in December when he admitted engaging in fraud and money laundering.


red image of ruja ignatova in front of onecoin logos

Has Ruja Ignatova, Crypto Queen, Reappeared? 

[Ramp Network](https://ramp.network/) is a fintech company that provides payment infrastructure to bridge the crypto-finance divide.

The company's goal is to create a meshed, easily accessible link between the open blockchain financial system and the old, closed banking system, removing the requirement for a trusted third party to act as a go-between.

It is a non-custodial, full-stack payment system that speeds up transaction implementation and fosters confidence among its partners with its superior technology. It is accessible in more than 160 countries, which has ensured that it has millions of customers and more than 400 registered partners.

Przemek Kowalczyk and Szymon Sypniewicz founded the network in Poland in 2018. Ramp Swaps is a crypto asset firm registered with the [UK Financial Conduct Authority](/news/article/ftx-uk-warning) for crypto activity. The network Link's open banking operation is regulated by the Polish Financial Supervision Authority.

The company has received [$133.9 million](https://www.crunchbase.com/organization/ramp-3b7b) in investment over four rounds. Their most recent funding came from a Series B round on 9 November, 2022. So far, 27 investors have contributed to the financing of the company. The most recent investors are Korelya Capital and Cogito Capital Partners.

## What are the benefits of Ramp Network?

It provides a simple way for users to buy and sell cryptocurrencies directly from Dapp. Ramp's partners could reach larger customers, receive payments, and provide regulated services to their end customers while remaining compliant.

Enterprises, [games](/news/article/best-farm-games-2022), NFT(non-fungible token) marketplaces, decentralized finance businesses, [wallets](/news/article/top-rated-bitcoin-wallets-uk), and any other company that wants to provide fiat-crypto flow to their users within their products can use the company's platform integration, allowing clients to quickly enter into contracts and lock a digital asset for their operations.

## Ramp Network is fully compliant

You can be confident that any transactions done with this tool are entirely secure and guaranteed due to official legislation, institutional control, and modern technology. 

As a regulated organization, it has ensured that KYC rules for [crypto](/news/article/are-crypto-gains-taxed-in-uk) purchases are followed. This implies that to transact via Ramp, you will need to work with this network to verify your identity. This company can verify your KYC identity using your bank account data and the open banking API. This procedure takes only a few seconds, and no physical documents are necessary.

Smart contracts protect Ethereum transactions made possible by the Instant bank transfer payment option. The network’s open source employs smart contracts, which makes them capable of being industry leaders in the coming years. In addition, their smart contracts are audited by Quantstamp, which again proves the quality.

## Bottom line

Ramp partners can reach new audiences, collect fees, and provide regulated services to their end customers while remaining compliant. It will be exciting to see how Ramp Network uses its technology, team, partners, and the trust of its customers to scale its platform to be a leader in the industry.


Green image of computer network with ramp logo

Ramp Network - Accelerating Crypto Adoption

The lawyers for the bankrupt crypto exchange FTX filed a creditor matrix in the [Bankruptcy Court](https://www.deb.uscourts.gov/) of the US in Delaware District on 25 January. It is a detailed document that reveals all FTX creditors, including giants like Netflix, Amazon, Apple, and Coinbase.

The court document suggests that the fall of the [FTX crypto exchange](https://ftx.com/) has affected firms from various domains. Besides crypto firms, the collapse has troubled several banks, hotels, airlines, media agencies, charity organisations, and others. In addition, a few government entities are among its creditors.

## Big names from the list of FTX creditors

The creditor matrix is a 115-page document that provides names and mailing addresses of creditors in alphabetical order.

It illustrates the extent of damage caused by the fall of FTX.

As per the document, the bankruptcy of crypto exchanges left a deep impact on the tech industry. The SBF firm is indebted to the tech giants like Apple, Amazon, Microsoft, Meta, Twitter, Google, Netflix, LinkedIn, and many others. 

In addition, media outlets, including big players like the New York Times, figure among its creditors.

In the Web3 sphere, the firm owes to companies like Coinbase, Yuga Labs, Galaxy Digital, Bittrex, Circle, Binance, and Chainalysis.

## FTX bankruptcy case

Not long ago, the FTX exchange was one of the largest in the industry. However, in November 2022, the firm experienced a liquidity crunch as its FTT token crashed.

This prompted the firm to file for insolvency, and its founder [SBF was arrested](/news/article/former-ftx-ceo-sbf-arrested) for financial laws violation. 

Earlier, the firm's lawyers mentioned that it owes money to more than a million creditors. The rough estimates suggest that the firm owes more than $100 million to each of its top ten creditors. However, the recent creditor matrix did not provide the estimated amounts of each creditor.


red image of blockchain with FTX, coinbase, apple and netflix logos shown

FTX Creditors Include Google, Apple, Netflix

A prolific hacker famously known as the 'Blockchain Bandit' is believed to be on the move again after hacked crypto was moved.

Blockchain Bandit first gained popularity in 2015-16 after using a technique called "Ethercombing" to steal more than £70m in crypto from thousands of holders.

Six years after the infamous incident, the hacker has awakened. The huge amount of crypto hacked back then was moved from the Bandit's wallet last week.

This crypto hacking scandal was considered a programmatic theft because of the sheer amount of money involved. The hacker stole 51,000 ETH and 470 BTC, valued at £73 million today. The hacker is suspected to be moving his funds due to the recent rise in crypto prices.

The Blockchain Bandit got their name after successfully stealing ETH from thousands of holders with weak private keys using Ethercombing. The hacker's attempt emptied more than 10,000 wallets from holders worldwide.

In 2019, the [Blockchain Bandit gained 45,000 ETH](https://cointelegraph.com/news/blockchain-bandit-has-stolen-45-000-eth-by-guessing-weak-private-keys-report-claims) by simply guessing the weak private keys. The now infamous thief heavily relied on the process of being able to guess an address's public key if you are aware of the private key. The hacker seems to have come up with an automated system that helped him scan and identify these weak keys. He exploited this to no extent and was able to steal millions in funds from thousands of crypto holders.

![hacked.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/hacked_008b7d1142.png)
 
Chainanalysis came up with a diagram to portray the shifting of funds. However, they did not mention any specific targets. Chainanalysis advises crypto holders to use well-known and reliable wallets to do transactions and use hardware wallets to move large amounts of funds to avoid getting their crypto hacked.

## Why is the hacker on the move?

After over half a decade of inactivity, the hacker's wallet was seen to be active as he was moving the crypto hacked previously. Crypto experts believe this sudden activity and the moving of funds is due to the recent hike in crypto prices.

The hacker is suspected of moving millions in stolen funds to a more secure location. There have been no updates since his last activity, but his moves are being heavily monitored.

The news comes only days after the [FTX reported more than £342m in stolen funds through hacking](/news/article/ftx-us-reports-415-million-hacked).


red image of hacker stealing crypto with bitcoins falling

Crypto Hacked: Blockchain Bandit Active Again

To assess the future of cryptocurrency, we need to start by looking back.

Bitcoin and Ethereum have dropped more than 50% since their all-time highs in late 2021. While there were some modest gains in late 2022, the cryptocurrency market remains relatively stagnant. Some analysts believe cryptocurrency values might fall considerably further before seeing a lasting rebound.

According to a senior market analyst at brokerage firm [OANDA](https://www.oanda.com/group/news-analysis/meet-analysts/edward-moya/), the crypto market might yet undergo one more significant sell-off before it begins to rebound, with [Bitcoin](https://time.com/nextadvisor/investing/cryptocurrency/bitcoin-price-predictions/) plummeting close to $10,000. According to crypto specialist Wendy O, Ethereum is at risk of falling as low as $750, a 50% drop from its current price.

"We're in a full-fledged bear market, not a bear cycle," says one analyst.

"Just because we're seeing some good pricing activity doesn't mean we're out of the woods," says another. "We're now trading around $1,500 for Ethereum, and to be very positive on Ethereum, it would need to see us break over $2,248. That is a 50% price increase."

Furthermore, crypto firms have laid off employees, halted withdrawals, and attempted to offset losses, increasing concerns about the industry's viability.

Terraform Labs went bankrupt in May, but the bear market has affected numerous companies since then. [Coinbase](https://blog.coinbase.com/a-message-from-coinbase-ceo-and-cofounder-brian-armstrong-578d76eedb12), the biggest cryptocurrency exchange in the United States, stated in June that it was laying off 18% of its workforce. This followed layoffs at other cryptocurrency firms, such as Gemini, BlockFi, and Crypto.com.

Due to "extreme market conditions", crypto bank Celsius unexpectedly ceased [withdrawals](https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6) towards the end of 2022. The future of cryptocurrency hedge firm Three Arrows Capital was also thrown into doubt. When Bitcoin fell below $19,700, alarm bells rang. 

Crypto investors should invest between 2 and 5% of their net worth, according to Vrishin Subramaniam, founder and financial planner at [CapitalWe](https://www.capital-we.com/about).

"We often see 2 to 3% for most clientele who only watch crypto markets weekly", he added.

## Future of cryptocurrency regulation

Lawmakers in Washington DC and worldwide are debating how to create regulations and norms that would make cryptocurrencies safer for investors and less enticing to hackers.

Additional regulation may be the future of cryptocurrency. More regulation might lead to greater stability in the famously turbulent cryptocurrency sector. It could safeguard long-term investors, deter fraudulent conduct inside the crypto ecosystem, and give clear advice to allow enterprises to develop in the crypto economy, if there's a correct balance.

A recent Biden administration paper details potential laws that would increase regulation of the crypto sector. In recent months, US Fed Reserve Chairman Jerome Powell and [SEC](/news/article/sec-crypto-enforcement-warning) Chairman [Gary Gensler](/news/article/sec-crypto) have expressed concern about the absence of cryptocurrency regulation. 

Despite all the back-and-forth, a few critical themes on the issue of new US cryptocurrency legislation have emerged: preventing cryptocurrency crime and tax fraud, stablecoin regulation, and the possibility for investment vehicles such as crypto ETFs and other funds.

The decentralised nature of digital currencies, which, unlike traditional currencies, are not backed by any organisation or government authority, is a significant appeal for many crypto enthusiasts. However, regulatory guidelines can assist in protecting investors.

"As much as I admire the decentralisation and absence of government involvement, I am pleased they are paying attention since there are many scams with cryptocurrency", says Kiana Danial, author of Cryptocurrency Investing for Dummies.

One potential provision would broaden the definition of a brokerage firm to include entities that handle digital asset trading, such as cryptocurrency exchanges. This move would imply higher tax reporting duty to assist the IRS in tracking crypto tax evasion. 

Furthermore, [Gensler has stated](https://www.sec.gov/news/public-statement/gensler-aspen-security-forum-2021-08-03) that stronger legislation is needed to help avoid future ransomware attacks like the one that took down the [Colonial Pipeline](https://www.nytimes.com/2021/05/08/us/politics/cyberattack-colonial-pipeline.html) in May 2021. The pipeline assault was one of several high-profile examples of hackers demanding [Bitcoin ransoms](https://www.npr.org/2021/06/10/1004874311/how-bitcoin-has-fueled-ransomware-attacks).

While Gensler did not specify how the SEC planned to assist in prosecuting these offences, he did state that the agency will continue to use its full authority. The SEC will continue to push its authority as far as it can, Gensler said at the [Aspen Security Forum](https://www.aspensecurityforum.org/) in Colorado. According to a recent US Treasury assessment, cryptocurrency "poses a serious detection difficulty by promoting illicit conduct, including tax evasion".

## Future of cryptocurrency: Stablecoin regulations

The ease with which stablecoins may be exchanged, along with their stable value, has figures like Yellen and Gensler concerned that they pose threats to the financial system and economy. As a result, they must regulate.

Stablecoins, which act as a bridge between cryptos on various blockchains, might make it easier and cheaper to perform trades on an exchange without using fiat currency. Stablecoins are tied to other assets, often less volatile than cryptocurrencies, such as fiat currency or precious metals, and may price them similarly. 

Therefore, the coins are more "stable" than other cryptos, whose values fluctuate with the markets.

Assisting in reducing or eliminating potential transaction costs since certain exchanges prefer trading from stablecoins to other cryptos over trades from a dollar-based bank account. Many exchanges, like Coinbase, do not charge fees when converting US dollars for USD Coins, which are used to purchase other cryptocurrencies.

According to a [recent study](https://home.treasury.gov/news/press-releases/jy0454) from the Federal Deposit Insurance Corporation, the Working Group on Financial Markets, and the Office of the Comptroller of the Currency, some stablecoins' purpose is to circumvent money-laundering laws or even finance rogue states or terrorists. This has grown even more prominent in policymakers' minds in the aftermath of Russia's invasion of Ukraine, with the possibility that Russia may utilise cryptocurrency to avoid sanctions.

However, there are fears that stablecoins would weaken established US banking institutions, causing financial system difficulties. In other words, the more stablecoins used by investors, the more likely any problems with them would damage the economy. According to White, systemic risks frighten regulators the more, which is why stablecoins are at the tip of the regulatory spear. For example, if you purchased $1,000 worth of stablecoins to decrease or eliminate costs on your cryptocurrency trades, but the stablecoin collapsed before you could utilise it, you'd be down $1,000.


blue image of man trading on ipad in futuristic landscape

What is the future of cryptocurrency?