eToro Chief: Extra Crypto Regulation Possible Coming
According to Yoni Assia, CEO of the stock, derivatives and crypto trading platform eToro, the emerging crypto industry is likely to face more regulation and oversight, reports the Financial Times (FT).
He said that with new interest in crypto entering the mainstream, “we should expect regulators to scrutinize this growing retail investor business in the crypto markets as well.”
Assia said regulators should still make sure they know what they are talking about regarding crypto.
Calls for more crypto regulation come as its value soared this year, reaching $ 1.5 trillion worldwide.
According to Bloomberg, US soccer star Tom Brady and his partner Gisele Bündchen have acquired a stake in the crypto company FTX.
While the crypto firm didn’t say what stake Brady and Bündchen received, it said they will receive a certain amount and type of crypto.
And Bündchen takes on the role of advisor for the company’s environmental and social initiatives.
Britain’s NatWest Group has limited the amount of cryptocurrency its users can send to others, according to a report on US News.
This also includes Binance, one of the largest crypto exchanges.
The reasoning was due to the potential for fraud or investment fraud, the company said. So you will set the cap and block payments to some crypto asset firms that have had higher levels of fraud.
Binance has come under closer scrutiny lately with UK financial regulators saying they cannot conduct regulated activities and warning about the company.
Several crypto firms are nullifying plans to be listed with the UK’s Financial Conduct Authority (FCA), Reuters reports, with scrutiny increasing.
For example, the Binance issue mentioned above came when registration data with the FCA showed the number of companies giving up registrations rose 25 percent in the past month.
Reuters writes that crypto companies have had to register since January – but since then only six have actually registered and 64 have withdrawn their applications.
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