The UK Financial Conduct Authority (FCA) announcement Monday (August 1) that it finalized new rules intended to help tackle misleading advertisements.
The advertisements in question encourage investment in high-risk products. Under the new rules, firms approving and issuing marketing will need to have the appropriate expertise, and firms marketing certain high-risk investments will need to carry out more checks to ensure clients and investments are a good match.
Additionally, new rules regarding crypto in Dubai have reportedly attracted a clientele that finds it difficult to trade digital assets in their home country.
Bloomberg wrote Monday that the over-the-counter (OTC) structure there allows customers from Russia, Iran or other countries under Western sanctions to buy crypto from them and sell it for cash in Dubai .
The report notes that there are no international sanctions against Russia and the United Arab Emirates (UAE) has not imposed any sanctions there, so shops in Dubai are allowed to handle crypto in this way. .
Additionally, bitcoin miners earned $574.9 million in July, down 14% from the prior month, Seeking Alpha wrote Monday.
This came as rising electricity costs and increased competition threatened the industry. According to the report, some miners have also started selling their Bitcoin rigs.
In more crypto-related news, Bloomberg reported Monday that some skeptics believe MicroStrategy’s recent bitcoin strategy won’t work.
Fifty-one percent of the company’s available shares are currently sold short, according to the report. They have a notional value of $1.35 billion, according to data from S3 Partners. Shares of the company serve as a way to invest in bitcoin, but they have erased more than 75% of its value from a high in February 2021.
Meanwhile, the North Koreans are said to have plagiarized others to try to get remote work at crypto companies – in a bid to help the government in its illicit fundraising efforts.
According to a Bloomberg report Citing cybersecurity researchers on Monday, fraudsters are mining details from sites like LinkedIn, illegally copying them for fake resumes. This helps them find work with US crypto companies, with the stated purpose of raising “money for government weapons development programs.”
In other news, the CryptoPunks non-fungible token (NFT) floor price has risen 10% in the past day, per Data from CoinGecko.
The interest most likely stems from the recent partnership between Tiffany & Co., the high-end jewelry brand, and Chain, a blockchain startup, according to a CoinDesk report. This will give Punk owners a way to buy up to three necklaces for 30 ETH, or $50,000, starting August 5 this year.
Following the announcement of the Tiffany & Co. partnership on Sunday July 31, CryptoPunks saw sales increase by $2.3 million.
Finally, Binance.US said in a company blog post On Monday it will delete its AMP token, after the Securities and Exchange Commission designated this coin as a security.
Binance.US said the company is in a “rapidly changing industry” and needs to respond to market and regulatory changes. In a lawsuit, the SEC listed nine digital assets it says are securities, and Binance.US said it was delisting AMP “out of an abundance of caution.”
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