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Illegal crypto ads prevail in UK despite FCA warning

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The United Kingdom’s Financial Conduct Authority (FCA) has encountered challenges in enforcing compliance with cryptocurrency advertising regulations. Between October 2023 and October 2024, the FCA issued 1,702 alerts concerning illegal crypto advertisements; however, only 54% of these promotions were subsequently removed.

Despite possessing the authority to impose fines or initiate criminal proceedings against non-compliant entities, the FCA has thus far refrained from such actions. Instead, the regulator has concentrated efforts on addressing financial influencers, commonly known as “finfluencers,” who promote high-risk financial products online. This approach has included bringing criminal cases against certain individuals and conducting interviews with others to curb misleading promotions.

In an effort to bolster compliance, the FCA has collaborated with major technology companies, including Google and Meta, to restrict unapproved paid advertisements related to cryptocurrencies. Notably, Google has updated its advertising policies to require FCA registration for crypto-related promotions targeting UK users, effective January 15, 2025. This policy mandates that advertisers offering crypto exchange products and services must be registered with the FCA to run ads in the UK.

The persistence of unauthorized crypto advertisements highlights the complexities faced by regulatory bodies in policing digital promotions. Former FCA chair Charles Randell emphasized the necessity of visible legal actions to ensure adherence to regulations. The FCA continues its efforts to mitigate online fraud and scams, striving to protect consumers from misleading financial promotions in the rapidly evolving cryptocurrency landscape.

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US lawmakers advance anti-CBDC bill

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U.S. lawmakers have voted to advance a bill aimed at blocking the Federal Reserve from issuing a central bank digital currency (CBDC), marking a major step in the political pushback against the development of a digital dollar.

The bill, which passed through the House Financial Services Committee, would prohibit the Fed from directly offering accounts or issuing a CBDC to individuals, citing concerns over surveillance, privacy, and government overreach.

Supporters of the legislation argue that a digital dollar could pose significant risks to civil liberties, enabling real-time tracking of consumer transactions and expanding federal control over personal finances. They view the bill as a safeguard against what they describe as a “surveillance-style” monetary system.

Opponents of the bill, however, argue that restricting CBDC development could hinder U.S. innovation and global competitiveness in the evolving digital financial landscape.

The legislation now moves closer to a potential floor vote in Congress. Its progress underscores growing ideological divisions over the future of money in the United States, with CBDCs emerging as a new front in the broader debate over digital governance, financial freedom, and the role of government in the digital age.

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Gemini to open Miami office after judge stays SEC case

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Crypto exchange Gemini has opened a new office in Miami, reinforcing its commitment to expanding operations despite pausing its plans for an initial public offering (IPO) amid a continuing legal battle with the U.S. Securities and Exchange Commission (SEC).

The Miami office signals the company’s long-term vision for growth in key U.S. markets, even as regulatory uncertainty clouds the broader crypto landscape. The expansion comes at a time when Gemini is facing heightened scrutiny from the SEC over its Earn program, which the regulator alleges involved unregistered securities.

While the IPO remains on hold, Gemini continues to strengthen its infrastructure and team, focusing on user growth, compliance, and regional outreach. The Miami hub is expected to play a strategic role in those efforts, leveraging the city’s growing status as a U.S. crypto hotspot.

Co-founders Cameron and Tyler Winklevoss remain vocal about the need for clear regulatory frameworks and have emphasized that Gemini will continue to fight for fair treatment while building responsibly in the U.S. and abroad.

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Coinbase Institutional files for XRP futures trading with CFTC

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Coinbase Institutional has officially filed with the U.S. Commodity Futures Trading Commission (CFTC) to offer XRP futures trading, marking a significant move toward expanding institutional access to Ripple’s native token.

The filing, submitted through Coinbase Derivatives, signals the exchange’s intent to list XRP futures contracts in a regulated environment. If approved, it would allow institutional investors to gain exposure to XRP through derivative products, a key step in broadening the token’s presence in traditional financial markets.

This development comes amid a gradually improving regulatory climate for XRP, following a partial legal victory for Ripple in its ongoing case with the U.S. Securities and Exchange Commission (SEC). The outcome gave XRP a degree of legal clarity, opening the door for exchanges and financial institutions to re-engage with the asset.

Coinbase’s push to expand its derivatives offerings also aligns with its strategy to build a more robust institutional platform. Approval from the CFTC would position the exchange to capitalize on growing demand for regulated crypto investment vehicles.

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