Powers On... Broker disintermediation and unregulated crypto exchanges cause ...
As interest in and use of blockchain accelerates this year, so do regulators’ fears, making them pay more attention to crypto exchanges. Powers On... is a monthly opinion column from Marc Powers, who spent much of his 40-year legal career working with complex securities-related cases in the United States after a stint with the SEC. He is now an adjunct professor at Florida International University College of Law, where he teaches the course “Blockchain, Crypto and Regulatory Considerations.”More and more, governments are fearing that they will lose control over aspects of their respective....
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U.S.-based financial advisers with Interactive Brokers are now able to recommend cryptocurrency investments to their clients. Brokerage firm Interactive Brokers Group is allowing investment advisers registered with the company to trade four cryptocurrencies.In a Monday announcement, Interactive Brokers said its Registered Investment Advisers would be able to trade and custody Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) for clients using Paxos Trust Company. The firm reported this service was currently available only for its advisers in the United States but it....
Kraken, one of the world’s oldest crypto exchanges, is strengthening its presence in Europe and plans to buy Coin Meester B.V. (BCM), a Dutch crypto broker. In a press release on October 5, Kraken said the purchase would give them a “sizable position in the Dutch market” and benefit the broker’s clients. Kraken To Acquire BCM […]
A solution has to be created which makes moving fiat in and out of bitcoin exchanges more frictionless. Over the past few years, a lot of bitcoin exchanges had to deal with issues related to UK banks. Even though bitcoin is legal in an unregulated manner in the UK, banks are not too keen on cryptocurrency. Some experts argue it is due time to take British banks out of the bitcoin exchange industry altogether. Doing so would have catastrophic events, though, as it limits both deposit and withdrawal options for a lot of users. Then again, with banks continuing to deny service to bitcoin....
The FCA's ban could prompt some individuals to shift their crypto trading to offshore, unregulated exchanges.
The SEC's broker-dealer guidance was generally welcomed as a step in the right direction by industry players.