DeFi News Today TheBitTimes.com

Prominent cryptocurrency exchanges like Binance, OKX, and MoonPay have announced their commitment to adhere to the United Kingdom’s recently enacted regulations governing financial promotions in the cryptocurrency sector. The U.K. Financial Conduct Authority (FCA) ushered in the country’s novel Financial Promotions (FinProm) Regime on October 8th, with the aim of ensuring fairness, transparency, and integrity in cryptocurrency promotions. On October 6th, Binance unveiled a dedicated domain for its U.K. user base and formed a partnership with the local peer-to-peer lending platform Rebuildingsociety. In alignment with these compliance updates, starting from October 8th, Binance’s U.K. retail users will be redirected to a localized domain, exclusively showcasing Binance products and services that align with U.K. regulations. These offerings encompass spot and margin trading, Binance Pay, its nonfungible token (NFT) marketplace, loans, and more. However, in accordan...

A wealth firm founded by former Credit Suisse banker Francis Menassa has been forced to close its doors after a series of bad investments — including a number involving crypto — left him deep in debt. As reported by Bloomberg, the JAR Capital founder also poured money into leisure assets and a failed attempt to buy a bank. In all, his bad investments left JAR’s holding company, JAR Financial Management, owing $11 million to creditors. The company’s wealth and asset management divisions previously boasted more than $1 billion in assets.  Among the bad bets that triggered JAR’s downward spiral was a near-$2.5 million investment in London-headquartered crypto trading platform BlockEx. Despite a bright start that saw BlockEx raise $24 million in its 2018 ICO things quickly started to go south and just 12 months later, it was forced to lay off staff. Menassa subsequently struggled to offload his share of the firm when crypto prices started to plummet. Read more: Bit...

A drug dealer caught with $6.7 million in Crypto currency and $1.4 million worth of cocaine has lost the millions of dollars he made on the dark web in a record confiscation of its kind by the West Yorkshire financial Crime department . The 42-year-old Simon Barclay ran a drugs empire from the town of Huddersfield, wherein he operated a marketplace on the dark web and mailed illegal substances across the UK in exchange for Crypto currency, the BBC reports. “Barclay used 21st century technology to run his large scale drugs supply network. Ironically though, it was his attempts to stay hidden by using the dark web which brought him to our attention,” said the head of the Yorkshire and Humber regional economic and cyber Crime Unit. Both Kirklee police and Yorkshire and Humber Regional Cyber Crime Unit were informed of Barclay’s dark web activity after the UK’s Dark Web Intelligence Collection and Exploitation team (DICE) tracked him down.  Police stopped the crypt...