China News by Thebittimes.Com

The United Kingdom’s Financial Conduct Authority (FCA) has issued a warning that Retardio, a grossly offensive Solana-based memecoin and NFT project, “is not authorised” by the regulator.  Retardio responded by posting a meme that depicts Jeff Bezos in clown makeup.  It appears that the token has no reason to exist except to allow a contingent of Solana-based cryptocurrency traders an asset on which to speculate. Following the announcement from the FCA, the token’s price was buoyed, according to data from DexScreener. The total market capitalization for the project has again breached $100 million . The FCA has been trying to focus more on crypto, asking today for industry feedback on its new discussion paper looking at regulations for the space.  FCA tackles ‘operational backlog’ with 100 crypto staff Read more: TikTok accused of operating as crypto exchange in the UK, report Additionally, the FCA has grown its cryptocurrency-focuse...

The UK Financial Conduct Authority (FCA) has taken the equivalent of 25 years to process incoming crypto applications, according to a freedom of information request (FOI). It has also been reported that the number of crypto firms registering with the FCA has fallen by 51% in the past three years and that 186 have withdrawn their applications to the financial regulator. This has raised concerns about whether the lengthy timescales are forcing crypto asset firms to look elsewhere for a place to do business.   According to the Financial Times, the FOI submitted by the Law firm Reed Smith revealed that assessing a crypto application took the FCA an average of 459 days . The number of submitted applications dropped to 29 between May 2023 and April 2024, down from 42 and 59 in the two years prior. Only seven applications were made in the first quarter of 2024.  UK’s first crypto ATM charge claims phone shop owner laundered $400K Read more: FCA tackles ‘operational backlog’ with ...