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UK Financial Watchdog Grants Licenses to Archax and Gemini

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The UK’s Financial Conduct Authority has granted operational licenses to two cryptocurrency exchanges operating in the country: digital security exchange Archax and the UK branch of the Winklevoss twins’ Gemini exchange.

According to the Financial Conduct Authority (FCA) website, both Archax and Gemini Europe Services are currently registered in the U.K. as crypto asset firms as of Aug. 18 and Aug. 19, respectively. Both crypto exchanges had to meet compliance requirements in terms of a risk assessment of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations which were mandatory as of Jan. 10.

Archax said in an Aug. 19 blog post that the FCA’s decision had made it the “first ever FCA regulated digital securities exchange and custodian in the UK.”

More than a month ago on July 6, Kraken claimed to have become the first crypto exchange licensed by the FCA. However its offshoot Crypto Facilities is currently only listed as being authorized for “specific activities and product types,” but not in the same category as Archax and Gemini.

UK’s Financial News reported Kraken CEO Timo Schlaefer saying the exchange had been granted a Multilateral Trading Facility licence by the FCA. For now, Archax and Gemini are the only two firms on the FCA’s list of registered crypto-asset firms.

Regulatory restrictions for UK crypto firms

The new regulations enforced by the FCA on crypto asset firms is part of the agency’s effort to comply with those from the European Union’s 5th Anti-Money Laundering Directive (5AMLD) and the Financial Action Task Force (FATF).

The FCA was officially appointed as the regulator of all cryptocurrency businesses in the U.K. in January. Companies doing business in the country need to establish both monitoring and control systems to eliminate potential AML and CTF threats.

The agency required all crypto firms to register before June 30, to ensure that their applications would be processed before Jan. 10, 2021. Failure to comply by the deadline means that they will need to cease their trading activity in the U.K. Exchanges including CEX subsidiary Decent Finance Limited have said they are authorized to carry out “electronic money activities” while U.K.-based Coinfloor says it “maintains communication” with the FCA.

Source: https://cointelegraph.com/news/uk-financial-watchdog-grants-licenses-to-archax-and-gemini

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Ripple Sells Significant Portion of Its Stake in Payments Giant MoneyGram

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Ripple is selling a substantial portion of its stake in MoneyGram for the first time since placing its initial investment in the money remittance giant in June 2019.

According to a document filed by Ripple on November 27th at the U.S. Securities and Exchange Commission (SEC), the fintech startup owns 6.23 million shares of MoneyGram with a warrant to purchase more shares to the tune of 5.95 million.

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The document reveals that Ripple authorized an undisclosed financial entity to sell four million of its shares in MoneyGram.

After selling, Ripple will still own at least 2.23 million MoneyGram shares and will reserve the right to purchase an additional 5.95 million shares of the remittance giant.

Ripple and MoneyGram entered into a partnership in June 2019 for foreign exchange settlements and cross-border payments. As part of the deal, Ripple made a $50 million commitment to MoneyGram, which it completed in November 2019.

MoneyGram has used Ripple’s services to settle cross-border payments in Mexico, Europe, Australia, and the Philippines in seconds, says MoneyGram CEO Alex Holmes.

“Our partnership with Ripple is transformative for both the traditional money transfer and digital asset industry – for the first time ever, we’re settling currencies in seconds.”

Valued at $10 billion, San Francisco-based Ripple is emerging as one of the fastest-growing fintech companies in the world. The company owns over half of the total supply of the crypto asset XRP. At time of publishing, XRP’s total market cap is $27.8 billion, according to CoinMarketCap.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Source: https://dailyhodl.com/2020/11/29/ripple-sells-significant-portion-of-its-stake-in-payments-giant-moneygram/

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Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

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Bitcoin has a way of surprising people. This week was no exception. A few days ago, almost everyone believed that the cryptocurrency is inevitably headed to a new all-time high. And how could they not? BTC was trading at a few hundred USD below the record from back in 2017. Unfortunately, things took a turn for the worst.

Yesterday was undoubtedly a bad day for bitcoin as it plunged a total of around $3,000 in less than 24 hours. From a high of about $19,500 down to $16,200, the bears poked and showed their faces. The entire market lost around $80 billion of its capitalization as altcoins actually had it worst.

During the market dive, Bitcoin’s dominance actually increased, showing that not only altcoins failed to hold their ground, but they dropped harder than BTC. Since then, there has been a slight recovery and at the time of this writing, the primary cryptocurrency is trading at around $17,000.

The move was seemingly propelled by the news that US regulators might seek to require identity verification from crypto wallet providers. Coinbase’s CEO, Brian Armstrong, commented on the matter, expressing his worries that if the new rules are implemented, they would be rather harmful to the users and the industry, in general.

At the same time, the popular cryptocurrency exchange OKEx opened withdrawals for the first time since they were shut down around a month ago, which might have prompted users to cash out the profits that they have been sitting on. In fact, CryptoPotato reported that around $500 million were withdrawn from the exchange as the crash started to take place.

In any case, the results are here, and it remains particularly interesting to see where will bitcoin go from here.

Market Data

Market Cap: $512B | 24H Vol: 181B | BTC Dominance: 62%

BTC: $17,132 (-7.98%) | ETH: $516.86 (+1.71%) | XRP: $0.56 (+74.08%)

Bitcoin Worth $500 Million Withdrawn From OKEx as Users Look for Other Alternative. Data shows that users withdrew a total of 29,300 BTC from the popular cryptocurrency exchange OKEx right after it resumed full functionality. This happened just as bitcoin plunged $3,000 in a matter of 24 hours. The exchange also resumed the withdrawals a day earlier than announced and during the Chinese trading hours.

Bitcoin Black Friday 2020: The Sales You Better Not Miss. It’s the end of November, and with this comes the long-anticipated shopping season. For many, this is a time to enjoy massive sales. We’ve taken the liberty of listing a few sales within the cryptocurrency field that aficionados might find interesting.

Facebook’s Libra Could Reportedly Arrive in January 2021 in a Scaled-Down Version. Libra, Facebook’s long-awaited cryptocurrency project, might be set to launch in early 2021. However, the version that’s potentially hitting the market is scaled-down and specifically intended to abide by the regulations of Switzerland’s FINMA.

Research Suggests Satoshi Nakamoto Launched Bitcoin From London. New research shows that activities associated with Satoshi Nakamoto from 2008 and 2010 might have taken place in London when Bitcoin’s network went live. This brings the experts a step closer to identifying who’s behind the legendary pseudonym.

6 Possible Reasons For Bitcoin’s $3,000 Daily Price Crash. Bitcoin went through a massive crash two days ago when it lost around $3,000 of its value in a sudden red candle. These are six reasons for which this may have happened and a brief outline of what might be next to come.

Coinbase CEO Fears Rumored Regulations Proposed By The Trump Administration. Brian Armstrong, the CEO of the leading US-based cryptocurrency exchange Coinabse, has said that he’s worried about the rumored regulations concerning third-party wallet providers having to identify their users. He said that this might harm users and the entire ecosystem.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Chainlink, and Stellar Lumens – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Source: https://cryptopotato.com/bitcoin-temporary-correction-or-no-ath-this-year-the-crypto-weekly-market-update/

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Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

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  • The San Francisco-based payment protocol has filed a document on Friday with the US Securities and Exchange Commission (SEC). It reads that Ripple Labs has entered into an agreement with MoneyGram, which entitles Ripple to sell up to 4,000,000 shares of common stock.
  • Ripple’s option to sell these shares will expire “upon the earliest of March 31st, 2021, the time at which the maximum amount shall have been sold, or the occurrence of certain other customary events affecting the issuer.” 
  • CryptoPotato reported last year that Ripple and MoneyGram announced a strategic partnership. The initial term of the agreement was for two years. Ripple had agreed to provide a capital commitment amounting to $50 million in exchange for equity through the two-year period.
  • As per the SEC filing, Ripple owns 6.22 million shares of the giant money transfer company (or 8.6% of shares outstanding). However, the blockchain company has a warrant to buy up to another 5.95 million shares, amounting to a total equity position of 12.2 million shares or 17% of MoneyGram’s shares outstanding).
  • With the initial investment in 2019, Ripple purchased the MoneyGram shares at 4.10 per stock, which was a significant premium to the market price. 
  • Nevertheless, MoneyGram’s stocks (MGI) have surged in 2020, closing Friday’s session at $7.42. As such, Ripple can cash out with an 80% profit, despite the initial premium.
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Source: https://cryptopotato.com/ripple-plans-to-cash-out-33-of-its-moneygram-stake-with-a-significant-profit/

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