Bitcoin Stolen at Gunpoint, ESMA and FCA Disagree: Best of the Week

Ripple enters UAE

BitOasis, the biggest cryptocurrency exchange in the United Arab Emirates, has enabled XRP trading on its platform.

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The exchange said in its official statement: "We’ve decided to introduce XRP trading to meet the increased demand from our customers to add to the list of major Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and digital assets offered on our platform."

Bitcoin burglary

Armed men broke into the house of a Bitcoin trader, tied up his wife and compelled him to transfer Bitcoin over to them.

The robbery took place in a sleepy village in Oxfordshire during the school run; residents expressed surprise. The perpetrators have still not been caught.

FCA serious about Negative Balance Negative Balance In its most basic form, a negative balance represents an account balance in which debits exceed credits. A negative balance indicates that the account holder owes money. A negative balance on a loan indicates that the loan has not been repaid in full, while a negative bank balance indicates that the account holder has overspent.In the retail brokerage space, this phenomenon occurs when a position’s losses in an account exceeds the available margin on hand from a given trader. When a trader place In its most basic form, a negative balance represents an account balance in which debits exceed credits. A negative balance indicates that the account holder owes money. A negative balance on a loan indicates that the loan has not been repaid in full, while a negative bank balance indicates that the account holder has overspent.In the retail brokerage space, this phenomenon occurs when a position’s losses in an account exceeds the available margin on hand from a given trader. When a trader place Read this Term protection

The British financial regulator is now requiring brokers to provide guaranteed negative balance protection - it had previously been voluntary.

Brokers with a '125K' licence will face a tough transition because they are forbidden from handling market risk. 23 out of the 97 regulated CFD firms in the country hold this licence.

ESMA clashes with FCA

The UK financial regulator has proposed a leverage cap of 1:50 and its European counterpart is looking at 1:30, causing friction between the two.

The FCA said: “As we have repeatedly said in our public statements, the FCA supports ESMA in its consideration of potential EU-wide product intervention in relation to the sale, distribution and marketing of CFDs and binary options to retail clients.”

South Korean mall accepts 12 different cryptocurrencies

WeMakePrice, a major online shopping mall in South Korea, has partnered with virtual currency exchange Bithumb to accept twelve different kinds of cryptocurrency, including Bitcoin, Ethereum, and Ripple.

YonHap News reported that the service will be available as soon as “government policies and regulations on virtual money are confirmed.”

Convicted British trader cuts deal with US authorities

Navinder Sarao, a UK day trader found guilty of spoofing stock index futures, has been assisting US prosecutors in building a case against market abuse.

Sarao made more than $40 million through the fraud and faces 30 years in prison. He pleaded guilty and has not yet been sentenced.

Japanese giant signs partnership with US firm

SBI Holdings has signed a memorandum of understanding with tech firm Moven, which deals in smart spending, saving, and budgeting apps. SBI will offer Moven's services to institutions as part of the deal.

SBI recently opened a cryptocurrency exchange dealing only in XRP.

LMAX Exchange buys Paddy Power shares

LMAX Exchange paid £21.95 million ($31.25 million) for a 31.35 percent stake of Paddy Power Betfair’s stake in LMAX, resulting in the transfer of 187,811 shares to the group’s management team, which now owns 95 percent of the company.

The deal was financed by Silicon Valley Bank, which provides a senior debt facility. LMAX Exchange Group CEO David Mercer said: “I am very pleased to be working with Silicon Valley Bank."