The UK’s Financial Conduct Authority (FCA) announced on Monday (1 August) that it has finalized new rules to help combat misleading advertising.
The ads in question encourage investing in high-risk products. Through the new rules, firms that approve and issue marketing will be required to have appropriate expertise, and firms that market some higher risk investments will have to carry out more checks to ensure that clients and investments are a good match.
Furthermore, new rules surrounding crypto in Dubai have reportedly attracted clientele struggling to trade digital assets in their home countries.
Bloomberg wrote on Monday that the over-the-counter (OTC) structure there allows customers from Russia, Iran or elsewhere under Western sanctions to buy crypto back home and sell it for cash in Dubai.
The report noted that there are no international sanctions against Russia, and the United Arab Emirates (UAE) has not imposed any penalties there, so shops in Dubai are allowed to handle crypto that way.
In addition, bitcoin miners earned $574.9 million in July, which was down 14% from the previous month, Seeking Alpha wrote on Monday.
This came as rising electricity costs and more competition posed threats to the industry. According to the report, some miners have also started selling their bitcoin rigs.
In more crypto-related news, Bloomberg reported Monday that some skeptics believe MicroStrategy’s recent bitcoin strategy won’t pan out.
51 percent of the company’s available shares are currently sold short, according to the report. They have a nominal value of $1.35 billion, according to data from S3 Partners. The company’s stock serves as a way to invest in bitcoin, but it has erased over 75% of its value from a peak in February 2021.
Meanwhile, North Koreans have allegedly plagiarized from others to try to get remote work at crypto firms – with the goal of helping the government in its illegal money-raising efforts.
According to a Bloomberg report on Monday that cited cybersecurity researchers, the scammers work off details from sites like LinkedIn and illegally copy them for fake resumes. This helps them get work with US crypto firms, with a reported goal of raising “money for the government’s weapons development programs.”
In other news, the floor price for CryptoPunk’s non-fungible token (NFT) has risen by 10% in the last day, per data from CoinGecko.
The interest most likely stems from the recent collaboration between Tiffany & Co., the high-end jewelry brand, and Chain, a blockchain startup, according to a CoinDesk report. It will give Punk owners a way to purchase up to three necklaces for 30 ETH, or $50,000, starting on August 5th of this year.
Following the announcement of Tiffany & Co.’s partnership on Sunday (July 31), CryptoPunks saw a $2.3 million jump in sales.
Finally, Binance.US said in a company blog post on Monday that it will remove its AMP token, after the Securities and Exchange Commission called that coin a security.
Binance.US said the company is in a “rapidly evolving industry” and needs to respond to market and regulatory developments. In a lawsuit, the SEC listed nine digital assets it said are securities, and Binance.US said it is removing AMP “out of an abundance of caution.”
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