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The Financial Conduct Authority has intervened in Binance UK’s financial promotions application. The Financial Conduct Authority (FCA) intervened over Binance UK’s recent partner , known as Rebuilding Society. The primary purpose of Binance’s partner ship with Rebuilding Society, an FCA-authorized and regulated peer-to-peer lending platform, was to gain compliance with the new UK Financial Promotions Regime. The FCA stated: “The firm must not approve the content of any financial promotion for a qualifying cryptoasset for communication by an unauthorized person.” You might also like: UK FCA issues final warning to companies promoting crypto assets Following the FCA’s intervention, the company has until 5 p.m. BST on Wednesday to take back any prior financial promotion approvals it has granted to unauthorized entities. The Financial Conduct Authority told Rebuilding Society to inform its clients that its third-party financial promotions...

A tight regulatory environment in the United States coupled with soaring interest rates is forcing crypto companies to rethink their business strategies. A combination of escalating interest rates and a tight regulatory environment in the United States has driven a $417 million outflow from the crypto industry in the past eight weeks, with halts in trading for many altcoins draining liquidity and prolonging the ongoing crypto winter. This environment is forcing crypto companies to rethink and adapt their business strategies. Crypto exchange Binance, for instance, is moving forward with efforts to diversify its sources of revenue amid legal challenges with regulators. The company is launching a new subscription-based cloud mining product dedicated to Bitcoin (BTC), allowing users without equipment to purchase Bitcoin hash rates via Binance’s cloud mining service. Also taking a new direction is venture capital firm Andreessen Horowitz (a16z), opening its first office outside the U.S. i...

A new survey from CasperLabs found that despite education gaps, enterprise adoption of blockchain technology in the U.S., U.K. and China is set to increase in the next year. The crypto and blockchain space has had a turbulent past year, but that is not stopping users and enterprises from looking into the industry. A new survey from CasperLabs and Zogby Analytics revealed that the sentiment around blockchain adoption is especially positive among enterprises. The poll was conducted via 603 business enterprise “decision makers” in the United States, the United Kingdom and China. Nearly 90% of the businesses surveyed reported deploying blockchain technology in some capacity, with 87% saying they plan to invest in blockchain in the next year. This is particularly pronounced in China, where over half of the respondents plan to invest in blockchain in 2023. Ralf Kubli, a board member of the Casper Association, said that despite the recent turbulence, companies continue to turn to blockchain...