UK Treasury Reveals Guidelines For Crypto Trading Regulation – February 1

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$22,977

Bitcoin price is sitting around the $23,000 level once again, as the market awaits yet another FOMC meeting later today.

Top-20 altcoins have had very small losses across the board, as Ether and BNB fall 1% a piece, while Cosmos is the sole gainer with a 6% rise.

Top Stories for February 1, 2022 🔥

👉 UK Treasury Reveals Guidelines For Crypto Trading Regulation

The UK Treasury has released a new crypto regulatory framework consultation paper today, outlining stricter rules for investing in and trading cryptocurrencies.

The proposed regulations will cover various areas such as crypto service providers, lending platforms, consumer protection, market abuse, and disclosures. Crypto exchanges will need to increase their compliance departments and be regulated by the Financial Conduct Authority, while stablecoins will be subject to the same requirements as unbacked crypto assets.

The Treasury is seeking input from the industry on topics like decentralized finance, sustainability and other crypto activities, with a deadline for responses at the end of April.

👉 Judge Bans Sam Bankman-Fried From Contacting FTX & Alameda Employees

A New York judge has restricted Sam Bankman-Fried, the former CEO of crypto exchange FTX, from contacting former or current employees of FTX or Alameda Research via messaging applications like Signal.

The decision was made after federal prosecutors claimed that Bankman-Fried tried to influence the future witness testimony of at least one employee. The judge deemed Bankman-Fried’s communication with the employee an effort to align his views and recollections with Bankman-Fried’s version of events.

Bankman-Fried’s lawyer objected to the restrictions, saying that it would remove a source of personal support for his client and strain his resources.

👉 Tether CTO Denies Receiving Loans From Bankrupt Lender, Celsius

Paolo Ardoino, CTO of stablecoin company Tether, denies that the firm has borrowed funds from bankrupt crypto lender Celsius – claiming that a recent examiner report was a typo or mischaracterization.

The report mentioned Tether’s exposure to Celsius grew to over $2 billion, but Tether denies any exposure. The report is also associated with some level of miscomprehension, with the exposure being a result of Celsius posting collateral in excess of what it borrowed from Tether.