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UK’s Financial Watchdog Warns of Fraudsters Impersonating Blockchain.com

The Financial Conduct Authority (FCA) mandated with regulating the UK’s financial market has raised the alarm about fraudsters who want to lure the public using a cloned version of Blockchain.com, a crypto wallet and trading company. The swindlers are using Blockchain Ltd when cold calling people that they work for the genuine firm.

Deceit at play

Fraudsters in the crypto space have become sophisticated to the extent of establishing fake enterprises with dozens of websites, fraudulent social media accounts, and round the clock customer support.

In July, Whale Alert disclosed that scammers had been on a stealing spree as they had made away with Bitcoin worth $24 million in the first half of 2020. The leading blockchain tracking and analytics provider noted that this growth was being driven by elevated aggressiveness and professionalism because the scam industry began with the sending of malware and sextortion emails.

By cloning Blockchain.com, these fraudsters intend to lure the unsuspecting public into their trap. The FCA warned:

“Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm.”

The two firms are not correlated

The financial watchdog stated that Blockchain.com and Blockchain Ltd are not the same, and this was a technique used by scammers to deceit people without a keen eye who cannot note the difference. The report affirmed:

“Be aware that scammers may give out other false details or mix these with some correct details of the registered firm. They may change contact details over time to new email addresses, telephone numbers or physical addresses.”

In September, the European Union (EU) Parliament revealed that it was considering establishing a restitution fund for crypto fraud victims after a petition was filed by a consortium of individuals, organizations, and companies. The objective of the petition was to seek the establishment of a restitution fund for victims of crypto fraud.

Blockchain.com Has Processed Over $1 Trillion in Transaction

Over the past decade of operation, Luxembourg-based cryptocurrency exchange, Blockchain.com, has now successfully processed over $1 trillion in transactions on its platform.

As unveiled in a blog post shared by the company’s Chief Financial Officer, Macrina Kgil, the company has attained the milestone with a major record of processing almost a third of all transactions on the Bitcoin network.

“We recently hit a major milestone at Blockchain.com, surpassing more than $1 trillion in crypto transacted on our platform; To put that number into context, we’ve handled nearly a third of all bitcoin network transactions since 2012, with the majority of all transactions processed through Blockchain.com Wallets taking place over the past two years.”

Macrina noted that its growth had been fueled primarily by its value offerings to its clients and its unfazed promise delivery. The company said it has over 76 million active wallets, showing a massive boost in retail trading adoption. The firm also has several institutional clients, according to Macrina, and the growth was also notably fueled by the efficiency of the firm’s brokerage and exchange business.

Blockchain.com is one of the few crypto unicorns as it was valued at $5.2 billion following the $300 million it pulled from investors back in March 2021. Seeing its continuous growth trend, Macrina hinted at the possibility of the firm going public in 2023 in an interview with Forbes.

It is becoming a trend for crypto firms to seek the public market pursuit. While Coinbase pioneered these growth metrics when listed on the Nasdaq exchange back in April, other outfits, including eToro, and Huobi are also notably considering various public entry routes.

Blockchain.com Hits $14B Valuation after Series D Round

Cryptocurrency exchange Blockchain.com has secured a Series D investment led by Lightspeed Venture Partners.

The exact amount of the investment was not disclosed, but the financing brought the exchange to a valuation of $14 billion.

Other investors include investment management firm Baillie Gifford & Co from Edinburgh, UK.

As reported by blockchain.News on August 31, 2021, the Luxembourg-based cryptocurrency exchange has now successfully processed over $1 trillion in transactions on its platform, which has been operating over the past decade.

Blockchain.com is one of the few crypto unicorns as it was valued at $5.2 billion following the $300 million it pulled from investors back in March 2021.

The company was moving its US headquarters from New York to Miami. Currently, it has 37 million verified users with 82 million wallets created.

Blockchain.com Launches New Asset Management Service BCAM

Cryptocurrency exchange Blockchain.com launched Wednesday a new asset management brand called BCAM, aiming at institutional investors, family offices, and high net worth individuals.

BCAM was created in partnership with investment firm Altis Partners to provide clients with strategies by tracking the price of Bitcoin against the U.S. dollar. At the same time, based on its algorithm, it gives customers investment access with Bitcoin with lower risk and lesser volatility.

Chief Strategy Officer Charlie McGarraugh said:

“Like everything in crypto you won’t know until you try. But like with everything in crypto, we think we are growing into the clear blue sky. It’s a big opportunity.”

He also stated that the company actively prepares products that decentralize exposure to financial tokens. Users can complete transactions, borrowing and other steps without intermediaries.

Cryptocurrency exchange Blockchain.com has secured new funding in a Series D investment led by Lightspeed Venture Partners.

Although the exact amount of the investment was not disclosed, the financing reportedly brought the exchange to a valuation of $14 billion. Currently, it has 37 million verified users with 82 million wallets created.

Dallas Cowboys Signs Deal with Blockchain.com, Becomes 1st NFL Team to Enter Crypto Space

Dubbed as the first crypto deal in the National Football League (NFL), the Dallas Cowboys have chosen cryptocurrency platform Blockchain.com as its “exclusive digital asset partner.”

As part of the strategic partnership, the Cowboys will get exclusive fan rewards and experiences, such as player-hosted events and away game VIP trips via Blockchain.com’s digital wallet.

Jerry Jones, the Dallas Cowboys owner, president, and general manager welcomed the collaboration and said:

“Blockchain.com is one of the oldest and most trusted digital asset platforms in the world, has easy-to-use products and remains relentlessly focused on customers.”

He added:

“They are bringing Wall Street to Main Street by making digital assets available to anyone, anywhere in the world – and that’s a touchdown for our millions of global fans. We take pride in being the first team in the NFL to sign an official cryptocurrency partnership and are proud to venture into this innovative business with Blockchain.com.”

With a customer base of more than 80 million spread across 200 countries, Blockchain.com will get club space inside AT&T Stadium and advertising and branding opportunities through the partnership.

Blockchain.com has aided transactions worth more than $1.2 trillion, and the collaboration will join communities online and virtually through social media promotions.

Peter Smith, Blockchain.com’s CEO, stated:

“We chose to partner with the Cowboys because they represent the most trusted brand in professional sports, they compete with a champion mindset, and believe in long-term partnerships.”

More crypto deals continue penetrating the sporting arena. For instance, crypto exchange Crypto.com signed a five-year partnership agreement with the Australian Football League (AFL) worth $25 million earlier this month, Blockchain.News reported.

Crypto Exchange Blockchain.com Expected to Launch IPO This Year: Bloomberg

Cryptocurrency exchange Blockchain.com is expected to go public as soon as this year, according to Bloomberg.

It is becoming a trend for crypto firms to seek the public market pursuit. While Coinbase pioneered these growth metrics when listed on the Nasdaq exchange back in last year April, other outfits, including eToro, and Huobi are also notably considering various public entry routes.

According to an insider, Blockchain.com is actively conducting interviews with banks for the most likely public offering this year.

But the specific IPO time may not happen until next year, but the plan may still change, after all, this is an anonymous private discussion.

Blockchain.com is one of the few crypto unicorns as it was valued at $14 billion. Seeing its continuous growth trend, the company’s Chief Financial Officer Macrina Kgil hinted at the possibility of the firm going public in 2023 in an interview with Forbes.

A few days ago, dubbed as the first crypto deal in the National Football League (NFL), the Dallas Cowboys have chosen cryptocurrency platform Blockchain.com as its “exclusive digital asset partner.”

As reported by blockchain.News on April 7, Cryptocurrency exchange Blockchain.com launched a new asset management brand called BCAM, aimed at institutional investors, family offices, and high net worth individuals.

Currently, it has 37 million verified users with 82 million wallets created.

Blockchain.com May Suffer $270M in Losses for 3AC's Insolvency

Cryptocurrency exchange Blockchain.com may suffer a total of $270 million in losses due to Three Arrows Capital’s inability to repay loans due to the bankruptcy and liquidation of Three Arrows Capital.

Earlier, the embattled cryptocurrency hedge fund, Three Arrows Capital (3AC) filed for Chapter 15 bankruptcy in the U.S. as it looks to preserve its assets in the country.

The woes of Three Arrows Capital were ignited by the collapse of LUNA-UST which the company has a significant amount of exposure to. Three Arrows Capital has been ordered into liquidation by a British Virgin Islands court.

Blockchain.com CEO Peter Smith mentioned in a letter to shareholders that “Three Arrows is rapidly becoming insolvent and the default impact is approximately $270 million worth of cryptocurrency and U.S. dollar loans from Blockchain.com.”

He said that the company deceived colleagues in the cryptocurrency industry and sought legal help to protect its own interests and hold them accountable to the greatest extent possible.

The company said that Blockchain.com is operating well and that the company’s users will not be affected and remain liquid and solvent.

Three Arrows has repaid over $700 million worth of cryptocurrency.

Cryptocurrency exchange Blockchain.com is expected to go public as soon as this year, according to a Bloomberg report in April.

Digital asset lending firm, Genesis Capital, said it would take risks in filing for bankruptcy with Three Arrows Capital but would try to reduce the hedge fund’s bad debt risk as much as possible.

Blockchain.com Slashes 25% Workforce amid Crypto Meltdown

Massive layoffs continue engulfing the crypto market. Blockchain.com took the latest actions by reducing its workforce by 25%.

Citing harsh bearish conditions, the crypto exchange laid off approximately 150 people and shut down its offices based in Argentina.

Blockchain.com has been on a rapid expansion drive in the last 16 months as a pioneer firm in the cryptocurrency industry, with its staff jumping from 150 to 600. Per the announcement:

“Some 44% of the impacted employees are in Argentina, 26% in the U.S., 16% in the U.K., and the remaining from the rest of the world.”

The recent collapse of crypto hedge fund Three Arrows Capital (3AC) dented the exchange’s financial position after losing $270 million.

Blockchain.com CEO Peter Smith mentioned in a letter to shareholders, “Three Arrows is rapidly becoming insolvent, and the default impact is approximately $270 million worth of cryptocurrency and U.S. dollar loans from Blockchain.com.”

The exchange has also stopped all mergers and acquisitions (M&A), reduced institutional lending, and slowed its establishment in the non-fungible token (NFT) marketplace.

The crypto meltdown being experienced has seen Bitcoin (BTC) shed more than 65% of its value from the all-time high (ATH) price of $69,000 recorded in November last year.

As a result, the market downturn has triggered significant layoffs in the crypto space. For instance, crypto exchange Crypto.com and lending platform BlockFi recently announced plans to cut over 400 jobs globally.

Furthermore, crypto exchange Gemini made the second round of layoffs, citing “turbulent market conditions.” Therefore, it seems the layoffs have mostly affected cryptocurrency exchanges.

Blockchain.com Gets Full Approval to Operate Crypto Exchange in the Cayman Islands

Blockchain.com, a cryptocurrency exchange headquartered in London, announced that it had received full regulatory approval from the Cayman Islands Monetary Authority (CIMA) to operate its exchange and clearing house in the Cayman Islands.

Following the approval, the Bahamas-based company said it would begin offering regulated crypto derivatives products and trading services to institutional investors in the Cayman Islands, operate a non-fungible token marketplace, and provide over-the-counter Crypto Brokerage Services.

Blockchain.com’s chief commercial officer Lane Kasselman spoke of the development: “The Cayman Islands is a key jurisdiction for us — our parent company is domiciled there, and it is a recognised global financial services hub.”

The exchange said that compliance and regulatory approvals would be sought in each regional country, and the company is also committed to developing in countries such as Dubai, Italy, and others.

Lane Kasselman added that:

“The only way to achieve a permanent regulatory framework for crypto is for industry leaders and regulators to work together to ensure consumer protection and investor trust.”

In March, FTX received a partial license from Dubai, where it mentioned that it would develop a regional headquarters in Dubai.

At the end of March of the same year, Cryptocurrency exchange Blockchain.com secured a Series D investment led by Lightspeed Venture Partners.

The exact amount of the investment was not disclosed, but the financing brought the exchange to a valuation of $14 billion.

Crypto Exchange Blockchain.Com Joins Exchanges in Italy

Blockchain.com, a global cryptocurrency exchange headquartered in the UK, said on Thursday it had registered as a virtual asset service provider in Italy.

The move made the London-based full-stack crypto services platform one of the latest crypto firms to have received such a registration.

The latest approval enables its legal entity to operate in Italy issued by the Italian financial authority Organismo Agenti e Mediatori (OAM). Blockchain.com said the registration it obtained would make it accountable and minimize the prospects for money laundering.

In a statement, the firm said it can now offer its crypto and digital wallet services to Italian users and institutional investors under the financial watchdog.

“This registration strengthens our position to offer services across Europe,” Blockchain.com said.

Why Crypto Firms Are Currently Seeking Regulatory Approval in Italy

Blockchain.com is one of the digital asset providers expected to register afresh with the Organismo degli Agenti e dei Mediatori (OAM), which regulates the cryptocurrency industry in Italy.

In February, Italy’s Ministry of Economy and Finance (MEF) published a new decree that requires cryptocurrency and digital wallet service providers who operate or intend to operate in the Italian territory to enrol in a special section of the register held by the financial regulator Organismo Agenti e Mediatori (OAM).

So far, several major exchanges, including BitGo, Binance, U.S-based Coinbase, Singapore-based Crypto.com, and Luxembourg-based cryptocurrency exchange Bitstamp, among others, have already secured registration with the OAM.

Once the time limits set out in the new requirements have expired, only firms entered in the register will be allowed to offer such services in Italy. To be registered, cryptocurrency providers are expected to have their registered office and operational headquarters in Italy.

The announcement by OAM is part of efforts by global regulators to bring a regulatory framework to the crypto sector, which is subject to patchy rules. Financial stability threats, consumer protection, and illicit use of cryptocurrencies are issues on the agenda.