Fintech start-ups follow Fidelity Investments with retirement plans featuring bitcoin

Fidelity Investments made waves in the retirement-planning industry when it became the first of the major record-keepers to roll out bitcoin for 401(k) plans. But fintech start-ups are moving in as well. In April, Fidelity said that some of the 401(k) plans it administers would soon offer employees a way to invest in bitcoin through … Read more

Money laundering watchdog pushes for crypto information-sharing rules

Most countries lack “travel rule” laws that could help prevent the illicit use of cryptocurrency by criminals and terrorists, a global anti-money-laundering watchdog said on 30 June. The rules would require companies and service providers to share information about senders and recipients in cryptocurrency transactions. Only about 30% of jurisdictions surveyed by the Financial Action Task … Read more

Hedge fund adviser Patrick Ghali on crypto, ESG and why clients are dumping ‘any exposure to China’

Patrick Ghali, co-founder of hedge fund advisory Sussex Partners, talks with Financial News about how his clients are adapting to this year’s sharp downturn in markets and how they’re positioning for a recession, a crypto winter and sustainable investing. His comments have been edited for clarity. In between the war and where energy prices go, … Read more

Research Affiliates CEO calls crypto a ‘Ponzi scheme,’ questions ‘substance’ of blockchain

The chief executive of California-based asset manager Research Affiliates has called cryptocurrencies a “Ponzi scheme”, claiming bitcoin and the blockchain technology underpinning the world’s largest digital asset help fuel illegal activity. “They are a Ponzi scheme that facilitates money laundering,” Chris Brightman told Financial News when asked about his views on cryptocurrencies. Brightman, who became … Read more

Regulators in New York eye further crypto guidance

The head of the New York State Department of Financial Services said she wants the regulator to continue to be a leader in cryptocurrencies, remaining upbeat on virtual assets despite the industry’s turmoil. The regulator has issued more cryptocurrency-related licenses so far in 2022 than it did in all of 2021, its superintendent, Adrienne Harris, said … Read more

Plunging bitcoin hits crypto miners

The plummeting price of bitcoin could force crypto miners to sell the tokens to fund operations, further pressuring the digital currency. In good times, crypto mining firms and bitcoin’s price are locked in a virtuous cycle. The miners own giant warehouses filled with specialised equipment that keep bitcoin transactions humming and are rewarded more bitcoin … Read more

Celsius’ crypto faithful have a plan to avoid bankruptcy

An internal storm is brewing at crypto lender Celsius over its potential plans to file for bankruptcy, with some involved in the talks instead pushing to tap its customer base for support. The strain at the beleaguered firm — which hired restructuring consultants from advisory firm Alvarez & Marsal to help with a possible bankruptcy filing, the … Read more

Three Arrows hedge fund has defaulted on $675m crypto loan, broker Voyager Digital says

Crypto broker Voyager Digital said that hedge fund Three Arrows Capital had defaulted, failing to make loan payments tied to large bets in the digital-currency realm. Three Arrows had borrowed $675m from Voyager Digital in the form of 15,250 bitcoin and $350m in USD Coin, a stablecoin whose value is pegged to the dollar. Voyager had previously said … Read more

Bankers who quit for crypto have no regrets amid meltdown: ‘I have never looked back, not one day’

Bankers quitting mainstream finance to capitalise on the boom in digital assets have instead been greeted with a new “crypto winter”. Former staff at JPMorgan, Goldman Sachs and Citigroup have been among those hit as crypto exchange Coinbase cut 1,100 roles and rescinded 300 job offers, while Gemini, Crypto.com and BlockFi have also cut back … Read more

Amundi and PGIM warn of crypto winter: ‘This crash feels different’

Cryptocurrency traders are bracing for more turmoil after a market meltdown claimed more than 1,000 jobs and put the industry on the brink of a ‘crypto winter’. Investors were left hoping for some respite after bitcoin plunged last week to lows not seen since 2020, lending platforms Celsius and Babel froze withdrawals and crypto exchange Coinbase … Read more