Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Market Update
From license approvals and legal battles to further adoption and new ventures, the crypto ecosystem goes through myriad changes every single day, and can be hard to keep track of. Here are the highlights of the most significant developments happening in the crypto world today:
U.K. FCA reminds crypto firms of looming deadline for marketing compliance
The United Kingdom’s Financial Conduct Authority (FCA) has warned crypto companies they must comply with the country’s new financial promotions regulations by October 2023 — or risk “robust action” by the regulator.
The new regulatory regime applies to all promotional campaigns via digital form, including “websites, mobile apps, social media posts and online advertising,” FCA clarified.
Currently, FCA lists 42 crypto firms as being compliant with its new guidelines, including Bitstamp, MoonPay and Galaxy Digital UK.
Voyager Digital creditors billed $5.1M in legal fees
New York-based law firm McDermott Will & Emery billed $5.1 million to the creditors of bankrupt crypto brokerage firm Voyager Digital for legal services offered between March 1 and May 13, 2023.
The court documents revealed that the law firm charged Voyager Digital an hourly rate of $1,026.76 for its services during the said period.
This was the third and final bill from McDermott Will & Emery, amounting to a total compensation of $16.48 million between July 5, 2022, and May 19, 2023, of which more than half, $8.97 million, has already been paid by the creditors.
Winklevoss gives ultimatum to DCG’s Barry Silbert
Gemini co-founder Cameron Winklevoss has given Digital Currency Group and its CEO Barry Silbert a strongly-worded ultimatum — pay up or face a lawsuit.
In his second open letter addressed to Silbert this year, Winklevoss slammed the DCG boss for allegedly delaying the resolution process for Gemini’s 232,000 Earn users through “abuse” of the mediation process.
Winklevoss says that around $1.2 billion in crypto is still owed to Gemini’s Earn users ever since the collapse of Genesis earlier this year.
“I write to inform you that your games are over,” Winklevoss said. “Enough is enough.”
Earn Update: An Open Letter to @BarrySilbert pic.twitter.com/ErsYpcEjQD
— Cameron Winklevoss (@cameron) July 4, 2023
The Gemini co-founder has now given Silbert an ultimatum, accept his firm’s “best and final offer” by 4 pm ET on July 6 — or face a lawsuit on July 7.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The UK’s Financial Conduct Authority (FCA) has warned crypto companies that they must comply with the country’s new financial promotions regulations by October 2023 or face action from the regulator. The regulations apply to all promotional campaigns via digital form, including websites, mobile apps, social media posts, and online advertising. Currently, 42 crypto firms are listed as compliant with the FCA’s guidelines.
New York-based law firm McDermott Will & Emery has billed $5.1 million to the creditors of bankrupt crypto brokerage firm Voyager Digital for legal services. The law firm charged an hourly rate of $1,026.76 for its services between March 1 and May 13, 2023. This is the third and final bill from McDermott Will & Emery, with a total compensation of $16.48 million.
Gemini co-founder Cameron Winklevoss has given Digital Currency Group (DCG) and its CEO Barry Silbert an ultimatum to pay up or face a lawsuit. Winklevoss claims that around $1.2 billion in crypto is owed to Gemini’s Earn users since the collapse of Genesis earlier this year. He has given Silbert until July 6 to accept Gemini’s “best and final offer” or face legal action on July 7.
