Bithumb Temporarily Suspends XION Deposits And Withdrawals For Crucial Network Upgrade

The post FCA, crackdown on crypto appeared on BitcoinEthereumNews.com. The regulation of cryptocurrencies in the United Kingdom enters a decisive phase. The Financial Conduct Authority (FCA) has initiated a consultation to set minimum standards on transparency, consumer protection, and digital custody, in order to strengthen market confidence and ensure safer operations for exchanges, wallets, and crypto service providers. The consultation was published on May 2, 2025, and opened a public discussion on operational responsibilities and safeguarding requirements for digital assets (CoinDesk). The goal is to make the rules clearer without hindering the sector’s evolution. According to the data collected by our regulatory monitoring team, in the first weeks following the publication, the feedback received from professionals and operators focused mainly on custody, incident reporting, and insurance requirements. Industry analysts note that many responses require technical clarifications on multi-sig, asset segregation, and recovery protocols, as well as proposals to scale obligations based on the size of the operator. FCA Consultation: What’s on the Table The consultation document clarifies how to apply rules inspired by traditional finance to the crypto perimeter, balancing innovation, market integrity, and user protection. In this context, the goal is to introduce minimum standards for all firms under the supervision of the FCA, an essential step for a more transparent and secure sector, with measurable benefits for users. The proposed pillars Obligations towards consumers: assessment on the extension of the Consumer Duty – a requirement that mandates companies to provide “good outcomes” – to crypto services, with outcomes for users that are traceable and verifiable. Operational resilience: introduction of continuity requirements, incident response plans, and periodic testing to ensure the operational stability of platforms even in adverse scenarios. Financial Crime Prevention: strengthening AML/CFT measures through more stringent transaction monitoring and structured counterpart checks. Custody and safeguarding: definition of operational methods for the segregation of client assets, secure…

With the CLARITY Act scheduled for a markup on Thursday, some lawmakers could still be at odds over decentralized finance, stablecoins and ethical concerns.As US