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first_img Over 10,000 complaints have been filed against the UK's banking crypto transfer restrictions, with Lloyds and Barclays being named

According to Cointelegraph, the crypto advocacy organization Stand With Crypto stated that during a 90-day period from May to August 2026, a total of 9,803 individuals submitted 10,092 complaints to UK banks through the organization's online tools, reflecting the restrictions encountered when transferring to crypto platforms.The highest number of complaints came from Lloyds Banking Group, one of the largest banking groups in the UK, totaling 2,297, followed by Barclays with 1,569 and NatWest Group with 1,278. These complaints have raised concerns about the accessibility of crypto services in the UK ahead of the launch of a new regulatory framework for digital assets in 2027.The report shows that UK banks have varying practices regarding restrictions on crypto transfers. Barclays and HSBC UK are listed as limiting crypto transfers to £2,500 (approximately $3,300) per transaction and £10,000 (approximately $13,300) every 30 days. Six banks, including Starling Bank, TSB, and Chase UK, are listed as completely prohibiting transfers related to crypto.Meanwhile, Lloyds Banking Group and Revolut are classified as having not disclosed their restrictions on crypto transfers, despite also receiving customer complaints. Revolut's official support page states that transfers to "certain cryptocurrency exchanges" are not supported, and a spokesperson for Stand With Crypto indicated that this seems to be a technical issue rather than an established policy.Nick Jones, founder and CEO of Zumo, told Cointelegraph that banking restrictions are a common issue faced by crypto founders in the UK, which could undermine the country's ambition to become a global crypto hub. He stated that the issue of limited access to banking services needs urgent resolution so that UK crypto businesses can grow and expand in a fair environment.Jones also warned that the upcoming crypto regulatory framework in the UK may not address this issue. Although businesses are preparing for mandatory approval from the Financial Conduct Authority (FCA) by October 2027, obtaining business bank accounts is not included in that framework. He added that without coordinated action, businesses may obtain full authorization but still be unable to open UK business bank accounts.

first_img Former FTX Chief Operating Officer criticizes Netflix's new series trailer, stating that he felt uncomfortable after watching it

The complete trailer for Netflix's upcoming FTX-themed series "The Altruists" was released this week, and former FTX Chief Operating Officer Constance Wang criticized the trailer in a post on X, stating that watching it made her "physically want to vomit." She mentioned that she had served as COO since before FTX was named and viewed the company as her child. She was also the last person to leave the Bahamas after Sam Bankman-Fried was extradited and lost all her assets in FTX, thus she has no intention of defending those responsible for all of this.Wang pointed out that the media is eager to tell the story of FTX's collapse due to the team's partying in the Bahamas, but her workplace was completely different. The core team of the company had fewer than 200 people at its peak, while other exchanges of similar size had thousands of employees, many of whom worked 16 to 18 hours a day for over three years with almost no time to sleep. She also questioned the portrayal of Caroline Ellison in the trailer, stating that she had worked with Caroline and had never seen her as aggressive as depicted in the trailer; she described her as quiet and gentle, often lost in her own thoughts. Most of the team only learned about Caroline's relationship with Sam through reports after the bankruptcy."The Altruists" consists of eight episodes and will premiere on Netflix on November 19, featuring Anthony Boyle as Sam Bankman-Fried and Julia Garner as Caroline Ellison. FTX collapsed in November 2022 due to a liquidity crisis, exposing its close financial ties with Alameda Research and issues of customer fund misappropriation. Bankman-Fried was convicted of seven counts of fraud and conspiracy in November 2023 and sentenced to 25 years in prison; Ellison pleaded guilty and cooperated with prosecutors, receiving a two-year prison sentence in September 2024.

first_img The Swiss Financial Market Supervisory Authority (FINMA) has approved the first Bitcoin ETF aimed at retail investors, but the issuer has not disclosed the details

The Swiss Financial Market Supervisory Authority (FINMA) has approved the country's first Bitcoin ETF aimed at retail investors. This product falls under "other alternative investment funds" according to Swiss law and is labeled as having special risks. FINMA did not disclose the issuer of the fund, but multiple media outlets have indicated that signs suggest it may come from BIT Asset Management (formerly Matrixport Asset Management), and FINMA did not deny this claim in response to inquiries. Additionally, several fund providers have submitted or announced plans to submit Bitcoin ETF applications.The fund is a single-asset product, with all funds directed towards Bitcoin. To this end, FINMA needed to grant an exemption regarding its risk diversification rules, citing that Bitcoin has a long trading history and extremely high trading volume. In terms of asset custody, participating institutions must take measures to prevent operational and custody risks, with standards referenced from the regulatory announcement issued by FINMA on January 12, 2026, which requires that customer crypto assets are not included in bankruptcy assets in the event of the custodian's bankruptcy. Meanwhile, the sales process must comply with Fidleg's conduct rules to provide higher investor protection than direct purchases of cryptocurrencies, and the fund documents must clearly indicate the associated risks.While approving the ETF, FINMA emphasized that even investing in Bitcoin through an approved ETF carries high risks, with severe volatility potentially leading to significant depreciation of the principal invested, and required the issuer to provide clear warnings about volatility and loss risks. The United States has approved Bitcoin spot ETFs starting January 2024, with BlackRock's iShares Bitcoin Trust launching on January 11, 2024, currently managing approximately $65 billion. The Swiss Exchange has been able to trade Bitcoin products for years, but they have existed in the form of ETPs and do not have fund status; this approved ETF is the first to incorporate Bitcoin into the approved public fund framework.

first_img Samsung's foundry 4-nanometer capacity is nearing full load, expanding 5-nanometer operations

According to a report by North Korea Biz on October 20, Samsung Electronics' foundry division has seen its 4-nanometer process capacity nearing full load due to an increase in customer orders, while the company is also expanding efforts to attract new customers for its 5-nanometer process. The report states that contracts for the most advanced 2-nanometer process with major global tech companies are still delayed, prompting Samsung to increase the utilization rates of its relatively stable 4-nanometer and 5-nanometer processes to improve profitability.The 4-nanometer process is used for smartphone application processors, artificial intelligence semiconductors, and high-performance computing chips. The report indicates that not all chips in the expanding artificial intelligence semiconductor market require the most advanced processes; the manufacturing costs of 4-nanometer and 5-nanometer processes are relatively low while still achieving high performance, making them suitable for certain artificial intelligence inference chips and application-specific integrated circuits.Regarding the 2-nanometer process, Samsung is in discussions with major global tech companies about production contracts, but some negotiations are taking longer than originally expected. In addition to yield rates, the most advanced processes also require comprehensive verification of energy efficiency, design assets, and stable mass production capabilities, which means a longer time frame from contract signing to mass production. Samsung views the 2-nanometer process as the core growth driver for its next-generation foundry business and plans to continue using the fully surrounded gate transistor structure first introduced in the 3-nanometer process to improve energy efficiency and performance.
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