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Cryptically speaking: Increasing use of common financial terminology is blurring crypto risk lines for consumers
Manage episode 496207131 series 3647388
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In this episode Niece Prayoonrat discusses her recent reporting with Lindsey Rogerson. They begin with failed crypto firm, Ziglu. Niece explains how she first became aware that something might be amiss at the group, before moving on to discuss the uncertainty over whether investors will get any money they had in its so-called “boost deposit account” back.
Niece then turns to neo-broker Robinhood’s recent product launch on the French Riviera, and why its regulator – the Bank of Lithuania – has some questions over its Open AI and Space X private stock tokens. They discuss why the regulator’s decision on compliance with the Market in Financial Instruments Directive (MiFID ii) will be hotly watched by financial firms who have a host of alternative asset tokens waiting in the wings.
Finally, they discuss Niece’s Freedom of Information request which revealed the Financial Conduct Authority had spent £300k on influence-led campaigns. They highlight risks to the regulator from the discovery that all off influencer paid by the FCA also earn referral commissions from neo-brokers. And discuss how regulators need to be much clearer with the public on if, and how, money in crypto “deposits” and “funds” is protected.
Links:
Niece’s articles
Exclusive: FCA spent over £300k on 23 finfluencer-led campaigns
Ex-Starling founder’s Ziglu enters special administration
Defunct Ziglu’s finances in doubt last year; directors linked to failed investment firm
FCA: firms should tell us before ‘things go wrong’
Ziglu’s collapse: UK crypto ‘small fry’ struggle to succeed
Regulator seeking clarification on Robinhood's EU stock token launch - Compliance Corylated
FCA creates dedicated ‘neo-broker’ supervision team
Library of Congress archive of New York Stock Exchange investment ad
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