SVB UK arm hands out £15m in bonuses days after £1 rescue
SVB UK has handed out millions of pounds in employee bonuses just days after it was rescued by global banking giant HSBC for just 1 British pound. Payouts to SVB UK employees and senior executives were approved “earlier this week,” according to a March 18 report citing unnamed sources. HSBC UK Bank, the organization that […]
Bank Of England Closes Silicon Valley Bank’s UK Branch
The United Kingdom branch of Silicon Valley Bank has had its operations suspended by the Bank of England (BoE). The Bank of England (BoE) has halted the operations of Silicon Valley Bank’s United Kingdom branch (SVB U.K.) stating that it has a “limited presence” in the U.K. and no “critical functions” supporting the financial system. […]
UK advances crypto initiatives with financial services reforms
The reforms include regulating stablecoins for payment and creating a sandbox where firms and regulators can test new financial technologies. Jeremy Hunt, the Chancellor of the Exchequer of the United Kingdom, announced a number of reforms intended to “drive growth and competitiveness” to the nation’s financial services industry. These initiatives include actions that support the […]
UK Crypto Bill To Restrict Services From Abroad
The regulatory amendments will broaden the powers of the country’s financial regulator and put the crypto industry under tighter scrutiny. Despite the new Prime Minister Rishi Sunak’s rhetorical support for cryptocurrencies, the upcoming regulatory framework is expected to increase industry scrutiny. The legal revisions will likely restrict foreign companies’ operations in the UK while increasing […]
US Crypto Investors Outpace The UK With 6X More Gains In 2021
For the year 2021, crypto investors from the United States made nearly $47 billion in profits — a six-fold advantage over their counterparts in the UK. The total amount realized by crypto investors in the United States was nearly six times that of the United Kingdom, the second-highest country in terms of realized gains. According […]