The UK’s Financial Conduct Authority (FCA) has ordered cryptocurrency exchange Binance to stop undertaking any regulated activity in the country as Binance Markets Limited and the Binance Group reportedly do not hold authorization to conduct regulated activities in the UK.

In India, cryptocurrency investments grew from about $200 million to nearly $40 billion in the past year, despite outright hostility toward the nascent asset class from the country’s central bank and a proposed trading ban.

Switzerland-based investment product provider 21Shares is launching the world’s first Solana exchange-traded product (ETP) under the ticker “ASOL.”

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Top stories in the Crypto Roundup today:

• UK Financial Watchdog Bars Binance From Offering Regulated Crypto Products
• Crypto Investments in India Grew to Nearly $40 Billion in the Past Year
• 21Shares to Launch World’s First Solana Exchange-Traded Product
• Daily Movers – ETH, LRC, ICP
• Sponsored: Crypto.com - The World’s Fastest Growing Crypto App

UK Financial Watchdog Bars Binance From Offering Regulated Crypto Products

The UK’s Financial Conduct Authority (FCA) has ordered cryptocurrency exchange Binance to stop undertaking any regulated activity in the country as Binance Markets Limited and the Binance Group reportedly do not hold authorization to conduct regulated activities in the UK.

The FCA has said Binance Markets has until the evening of June 30 to confirm that it has removed all advertising and financial promotions of regulated cryptocurrency trading in the country. In the U.K. cryptocurrencies such as BTC and ETH are unregulated, but trading products around them such as futures and options are regulated.

Binance will have to make it clear on its website, social media channels, and other communications it is not allowed to operate in the U.K. and won’t be allowed to resume these operations without prior written consent.

On social media, the cryptocurrency exchange responded by clarifying Binance Markets – the target of the restrictions – does “not offer any products or services via the Binance.com website.” It was reportedly acquired in May 2020 and “has not yet launched its U.K. business or used its FCA regulatory permissions.”

Crypto Investments in India Grew to Nearly $40 Billion in the Past Year

In India, cryptocurrency investments grew from about $200 million to nearly $40 billion in the past year, despite outright hostility toward the nascent asset class from the country’s central bank and a proposed trading ban.

According to Chainalysis data, more than 15 million Indians are now trading cryptocurrencies. The figure is compared to the 23 million crypto traders in the US, and the 2.3 million in the UK.

One of the barriers preventing wider crypto adoption in the country is regulatory uncertainty. Last year, the Supreme Court quashed a 2018 rule that banned banking entities from trading cryptos, which led to a trading surge.

Authorities in the country have, however, shown “major concerns” about cryptocurrencies, with the Indian government proposing a ban on cryptocurrencies six months ago.

21Shares to Launch World’s First Solana Exchange-Traded Product

Switzerland-based investment product provider 21Shares is launching the world’s first Solana exchange-traded product (ETP) under the ticker “ASOL.”

The Solana ETP will be listed on the country’s primary stock exchange, the Swiss SIX, and will allow investors to gain exposure to the high-throughput Solana blockchain and track the performance of its SOL token without having to manage a cryptocurrency wallet.

Each unit of the ETP is backed by 0.667 SOL at launch with a base fee of 2.5% per annum. The ETP is physically collateralized, segregated, and replicates 1:1 tracking of the cryptocurrency’s price. The Solana ecosystem, it’s worth noting, is heavily backed by the CEO and founder of crypto derivatives exchange FTX.

The team building the Solana network, Solana Labs, has raised over $300 million earlier this month in a token sale co-led by Polychain Capital and Andreessen Horowitz.

Daily Movers – ETH, LRC, ICP

Several tokens are leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Ethereum (ETH) - Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. In the Ethereum protocol and blockchain there is a price for each operation. The general idea is, in order to have things transferred or executed by the network, you have to consume or burn Gas. The cryptocurrency is called Ether and is used to pay for computation time and for transaction fees.

Loopring (LRC) - Loopring is an open, multilateral token exchange protocol for decentralized exchange on the Ethereum blockchain. Loopring is intended to serve as a common building block with open standards, driving interoperability among decentralized applications (DAPPs) that incorporate exchange functionality.

Internet Computer (ICP) - Internet Computer is launching a revolutionary public network that provides a limitless environment for smart contracts that run at web speed, serve web, scale, and reduce compute costs. Able to build everything from DeFi, to mass market tokenized social media services that run on-chain, or extend Ethereum decentralized applications.

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