Crypto businesses in the United Kingdom are reportedly encountering difficulties in obtaining banking services, as it seems the few banks still catering to crypto firms are ramping up their requirements, demanding more documentation and in-depth insights into monitoring clients’ transactions.

Twitter has changed its icon to the symbol of the popular meme-inspired cryptocurrency Dogecoin (DOGE) in a move that had been teased by its current CEO Elon Musk years ago. The price of DOGE has increased  sharply as a result .

Three Canadian cryptocurrency trading platforms – WonderFi, Coinsquare, and CoinSmart – have revealed they are planning to merge, in a move that would create one of the world’s largest crypto trading platforms.

Top stories in the Crypto Roundup today:

• UK Crypto Businesses Struggle to Access Banking Services
• Twitter Changes Logo to Dogecoin’s Shiba Inu
• Three Canadian Crypto Exchanges Confirm Merge Plans
• Chart of the Week: Bitcoin Dominance and Outperformance

UK Crypto Businesses Struggle to Access Banking Services

Crypto businesses in the United Kingdom are reportedly encountering difficulties in obtaining banking services, as it seems the few banks still catering to crypto firms are ramping up their requirements, demanding more documentation and in-depth insights into monitoring clients’ transactions.

These companies reportedly face challenges such as applications being denied, accounts put on ice, and a deluge of paperwork to wade through. The recent escalation in difficulties has allegedly prompted some crypto businesses to voice their grievances to Prime Minister Rishi Sunak’s government.

These challenges notably seem to contradict Sunak’s ambition to foster fintech innovation and transform the U.K. into a global cryptocurrency hub.

According to Tom Duff-Gordon, the VP of International Policy at Coinbase, UK banks may be more cautious towards crypto firms than their EU counterparts, possibly due to the EU's progress in establishing a framework for digital assets.

Twitter Changes Logo to Dogecoin’s Shiba Inu

Twitter has changed its icon to the symbol of the popular meme-inspired cryptocurrency Dogecoin (DOGE) in a move that had been teased by its current CEO Elon Musk years ago. The price of DOGE has increased sharply as a result.

The icon change was platform-wide and is currently still visible to the social media giant’s estimated 360 million monthly active users, as well as other users visiting the platform. Shortly after making the change, Musk tweeted a meme implying the change isn’t going to be brief.

The change also comes shortly after Musk asked a United States judge to dismiss a $258 billion lawsuit accusing him of running a pyramid scheme to support the meme-inspired cryptocurrency Dogecoin.

In a court filing, Musk’s lawyers have described the entrepreneur’s tweets about the cryptocurrency as “innocuous and often silly tweets.” Musk’s electric car maker Tesla started accepting DOGE payments for some merchandise in late 2021, and has BTC on its balance sheet.

Three Canadian Crypto Exchanges Confirm Merge Plans

Three Canadian cryptocurrency trading platforms – WonderFi, Coinsquare, and CoinSmart – have revealed they are planning to merge, in a move that would create one of the world’s largest crypto trading platforms.

The three cryptocurrency exchanges have, between them, 1.65 million users and more than $600 million in assets under custody. Shares of WonderFi (WNDR) surged following the announcement in early trading.

The merger represents the confirmation of distinct strategies pursued by the three companies over the past few months. Back in January, there were reports of ongoing negotiations between WonderFi and Coinsquare with regards to a potential merger, shortly after Coinsquare had called off a previous deal to acquire CoinSmart.

WonderFi's President, Dean Skurka, said the merged entity aims to establish itself as the leading exchange in Canada by leveraging its increased size, strong financial position, and a clear path to profitability.

Chart of the Week: Bitcoin Dominance and Outperformance

This week’s Chart of the Week shows how Bitcoin is reclaiming its market cap dominance, rising from 38.3% at the beginning of the year to 45.2%, the highest level since April 2021.

BTC’s previous dominance in bear markets suggests its potential to lead the market in the future

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.