Analysis Today TheBitTimes.com

Two UK men who owned Banksy artwork were jailed on Friday for stealing £5.7 million ($7.1 million ) in crypto by using a fake crypto exchange mimicking Blockchain.com.  38-year-old Jake Lee and 42-year-old James Heppel used the fake “blockchain.com” site to bait users into entering their login details. With this information, the two gained access to their victim’s crypto and bitcoin wallets and stole their funds.   According to the South West Regional Organised Crime Unit, the pair managed to scam 55 victims in 26 different countries. Police have seized a £60,000 Banksy print, three vehicles, £64,000 in crypto, and £551,000 in a suitcase full of cash from the pair as part of a £835,000 ($1.04 million) seizure.  The £60,000 Banksy art seized by authorities. Read more: Cartier jewelry heir arrested for laundering drug money with USDT Lee was arrested on suspicion of money laundering in 2018, when police seized £24,000 in cash and three laminated Bitcoin wallet recovery seeds. 

UK consumers are no longer financially protected when dealing with crypto exchanges Houbi and KuCoin after they were among 146 new names added to the Financial Conduct Authority’s (FCA) unauthorized firms ‘warning list.’  The list, which the FCA says shows “details of unauthorized firms and individuals that we’re aware of, that aren’t allowed to operate in the UK,” was updated to take into account new regulations that came into effect on Sunday. Under the new rules, firms wanting to promote crypto assets in the UK, regardless of the country they’re headquartered in, must be authorized or registered with the FCA. New promotions must be “clear, fair and not misleading, labeled with prominent risk warnings, and must not inappropriately incentivize people to invest.” According to the FCA, customers dealing with any so-called ‘unauthorized firms’ won’t be covered by the UK’s financial ombudsman or Financial Services Compensation Scheme . A Huobi spokesperson said the crypto firm “does