While the crypto industry continues to grow, regulators and the SEC have cracked down on bad actors. A new unit at the SEC has been dedicated to fighting cryptocurrency fraud. This unit has been hiring crypto experts to combat fraudulent practices in the industry. This hiring spree is a good thing – it shows the government is taking action against bad actors.
Revolut is on a crypto hiring spree
The crypto hiring spree that Revolut has embarked upon is a welcome change from the usual trend of firms reducing headcounts and slowing down in the current digital-assets downturn. The firm is currently advertising for 13 different positions focused on the crypto sector, including financial crime prevention and compliance, software engineers, and legal experts with experience in crypto. It has already hired 43 crypto professionals this year, and has more than 230 positions across its entire staff.
While it is not clear whether the new recruits are Russian nationals or not, the company’s founder, Nikolay Mironovich Storonsky, is a director at the Russian gas giant Gazprom. He has also cited his research on the fintech industry and has strongly condemned Putin’s war on Ukraine. Revolut also has a British and Ukrainian co-founder, Vlad Yatsenko, who has denied any ties to the Kremlin.
Revolut is backed by a company called DST Global. Although the company has distanced itself from Moscow, its founder is a Russian with deep pockets. In Lithuania, the firm has been fined for its shortcomings in collecting customer information. While Revolut’s business has grown rapidly since the launch of its crypto-assets service, it has not yet been officially licensed by the UK Financial Conduct Authority (FCA). In addition, it has not yet received a full banking license from the U.K. government, so it is currently on a temporary register.
U.S. regulators are cracking down on bad actors in the crypto space
The Securities and Exchange Commission (SEC) recently announced a hiring spree to fight cryptocurrency fraud, with new positions to be filled by trial lawyers, investigative attorneys, and financial market analysts. These positions are meant to protect investors, including retail investors, by investigating and prosecuting unauthorized activities related to cryptocurrency. The SEC’s new chief, Gary Gensler, has been praised for his track record of bringing successful prosecutions against crypto entities. However, he has complained that his office is not adequately staffed to handle the new, growing technology.
Although the FBI has increased its staff to 20 people, it is still struggling to keep up with the crypto activity. According to Chainalysis, $14 billion in illicit crypto movements were reported in 2018, up 79% from the previous year. According to Gensler, the most vulnerable investors are retail investors. Because most cryptocurrency projects are based outside the U.S., the SEC will focus on the exchange platforms and cryptocurrency offerings.
Moreover, the Securities and Exchange Commission has also enhanced its Crypto Assets and Cyber Unit, which will focus on tackling securities law violations related to cryptocurrencies. This includes crypto assets offerings, decentralized finance platforms, staking protocols, lending platforms, and non-fungible tokens.
Hiring spree is a pyramid scheme
A crypto pyramid scheme has been accused of raising over $300 million, and the Securities and Exchange Commission has charged eleven people with a pyramid scheme. The company, known as Forsage, operated as a Ponzi scheme, and convinced millions of investors to join its pyramid. It aggressively promoted itself to investors, and was accused of accessing sensitive code to lure victims into the scheme.
Cryptocurrency firms have stepped up their efforts to detect and combat the problem. The Better Business Bureau has declared cryptocurrency fraud the number one scam in Canada. The BBB, which serves Quebec and the Northern Capital Region, says that thieves are using social media sites to entice people to join their schemes. They often use a fake website to lure potential victims.
Revolut will boost its crypto staff by 20%
Revolut, the unicorn fintech startup based in the UK, has announced plans to double its crypto staff in the next 12 months. The company is currently hiring in its US, British, and European offices for jobs in the crypto industry. It plans to hire up to 230 people in the next three years, across 13 different job profiles. This move signals that Revolut sees the crypto industry as a bullish area and is looking to hire more people to help it achieve that growth.
The cryptocurrency boom has prompted major financial companies to make changes in order to keep up. One example is challenger bank Revolut. The company is looking to increase its crypto team by 20%, and has listed more than 230 job openings to attract more people to join the crypto field. The company is currently hiring software engineers, cryptocurrency legal experts, financial compliance executives, and crime prevention experts. It has hired 43 people in the crypto industry so far, and plans to hire more in the coming months.
Revolut is bullish on crypto and has been launching a number of crypto related services. It has also increased its crypto portfolio, adding 22 new cryptocurrencies to its list. It sees crypto as a long-term game with high margins.
