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CEO of cryptocurrency platform Coinbase Brian Armstrong attends a reception at Buckingham Palace, in central London, on November 27, 2023 to mark the conclusion of the Global Investment Summit (GIS). (Photo by Daniel LEAL / POOL / AFP) (Photo by DANIEL LEAL/POOL/AFP via Getty Images)

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Coinbase, Crypto.com, Gemini and other cryptocurrency exchanges are warning users in the U.K. that they’ll need to start filling out risk assessments and investment questionnaires aimed at testing their financial knowledge.

It comes ahead of tough new rules on the advertising of digital asset products in the country.

The firms have told users in Britain that, starting Jan. 8, they will be required to complete a declaration about what type of investor they are, and respond to a questionnaire asking questions on a range of aspects of financial services and regulation to continue using their respective platforms.

In the customer declaration section, users are asked to select their investor profile: either high-net-worth individual earning above £100,000 (roughly $126,700) annually or with a net worth of more than £250,000, or a “restricted investor” that won’t invest more than 10% of their assets. Otherwise, they cannot trade crypto.

The financial questionnaires, which vary from exchange to exchange, require users to respond to numerous questions about what range of products the firms offer, the volatile nature of crypto asset prices, and the treatment of crypto as a product by financial regulators.

If a customer fails to complete the tasks successfully, they will be prevented from trading with their crypto account.

Since the passing of the Financial Services and Markets Act, a major package of financial services reforms in the U.K., firms that offer crypto and a certain type of digital currency called stablecoins are now covered by the law and must adhere to the same rules as those that govern traditional financial services.

Since Oct. 8, firms seeking to promote cryptoassets in the U.K. to retail customers must be authorized or registered with the country’s Financial Conduct Authority (FCA), or have their marketing approved by an FCA-authorized firm.

Coinbase said that the changes were made “to ensure we are meeting UK investor protection standards, which require our users to have the necessary knowledge to make informed investment decisions.”

“This process is also part of Coinbase’s commitment to working collaboratively with local regulators so that we can best serve our users now and in the future,” a Coinbase spokesperson told CNBC via email.

A Crypto.com spokesperson gave similar reasoning for the move, saying its changes were made “primarily to ensure customers understand the risks of investing in cryptocurrency, which is a key component of the important consumer protections being put in place by the FCA.”

“We do not expect this to impact user activity in the UK and as always our customer service team is on hand to help with any queries,” George Tucker, U.K. general manager of Crypto.com, told CNBC via email.

“As an authorised Electronic Money Institution and registered cryptoasset business in the U.K., Crypto.com supports and complies with the FCA’s rules and will continue to work with the regulator as we expand our product offering here,” Tucker added.

Crypto firms in a tight spot

Coinbase CEO Brian Armstrong has been advocate of the U.K.’s role as a crypto hub, particularly as the exchange faces a tougher time at home with the U.S. Securities and Exchange Commission suing the firm over securities law violations.

In April last year, he told CNBC’s Arjun Kharpal that Coinbase was “looking at other markets” to invest in beyond the U.S. and was “probably going to invest more” in the U.K., given in its push to position itself as a crypto hub.

But the new financial advertising regulations have put some crypto firms in a tight spot.

Some crypto companies have suspended their services in the U.K. in response to the new rules. ByBit, an unregistered crypto firm, halted services to U.K. customers, while Luno said it is halting some U.K. clients from making crypto investments. PayPal, meanwhile, said it is suspending some crypto services until it brings its crypto arm into compliance with the new rules.

Binance, which was slapped by U.S. authorities with a $4.3 billion settlement over money laundering charges last year, tried in October to get its marketing authorized in the U.K. with a third-party firm. But it was blocked by the FCA, which at the time said it was doing so to protect consumers.

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Amazon was questioned by House China committee over ‘dangerous and unwise’ TikTok partnership

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Amazon was questioned by House China committee over 'dangerous and unwise' TikTok partnership

Amazon logo on a brick building exterior, San Francisco, California, August 20, 2024.

Smith Collection | Gado | Archive Photos | Getty Images

Amazon representatives met with the House China committee in recent months to discuss lawmaker concerns over the company’s partnership with TikTok, CNBC confirmed.

A spokesperson for the House Select Committee on the Chinese Communist Party confirmed the meeting, which centered on a shopping deal between Amazon and TikTok announced in August. The agreement allows users of TikTok, owned by China’s ByteDance, to link their account with Amazon and make purchases from the site without leaving TikTok.

“The Select Committee conveyed to Amazon that it is dangerous and unwise for Amazon to partner with TikTok given the grave national security threat the app poses,” the spokesperson said. The parties met in September, according to Bloomberg, which first reported the news.

Representatives from Amazon and TikTok did not immediately respond to CNBC’s request for comment.

TikTok’s future viability in the U.S. is uncertain. In April, President Joe Biden signed a law that requires ByteDance to sell TikTok by Jan. 19. If TikTok fails to cut ties with its parent company, app stores and internet hosting services would be prohibited from offering the app.

President-elect Donald Trump could rescue TikTok from a potential U.S. ban. He promised on the campaign trail that he would “save” TikTok, and said in a March interview with CNBC’s “Squawk Box” that “there’s a lot of good and there’s a lot of bad” with the app.

In his first administration, Trump had tried to implement a TikTok ban. He changed his stance around the time he met with billionaire Jeff Yass. The Republican megadonor’s trading firm, Susquehanna International Group, owns a 15% stake in ByteDance, while Yass has a 7% stake in the company, NBC and CNBC reported in March.

— CNBC’s Jonathan Vanian contributed to this report.

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Amazon launches fixed pricing for treatment of conditions such as hair loss. Hims & Hers stock drops 15%

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Amazon launches fixed pricing for treatment of conditions such as hair loss. Hims & Hers stock drops 15%

A worker delivers Amazon packages in San Francisco on Oct. 24, 2024.

David Paul Morris | Bloomberg | Getty Images

Amazon on Thursday announced Prime members can access new fixed pricing for treatment of conditions like erectile dysfunction and men’s hair loss, its latest effort to compete with other direct-to-consumer marketplaces such as Hims & Hers Health and Ro.

Shares of Hims & Hers fell as much as 17% on Thursday, on pace for its worst day.

Amazon said in a blog post that Prime members can see the cost of a telehealth visit and their desired treatment before they decide to proceed with care for five common issues. Patients can access treatment for anti-aging skin care starting at $10 a month; motion sickness for $2 per use; erectile dysfunction at $19 a month; eyelash growth at $43 a month, and men’s hair loss for $16 a month by using Amazon’s savings benefit Prime Rx at checkout.

Amazon acquired primary care provider One Medical for roughly $3.9 billion in July 2022, and Thursday’s announcement builds on its existing pay-per-visit telehealth offering. Video visits through the service cost $49, and messaging visits cost $29 where available. Users can get treatment for more than 30 common conditions, including sinus infection and pink eye.

Medications filled through Amazon Pharmacy are eligible for discounted pricing and will be delivered to patients’ doors in standard Amazon packaging. Prime members will pay for the consultation and medication, but there are no additional fees, the blog post said.

Amazon has been trying to break into the lucrative health-care sector for years. The company launched its own online pharmacy in 2020 following its acquisition of PillPack in 2018. Amazon introduced, and later shuttered, a telehealth service called Amazon Care, as well as a line of health and wellness devices.

The company has also discontinued a secretive effort to develop an at-home fertility tracker, CNBC reported Wednesday.

— CNBC’s Annie Palmer contributed to this report.

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WikiLeaks whistleblower Chelsea Manning says censorship is still ‘a dominant threat’

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WikiLeaks whistleblower Chelsea Manning says censorship is still 'a dominant threat'

Chelsea Manning: Censorship still a dominant threat

Former U.S. Army intelligence analyst Chelsea Manning says censorship is still “a dominant threat,” advocating for a more decentralized internet to help better protect individuals online.

Her comments come amid ongoing tension linked to online safety rules, with some tech executives recently seeking to push back over content moderation concerns.

Speaking to CNBC’s Karen Tso at the Web Summit tech conference in Lisbon, Portugal, on Wednesday, Manning said that one way to ensure online privacy could be “decentralized identification,” which gives individuals the ability to control their own data.

“Censorship is a dominant threat. I think that it is a question of who’s doing the censoring, and what the purpose is — and also censorship in the 21st century is more about whether or not you’re boosted through like an algorithm, and how the fine-tuning of that seems to work,” Manning said.

“I think that social media and the monopolies of social media have sort of gotten us used to the fact that certain things that drive engagement will be attractive,” she added.

“One of the ways that we can sort of countervail that is to go back to the more decentralized and distribute the internet of the early ’90s, but make that available to more people.”

Nym Technologies Chief Security Officer Chelsea Manning at a press conference held with Nym Technologies CEO Harry Halpin in the Media Village to present NymVPN during the second day of Web Summit on November 13, 2024 in Lisbon, Portugal. 

Horacio Villalobos | Getty Images News | Getty Images

Asked how tech companies could make money in such a scenario, Manning said there would have to be “a better social contract” put in place to determine how information is shared and accessed.

“One of the things about distributed or decentralized identification is that through encryption you’re able to sort of check the box yourself, instead of having to depend on the company to provide you with a check box or an accept here, you’re making that decision from a technical perspective,” Manning said.

‘No longer secrecy versus transparency’

Manning, who works as a security consultant at Nym Technologies, a company that specializes in online privacy and security, was convicted of espionage and other charges at a court-martial in 2013 for leaking a trove of secret military files to online media publisher WikiLeaks.

She was sentenced to 35 years in prison, but was later released in 2017, when former U.S. President Barack Obama commuted her sentence.

Asked to what extent the environment has changed for whistleblowers today, Manning said, “We’re at an interesting time because information is everywhere. We have more information than ever.”

She added, “Countries and governments no longer seem to invest the same amount of time and effort in hiding information and keeping secrets. What countries seem to be doing now is they seem to be spending more time and energy spreading misinformation and disinformation.”

Manning said the challenge for whistleblowers now is to sort through the information to understand what is verifiable and authentic.

“It’s no longer secrecy versus transparency,” she added.

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