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Hint: Trump has not yet spoken.Qualcomm (QCOM.O) gave a weak outlook for current-quarter revenue, highlighting concerns that tariffs will hurt demand for its products. The company said on Wednesday that revenue for the quarter ending in June will be between $9.9 billion and $10.7 billion. The midpoint of the range was slightly below the average analyst estimate of $10.33 billion, causing its shares to fall after the bell. Qualcomms CEO said the company is navigating the "current macroeconomic and trade environment." The outlook revived concerns that the smartphone market will be hit by an imminent trade war. Qualcomm is seen as highly vulnerable to the threat of U.S. tariffs. Intel and other companies have given cautious outlooks, with some even warning that the economy may be heading for a recession. Qualcomm shares fell more than 6% after the bell.According to Nikkei: The Bank of Japan may lower its GDP growth forecast for fiscal 2025 and fiscal 26 to below 1.0%.Qualcomm (QCOM.O) shares extended losses after the market closed, and were last down 6%.Meta Platforms (META.O) said first-quarter sales reached $42 billion and said growth would remain steady in the coming months, dispelling concerns that Trumps tariffs would hurt its global digital advertising business. The social media giant said its first-quarter revenue grew 16%, beating analysts expectations. Meta had previously expected the companys revenue to grow 8% to 16% year-on-year in the current quarter, pushing its shares up more than 6% in after-hours trading. In addition, the company had a net profit of $16.6 billion in the first quarter. Meta also said it had lowered its full-year spending forecast by $1 billion. However, Metas metaverse business unit, Reality Labs, recorded an operating loss of $4.2 billion on sales of $412 million. Reality Labs has accumulated losses of more than $60 billion since the end of 2020.

UK Regulator Extends Registration Deadline For Few Crypto Firms

Cameron Murphy

Mar 31, 2022 11:19

The FCA has extended the provisional registration deadline for 12 cryptocurrency companies.

According to the UK's regulator, all other crypto companies must register by April 1.

Over 60 applications have been denied or withdrawn by the watchdog, which has approved 33.


The Financial Conduct Authority (FCA) of the United Kingdom stated that the provisional registration deadline for 12 crypto firms had been extended.


Temporary Registration Regime is a system that allows people to register for a limited

On March 31, the agency planned to cease its temporary registration system (TRR) for crypto-asset enterprises. According to the regulator, 12 companies on the temporary registration will be forced to stop operating if they do not receive approval by the deadline.


According to a regulatory update issued today, the 12 companies will be permitted to continue trading under temporary licenses until the extended deadline.


"Except for a tiny number of enterprises for which interim registration is necessary, the TRR will close on April 1."


However, the FCA cautioned that extensions might be required if a company files an appeal or has special winding-down conditions.


Revolt, Copper Technologies, Blockchain.com, and CEX.IO are among the companies having interim registration.


The authority has previously stated that without permanent licenses, crypto firms in the UK will be forced to close down by April 1. The regime's goal is to prevent money laundering and terrorism financing.


The financial body underlined that the extension of the registration deadline for the 12 crypto firms "does not signify that the FCA has assessed them as fit and appropriate."


The delay comes after UK legislators chastised the government for failing to meet the April 1 deadline. Earlier this year, a Treasury Committee report noted that crypto-asset registrations were "too delayed." "The FCA should not extend the registration deadline beyond March 2022," it stated. If there are no other options, the FCA should write to the Committee to clarify its position."


Cryptocurrency firms are being barred from operating in the United Kingdom.


The regulator's strict yet slow approach has prompted some crypto businesses to leave the nation, annoying the crypto community and users.


Out of over 100 crypto businesses that applied to register, the FCA has only authorized 33 of them so far. Over 60 businesses have been turned down or have withdrawn their applications.

Wirex, a cryptocurrency payment app, is the latest to withdraw its application from the FCA's temporary registration regime before the deadline.


"We decided some time ago to say'screw them,'" a crypto executive told the Financial Times of his company's decision to leave the UK and relocate somewhere in Europe. Over the years, I have been the FCA's biggest supporter. They were the industry's gold standard in terms of regulation. However, that is no longer the case."


Binance and its operations were kicked out of the UK in 2021 by the regulatory authority, which stated that it was not authorized to operate in the country.

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