bethany, the other fca, turned a couple away.hat's what led to the newspaper article in this entire set of events. and in response, i think the city acted reasonably. it had been aware of css's religious beliefs for decades -- that's joint appendix page 165 -- but had never stopped the contract because it thought that css was operating within the contract terms. they took css at its word, until they learned otherwise. and it was at that point that the city said: we're worried about being -- making the city itself a party to discrimination. and even then, they didn't declare a breach. rather, they just said the next annual contract we won't renew because they're telling us, after our investigation, they won't fulfill the terms of the contract. but, notably, of the 19 million dollars they gave css for foster care, they took two away for this child pool -- excuse me -- the parent pool function, but they left the rest intact. and to this day, css is getting 26 million dollars a year from the city, which is hardly something demonstrat

we have the financial analyst joining us now how significant is this development from the fca to banies from binance here in the uk >> good morning. i think it is significant. it is not a step change in regulation, but part of a trend going on across the globe. cryptocurrency is becoming more and more popular and consumers are at higher risk regulators across the world as we have seen in japan and china and the u.s. and in the uk are looking closer to cryptocurrency as it is becoming a mainstream currency 2.3 million people hold cryptocurrency that is 5% of the population it is pris pretty widespread no >> do you think this is more reflective of the view toward cryptocurrency broadly >> i think it is something specific about binance at this point, we don't know what that is it is exclusive to binance the fca has been regulating firms in terms of anti-money laundering and counterterrorism regulations. it has been engaging in firms over the last six months you know, there are huge numbers. 90% of the firms have withdrawn their applications to conduct activities in the uk of course, the

currently permitted to undertake any regulated activities without the prior written consent of the fca. however, the so-called ban is limited as nonregistered firms can interact with uk consumers allowing binance to continue offering trading through its website. bitcoin is bullish on the news, up 5% in the last 24 hours joining us now, castle island ventures general partner coin metrics co-founder nick carter good morning great to have you with us. what do you make of the news and typically a headline like this might cause bitcoin to go the other way, but the idea that it can get around regulations and binance can operate, is that bullish? >> i mean, bitcoin is supremely volatile i wouldn't read too much into the short-term price action. but bynance's entire reason detre is the blockchains it has this ability to resist regulatory impulses. it has been doing that for its entire existence it is no surprise to me that people believe that binance can stay outside of the grasp of regulators, though, you know, it seems like the fca and other global regulators are starting to take it much mor

the head of the fca said the decision was unpredentednd targeted the algorithmic options that power the advertising business. >> this is the first decision in the world that really deals with how online advertising works from the display part of an online advertising, all the different publicity that we see on websites and apps you can use on your smartphone. >> u.s. tech giants have been facing intensified scrutiny in europe and elsewhere over business practices, but germany the latest country to launch an investigation to google. >> on the trading action, and mixed day so the tech heavy nasdaq closing slightly higher. giants like google, apple, amazon, facebook, shrugging off an agreement to fix the minimum corporate tax rate at 15%. shares of biogen sort after u.s. authorities approved its new alzheimer's treatment. we saw a mostly higher close for the major european indices paid the frankfurt decks slightly in the red there -- indices. frankfurt d slightly in the redax there. for two years in a row, france has attracted more invest by foreign businesses than any other european econo

the fca -- it is not a major surprise. i don't think the crypto state today is trading off of this news. it was already in the market. alix: wonderful to see you. coming up, i say sleepy, guy says we are just waiting for a catalyst. there has been low conviction in the markets. what is the narrative in the coming months? writing it down with -- breaking it down with julie biel. this is bloomberg. ♪ alix: welcome to bloomberg markets. we were talking about it earlier, you have a lot of turn under the hood, the rotation into value from growth and the rotation back into some of the tech names as yields continue to stay low. overall, volatility is really calm. what do you do? what is the catalyst? julie joins us now. what is going to be the next catalyst? julie: the next catalyst continues to be people watching what is going on with the fed. it feels like we are all trying to sift through teal leaves. it is like looking over a text message from a boyfriend over brunch. we are looking for exactly what the minutia of the body la