Prince Andrew’s Ties to Crypto Businessmen Raise Questions About Royal Privileges
Prince Andrew, the Duke of York, has been embroiled in a controversy surrounding his association with two US businessmen involved in a failed cryptocurrency mining venture. According to a BBC investigation, Andrew arranged a private tour of Buckingham Palace for Jay Bloom and Michael Evers, co-founders of Pegasus Group Holdings, in June 2019. The meeting took place while Queen Elizabeth II was in residence, sparking concerns about Andrew’s use of royal privileges for private dealings.
Key Findings and Implications
The BBC investigation revealed that Pegasus Group Holdings had agreed to pay Andrew’s ex-wife, Sarah Ferguson, up to £1.4 million as part of a deal that ultimately collapsed. Ferguson earned over £200,000 for her work as a “brand ambassador” for the company, which claimed to be building a large-scale Bitcoin mining operation powered by solar energy in the Arizona desert. However, the project failed to deliver, leaving investors with significant losses.
The revelations have raised concerns about the blurred lines between Andrew’s royal status and private ventures, as well as the potential misuse of royal privileges for personal gain. Buckingham Palace has confirmed that formal steps are underway to strip Andrew of his remaining titles and his Windsor residence amid ongoing scrutiny of his past associations.
UK Crypto Regulatory Environment
In a separate development, the UK’s Financial Conduct Authority (FCA) has lifted its four-year ban on retail participation in crypto exchange-traded notes (ETNs). The decision has triggered a price war among UK crypto ETN issuers, with several major players slashing their fees to attract investors. The move is seen as a significant shift in the UK’s regulatory approach to digital assets, with trading volumes on the London Stock Exchange surging following the policy change.
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