NH Management’s Tao Xiao explained that VARA’s objective is not to hinder progress but to secure the market’s integrity.
Crypto.com Obtains Full Dubai Operational License
Singapore-based crypto platform Crypto.com has received full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA) for its local entity, CRO DAX Middle East FZE.
Crypto Lender Nexo Secures First Regulatory Victory in Dubai
Nexo, a company offering digital asset services, has won initial approval as a licenced entity in Dubai from the region’s Virtual Assets Regulatory Authority (VARA), it announced Tuesday.
Binance, crypto firms optimistic about UAE amid potential US regulatory shift
Ghaf Capital managing partner Feras Al Sadek argued that the UAE’s “regulation by education” sets it apart from other jurisdictions.
Dubai regulator grants crypto license to Bahrain’s CoinMENA
The permit allows CoinMENA to provide retail and institutional customers in the United Arab Emirates with the ability to deposit and withdraw in UAE dirhams.
Dubai awards conditional crypto license to climate-friendly Web3 firm
AYA is a climate-focused launchpad that supports innovations around sustainability, such as reforestation, nature credits, mangrove conservation and sustainable agriculture.
Dubai awards conditional crypto license to climate-friendly Web3 firm
AYA is a climate-focused launchpad that supports innovations around sustainability, such as reforestation, nature credits, mangrove conservation and sustainable agriculture.
Binance Founder Ordered To Stay Put In The US In Ongoing Probe
Binance Co-founder and former Chief Executive Officer (CEO) Changpeng CZ Zhao, has been confined to remain in the United States in advance of his sentencing expected to take place next year.
Former Binance CEO No Longer Leaving The US
The Binance co-founder has been ordered by US District Judge Richard Jones to remain in the country in a ruling on Thursday. Zhao was instructed to stay in the US due to the significance of his recent guilty plea.
The ruling read:
As relief, the government requests that Mr. Zhao be required to remain in the continental United States in the period between his plea and sentencing.
The Thursday ruling reversed an earlier decision that would have allowed Zhao to return to the United Arab Emirates (UAE). Jones acknowledged in his decision the arguments provided by Zhao, which ordinarily would result in the government’s motion being denied.
However, Jones highlighted the distinctive features of Zhao’s case. These include his riches, the absence of an extradition treaty with the UAE, and Zhao’s family living in the UAE.
Furthermore, the judge also highlighted that Zhao poses a flight risk if he were allowed to return to the UAE. This is due to the former CEO’s substantial assets and the meager connections he has to the United States.
Additionally, knowing that the Binance ex-CEO faces a potential 18-month sentence in prison also sparks a possible flight risk. Jones asserted that Zhao is asking for a lesser sentence, which might lead to 18 months of incarceration as indicated by the government.
The judge stated that despite promises that CZ wouldn’t flee if permitted to travel to the UAE, the court wasn’t convinced. This led to the order that he should remain in the US until his sentencing on February 23, 2024.
So far, the court stated in the ruling that its decision is not based on Zhao’s citizenship and alienage. “The risk of the defendant not showing up is posed by the circumstances surrounding their combined facts,” the court said.
Changpeng “CZ” Zhao’s Guilty Plea
Last Month, the former Binance CEO pleaded guilty and stepped down from the cryptocurrency exchange he founded about 6 years ago. Zhao’s plea to one count of violating the Bank Secrecy Act was formally accepted by Judge Jones.
Jones accepted the plea after a thorough consideration report and recommendation of the United States Magistrate Judge which found him guilty.
Jones wrote:
This Court, having considered the Report and Recommendation of the United States Magistrate Judge, to which there has been no timely objection, hereby accepts the plea of guilty of the defendant.
His plea was accepted just over two weeks after both he and Binance acknowledged a number of criminal and civil charges. These include failure to maintain an appropriate anti-money laundering program, running an unlicensed money transfer business, and violation of sanctions law.
Binance says decision to pull Abu Dhabi licensing bid unrelated to US settlement
Former Binance CEO Changpeng Zhao, who pleaded guilty to one felony count in the United States in November, may not be able to return to the UAE before being sentenced.
Phoenix seals $380M deal with WhatsMiner for green Bitcoin mining
Phoenix Group is acquiring hydro cooling mining equipment from WhatsMiner worth over $136 million, with the option of an additional $246 million purchase.
Crypto Miner Phoenix Group’s Shares Surge 35% in Abu Dhabi Stock Market Debut
The UAE-based company said its initial public offering (IPO) in November was 33-times oversubscribed.
Bitcoin miner Phoenix surges 50% after $371M Abu Dhabi IPO
Crypto mining firm Phoenix Group has debuted trading on the Abu Dhabi Securities Exchange, with the stock opening at $0.6.
IOTA makes 40%+ move after $100M ecosystem foundation announcement
IOTA price saw a high volume surge that took the altcoin to a near 1-year high, but are there reasons to support further upside?
Crypto investment platform Fasset granted operational license in Dubai
Fasset has been granted a Virtual Asset Service Provider (VASP) license from regulators in Dubai, allowing it to perform broker-dealer services legally in the emirate.
Digital Asset Investment Platform Fasset Wins Operational Licence in Dubai
Fasset, a digital asset investment platform, has won the licence to operate in Dubai as a Virtual Asset Service Provider (VASP), allowing it to serve institutional investors, qualified investors and retail investors.
Former British Chancellor’s crypto firm Copper launches tokenized securities platform
Copper plans to use its arm in the United Arab Emirates, Copper Securities, to capitalize on the demand of institutional investors.
Former British Chancellor’s crypto firm Copper launches tokenized securities platform
Copper plans to use its arm in the United Arab Emirates, Copper Securities, to capitalize on the demand of institutional investors.
Bitcoin mining firm Phoenix Group delays share listing
Due to UAE’s National Day, Phoenix Group’s public trading launch on the Abu Dhabi Securities Exchange has been moved to Dec. 5, 2023.
eToro, M2 win AGDM crypto licenses to operate in UAE financial center
While eToro received Financial Services Permission (FSP) approval for operating as a securities, derivatives, and crypto assets broker, M2 became a fully regulated Multilateral Trading Facility (MTF) and custodian.
Crypto Miner Phoenix Group Says UAE Initial Share Sale Was 33-Times Oversubscribed
Phoenix was looking to sell almost 18% of the company for a target raise of $368 million.