Backpack, a Solana-based NFT wallet app, has announced its plans to launch a regulated cryptocurrency exchange called Backpack Exchange. The company has obtained a Virtual Asset Service Provider (VASP) license for Exchange Services from Dubai’s Virtual Asset Regulatory Authority (VARA). This license specifically applies to Backpack Exchange and not other services offered by the app. […]
Former FTX general counsel, Can Sun, along with other ex-FTX executives, is launching a new cryptocurrency exchange called Trek Labs. The Dubai-based start-up has obtained a license from the Emirate’s crypto regulator and aims to address the challenges that led to the downfall of their previous employer. Trek Labs is seeking investors and plans to […]
Ripple CEO Brad Garlinghouse has criticized the U.S. Securities and Exchange Commission (SEC) for its aggressive enforcement actions against the crypto industry, claiming that they have hindered innovation and failed to protect investors. Speaking at the Ripple Swell conference in Dubai, Garlinghouse called for a regulatory overhaul and a new framework that takes into account […]
Several former executives from FTX, a cryptocurrency exchange, have come together to establish a new exchange in Dubai called Backpack Exchange. Led by ex-FTX lawyer Can Sun, the Dubai-based startup aims to address the issue of securing customer funds, which FTX failed to do. Sun is supported by Armani Ferrante, a former FTX employee who […]
Michael J. Saylor, co-founder of Microstrategy, believes that Bitcoin (BTC) could be the solution to Lebanon’s financial crisis. The country’s currency has lost 96% of its value against the US Dollar, leading to hyperinflation and banks imposing restrictions on dollar withdrawals. Saylor claims that commercial banks have failed Lebanon, and he sees Bitcoin as a […]
SC Ventures, the fintech investment arm of Standard Chartered, is partnering with Japanese financial conglomerate SBI Holdings to establish a “Digital Asset Joint Venture” investment company in the UAE. The joint venture aims to make strategic and minority investments in various areas, including market infrastructure, risk management, compliance tools, DeFi, tokenization, consumer payments, and the […]
The Turkish Finance Minister has introduced a draft law for the regulation of cryptocurrencies, aiming to bring “legal certainty” and impose “strict requirements.” This move comes after Turkey was placed on the gray list by the Financial Action Task Force (FATF) for not being vigilant enough against money laundering. Turkey’s Finance Minister claims that they […]
The Central Bank of the United Arab Emirates (CBUAE) and other regulators in the country have released new guidelines for virtual asset service providers (VASPs) operating in the UAE. These guidelines include penalties for VASPs that operate without the proper licenses. The National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations […]
Ripple CEO Brad Garlinghouse has generated excitement among the XRP community by teasing significant announcements and discussions at the upcoming Ripple Swell event. Taking place on November 8th and 9th in Dubai, the event is expected to bring together industry professionals to share ideas and perspectives on finance and blockchain. Garlinghouse likened the event to […]
XRP, the cryptocurrency associated with Ripple, experienced a significant surge in price, rising over 8% in the past 24 hours. This surge propelled XRP to become the fourth-largest cryptocurrency by market capitalization, temporarily displacing Binance Coin (BNB) from its position.The price rally appears to be a reaction to two key developments concerning Ripple. Firstly, the […]
