Exchanges
Bybit and Crypto.com exchanges follow FTX and Binance into Dubai
Bybit exchange, based in Singapore, has announced it is relocating its headquarters to the UAE Crypto.com, on the other hand, is looking to establish a regional office in Dubai Thanks to a fast-growing and friendly environment, the United Arab Emirates has been pulling big names in the cryptocurrency industry lately. A fortnight ago, FTX exchange shared news that it had been granted approval to provide regulated trading and clearing services to users in Dubai. Less than 24 hours later, Binance announced that it was looking to set up shop and carry out regional operations in Dubai after securing a virtual asset licence. Now, Bybit and Crypto.com have joined the two in establishing a presence in the Persian Gulf region. Crypto.com, which shares a native home in Singapore, revealed in a Monda...
Australian crypto exchange BTC Markets introduces a MasterCard payment option
BTC Markets customers can now make direct credit, debit, and prepaid payments to purchase crypto MasterCard previously launched crypto-funded payments cards (for goods and services) in collaboration with crypto exchange CoinJar Legacy payments platforms have in recent months been diving deeper into cryptocurrencies via partnerships and flagships. The latest, albeit not unfamiliar, name to make headlines is MasterCard. The financial services firm is collaborating with the Australian crypto exchange BTC Markets. According to local reports, the partnership would see BTC Markets clients enjoy a provision to purchase crypto from the exchange via direct credit, debit and prepaid payments powered by MasterCard. The exchange users will now be able to enjoy ease and safety in completing payments fo...
Crypto exchange Coincheck will soon list on Nasdaq via a merger
The Asian exchange will list via a special purpose acquisition with Thunder Bridge Capital Partners IV Coincheck has in the past suffered breaches and serious cyber-attacks Coincheck, a ‘vintage’ crypto exchange and digital wallet firm, on Tuesday said it will soon list on the Nasdaq after completing a special purpose acquisition (SPAC) with Thunder Bridge Capital Partners IV at a $1.25 billion pre-money valuation. The SPAC deal will see the Coincheck crypto exchange become a subsidiary of Coincheck Group (CCG). However, the statement insisted that CCG shall remain under the umbrella of Monex Group, which took over the crypto exchange in 2018. Monex Group currently owns 92% of Coincheck and will own 82% of the new ‘combined’ firm. Via the combined holding, Coincheck...
Crypto.com’s sports sponsorship play to include the Qatar 2022 World Cup
Crypto.com CEO Kris Marszalek says the deal will help drive awareness of the exchange and its services The last World Cup had about 3.5 billion viewers Federation Internationale de Football Association (FIFA) has sent out a statement today confirming that payment and cryptocurrency exchange platform Crypto.com will be “the exclusive cryptocurrency trading platform sponsor” of the coming Qatar 2022 World Cup. The terms of the agreement, however, remained undisclosed. The publicity that could potentially be gained from this sponsorship should help introduce Crypto.com to a new demographic. The FIFA World Cup, which is expected to run from November 21 through to December 18, has historically enjoyed massive viewership numbers. For context, 3.5 billion people watched the previous e...
FTX Ventures bets $100M on financial services firm Dave
FTX.US will be the official crypto partner of Dave as part of the sealed strategic partnership The exchange will also guide the firm’s entry into the digital assets space Crypto exchange FTX via its venture capital arm FTX Ventures has invested $100 million into Dave, a mobile banking company. This goes along with the ongoing payment industry’s wave towards a focus on systems that support crypto products. Even firms such as MasterCard and Visa that have previously dealt with legacy payment systems have launched initiatives to facilitate payments via crypto assets. PayPal and its Venmo platform added support for crypto last year, while JackDorsey’s Cash App allows US users (bar New York) to send BTC via the Lightning Network. FTX.US will help Dave enter the digital asset s...
FTX exchange expands operation by launching Australian unit
The exchange completed an acquisition to gain the required regulatory license to launch in Australia FTX Australia will offer locals derivatives and other market-leading products Sam Bankman-Fried led crypto exchange FTX has revealed that it’s launching a new service for its customers in Australia. The leading global exchange announced the creation of FTX Australia in a statement published yesterday. The exchange said that Australian consumers will get exposure to market-leading products and services, including derivatives and a collection of exchange and over-the-counter products. CEO Sam Bankman-Fried was keen to point out that the launch of the subsidiary would allow users to conduct their activity on a locally regulated and licensed platform. Though Australians have previously be...
CoinSmart CEO Interview: Fraud in Crypto
There are a lot of odd holidays in the calendar. My personal favourite is National Peanut Butter and Jelly Day, celebrated annually on April 2nd. It falls the day after April Fool’s Day, which, without sounding too miserable, I was never really entertained by. One holiday that is far from a joke, however, is May 9th – National Lost Sock Memorial Day, a time for us to “honour all the socks that are no longer with us”. The reason I discuss such wacky holidays is that I was surprised to note that March represents Fraud Prevention Month in Canada. Upon originally seeing this, I thought was a little over the top. Then, I thought about the harm fraud can cause and looked into the numbers. Based on the Canadian Anti-Fraud Centre (CAFC), $379 million were lost to scams and fraud in 2021 (up 130% f...
FTX becomes the first licensed digital asset exchange in Dubai
The crypto exchanges’ Europe subsidiary will offer complex crypto derivatives to institutional clients. FTX also has plans to set up its regional headquarters in the city Sam Bankman-Fried’s crypto trading platform FTX has become Dubai’s premier recipient of a virtual asset exchange (VAX) licence, according to a press release sent out today. The American exchange’s Europe and Middle Eastern subsidiary, FTX Europe, will now be operating legally in the city and would play a role in Dubai’s push to spur the growth of global virtual assets regulation. “Really excited to receive the first (and so far only) digital asset exchange licence from Dubai!” SBF tweeted following the news. The licence allows FTX to offer enterprise investors exposure ...
Binance is now a licensed virtual asset service provider in Bahrain
The score is Binance’s first regulatory approval in the Gulf as a VASP The exchange has been courting the Middle East with initiatives in countries within the region, including Dubai Binance, the largest crypto exchange by trading volume, is stretching its wings in the Middle East further. The exchange announced on Monday that it had won full approval from the Central Bank of Bahrain (CBB) to legally operate in the Kingdom of Bahrain. By receiving the licence, Binance became the first crypto asset provider allowed to offer fully regulated services within the larger Cooperation Council for the Arab States of the Gulf (GCC). The Bahrain approval comes amidst efforts by Binance to seek regulatory approval and compliance around the world. CEO of the exchange, Changpeng Zhao, explained th...
Elizabeth Warren is drafting legislation to check Russian activity in crypto
There are bipartisan concerns on the role of crypto in enabling Russia to skirt economic sanctions Warren’s proposed bill would require crypto exchanges to track and submit records on transactions to private crypto wallets As the sanctions against Russia become stringent and more companies including Visa and MasterCard join the list of those suspending operations in the country, the United States political class wants to go a step further to ensure that “crypto isn’t used by Putin and his cronies to undermine our economic sanctions,” as Democratic senator Elizabeth Warren put it. According to a report first published by NBC News on Tuesday, the senior senator from Massachusetts is crafting a piece of legislation to crack down on crypto and prevent its use by Ru...
FTX exchange looking to start operations in the European market
The crypto exchange has disclosed it has established a European division The exchange’s founder Sam Bankman-Fried has previously talked about expansion and acquisition plans Sam Bankman-Fried’s FTX has today announced a major milestone in its venture to explore new markets. The cryptocurrency exchange revealed today it has set up a Switzerland unit befittingly named FTX Europe that will be focused on serving users from Europe and the Middle East. The new unit has an additional base in Cyprus where it is licensed by the local watchdog CySEC according to the exchange’s press release. An FTX.US equivalent operating in Europe FTX previously set up a unit, FTX.US, that solely operates in the United States – a market that is widely considered stricter. The Switzerland-based unit, which comes two...
South Africa-based crypto exchange VALR completes a $50M Series B funding round
The raise was completed at a $240 million valuation with participation from big names like Pantera Capital The exchange will use the capital to add more products, expand into other markets, and hire more people In what is the largest ever raise by an African crypto firm, crypto exchange VALR, has today announced it completed a $50 million Series B funding round led by Pantera Capital. Several other institutional investors were involved, including Coinbase Ventures, Third Prime, Alameda Research, Distributed Global, and Fidelity Investments’ affiliate Avon Ventures. Following the raise, VALR has a $240 million valuation. VALR launched in June 2019 and has previously concluded a Series A funding round of $3.45 million back in July 2020 at a valuation ten times less than the current. Th...
