VARA
FTX was the ‘fastest’ corporate failure in US history — Trustee calls for probe
The United States Trustee handling FTX’s bankruptcy proceedings has referred to the now-defunct exchange as the “fastest big corporate failure in American history,” and is calling for an independent probe to look into its downfall. In a Dec. 1 motion, U.S. Trustee Andrew Vara noted that over the course of eight days in November, debtors “suffered a virtually unprecedented decline in value” from a market high of $32 billion earlier in the year to a severe liquidity crisis after a “proverbial ‘run on the bank.'” “The result is what is likely the fastest big corporate failure in American history, resulting in these “free fall” bankruptcy cases.” Vara has called for an independent examination of FTX, stating it was “especia...
Crypto.com gets nod in Dubai and FTX launches in Japan
Two out of the top 10 largest cryptocurrency exchanges by volume will expand into new markets, with Crypto.com obtaining a provisional crypto license in Dubai and FTX launching in Japan. Crypto.com announced on June 2 that the Dubai Virtual Assets Regulatory Authority (VARA) provided the exchange with provisional approval of its Virtual Asset License giving the company the go-ahead based on initial compliance checks. The exchange said that VARA will carry out further due diligence and other mandated requirements before its full operating license is issued which it expects to happen in the “near term” Crypto.com said in March it would create a regional office in the United Arab Emirates (UAE) largest city after it enacted new laws for crypto and created VARA with the goal of making Dubai a ...
