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Binance is transitioning UAE resident accounts to its new regulated local entity, Binance FZE, following a Virtual Asset Service Provider license from Dubai’s regulator. This change will allow UAE users to access various virtual asset services locally, including AED bank deposits and withdrawals. Binance’s Local Exchange in UAE Now Licensed Crypto exchange Binance announced on … Read more
The Washington DC-based blockchain advocacy group argued the IRS’ broker rule provisions violate the Paperwork Reduction Act. Go to Source
DeFi activity from institutions would be more “permissioned” as market participants will want to know who they’re dealing with, KPMG’s Kunal Bhasin said. Go to Source
On June 7, the team behind the Zksync project Gemholic withdrew 921 previously locked ethereum tokens in a suspected rug-pulling incident. The Gemholic team executed the theft despite reportedly completing the blockchain security firm Solidproof’s Know Your Customer (KYC) process. Zksync’s v24 Upgrade The layer two (L2) Ethereum blockchain scaling protocol, Gemholic, faced allegations of … Read more
A new U.S. law grants the president unprecedented authority to block access to digital assets, sparking significant concerns about its broad implications and potential impact on users. Go to Source
Hidden Road cited Know Your Customer verification policies and concerns surrounding Anti-Money Laundering regulations on the ByBit exchange. Go to Source
The Nigerian fintech firm Flutterwave claimed on May 16 that it had foiled an attempt to breach its payments platform. Flutterwave asserted that the “unauthorized activities inconsistent with usual customer behavior” did not compromise users’ funds or data confidentiality. According to one report, over $7 million was siphoned from Flutterwave following a cyberattack in April. … Read more
Coinbase head of tokenization Anthony Bassili described plans for its Base network at TokenizeThis 2024 in Miami. Go to Source
Nigerian fintech firms OPay, Kuda Bank, Moniepoint and PalmPay were directed to pause the creation of new accounts amid an ongoing audit of their KYC processes. Go to Source
The Central Bank of Nigeria has directed four fintech companies to cease the creation of new accounts, citing their potential use by cryptocurrency traders. An executive from one of the affected fintech companies has associated the Central Bank’s directive with a current audit of the Know Your Customer (KYC) procedures implemented by these firms. Fintech … Read more