Binance under scrutiny for seizing Palestinian crypto funds

Binance denied reports suggesting that the crypto exchange seized funds from all Palestinians, stating that only a small number of accounts was restricted.

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Bitcoin Non-Profit trust Announces Q3 Grants For Open-Source Developers

The Jay-Z and Jack Dorsey-backed organization shares the list of recipients for its latest round of Starter Grants as well as the newest members of its Open-Source Cohort.

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CoinDCX Makes MENA Market Splash with BitOasis Acquisition

Cryptocurrency exchange CoinDCX, has acquired BitOasis, avirtual asset trading platform operating in the Middle East and North Africa(MENA) region. The acquisition marks CoinDCXs entry into the MENA market, signallinga strategic expansion.

Acquisition Enhances Crypto Landscape

BitOasis, known for its significant trading volumes inEmirati dirhams, represents a substantial move by CoinDCX to bolster itspresence in the region.

BitOasis recently obtained a Minimum Viable ProductOperational License issued by the Virtual Assets Regulatory Authority from theCentral Bank of Bahrain. This license permits BitOasis to function as abroker-dealer under stringent regulatory oversight, ensuring compliance withlegal frameworks.

Sumit Gupta, Co-Founder of CoinDCX, clarified that BitOasiswill operate independently under its current licenses, subject to regulatorysupervision. The acquisition is expected to enhance user experienceacross both platforms, offering a wider array of products and expanding tradingoptions.

Gupta confirmed that user accounts on BitOasis and CoinDCXwill remain separate without any migration or linkage.

CoinDCX acquires BitOasis in international expansion push https://t.co/bH7XjK2Krf

Staff Reduction Announcement

Last year, CoinDCXannounced a workforce reduction affecting approximately 12% of itsemployees, citing challenging macroeconomic conditions exacerbated by aprolonged downturn in the crypto market, as reported by Finance Magnates.

Similar to other exchanges like KuCoin, Luno, and Gemini,CoinDCX attributed these layoffs to factors including high inflation and what'scolloquially termed as 'crypto winter', a period of sustained low prices.

A significant addition to these challenges is the impact ofIndia's Tax Deducted at Source (TDS) regulations on cryptocurrencytransactions, implemented to collect taxes directly at the source of income.Starting July 2022, a 1% TDS applies to crypto transactions, negativelyimpacting domestic exchange volumes and revenues.

In response, CoinDCX has implemented cost optimizations,increased automation, and streamlined its product offerings as part of itslong-term business strategy.

The laid-off employees will receive a support packagecomprising severance equivalent to their full notice period plus an additionalmonth, settlement of accrued leave, and extended health insurance coverage.

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CoinDCX crypto exchange acquires BitOasis, expands into MENA region

CoinDCXs acquisition of BitOasis opens new opportunities in the Middle East and ensures regulated and secure trading.

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Binance P2P Offers 15,000 FDUSD in Rewards for MENASA Users

Binance P2P announces a 15,000 FDUSD reward pool for users in the MENASA region, encouraging new and existing users to participate. (Read More)

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Second edition of Bitcoin MENA set to take place at ADNEC Centre Abu Dhabi in December

ADNEC Group & BTC Inc Group today announced the return of Bitcoin MENA to Abu Dhabi for a second edition, set to take place on December 8-9, 2025.

The post Second edition of Bitcoin MENA set to take place at ADNEC Centre Abu Dhabi in December appeared first on Crypto Breaking News.

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DWF Labs Renews Collaboration with DMCC to Propel MENA Blockchain Ecosystem Forward

DWF Labs, a leading research organization, has announced the renewal of its partnership with DMCC, the world's flagship free zone and Government of Dubai Authority on commodities trade and enterprise. This collaboration aims to drive innovation and growth within the MENA region's blockchain ecosystem, with a focus on supporting early-stage startups and providing access to global venture capital. (Read More)

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Binance Mulls Over Middle East Focus amid Regulatory Pressure in the West

Regulatory challenges faced by the crypto exchange Binance in the United States and Europe have led it to consider focusing on the Middle East. According to Alex Chehade, the General Manager of Binance Dubai, the United Arab Emirates (UAE) could become the primary destination for cryptocurrency businesses seeking favorable and transparent regulations.

Binance Pulls Out of Europe, Considers the UAE

Chehade highlighted that Binance noted a desire within the UAE's senior leadership to position the region as a key player in the Web3 industry. Moreover, the country wants to diversify away from fossil fuels, with cryptocurrency seen as a significant catalyst in this transition.

In a conversation with Cointelegraph, the local branch manager of Binance asserted that the exchange is based in the UAE because the local market provides certainty for business development. Constructing a large business where the law is continually changing is unfavorable. Binance seeks predictability, and the Middle East is expected to provide it.

Binance sees UAE as 'hub' for future operations ???? pic.twitter.com/EExiCWfJJZ

This statement comes at a time when Binance is grappling with legal issues on multiple fronts. The Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) have filed lawsuits against the exchange in the United States.

The situation in Europe is not any better. For instance, the Belgian FSMA ordered Binance to cease operations in the country immediately. At the same time, Binance de-registered in the UK, while in France, an investigation into the exchange's 'illegal' cryptocurrency services is underway. As part of scaling back its presence in Europe, the platform has also withdrawn from the Netherlands and Cyprus.

Binance's Issues with Privacy Coins in Europe

At the end of May, Binance decided to delist private tokens in Europe. This decision was due to come into effect on 26 June and was set to impact 12 assets for clients in Poland, Spain, France, and Italy.

Unlike Bitcoin (BTC), privacy tokens like Zcash or Monero were created to enhance the privacy of their holders. In their cases, blockchain transactions are not transparent, making them harder to trace and identify the recipients and senders of individual transfers.

This decision was prompted by changes in local regulations regarding anti-money laundering, which theoretically prohibited the further offering of privacy tokens. However, Binance announced today (Monday) that it has decided to reverse this move. As explained by the exchange's representatives, they revised the classification of these assets to comply with the legal requirements in the European Union.

JUST IN:#Binance reverses decision to delist privacy coins in Europe. The following #crypto tokens were originally going to be delisted on June 26th$DCR$DASH$ZEC$ZEN$PIVX$NAV$SCRT$VERGE$XVG$FIRO$BEAM$MOBpic.twitter.com/E0G8fXy0eN

From 31 May, new Markets in Crypto-Assets (MiCA) regulations have been in force across the EU. European officials want to make Europe a hub for cryptocurrencies. However, Binance's actions suggest that this significant player prefers other jurisdictions.

UAE's VARA Attracting Crypto Companies

In the UAE, the Virtual Assets Regulatory Authority (VARA) is responsible for the rise in the popularity of cryptocurrencies in the region. According to Chehade, VARA has presented a very clear framework for crypto businesses, which he believes is unavailable in other areas.

Furthermore, as Binance MENA statistics indicate, the majority of cryptocurrency holders currently reside in the UAE. This constitutes 28% of all UAE residents, implying that one in every four people in the country owns cryptocurrencies.

Here is an interesting piece of statistics for you to consume, showing the UAE ranking 1st in crypto owners, globally, in % of population. https://t.co/XZveSPRbLw

Binance was one of the first exchanges to obtain a VARA license in 2022. First, it secured a Virtual Asset License in March, followed by a Minimal Viable Product (MVP) license in September. The former was a temporary license, while the latter permits the offering of a full range of approved digital assets and related services.

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Winklevoss Twins Rail Against US SEC’s Anti-Crypto Stance: ‘It Does Not Feel Like America, It Feels Like Venezuela’

The Winklevoss twins, founders of Gemini, a U.S.-based cryptocurrency exchange, have criticized the U.S. Securities and Exchange Commission (SEC) for its perceived anti-crypto stance and recent enforcement actions. In a recent interview, the Winklevoss twins commented that the regulatory environment in the U.S. felt like “third world, like Venezuela,” for builders in the crypto world.

The post Winklevoss Twins Rail Against US SEC’s Anti-Crypto Stance: ‘It Does Not Feel Like America, It Feels Like Venezuela’ appeared first on BTC Ethereum Crypto Currency Blog.

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XRP Price Primed For Future Rally Following Ripple’s MENA Expansion

The XRP price has rather underperformed within the last two years. While XRP has fallen 90.04% from the all-time high of $3.40 on January 6, 2018, Bitcoin (-75.76%) and Ethereum (-74.52%) show considerably smaller losses. One of the main reasons for this is probably the lawsuit filed against Ripple by the U.S. Securities and Exchange Commission (SEC), which has caused a lot of uncertainty among investors. In addition, numerous exchanges have delisted XRP or, like Grayscale, dissolved their XRP trust. A settlement with the SEC or a Ripple court victory is therefore considered an extremely strong catalyst for the XRP price. Ripple Is Expanding Adoption Of ODL However, another reason to be bullish is the XRP-based On-Demand Liquidity (ODL) technology by Ripple, which continues to be adopted heavily beyond the U.S. In an interview, Navin Gupta, Ripple’s managing director for South Asia and MENA, said that ODL is available in markets representing nearly 90% of the $6 trillion daily foreign exchange market. Related Reading: Mt. Gox Payout Deadline Postponed Again, Next Bitcoin Price Dump In 2023? Gupta further remarked that there is a lot of interest in XRP-based technology in the Middle East and North Africa (MENA) region: We have seen a great deal of interest from institutions across MENA to use On-Demand Liquidity (ODL) to underpin the remittance services they offer, and we already have local payments service providers such as Pyypl using the solution to facilitate remittances between the UAE and other countries around the world. The executives also revealed that Ripple is expecting further growth in the region, adding; “[w]e have partnerships with several leading banks in the region, including with SABB in Saudi Arabia and QNB in Qatar. We are also working with local payment services providers such as Pyypl and LuLu Money, which are using Ripple’s crypto solution to facilitate global movements between different currencies.” As Gupta also pointed out, the total payment volume of RippleNet has grown over $15 billion in the last year, while the global ODL volume has increased ninefold year-on-year. In the United Arab Emirates, in particular, Ripple is finding an open stance towards the use of cryptocurrencies for remittances and treasury payments. Related Reading: Santiment Paints Bullish Picture For XRP, But This May Not Be The Case More recently, Gupta has observed that traditional financial institutions are becoming more comfortable with the idea of adopting crypto. “While traditional financial institutions have been slower to adopt, MENA is certainly seeing an increase in new services and adoption in the region by both consumers and enterprises,” he added. The XRP Price Today At press time, the XRP price was trading at $0.3339. This puts the price just above the key support level at $0.3333 where it needs a bounce to avoid falling toward the next support level at $0.3212. To the upside, XRP bulls need to push the price above $0.3548 to build momentum. Featured image from vjkombajn / Pixabay, Chart from TradingView.com

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Bahrain-Based Crypto Platform to Enable Real Estate Acquisition Using Crypto

CoinMena, a Bahrain-based crypto asset service provider, has teamed up with Carlton Real Estate, to facilitate real estate purchases using cryptocurrencies. (Read More)

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Mastercard, BitOasis Roll Out Crypto-Linked Cards in the MENA Region

Payment giant Mastercard has inked a deal with Middle East-based cryptocurrency exchange BitOasis to establish a series of crypto card programs aimed at boosting daily cryptocurrency usage in the Middle East & North Africa region. (Read More)

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Crypto Flipsider News – Bitcoin (BTC) Update; ENS Spikes 10%; EU Crypto Regulation; MENA Crypto Adoption; Celsius (CEL) Execs Indicted

Click here to read our crypto digest.

Continue reading Crypto Flipsider News – Bitcoin (BTC) Update; ENS Spikes 10%; EU Crypto Regulation; MENA Crypto Adoption; Celsius (CEL) Execs Indicted at DailyCoin.com.

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MENA Region Emerges as The Fastest Growing Crypto Market: Chainalysis Report

Much of the crypto growth in the Middle East & North Africa (MENA) region is driven by savings preservation, remittance payments, and friendly crypto regulations. (Read More)

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MENA Climate Week notes blockchain’s potential for climate action

Panelists at MENA Climate Week discussed shifting regulations, technological evolution, and increasing awareness and collaboration between the blockchain and climate communities.

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Cypher Capital Releases $100M Blockchain Fund

The $100 million fund will target DeFi, GameFi, and metaverse projects.

Continue reading Cypher Capital Releases $100M Blockchain Fund  at DailyCoin.com.

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Polygon and Animoca Invest in Saudi Arabia’s First NFT Marketplace

Nuqtah seeks to empower its creators and users by introducing opportunities in the region's web3 space

Continue reading at DailyCoin.

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Shiba Inu Soon To Debut On Bahrain-Based Crypto Exchange

In a few weeks, Shiba Inu is expected to be listed on the Bahrain-headquartered crypto exchange CoinMENA. The trading platform did not specifically refer to the token, but it posted a teaser saying “I’m a cryptocurrency meme inspired by the dog Elon Musk isn’t tweeting about.” It also tagged the official Twitter handle of Shiba […]

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CoinDCXs BitOasis receives full crypto license in Dubai

BitOasis received a full VASP license, marking the final step in its VARA licensing process and allowing it to offer a full range of crypto trading services.

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Bitcoin MENA 2024: Core DAO talks DeFi growth, blockchain security

Core DAOs Adam Bendjemil highlighted Bitcoin-based DeFis potential at Bitcoin MENA 2024, highlighting security-first blockchain innovation.

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