Bitcoin, Ether Drop; North Korean Hackers Accused Of Crypto Heist; Amazon Isn’t Ready For Crypto Payments – Crypto Moves

DUBAI: Binance Holdings, the largest crypto exchange by trading volume, will offer its products to top institutions and accredited investors in the first phase of its operation in Dubai, said regional head of the MENA region, Richard Teng, at Arab News.

“We want to become the platform that creates tools to accelerate crypto adoption and improve freedom of money in the region,” Teng said while adding that the company plans to serve a wider customer base by offering more products.

Prospects look brighter with the crypto exchange last week receiving its official license from Dubai’s Virtual Asset Regulatory Authority. The company can now operate and grow in the region under the emirate’s “test-adapt-scale” model for digital asset markets.

Richard Teng (Provided)

“This is an extremely innovative approach from the Government of Dubai. It recognizes that crypto is quite different from securities, digital tokens and commodities and offers a dedicated framework that can serve different parts of the value chain, manage risk and support innovation,” he said. added.

Teng’s beaming confidence isn’t based on his unconditional optimism. He has spent 20 years in the regulatory space and understands the region well. He was CEO of Abu Dhabi Global Market for six years before taking over as regional head of one of the largest crypto platforms in the world.

“Working with the Government of Dubai, you realize how supportive the country is of innovation, crypto adoption and blockchain development, which is helpful as these factors will become mainstays for multiple segments of the industry. economy in the future,” Teng said.

QUICKFACT

Binance is working towards a cryptocurrency-enabled ecosystem that is inclusive, transparent, and secure.

Last December, the company signed a partnership agreement with the Dubai World Trade Center Authority.

It is also recruiting 100 positions in the United Arab Emirates to maintain momentum in the region.

Cryptocurrencies have recently made headlines for their unprecedented role in the Russian-Ukrainian war. The Ukrainian government has raised millions of dollars to fund its fight against the invasion, shining a spotlight on the tokens. As long as you had the internet and a computing device, you could transact.

“Cryptocurrencies will be the future of finance and financial services. They play an important role in cross-border payments,” Teng said while adding that this currently poses a considerable challenge as the fees for making cross-border payments are incredibly high.

However, Binance is working towards a cryptocurrency-enabled ecosystem that is inclusive, transparent, and secure. Last December, the company signed a partnership agreement with the Dubai World Trade Center Authority to help it establish and regulate an international ecosystem of virtual assets, making a strong case for a public-private partnership. in digital space. It is also recruiting 100 positions in the United Arab Emirates to maintain momentum in the region.

“We work closely with institutions to ensure the next generation is ready for crypto, blockchain and tokenomics,” he said. The company will soon set up training programs in the region on the markets and how to trade responsibly.

Additionally, as part of its efforts to inspire confidence in the currency, Binance runs an emergency insurance fund that protects customers, called the Secure Asset Fund for Users, or SAFU. Launched in 2018, the fund now stands at over $1 billion. If a user suffers a loss due to illegal activity such as piracy, the company compensates the loss.

Yet there is some skepticism among potential investors about the concept of a decentralized finance world and its high volatility. It is only a matter of time when mature companies and nations embrace the innate strengths of the crypto industry and capitalize on them.

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Bitcoin, Ether Drop; North Korean Hackers Accused Of Crypto Heist; Amazon Isn’t Ready For Crypto Payments – Crypto Moves


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