Author: Luis Acosta

Binance, a leading cryptocurrency exchange, has recently obtained a full virtual-asset services provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), marking a significant advancement in their regulatory journey. This achievement comes nearly a year after the company progressed to the third stage of Dubai’s comprehensive four-stage regulatory framework. In 2023, Binance’s local entity, Binance FZE, was granted an Operational MVP license, a preliminary step that allowed the company to provide services to institutional and qualified investors. This license included the capacity to offer broker-dealer services and to facilitate virtual-asset derivatives trading. Alex Chehade, General Manager of Binance FZE,…

The Cyprus Securities and Exchange Commission (CySEC) has once again extended the suspension of the operating license of FTX (EU) Ltd, the European branch of the now-defunct cryptocurrency exchange FTX. This latest extension was announced today and will prolong the suspension until September 30, 2024. The EU subsidiary’s license was first suspended in November 2022 and has seen several extensions since. FTX EU, which first received approval from CySEC in March of the previous year and was fully authorized as a Cyprus Investment Firm (CIF) in September, is not permitted to offer cryptocurrencies directly under its Cypriot license. However, it…

The UK is poised to advance its legislative framework for cryptocurrencies and stablecoins by mid-2024, as stated by Economic Secretary Bim Afolami at the Innovate Finance Global Summit. Afolami emphasized the rapid progress being made to establish a comprehensive crypto regulatory regime. “We are now working at pace to deliver the legislation to put our final proposals for our regime in place,” he remarked. This initiative follows the enactment of the Financial Services and Markets Act in June 2023, which positioned cryptocurrencies as regulated financial activities in the UK. Afolami added, “Once it goes live, a whole host of crypto…

XTX Markets, a prominent online trading firm, is set to construct a large-scale data center in Finland, diverging from the common practice among financial institutions to rely on major Silicon Valley tech firms for IT infrastructure. The Financial Times reported that this London-based market maker will establish a 250-megawatt facility in the Kajaani District of Finland, with the initial phase featuring 22.5 megawatts of computing power. The strategic choice of Finland’s Nordic location is influenced by the region’s lower electricity costs and cooler climate, which reduces the necessity for extensive cooling systems. This move underlines XTX’s commitment to maintaining control…

In Australia, a substantial cryptocurrency investment scheme, which had attracted over 450 investors and involved approximately US$41 million, has recently failed. The Australian Securities and Investments Commission (ASIC) successfully pursued a court order to appoint receivers for the digital assets of three associated crypto mining companies, known collectively as NGS Companies, and their sole directors. The court order was issued as a part of the civil proceedings against NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Ltd, as well as their directors Brett Mendham, Ryan Brown, and Mark Ten Caten. This legal action was taken on Wednesday…

eToro (UK) Limited recently announced the retirement of Shalom Berkovitz from his directorial role, marking the end of his notable 7-year tenure with the company and 30 years in the industry. Berkovitz, who retired at the end of February 2023, will continue to serve as a director for several subsidiaries within the eToro Group. Berkovitz’s extensive career includes significant leadership roles before his time at eToro. He was the CEO of DSNR Media Group for five years and d-Group for three years. Additionally, he held the position of CFO at Golden Pages Israel for two years and served as the…

Nomura, a leading financial services group, has announced the appointment of Dr. David Seif as the Chief Economist for Developed Markets. Dr. Seif, with a robust background in macroeconomic research and over fifteen years of experience in major hedge funds, is set to bring a wealth of knowledge to Nomura’s economic research team. In his new role, Dr. Seif will be stationed in New York, where he will directly report to Rob Subbaraman, the Head of Global Macro Research, and Paul Nikodem, the Head of US Fixed Income Research. The appointment underscores Nomura’s commitment to strengthening its research capabilities, especially…

As the April 29, 2024, deadline looms for the implementation of Unique Product Identifier (UPI) reporting in the European Union, the derivatives industry is making strides to comply with this new regulatory framework. The Derivatives Service Bureau (DSB) has shed light on the industry’s readiness, indicating significant preparation efforts across the region. Following the United States, which initiated UPI reporting in January 2024, the EU is set to be the next G20 jurisdiction to enforce this standard, with the UK scheduled to join in September 2024. Emma Kalliomaki, Managing Director of ANNA and the DSB, emphasized the global momentum towards…

Deribit FZE, the Dubai-based arm of the leading crypto derivatives platform Deribit, recently announced a major development in its operational framework. The firm has successfully secured a conditional Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), marking a significant regulatory achievement. This conditional license is a pivotal step for Deribit, enabling it to offer Virtual Asset Exchange Services that encompass both spot and derivatives trading. However, it’s important to note that the license is non-operational at this stage. Deribit must meet additional requirements set forth by VARA to activate its license fully. This announcement also…

PayToMe.co, a fintech company based in Palo Alto, California, has announced a significant development in its global operations through the integration of Stripe Connect with its payment solutions. This collaboration is set to enhance the company’s capabilities in facilitating seamless onboarding, executing global payouts, ensuring payment compliance, and managing Know Your Customer (KYC) processes in over 100 countries worldwide. The inclusion of Stripe Connect is a strategic move aimed at scaling PayToMe.co’s services on a global level, marking a crucial step in its expansion and its aim to innovate in the field of global commerce. With this integration, PayToMe.co is…