Aha Group $35 Million Crypto Fraud Draws Harsh Jail Terms in South Korea
Senior executives of the Aha Group have been handed lengthy prison sentences for orchestrating a crypto fraud of $35 million.
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Binance on Abu Dhabi License Withdrawal
Abstract：Amidst rising regulatory scrutiny, Binance's recent withdrawal of a financial license application in Abu Dhabi signals a strategic shift, impacting its global operations and regulatory engagements.
Binance, amidst heightened regulatory attention, has withdrawn its application for a pivotal financial license in Abu Dhabi, indicating a reconsideration of its strategy.
Initially submitted a year ago and retracted on November 7, the application aimed for permission to oversee a collective investment fund, according to Abu Dhabi‘s financial regulator’s website. Despite speculations, a Binance spokesperson clarified that this move was not linked to the recent U.S. settlement.
The company, holding regulatory clearances in Dubai and Abu Dhabi, has actively engaged in shaping cryptocurrency regulations in the region. Notably, Binance had announced plans to fill over 100 positions in Dubai last year.
A Binance spokesperson stated that the company assessed its global licensing requirements and determined that the specific license, managed by BV Investment Management Limited for overseeing a collective investment fund, was deemed unnecessary. As a result, the company voluntarily pursued the cancellation of this license.
Changpeng Zhao, the former CEO with Canadian citizenship and Chinese heritage, received UAE citizenship and reportedly owns property in Dubai. The newly appointed CEO, Richard Teng, disclosed during a Financial Times conference that the companys headquarters for the Middle East and North Africa reside in Dubai, hinting at an upcoming announcement regarding its global headquarters' location.
Throughout this year, Binance has withdrawn from various markets such as Germany, Cyprus, and the Netherlands, encountering operational limitations in Belgium. However, it established a Polish entity to cater to Belgian clients and emphasized its focus on pivotal EU markets like France, Italy, and Spain, anticipating forthcoming crypto asset regulations in the EU.
Abu Dhabi boasts one of the most sophisticated regulatory frameworks for digital assets, providing clarity for entrepreneurs and clients. The UAE, particularly, exhibits strong support for fintech, showcasing initial success stories in the Middle East's fintech landscape.
While persisting in regional expansion, Binance had sought an IPA in Abu Dhabi (eventually intending for an FSP), marking its third approval in the Middle East, following Bahrain and Dubai, the second-largest city in the UAE after Abu Dhabi.
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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GODO, a Mauritius-based forex broker, is gaining attention from users worldwide for the various products and services it offers to them. According to the broker’s official website, it attributes the decision and success to making trading go beyond a service to becoming an exceptional experience for clients. So, if you are already its customer or are planning to become one, here is the comprehensive GODO review you must read. The review will take you through different account types, trading conditions and user reports.
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TRADE.COM, a Mauritius-based forex broker, is gaining attention on broker review platforms, such as WikiFX, for more negative reasons than positive ones. The negative reports have emerged on account of the constant withdrawal denials and capital losses due to the alleged wrong trading guidance by the broker. There are positive reviews too, but most of them sound too generic. Exposure reports cover specific glitches traders have faced here. In this TRADE.COM review article, we have investigated multiple complaints against the forex broker. Read on!
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