Middle east Financial News

16.06 / 02:53

regulation Middle east OKX expansion Dubai's VARA approves OKX 'preparatory' license as part of exchange's expansion plans

The middle eastern arm of cryptocurrency exchange OKX reported Dubai’s Virtual Asset Regulatory Authority had granted the firm a minimal viable product preparatory license as part of its plans to expand into the region.

31.05 / 10:35

Asia Middle east Binance names Teng as head of regional markets outside US

Richard Teng to head its regional markets outside the United States, at a time when the world's largest cryptocurrency exchange has been facing scrutiny from U.S. regulators over compliance issues. Teng, who revealed his promotion on his LinkedIn profile, is already heading regions like Asia, Europe and the Middle East. He joined Binance as CEO of Singapore in August 2021.Teng will begin his new role on Monday. The development comes at a time when Binance has been under fire for non-compliance issues from U.S. authorities, while it has faced pressure in other countries as well.

09.05 / 22:07

business Mining Middle east Marathon Marathon Digital announces immersion crypto mining operations in Abu Dhabi

Crypto mining firm Marathon Digital Holdings announced it has partnered with digital assets infrastructure company Zero Two to create a large-scale immersion Bitcoin-mining facility in Abu Dhabi.

08.05 / 15:53

business coinbase Middle east International Coinbase execs visit UAE to test potential of 'strategic hub' for international operations

Following United States-based crypto exchange Coinbase announcing the launch of its global derivatives platform, key executives at the firm are meeting with industry leaders and policymakers in the United Arab Emirates.

06.04 / 14:13

Law Adoption regulation Religion Asia Middle east Financial Islam and crypto: How digital assets can comply with Islamic financial law

Islamic banking and finance is a system based on the principles of Shariah, or Islamic law, which, among many other things, prohibits the charging or paying of interest on loans and emphasizes ethical and equitable financial transactions.

31.03 / 06:03

business regulation Europe Middle east Bankruptcy FTX EU launches withdrawal website to pay back European users

The European arm of FTX, FTX EU has launched a website to allow European customers to submit withdrawal requests.

23.03 / 22:03

business Banks Middle east Sygnum sees increased crypto firm inquiries after US banking giants collapse

Zurich-based digital asset bank Sygnum is seeing an influx in inquiries from international crypto firms looking for new banking partners following the recent collapses of crypto-friendly banking giants in the United States.

21.03 / 00:49

CBDC regulation IMF Middle east IMF examines CBDC design in context of Islamic banking, finds some risks magnified

A central bank digital currency (CBDC) can impact monetary policy by increasing money velocity, disintermediation, volatility of bank reserves, currency substitution and altered capital flows, even when it is not designed to do so, according to a study published by the International Monetary Fund. The unintended impact of a CBDC may be felt particularly acute in the Islamic banking system.

08.03 / 17:29

business Technology Adoption exchanges Middle east stock exchange Tel Aviv Stock Exchange’s crypto trading proposal a ‘closed-loop system’

When the Tel Aviv Stock Exchange (TASE), the only public stock exchange in Israel, announced that it drafted a proposal for regulation-friendly crypto trading on Feb. 27, it echoed across the crypto industry as a step forward for crypto adoption. However, some experts have framed the proposal as a somewhat underwhelming update to the current crypto landscape in Israel.

02.02 / 21:49

business Middle east Kraken shuts down Abu Dhabi office: Report

Cryptocurrency exchange Kraken has reportedly closed its office in Abu Dhabi less than 12 months after receiving regulatory approval to operate in the region.

22.11 / 21:33

business Binance Funding Middle east recovery Binance CEO denies report firm met with Abu Dhabi investors for crypto recovery fund

Changpeng Zhao, chief executive officer of crypto exchange Binance, has denied a report claiming he met with investors in Abu Dhabi in an effort to raise cash for the company’s crypto recovery fund.

15.11 / 13:45

Middle east Elections Law Decoded, Nov. 7–14: How regulators reacted to the FTX crash

Last week was tough — the alarming series of crypto meltdowns continued with the failure of FTX, one of the biggest exchanges on the market. The crypto industry’s very own “Lehman Brothers moment” pushed regulators to react. United States Senator Cynthia Lummis, famous for her openly pro-crypto position, promised deliberate with her colleagues on whether there was market manipulation, while Maxine Waters, chair of the United States House of Representatives Financial Services Committee, pushed for additional federal oversight of crypto trading platforms and consumer protection.

06.10 / 04:33

markets Adoption Middle east Taliban had a ‘massive chilling effect’ on Afghan crypto market: Report

The Taliban’s takeover of Afghanistan has had a “massive chilling effect” on the local cryptocurrency market, bringing it to an effective “standstill,” according to a recent report.

05.10 / 13:09

Adoption Middle east Middle East and North Africa are fastest-growing crypto markets: Data

Emerging markets continue to forge their way into the crypto scene finding a plethora of use cases, especially in the combined Middle East and North Africa (MENA) region.

22.09 / 13:45

business Government Binance Middle east Regulated fintech in Bahrain enables crypto payments with Binance

Cryptocurrency adoption continues growing in the Kingdom of Bahrain, with local companies enabling payments in crypto like Bitcoin (BTC).

04.08 / 16:57

business Adoption Africa Middle east Cointelegraph expands to Middle East and North Africa with a new franchise

Cointelegraph, the premier blockchain- and crypto-focused media outlet, is expanding its presence into the Middle East and North Africa (MENA) region with the help of a new franchise owner, Luna Media Corporation.

22.07 / 14:47

Adoption Middle east Bitcoin Prince Philip of Serbia calms rumors of Arab country Bitcoin adoption

Prince Filip Karađorđević, known as Philip Karageorgevitch in English, placated rumors that an Arab country would “soon” adopt Bitcoin (BTC) as legal tender. In an interview Philip delivered from Serbia, the prince explained that Bitcoin adoption is an inevitability for all countries.

14.07 / 06:35

Latin America Europe Asia Middle east KuCoin volumes more than double the existing crypto m-cap in H1

Crypto exchange KuCoin has released its semi-annual report for the ongoing calendar year, where it claims volumes reached the $2 trillion mark. The Seychelles-headquarter exchange has added 9.75 million new users during the period, with the total number of users crossing the 18 million mark, as per the report. The total volumes, including both spot and futures, is more than double the total market cap of the crypto cart, struggling to hold the $1 trillion mark for about a month now. This showcases a 180 per cent growth compared to the same period in 2021.

13.07 / 19:31

business Blockchain Adoption Middle east Syrian refugee turned civil activist found calling as blockchain evangelist

There is an educational website for beginning crypto users called ZeFi. The site has helpful introductory lessons, some interesting articles and a look of sincerity, much like other sites. However, none of it is that different — at least not in English. Its special feature is the language button in the upper right corner that reveals the Arabic version of the website.

25.04 / 11:37

business Adoption Kraken Middle east Kraken awarded crypto trading license in the United Arab Emirates

Californian crypto exchange Kraken becomes the second virtual asset platform after Binance to receive regulatory approval to operate in the Abu Dhabi international financial center and free zone, Abu Dhabi Global Market (ADGM).

22.03 / 16:29

markets Government Middle east recommendations Abu Dhabi rolls out draft recommendations for NFT trading

Abu Dhabi Global Market (ADGM), the emirate’s free zone, published a consultation paper on March 21 titled “Proposals for enhancements to capital markets and virtual assets in ADGM.” The document contains draft guidelines that, among other asset classes, cover nonfungible token (NFT) trading. The paper proposes that companies with a license from the free zone’s financial regulator be allowed to facilitate NFT trading.

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