PantherTrade applies for Hong Kong trading license

Crypto.com, the global crypto exchange platform headquartered in Singapore, has recently added an “AED Fiat Wallet,” allowing its users based in the United Arab Emirates (UAE) to deposit and withdraw UAE dirhams to and from their Crypto.com accounts. In a statement published on its website on Dec. 11, the firm outlined details of the added feature. So as to be able to access the AED Fiat Wallet, UAE residents will need to be registered on the platform with a UAE phone number. Once users configure platform settings to reflect the AED as their default currency, the platform displays the relevant deposit information to enable users to deposit the currency to their accounts. The minimum deposit has been set at 10 AED per transaction with a maximum of four million AED per day.Photo by Katerina Kerdi on UnsplashFacilitated by Standard CharteredCrypto.com claimed on X that the new feature could be set up easily, enabling fast and simple transfers. Additionally, the company is not charging users a deposit fee for AED deposits. Tarik Erk, Crypto.com’s General Manager for Middle East & Africa, explained that a collaboration with British multinational bank Standard Chartered had enabled the offering. Erk stated: “This new wallet launch is made possible through our global banking partnership with Standard Chartered which we announced in August, alongside the ongoing and valued support of VARA [Virtual Assets Regulatory Authority], which enables us to continue our expansion across the UAE. We’re extremely focused on offering our customers a seamless world-class experience and, at its very core, that includes ease of deposits and withdrawals – enabling our customers to interact with our products and services with as much flexibility as possible.” Crypto.com launched its service in the UAE in August, and at the time, it recognized the significance of its partnership with Standard Chartered. In September Standard Chartered announced the launch of crypto custody services in the UAE in collaboration with Brevan Howard Digital. The service was licensed by the Dubai Financial Services Authority (DFSA).  In November of last year, Crypto.com was awarded a license by VARA to provide virtual asset services. Last week, it emerged that the company had acquired Orion Principals Limited, an Abu Dhabi-based securities firm. The brokerage firm is licensed by the local regulator within the Abu Dhabi Global Market, an economic free zone and financial center. Crypto.com said that the acquisition will lead to the company rolling out new services to eligible platform users, including securities, options, futures and contracts for difference. Deutsche Bank partnershipHaving forged a partnership with TradFi banking giant Standard Chartered in the Middle East, Crypto.com announced a similar partnership with another TradFi giant, Deutsche Bank, last week. The collaboration will see Deutsche Bank provide the company with banking support and corporate banking services within its home base of Singapore, as well as in Australia and Hong Kong. Back in June, Deutsche Bank partnered with another crypto exchange business, Bitpanda, to assist it in offering real-time inbound and outbound payments on its platform. 

CoinFLEX founder: creditors not to interfere with OPNXMark Lamb, the co-founder of failed crypto derivatives and yield platform CoinFLEX, has asserted that creditors of the company cannot interfere with OPNX, a Seychelles-incorporated company that Lamb has co-founded with Kyle Davies and Su Zhu, the founders of failed Singaporean crypto hedge fund, Three Arrows Capital (3AC).Photo by Chapman Chow on UnsplashFallout following writIt emerged in October that a group of CoinFLEX creditors had filed a writ of summons in the High Court of Hong Kong, claiming that OPNX, a new crypto bankruptcy claims trading platform linked to CoinFLEX, was established using CoinFLEX assets without their consent. While incorporated in the Seychelles, CoinFLEX ran its operations from Hong Kong.The writ alleges that Mark Lamb misappropriated assets, diverted clients and business opportunities and engaged in actions harmful to creditors during his tenure.The creditors argue that Lamb, while serving as CoinFLEX’s CEO, simultaneously devoted time and effort to setting up OPNX, contrary to his responsibilities. The allegations include diverting assets, falsely representing OPNX’s association with CoinFLEX creditors, disclosing confidential trade secrets and soliciting employees to move to OPNX.The legal action — filed by two companies, Liquidity Technologies and Liquidity Technologies Software — claims that OPNX’s formation was unauthorized and harmful to CoinFLEX creditors. Despite CoinFLEX’s terms of service requiring dispute resolution through arbitration in Hong Kong, the allegations have not been proven in the High Court of Hong Kong.Lamb addresses ‘Twitter FUD’In response to these creditor actions, earlier this week, Lamb took to X (formerly Twitter) to address what he termed as “Twitter FUD.” Lamb wrote:“The Hong Kong court ruled that the few CoinFLEX creditors behind recent ‘FUD’ must not disrupt or interfere with OPNX in any way — and their legal counsel has subsequently stopped representing them.”Lamb added that he hoped that CoinFLEX’s 4,800 creditors would choose the path that he has proposed on the basis that it “maximizes value.”OPNX has defended its position, emphasizing that it provided an opportunity for creditors to sell their claims on the exchange for quick cash, benefiting them. Davies and Zhu have pledged to donate their share of the profit to 3AC creditors.In February, OPNX CEO Leslie Lamb, Mark Lamb’s wife, announced the rebranding of CoinFLEX to Open Exchange (OPNX). However, the writ of summons claims that OPNX is a separate entity not authorized by CoinFLEX creditors. Leslie Lamb followed up in April by claiming backing from well-known entities in crypto venture capital, only for many of those mentioned to immediately refute such claims.The dispute has also implicated Roger Ver, a well-known character in the crypto space otherwise referred to as “Bitcoin Jesus.” Ver, a significant individual customer, was accused of defaulting by CoinFLEX. Ver denied defaulting and claimed that CoinFLEX used his trading positions against him, leading to a court-ordered arbitration.OPNX, since its launch in April, has obtained a Lithuanian license for spot trading in the EU and currently processes substantial daily trading volumes. Criminal and civil proceedings against OPNX co-founders Davies and Zhu are ongoing. The situation remains fluid as the legal dispute unfolds.

Thailand's Securities and Exchange Commission (SEC) has approved the leading U.S. dollar stablecoins USDT and USDC, expanding its list of approved cryptocurrencies within the Southeast Asian country.Photo by Tarun Ottur on UnsplashListing on regulated exchanges The approval was announced in a statement published on the SEC website on March 6. It means that Tether’s USDT and Circle’s USDC can now be listed on regulated exchanges in Thailand. The regulator had arrived at its decision to add the two stablecoins following a public consultation process regarding regulatory changes. Those changes were finalized last month and will now proceed to go into effect on March 16. The two stablecoins join five cryptocurrencies that had previously been approved. These include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Stellar (XLM). Certain cryptocurrencies are also being used for the testing of payment settlement through the Bank of Thailand’s Programmable Payment Sandbox.   A regulatory sandbox is a controlled environment testing ground for products and services developed within the private sector. Back in June of last year, the Southeast Asian country’s central bank launched an enhanced regulatory sandbox focused on programmable payments.  USDT issuer Tether responded to the addition of its stablecoin within the approved cryptocurrency list, stating: “This approval enables USD₮ to be traded within the country, facilitating its listing on regulated exchanges and paving the way for USD₮ to be accepted for payments, which advances the region’s leadership in digital asset innovation.” Tether CEO Paolo Ardoino said that the company sees value in the Thai market and with that, it intends to continue to explore ways to broaden its service offering within Thailand. He added:  “We are committed to supporting the long-term success and adoption of stablecoins in Thailand and look forward to contributing to the growth of the country’s digital asset ecosystem by fostering a strong and sustainable stablecoin infrastructure.” Stablecoin market growth According to DeFi data aggregation platform DefiLlama, the stablecoin market now stands at $227 billion in terms of market capitalization. This represents a 68% increase by comparison with the size of the market in 2023. It indicates that stablecoin adoption is on an upward growth trajectory. Digital assets are being used in many instances to facilitate international payments and remittances, particularly in emerging markets. In Europe, American investment bank JPMorgan recently forecasted that the introduction of the Markets in Crypto-Assets (MiCA) regulation will drive euro-pegged stablecoin growth.  Meanwhile, in the United States, S&P Global Ratings recently identified that a current lack of stablecoin regulation is acting as a barrier to broader institutional use. The company anticipates adoption growth once regulatory clarity has been achieved. Vlad Tenev, CEO of commission-free investing platform Robinhood, stated last month on Yahoo Finance’s Opening Bid podcast that stablecoin legislation will be passed in the U.S. in 2025. Tenev believes that applying a 4% interest rate to stablecoins would lead to a greater rate of adoption.