Binance Set For Japanese Market Re-Entry With 34 Token Listings

Bitay Ventures into Expanding UAE Crypto MarketTurkey’s Bitay, a cryptocurrency exchange headquartered in Istanbul, has taken the decision to enter the United Arab Emirates (UAE) market.The company announced the development via a press release published on Thursday.Bitay General Manager Niyazi Yilmaz expressed his satisfaction in having made the move, stating: “The UAE provides a stable regulatory environment for crypto exchanges. It will serve as more than just a market for Bitay, it will be our technology base, central to our global blockchain strategy.”Photo by Aldo Loya on UnsplashGovernment-aided kickstartBitay sprang to life in 2018 following the award of a research grant by the Turkish government. The business has been operational in Turkey over the course of the past five years, but took the decision to expand on a global basis in 2021. The upshot of that decision saw the company obtain a Money Services Business (MSB) license in 16 states in the United States. Beyond that, the firm has made efforts to extend its services to customers across Europe, Asia, Africa, and the Americas.Last year, Bitay entered the Indian market, and as part of that process, it established an office in Gurgaon. At that time, the company claimed that India, the Turkic countries, Eastern Europe, the Balkans, and selected countries in the Middle East and North Africa (MENA) were its priority markets.Stablecoin USPThe company feels that it has something additional to offer the UAE market by comparison with other platforms that will provide it with a unique selling proposition (USP). It will also offer AEDD, a stablecoin that is pegged to the UAE's local currency, the United Arab Emirates Dirham (AED). Yilmaz explained: “AEDD is not just a stable coin, but a testament to the investment and trust we place in the UAE’s digital future.”To further bootstrap the launch of the platform within the UAE, Bitay is offering some preliminary incentives to encourage UAE residents to use the service. To that end, it’s launching an “Advantageous 2nd Sales Period” campaign. The offering will incorporate 25% discounts on its native exchange token, accompanied by a yield bonus of up to 30% on USDT-based investments.Native token offeringThe company claims that its native token achieved a 330% surge in value within its first year. That said, exchange tokens have been the subject of controversy more recently. The reliance of failed cryptocurrency exchange FTX on its native FTT token was a key factor in the downfall of the platform in 2022. Similar concerns have been raised with regard to global crypto exchange Binance relative to its native BNB token, albeit that any such assertions remain a matter of speculation.A progressive regulatory approach to virtual assets over the course of the past 12 months in the UAE has seen proponents of digital currency heap praise on the country. It has also led to a number of sizable crypto platforms attaining licensing in Dubai and Abu Dhabi, while others have established offices or headquarters within the UAE.

Banking giants in Turkey embrace crypto ahead of legislative changeIt remains unclear what the underlying environment for the further development of the crypto sector in Turkey will be until such time as the country introduces a legislative framework to shape the industry’s development. However, that fact is not deterring a couple of Turkey’s leading banks, who have decided to embrace the digital asset realm.Photo by Michael Jerrard on UnsplashStablex acquisitionOn Monday CoinDesk Turkiye reported that the investment arm of Turkish bank Akbank had acquired local crypto company Stablex. Stablex was founded in May 2020 by Jihad Shannak with the objective of providing professional services, including trading relative to cryptocurrencies in Turkey. Majority shareholding passed to Ak Investment in May of this year, with initial negotiations on the sale having commenced in August 2022.A high-ranking official at Ak Investment expressed the group’s ambition to become a pivotal figure in the digital asset realm, signaling a proactive approach to the evolving financial landscape. Akbank also banks the majority of crypto start-ups based in Turkey.Speaking about the acquisition recently, Akbank executive Mert Erdoğmuş stated:“We have invested in Stablex to respond to the need for reliable and innovative service in the cryptocurrency market. Stablex reflects our values with its experience in the sector, pioneering achievements and professional service approach.”BBVA crypto walletAlongside Akbank’s move into the digital assets arena, Garanti BBVA, Turkey’s second largest private bank, recently unveiled its crypto wallet app. The feature-rich application includes a cold wallet, empowering users to seamlessly send and receive assets such as bitcoin (BTC), USD Coin (USDC) and ether (ETH).The pilot project for the app commenced in August, with the application currently available on iOS. In bringing the app to market, the bank created Garanti BBVA Digital Assets, a dedicated subsidiary firm. Commenting on that development back in August, the subsidiary’s Chairman of the Board, M. Çağrı Süzer, stated:”Our research shows that customers significantly value trust in their crypto transactions and especially on its storage. Hence, we are happy to launch our Crypto Custody Wallet addressing these real needs.”Despite uncertainties, Turkey has firmly established itself in the global crypto landscape, ranking among the top 20 countries in Chainalysis’ Global Crypto Adoption Index 2023. The instability of the Turkish lira in recent years has been a driver for crypto adoption in the country. In recent days, the bitcoin unit price has reached its highest exchange rate level against the local sovereign currency.Earlier this week, it emerged that crypto platform Blockchain.com is adding headcount and has its sights set on expansion into Turkey as one of its growth opportunities.FATF-compliant regulatory approachTurkey’s regulatory stance has been to take a cautious approach. In 2021, the central bank restricted the use of crypto for payments, although a complete ban on digital assets was ruled out by officials.Looking ahead, a government official revealed plans for crypto legislation to be presented to Parliament in November. While details remain scarce, this legislative move aligns with Turkey’s broader strategy to exit the Financial Action Task Force’s (FATF) “gray list.”

Bankruptcy Judge Permits Terraform Labs to Subpoena FTXIn a significant development in the bankruptcy case of defunct crypto exchange FTX, a judge has granted Singapore-based Terraform Labs the authority to subpoena information related to its ongoing case brought by the United States Securities and Exchange Commission (SEC).Photo by Bermix Studio on UnsplashHack allegationsTerraform Labs, the blockchain company that developed the Terra blockchain and failed US dollar stablecoin UST, claims that the failures of its algorithmic stablecoin and governance token were the result of an attack from short-sellers, possibly involving Alameda Research (FTX’s sister company).The order, issued by Judge John Dorsey on Monday, allows Terraform Labs to serve subpoenas to FTX Trading and FTX US, aimed at collecting evidence to support its defense against the SEC’s allegations of fraud. According to court filings, lawyers representing the FTX Debtor have not formally objected to the court order.Terraform Labs’ request for subpoena power stems from its belief that short-sellers connected to FTX entities played a role in the failure of the algorithmic stablecoin and governance token, leading to the collapse of the crypto firm. The ability to obtain information from FTX through the subpoenas could be crucial in bolstering Terraform Labs’ defense against the SEC’s fraud charges.UST collapse falloutThe collapse of the UST stablecoin in 2022 contributed to a major market crash, resulting in a significant drop in the prices of many tokens. As a result, the company filed for bankruptcy in November 2022. The Co-Founder of Terra, Do Kwon, is currently serving a four-month sentence in a Montenegrin prison for using false travel documents. He may also face extradition to the United States or South Korea on fraud charges related to Terraform Labs.Motion to dismiss deniedIn a separate high-stakes ruling, US District Judge Jed Rakoff denied Terraform Labs’ motion to dismiss the securities fraud lawsuit filed by the SEC. The judge’s decision allows the SEC’s case against Terraform Labs and Do Kwon to proceed, rejecting defense arguments that the agency lacked jurisdiction and that Terraform’s TerraUSD stablecoin did not qualify as an unregistered security.Judge Rakoff’s ruling is a significant victory for the SEC as it intensifies its enforcement actions against crypto companies involved in allegedly unlawful token sales. He found the collapse of TerraUSD, which lost its dollar peg and incurred a $40 billion loss last year, plausible as a reason to consider the token as a security that should have been registered.Moreover, Rakoff dismissed Terraform’s claim that the SEC lacked the authority to regulate stablecoins without explicit Congressional authorization, asserting that the crypto industry was significant enough to warrant application of the “Major Questions Doctrine.” This doctrine limits agency overreach into major political issues but does not apply to the crypto asset markets.The judge also rebuffed Terraform Labs’ attempts to draw parallels between the Ripple case and its own. In the Ripple case, a different judge ruled that Ripple’s XRP token sales to retail investors did not violate securities laws due to the manner of purchase on secondary markets. Rakoff firmly stated that such distinctions did not apply under the legal Howey test governing whether crypto assets qualify as securities.