BingX Enhances Automated Trading via AstraBit Partnership

Zodia Custody Launches Crypto Custodian Service in DubaiZodia Custody, a subsidiary of British multinational banking services firm Standard Chartered, has entered the Middle Eastern market, bringing its crypto custody service to Dubai.In a tweet on Thursday, the start-up announced that its parent company Standard Chartered has signed a memorandum of understanding (MoU) with the Dubai International Financial Centre (DIFC) to launch digital asset custody services in Dubai, powered by Zodia Custody.The move will only go ahead once it has been approved by Dubai’s regulator, the Virtual Assets Regulatory Authority (VARA). At the MoU signing ceremony, Standard Chartered CEO Bill Winters stated: “We see digital assets as an important part of the future of financial services and we are committed to investing in the infrastructure and talent necessary to be a leader in this space.”“The UAE [United Arab Emirates] has a well-balanced approach to digital asset adoption and financial regulation, making it an ideal first market for us to launch our digital asset custody proposition,” Winters added.With 54 years in the financial services arena, the UAE is already home to Standard Chartered’s operations in the Middle East and North Africa (MENA) region.SBI joint ventureIts London-based subsidiary has been busy. In addition to this expansion into the MENA region, in February the fledgling company entered the Japanese market. It achieved that by partnering with Japanese financial services conglomerate, SBI Holdings. The Japanese joint venture company is 51% owned by SBI, while Zodia holds the remaining 49% minority stake. At the time, Julian Sawyer, CEO of Zodia Custody, said that “partnering with SBI DAH ensures the joint venture will offer gold-standard crypto asset custody services in Japan.”Capital injectionLast month, SBI Holdings stepped up its association with Zodia Custody by becoming the lead investor in Zodia’s latest funding round. Up until that point, Zodia had been supported largely by Standard Chartered. Northern Trust took a 10% stake with Standard Chartered accounting for the remaining 90% equity stake. Following that most recent funding round, SBI now moves up the rankings to become Zodia’s second largest investor.Zodia was founded in 2020 in tandem with a separately launched trading platform, Zodia Markets. Its objective was to offer a safe, trustworthy platform through which institutional clients could invest in crypto assets. As a UK-based entity, the firm is regulated by the UKs Financial Conduct Authority (FCA).Heightened digital asset developmentAuthorities in Dubai and within the UAE in general have been working hard in recent months with an eye towards making the country, and particularly its Dubai and Abu Dhabi Emirates, a hub for digital asset-related business. Regulators in Dubai, Abu Dhabi, and at a national UAE government level, have been progressing in terms of getting a workable digital assets regulatory framework and licensing regime in place.With the Dubai Fintech Summit having taken place earlier this week, there were further developments still relative to digital asset business in the UAE. On Monday, Coinbase CEO Brian Armstrong was in attendance alongside his executive team. Just like Armstrong, Ripple CEO Brad Garlinghouse was also a keynote speaker at the event. Both complemented the UAE on its regulatory approach to crypto off the back of both of them having been sharply critical of the regulatory approach in the United States. Armstrong indicated that his company is interested in establishing a base in Abu Dhabi while Garlinghouse confirmed that Ripple is opening an office in Dubai.Photo by Aleksandar Pasaric on Pexels

Regulatory Pressure Sees Binance Cease Card Offering in the Middle EastLeading global crypto exchange Binance has announced the discontinuation of its card services in the Middle East.Users hailing from the region will have until September 21 to maximize the utility of their Binance cards before the product will no longer be available to them. Latin America is another region which will be similarly affected by the decision. Binance Customer Support stated: “The Binance Card will regrettably no longer be accessible to users based in Latin America and the Middle East.”Photo by rupixen.com on UnsplashEnabling crypto spendingDistinct from conventional debit cards, these Binance cards have offered users the convenience of settling day-to-day expenses with crypto assets. However, this unique feature is now set to become a relic as the exchange shifts its strategy in response to evolving regulatory dynamics.It’s worth noting that this product curtailment will only impact less than 1% of users situated in these regions. Other Binance services around the world will continue unimpeded. That said, products like this one are significant as they help to bridge the gap between the crypto sphere and conventional commerce.As a substitute, Binance is actively championing its “Binance Pay” platform, touting it as “an advanced cryptocurrency payment solution that is both contactless and internationally accessible.”Checkout.com setbackFinancial pundits are speculating that this strategic move could be closely intertwined with recent realignments in Binance’s corporate partnerships. Notably, the UK-based payment processor, Checkout.com, severed its connections with Binance earlier this month amidst mounting regional regulatory interventions and concerns.Responding to this severed partnership, Binance has indicated a contemplation of legal recourse against Checkout.com’s decision. The backdrop of this collaboration has been problematic since its inception in 2020. Initial troubles surfaced when the absence of the 3-D Secure system facilitated a criminal syndicate to conduct a $10 million transaction spree on Binance.Clash with global regulatorsRecent months have seen Binance find itself entangled in a web of legal battles. The US Securities and Exchange Commission (SEC) leveled allegations against Binance, accusing the exchange of deceiving regulatory bodies and mishandling customer funds.Meanwhile, French authorities have intensified their scrutiny, suspecting Binance of potential involvement in money laundering activities. As a domino effect, Binance had to exit numerous markets due to its inability to meet the stringent compliance criteria. Over the course of just three months, the company has lost its ability to trade in Germany, Canada, Belgium, the Netherlands, and Cyprus.Asian pivotAs the company comes under pressure in Western markets, it has focused on furthering its offering in the Asian region. In May, its subsidiary, Gulf Binance, successfully acquired a trading license in Thailand. Later that month, the company announced plans for a dedicated platform for Japanese customers.Parrot Capital, a decentralized hedge fund, has issued a direct recommendation to Binance Card users in response to the news:“Check your daily limits. Withdraw via ATM all your funds or spend them ASAP or risk losing them for good.”This sustained and pervasive scrutiny underscores the formidable challenges faced by the leading crypto exchange. As the regulatory landscape evolves, exchanges like Binance are being forced to re-calibrate in order to navigate an ever-changing environment.

Korean Blockchain Game Publisher Joins UNGC to Bolster ESG ManagementWemade, a Korean blockchain game publisher, joined the United Nations Global Compact (UNGC) to bolster its environmental, social, and governance (ESG) management. The company announced its membership through a press release issued on Wednesday.Photo by Noah Buscher on UnsplashUNGC membershipSince its establishment in 2000, the UNGC has evolved into the largest corporate sustainability initiative worldwide. With a membership base of over 20,000 companies spanning across 162 countries, it serves as a platform for organizations to align their operations with ten principles encompassing human rights, labor, environment, and anti-corruption.Annual reportsUnder the guidelines of the UNGC, Wemade will fulfill its commitment by submitting an annual report called the Communication on Progress (COP). The company’s objective is not only to meet sustainable development goals but also to enhance its ESG management. Along with these endeavors, the company will strive to improve its corporate citizenship.ESG managementIn expressing his thoughts on the matter, Wemade CEO Chang Hyun-guk emphasized that the company’s inclusion in the UNGC would serve as a catalyst for driving sustainable growth through ESG management. He underscored its commitment to fulfilling corporate social responsibility and meeting global standards by practicing ESG management, given its position as a leading entity in the blockchain market.Wemade’s three main objectivesMeanwhile, Wemade is practicing ESG management centered on three main objectives: responsible environmental management, inclusive growth for future generations, and transparent governance.