Key appointment sees Turkey’s central bank enhance crypto expertise

amana, a Dubai-based neo-broker, has announced that it is adding another 300 cryptocurrencies to its app. 450 crypto assetsA neo-broker is an online-based digital investment service provider that leverages technology and online tools to make investing and trading more accessible to the broader investing and trading public. The firm announced the product expansion via a press release published on its behalf by GlobeNewswire on March 17. Prior to the announcement, amana had offered its service users access to 150 cryptocurrencies. Expanding the range to a total of 450 cryptocurrencies makes it the leading broker in the Middle East and North Africa (MENA) region in terms of the breadth of digital assets it has made accessible to users.Photo by Christoph Schulz on UnsplashAll-in-one service offeringThe company described the offering as “unmatched,” allowing amana to firmly position itself as the go-to platform where the seamless trading of both traditional and digital assets is concerned. amana believes that its offering fills a gap in the market. Most platforms, it claims, either cater to the digital assets market or the traditional finance market. The platform sees itself as an all-in-one solution, making it unnecessary for investors and traders to create multiple accounts. Speaking to that gap in the market that the company wants to exploit, amana CEO Muhammad Rasoul stated: “We’re making it easier than ever for our customers to trade digital assets alongside stocks, forex, and commodities—all in one place, with zero hassle.” The firm added that the expansion isn’t just about offering a greater selection of digital assets. The announcement said that “it’s about seamless access, competitive pricing, and a frictionless trading experience.” The company described the amana app as “intuitive,” with the ability to empower both seasoned traders and new investors through the ease of trading within a few taps. Alongside the 450 digital assets, the platform provides users with access to U.S. stocks, FX, commodities, gold and global exchange-traded funds (ETFs). amana also facilitates users to trade using leverage and to avail of automated investment plans. Futures products and contracts for difference (CFDs) complete the product offering lineup. Having first launched in September 2022, the platform claimed recently that it has over 320,000 users accessing the service. Besides Dubai, amana has offices in London, Limassol and Beirut. The company is not the first online broker to bridge the gap between traditional finance and digital assets. American commission-free trading platform Robinhood has made in-roads into crypto. The company has plans to roll out its crypto offerings to the Singapore market later this year.  UK-based neobank Revolut has expanded into the world of investing, including crypto as part of that offering. It emerged last year that the firm has plans to launch a stablecoin. flatexDEGIRO, a European online broker that offers stocks, bonds and exchange-traded funds (ETFs), outlined last November that it plans to extend its product offering to include cryptocurrencies.

HTX experiences $258 million outflow post-hackHTX, the digital-asset trading platform associated with Chinese-born crypto mogul Justin Sun, has witnessed a substantial net outflow of $258 million since resuming operations after a significant security breach.According to Bloomberg, data from DefiLlama indicates that the outflow occurred between the exchange’s restart on Nov. 25 and Dec. 10, signaling unease among some clients following last month’s cyberattack. In November, HTX reported a loss of $30 million in crypto tokens due to the breach, prompting a temporary suspension of withdrawals and deposits.Towards the end of last month, the platform re-enabled withdrawal services for major cryptocurrencies, gradually bringing the exchange back to full service, supporting withdrawal of all digital assets.Photo by Amritanshu Sikdar on UnsplashMultiple hacksJustin Sun is also associated with the Poloniex exchange and the HECO Bridge, a network established by HTX for blockchain transfers. Both Poloniex and HECO fell victim to hacks in November, resulting in the theft of approximately $200 million in crypto. It’s worth noting that hackers had previously stolen $8 million from the HTX platform in September.HTX, which was formerly known as Huobi up until a business rebrand in September, boasts an average trading volume of $1.5 billion in the past 24 hours, securing its position as the fifteenth largest exchange when measured in terms of trading volume.Increased vigilanceIn the wake of several high-profile crypto platform failures in 2022, digital-asset investors are increasingly vigilant about monitoring flows and reserves at virtual currency exchanges. In particular, that trend gained momentum after the FTX platform’s collapse last year due to fraud.November turned out to be the most damaging month this year so far in terms of platform digital asset theft. Exit scams and exploits encountered during the month totaled a staggering $363 million in losses.In October, the UK’s Financial Conduct Authority (FCA) included HTX, alongside KuCoin, on a warning list, due to their promotion of services in the UK, without having obtained the required regulatory approvals.A third of reserves in BitcoinDefiLlama data reveals that Bitcoin constitutes the largest portion of HTX’s reserves, accounting for approximately 33%. Tron’s TRX token, launched by Sun in 2017, represents around 32% of the reserves. HTX’s native exchange coin, HT, makes up 14%, followed by a Sun-backed token named stUSDT at 12%.In August, Travis Kling, Founder of Ikigai Asset Management, had this warning relative to Sun and HTX:”Justin Sun is a criminal. There’s a hole in Huobi, a hole in TUSD and a hole in Tron DeFi. Act accordingly.”TRX, at the center of U.S. fraud allegations against Sun, prompted a March lawsuit by the Securities and Exchange Commission (SEC), accusing him and his firms of market manipulation to inflate the token’s trading activity. Sun dismissed the suit on the X social media platform back in March, stating that it “lacks merit.” On Sunday, Sun claimed that the Tron blockchain network which he founded had reached a new milestone of 200 million users.Despite security firm BlockSec reporting the recovery of the $8 million stolen in September, hackers still appear to control the $30 million taken last month. The ongoing situation raises concerns about the security measures and resilience of HTX in the face of persistent cyber threats.

UAE Emirate Launches Digital Asset Oasis Free ZoneRas Al Khaimah (RAK), one of the seven Emirates of the United Arab Emirates (UAE), has launched the RAK Digital Assets Oasis (RAK DAO), a free zone tailored exclusively for digital and virtual asset enterprises.Photo by Mostafa Ashraf Mostafa on UnsplashFrom conception to launchThe Emirate has been working on the RAK DAO project for some time, having enacted a law to establish the free zone in March of this year. In July it emerged that RAK Digital Assets Oasis had partnered with the HBAR Foundation, the project team behind the Hedera public ledger, with HBAR extending funding and resources to fuel the growth of free zone members.Having put in the hard yards to establish the free zone, RAK DAO, under the patronage of RAK Emirate ruler His Highness Sheikh Saud Bin Saqr Al Qasimi, had its launch event on Thursday. The event included a range of industry speakers including Ledger Chairman and CEO Pascal Gauthier, Animoca Brands Co-Founder and Executive Chairman Yat Siu, DFINITY Founder Dominic Williams, and TON Foundation President Steve Yun, among others.During the event, DAO creation and governance platform DeXe DAO Studio announced its partnership with RAK DAO.With an eye towards keeping the RAK Emirate ahead of the technological curve, RAK DAO aims for the digital assets oasis to become the world’s first free zone dedicated solely to digital and virtual asset companies. While RAK DAO is initially expected to focus on non-financial activities, it holds the potential to introduce financial activities at a later stage.Nurturing Web3 innovationThe mandate of RAK DAO is to provide robust support to companies engaged in cutting-edge technologies. This includes but is not limited to ventures in the metaverse, blockchain, utility tokens, virtual asset wallets, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps), and various other Web3-related businesses.Entrepreneurs who establish their presence within the confines of this free zone will be granted the privilege of retaining 100% ownership of their enterprises. Moreover, they will benefit from innovative tax schemes and a regulatory framework that is tailored to the unique demands of the digital asset industry.Progressive approach to Web3The UAE, as a nation, has actively pursued and courted crypto and blockchain firms by cultivating a progressive regulatory environment. Dubai led the charge by introducing a virtual assets law and establishing the Virtual Asset Regulatory Authority.RAK is not the first Emirate to establish a free zone that caters to crypto and Web3 business within the UAE. The Emirate of Abu Dhabi has established the Abu Dhabi Global Market (ADGM) while the Dubai International Financial Centre (DIFC) established its own financial regulator in Dubai, paving the way for attractive free zones for digital asset businesses. The Dubai Virtual Assets Regulatory Authority (VARA) even took its commitment a step further by inaugurating its headquarters in The Sandbox in May 2022.Dubai has issued operational licenses to several crypto firms, including prominent names like Binance, Crypto.com, and Nomura’s Laser Digital and digital asset custodian Komainu. These licenses have further solidified the UAE’s position as a preferred destination for crypto, blockchain, and Web3 enterprises.