28 crypto service providers register with India’s FIU

Ribbon Finance Enables Altcoin Options TradingSingapore’s Ribbon Finance, a project that offers a suite of DeFi protocols that help users access crypto-structured products, has enabled altcoin options trading via its Aevo decentralized exchange (DEX).The Ethereum-based platform has begun offering options relative to cryptocurrencies beyond the top two of Ethereum and Bitcoin. Examples of coins that users of Ribbon Finance’s Aevo DEX can access as options include Lido’s LDO, Sui’s SUI token, APT, the token of high throughput proof of stake-based blockchain Aptos, the ARB token of layer two Ethereum scaling network, Arbitrum and Litecoin (LTC).Trading options on-chainThe Aevo DEX project took to Twitter on Monday to announce the development. The project has named the options product “Aevo OTC,” terming it as “the best place to trade altcoin options on-chain.” The firm claims that it’s the first platform to allow users “to trade altcoin options on-chain, in size, with institutional grade liquidity providers.”To kick things off, users will be enabled in trading these altcoin options across weekly, bi-weekly and monthly maturities relative to thirteen crypto tokens. The project plans to rotate the list of coins available for options trading every month depending upon what it deems to be the most popular coins on the market at a given time.Early service adoptersAs Aevo is a DEX, it will utilize on-chain margin systems. When a user buys an option the counterparty is required to post margin of approximately 30% of the notional trade size in the form of US dollar stablecoin, USDC. That procedure is all on-chain and transparent, enabled via smart contracts.Although officially launching the product today, Aevo OTC has been used in production for a number of weeks already. Both digital assets firm Galaxy Digital and crypto-native investment firm CoinFund have already been using the product to trade options.Other early adopters of the product include DeFi R&D and liquid crypto investment strategies firm Re7 Capital and crypto options and structured derivatives firm, OrBit Markets. In fact, Galaxy and OrBit Markets, alongside GSR, are acting as market makers for the product, enabling users to get instant quotes.Developing the crypto options marketThe development means that market participants can now strategize and take advantage of trading altcoins relative to specific events that may be fundamental to a project, such as Litecoin’s halving, for instance. At a later stage, the project intends to enable users in writing options contracts to include customized margins and a specified counterparty.The crypto options market is still at a very early stage of development. Deribit has been the dominant crypto options platform. Ribbon Finance’s service rollout broadens that market, extending options trading beyond the current limited offering of bitcoin, ethereum and solana.The product is more capital efficient for market participants as its portfolio margin system calculates real-time margin requirements, in that way offsetting money-making and losing positions relative to a particular portfolio.Photo by Shubham Dhage on Unsplash

The Philippines' financial regulator announced that it is implementing what amounts to a ban on Binance in the Southeast Asian nation by blocking local access to the leading global cryptocurrency exchange. This decision, publicized via a press release on March 25, comes as the Securities and Exchange Commission (SEC) raised concerns last November over Binance's operations in the country, citing a lack of necessary licenses for certain investment products. According to the press release, the SEC revealed that it sought assistance from the National Telecommunication Commission (NTC) to enforce the ban, expressing worries about the security of Filipino investors' funds on the platform. In a letter addressed to the NTC, SEC Chairman Emilio Aquino stated:"The SEC has identified the aforementioned platform and concluded that the public's continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos.”Photo by Krisia on PexelsA similar move was taken last December by the Financial Intelligence Unit (FIU) in India, as it acted to block access to what it deemed to be non-compliant global crypto exchanges. Unlicensed servicesThe SEC alleges that Binance offers services like leveraged trading and crypto savings accounts without the required licenses, violating the country's Securities Regulation Code. Consequently, the ban is set to be implemented within three months, allowing investors time to exit their positions held through Binance. Furthermore, the SEC has requested Google and Meta to restrict Binance-related advertisements targeted at Filipino users on their platforms, extending the regulatory measures to online advertising as well. A similar stance was taken by authorities in Thailand last August with the Ministry of Digital Economy and Society (MDES) engaging in talks with Facebook in an effort to curb questionable crypto-related advertising on the platform. Regulatory setbackThis move by the Philippines' financial watchdog marks another regulatory setback for Binance, which has faced increasing scrutiny globally. In December 2023, a U.S. court ordered Binance to pay significant fines to the Commodity Futures Trading Commission (CFTC) for evading federal law and operating an illegal derivatives exchange. As part of the settlement, Binance's former CEO, Changpeng Zhao (CZ), agreed to step down from his position, with Zhao also facing civil and criminal charges related to anti-money laundering laws. The SEC's cautionary stance against Binance dates back to November 2023, shortly after Zhao's legal troubles in the U.S. emerged. At that time, the SEC expressed its intention to ban Binance in the Philippines, though the execution was postponed due to changes in the leadership of the regulatory body. Notably, Kenneth Stern, who headed up Binance's operations in the Philippines, exited the company in July 2023, amidst mounting regulatory pressures and legal challenges. Binance had seen many leading executives part ways with it in the lead-up to the company’s settlement with the U.S. Department of Justice (DoJ) last year. With regulatory actions tightening around Binance globally, the future of the exchange in various jurisdictions remains uncertain. The ban in the Philippines adds to the ongoing regulatory challenges faced by the company and underscores the growing importance of compliance within the cryptocurrency industry.

MANTRA, a real-world asset (RWA) layer one blockchain built on Cosmos, recently outlined its vision for the on-chain financial ecosystem, outlining that it plans to acquire licensing in the Middle East and Asia as part of its efforts to expand. In a press release published on Chainwire on March 14, the company outlined that it has applied for licensing in the United Arab Emirates (UAE) in an effort to pave the way for MANTRA to target a global clientele who want to harness the potential of RWA asset tokenization. Issuing and trading tokenized RWAsAt the core of the Hong Kong-headquartered project’s offering lies its layer one blockchain, aptly named MANTRA Chain. The network is designed to streamline the issuance and trading of tokenized RWAs. Having established this technological product base, the company is now on a mission to onboard financial institutions and commercial entities with an interest in asset tokenization. With teams stationed in Hong Kong and the UAE, MANTRA has honed a full understanding of the shifting regulatory landscapes in pivotal regions. By securing its inaugural financial licenses in the UAE, MANTRA is aiming to take a slice of market share in the swiftly evolving RWA sector across the Middle East and Asia. The overarching goal for 2024 is to tokenize a diverse spectrum of assets, spanning real estate, private market funds, equity, art and treasuries.Photo by Sigmund on UnsplashIn an X social media post, MANTRA Founder and CEO John Patrick Mullin outlined that the company is already engaging with institutions and partners in the private sector. Mullin stated: “MANTRA is actively collaborating with real-world institutions and partners, including real estate, private market funds, private equity, the art sector, and treasuries, among others, to help bring these traditional asset classes onchain.” Mullin claims that the current crypto market capitalization of around $2 trillion is just a drop in the ocean by comparison with the potential that exists in the tokenization of RWAs and in unlocking the RWA economy. Hong Kong licensingAlongside the Middle East, Asia is the other target market for the company. Mullin suggested that Asian countries are already preparing for this fundamental shift, having developed RWA regulations. Last November, it emerged that Hong Kong was setting out a regulatory roadmap in respect of RWA tokenization. In February 2023 the Chinese autonomous territory achieved a first-of-its-kind tokenized green bond issuance.With that, the company’s home base of Hong Kong will also be central to its efforts to acquire relevant licensing. In recent weeks, MANTRA claims to have made significant progress in decentralizing its network, garnering validator support on a more broadly distributed basis. The project is expected to launch its final testnet, dubbed “Hongbai,” shortly. MANTRA is aiming to emerge as the pioneer RWA layer one blockchain with the capability to ensure real-world regulatory compliance. By expediting the adoption of tokenized RWAs, the project suggests that there’s an RWA economy value unlock potential of $16 trillion with its regulatory-ready blockchain being positioned to benefit from that. The network is gearing to offer a compliant framework, so that traditional finance (TradFi) companies can seamlessly transition to and harness asset tokenization and blockchain solutions, propelling global RWA expansion.