Settlement approved but sealed by judge in BlockFi-3AC case

New Kazakh Platform Underscores Binance’s Push EastwardsGlobal cryptocurrency exchange Binance is making a significant move towards the East in response to mounting regulatory challenges in Western markets. The exchange has recently launched a regulated digital asset platform in Kazakhstan, marking a milestone in its expansion strategy.The announcement was made during a press conference held on June 20, attended by distinguished guests including representatives from Kazakhstan’s banking sector and Binance Kazakhstan’s leadership. The company followed up with a blog post detailing the development, published to its website on Wednesday.This milestone achievement follows Binance’s preliminary approval for operations in Kazakhstan received last August. By October, the Astana Financial Services Authority (AIFC) granted the exchange a permanent license to establish a digital asset platform and provide custodial services at the Astana International Financial Center.Photo by Engin Akyurt on PexelsBespoke platformThe newly established Binance platform in Kazakhstan aims to cater specifically to the needs of Kazakhstani users. It offers a comprehensive suite of services encompassing cryptocurrency exchange, conversion, fiat currency deposits and withdrawals, as well as custody of crypto assets.These financial services will be facilitated through a partnership with Freedom Finance Bank, Kazakhstan’s banking partner for Binance. Users of the platform will be able to transfer fiat funds to their accounts, with deposits and withdrawals currently supported through bank transfers or bank cards via Freedom Finance Bank.Adverse Western market conditionsBinance’s expansion into Kazakhstan comes at a time when the exchange is grappling with legal challenges in the United States and several European countries. In the US, Binance is currently embroiled in a lawsuit with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).Last month, Binance announced its withdrawal from the Canadian market, citing regulatory changes which the company described as “untenable.” Meanwhile, in Europe, the company has faced regulatory pushback, including an investigation into alleged “aggravated money laundering” in France and its exit from the Dutch market due to the absence of a virtual asset service provider license.Binance’s withdrawal from European markets has been attributed to its efforts to comply with the European Union’s approved Markets in Crypto Assets (MiCA) regulations, although there are reports indicating collaboration between European regulators and the SEC in their investigations into Binance.Eastern expansionWhile Binance has been facing ongoing setbacks in Western markets, it continues to expand eastwards. Late last month, the firm announced plans to establish a dedicated platform in Japan. Around the same time, it secured a trading license through its Thai joint venture company.Binance is not the only major crypto firm making a strategic shift towards Asia. Other global cryptocurrency exchanges such as Gemini and Coinbase, have also expressed their intention to strengthen their presence in the Asia Pacific region. This trend highlights a broader pattern of the crypto exchange landscape gradually shifting towards the East, reflecting a reconfiguration of the global market.As Binance expands its regulated operations in Kazakhstan, it aims to navigate the complex regulatory environment and continue providing secure and compliant services to users in a key market. The move not only positions Binance strategically but also underscores the evolving dynamics that may well be playing into a regional shift in leadership where the development of digital assets is concerned.

Dubai Tempts AI and Web3 Enterprises With Subsidized Commercial LicensesDubai has demonstrated over the past twelve months that it has its sights set on becoming a regional hub for innovation, and we have further evidence of that strategy today with news that the city is now enticing artificial intelligence (AI) and Web3 businesses with an unprecedented offer — commercial licenses at a 90% subsidy.Photo by Aleksandar Pasaric on PexelsAI and Web 3.0 CampusThe focal point of this strategic move is the Dubai AI and Web 3.0 Campus, a burgeoning tech haven designed to foster innovation and collaboration. The campus recently unveiled its decision to heavily subsidize licenses for companies choosing to establish a foothold within the city, publishing details of the move on Monday via a press release. The issuance of these licenses falls under the auspices of the Dubai International Financial Centre (DIFC), underscoring the city’s determination to attract global talent and diverse investment opportunities.Mohammad Alblooshi, CEO of DIFC’s Innovation Hub, expressed confidence in the power of this initiative, stating:“We are confident that by granting these licenses, we will attract more global talent and investment to the region and create a culture of collaboration and innovation.”The Dubai AI and Web 3.0 Campus is geared up to cater to its prospective denizens, equipped with cutting-edge AI lab facilities, comprehensive training programs, essential hardware support, and accelerator initiatives.All enterprises setting their sights on seizing the opportunity presented by the 90% subsidized commercial licenses are required to follow an application process.Crypto trading licensingDubai’s tech evolution extends beyond AI and Web3 realms. The city has been proactive in granting operational licenses to cryptocurrency exchanges, marking yet another stride toward its tech-driven future.In a recent development, Nomura’s crypto arm, Laser Digital Middle East, secured an operational license from Dubai’s Virtual Asset Regulatory Authority (VARA). This coveted license empowers Laser Digital to provide broker-dealer services and manage virtual asset investments within the emirate.The progressive regulatory approach taken in Dubai has led to crypto exchanges such as Bybit, choosing the city as the location for its headquarters. In June MENA-focused digital assets platform BitOasis became the first crypto company to be awarded a broker dealer license by the Dubai regulator.The regulatory approach taken in Dubai is proving to be progressive yet firm. The emirate hasn’t made the mistake of opting for ineffective light touch regulation that would attract the wrong type of crypto startup.That’s evidenced by the response of VARA to the establishment of the OPNX exchange within its jurisdiction. OPNX was founded by Su Zhu and Kyle Davies, the founders of failed Singapore-based crypto hedge fund, Three Arrows Capital (3AC). VARA issued the business’ founders with a reprimand earlier this year, for establishing a crypto-related platform in Dubai without having obtained a crypto trading license.Dubai’s willingness to embrace innovative technologies, coupled with its strategic initiatives and progressive regulation, is propelling it to the forefront of the global tech revolution. As it beckons AI and Web3 pioneers with enticing subsidized licenses and facilitates the growth of the cryptocurrency ecosystem, Dubai is carving a unique niche as a hub of technology and innovation and exploiting the potential growth opportunity that presents as a consequence.

Bithumb META Offers Metaverse Fashion Experience at Preview in Seoul 2023Bithumb META, the metaverse subsidiary of leading South Korean cryptocurrency exchange Bithumb, is participating in the 24th annual Preview in Seoul 2023, Korea’s largest international textile fair organized by the Korea Federation of Textile Industries. The company is using its metaverse, Naemo World, to present the integration of fashion into the metaverse and vice versa.Photo by Amanda Vick on UnsplashFashion’s future unveiledUnder the theme of “Dramatic Core,” this year’s Preview in Seoul is the largest to date with 746 booths from 14 countries participating. Participants are responsible for showcasing materials, textiles, and machinery that represent a future of elevated value.In particular, the digital fashion zone features prominent tech companies from both Korea and abroad and showcases the future of the textile fashion industry’s expansion into the metaverse. Visitors can experience firsthand fashion in the metaverse through artificial intelligence (AI) and augmented reality (AR) technologies.Envisioning fashion in the metaverseTo shed light on the future of digital fashion commerce, Bithumb META created a setup where visitors can dive into Naemo World to virtually replicate real-world environments and items — such as clothing made of high-quality garments — through digital twin technology.Attendees can customize their avatars and explore the brand halls of fashion brand Hazzys and athletic gear brand HEAD in Naemo World. They will also be led through a realistic shopping experience within the metaverse — this includes the entire process, from trying on clothing pieces featured in the brands’ 2023 fall/winter season collections to ordering and purchasing products and getting them delivered in the real world.“At this year’s Preview in Seoul, Bithumb META unveiled some of the blueprints for the future of Naemo World’s integration with real-world products and services,” said Bithumb META CEO Cho Hyun-sik.He added that the company would continue to expand and develop Naemo World’s ecosystem to be used for various purposes.Bithumb META also contributed to the planning and development of an ultra-realistic, three-dimensional showroom using Unreal Engine 5, a real-time 3D creation tool developed by Epic Games.Preview in Seoul 2023 is currently being held at Starfield COEX Mall in southern Seoul until Friday.