SAND Token to be Listed on Japanese Crypto Exchange bitFlyer

Singaporean takes helm at Binance as CZ steps asideIn a significant leadership shift, Richard Teng, a seasoned professional with an extensive background in regulatory affairs, has assumed the role of Chief Executive Officer at Binance.News of the appointment came on Tuesday, in a tumultuous day in the crypto sector that saw Binance Founder and CEO Changpeng Zhao (CZ) step down following criminal charges in the U.S.Photo by Syed Hussaini on UnsplashStarting out at Binance SingaporeTeng, a Singaporean industry veteran, initially joined Binance in 2021 as the CEO of Binance Singapore, demonstrating his efforts at bolstering global compliance for the crypto giant. His trajectory within the organization has been noteworthy, progressing from leading regional markets to ultimately becoming the CEO. Binance’s official statement highlights Teng’s diverse experience, overseeing regions such as the Middle East and North Africa (MENA) and Europe, culminating in his responsibility for all markets outside the U.S.Before joining Binance, Teng held the position of CEO at the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM). He had taken up that role following a spell as Chief Regulatory Officer at SGX, a Singapore-based multi-asset exchange, where he showcased his leadership in regulatory divisions, specifically shaping policies related to listing trading and clearing activities.Teng’s career is further distinguished by a 13-year tenure at the Monetary Authority of Singapore (MAS), where he served in various capacities, including Director of Corporate Finance. His involvement in regulatory matters spanning banking, insurance and capital markets, particularly during the late 1990s transformation of Singapore’s financial services sector, underscores his deep understanding of industry dynamics.In a statement, Teng expressed his commitment to leveraging his three decades of financial services and regulatory experience to guide Binance’s innovative team. Taking to the X social media platform, he stated:”We operate the world’s largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold dear. With CZ, and our leadership team’s support, I have accepted this role so that we can continue to meet and exceed the expectations of stakeholders while achieving our core mission, the freedom of money.”Setting prioritiesWhile the broader crypto community was still digesting the settlement that had been struck by Binance and CZ with the Financial Crimes Enforcement Network (FinCEN), the U.S. Commodities Futures Trading Commission (CFTC) and the Office of Foreign Assets Control (OFAC) in charges related to money laundering, unlicensed money transmission and sanctions violations, Teng was already setting out his objectives going forward.Teng outlined that his focus will turn towards “reassuring users that they can remain confident in the financial strength, security and safety of the company.” Secondly, the industry veteran intends to concentrate efforts on “collaborating with regulators to uphold high standards globally that foster innovation while providing important consumer protections.” Lastly, Teng highlighted “working with partners to drive growth and adoption of Web3” as another area where he will focus his attention.Analysts from American multinational financial services giant JPMorgan said on Wednesday that they see the Binance settlement as a positive for the crypto space as it removes uncertainty and risk from the company and the sector overall.

The European Council has banned all transactions within the European Union (EU) involving the Russian Ruble-backed stablecoin A7A5, according to a press release published Oct. 23. The prohibition targets the stablecoin itself, its developer, its Kyrgyzstan-based issuer, and the operator of a platform that facilitates major A7A5 trades. The package also takes aim at Russian crypto exchanges.Photo by Christian Lue on UnsplashAdditional banking restrictionsThis measure is part of a broader set of economic sanctions against sectors the EU stated assist the Russian invasion of Ukraine, including energy, finance, and defense industries. As part of this financial clampdown, the EU will also impose a ban on five additional Russian lenders starting Nov. 12. One of those lenders, Alfa-Bank, recently began offering Bitcoin buying and selling services, according to an X post by journalist Pete Rizzo. The European body said the new crypto measures address Russia’s increasing use of digital assets to circumvent existing sanctions. Russian banks were cut off from the SWIFT international payment system in early 2022, following the onset of the Russo-Ukrainian war. Reports of Russia using cryptocurrency to finance malign activities have surfaced previously. Earlier this month, Sławomir Cenckiewicz, the head of the Polish National Security Bureau (BBN), told the Financial Times that Russia has employed crypto to finance attacks on EU countries. Cenckiewicz said that a network of agents recruited by Russia’s GRU military intelligence agency and uncovered in Poland in 2023 had been substantially funded with cryptocurrency. Reflecting this concern, lawmakers in Poland’s lower house approved a bill in September to strengthen national crypto oversight, a move also expected to help curb Russian funding channels. Cenckiewicz noted that Polish intelligence agencies are closely monitoring the legislation to prevent loopholes that allow foreign actors to support agents using digital assets. Russia’s evolving crypto policyThe EU’s action comes as Russia itself is attempting to refine its own cryptocurrency rules. According to the Moscow Times, Russia's central bank wants to limit cryptocurrency use strictly to cross-border payments within an experimental legal regime (ELR). The institution continues to reject recognition of cryptocurrency as a legal means of payment and has advocated banning its use for domestic payments and retail investment, while permitting trading only for high-net-worth individuals through licensed platforms. Russia’s finance ministry has expressed a more flexible view, pointing to the scale of crypto adoption among the public. Earlier this year, the central bank estimated that domestic crypto transactions exceeded 1 trillion rubles (about $12.4 billion) per month, and that as of March, wallets linked to Russian users held roughly 827 billion rubles (about $10.2 billion). The finance ministry and the central bank have agreed to tighten supervision of the crypto market, with officials expecting to finalize the new framework before the end of the year. 

Chinese Nationals Detained in Crypto Mining Clampdown in LibyaAuthorities in Libya have detained 50 Chinese nationals suspected of involvement in an illicit crypto mining operation in Zliten, a city located 160 kilometers east of the Libyan capital of Tripoli.The attorney general’s office in Libya made the announcement on Friday, revealing that the individuals were caught operating a cryptocurrency mining farm within an abandoned iron factory.Photo by Dmitry Demidko on UnsplashMining operation dismantledPhotos and videos released by the office of Attorney General Siddiq Al-Sour showcased the dismantling process of the extensive mining systems discovered in Zliten.This is not the first instance of Chinese miners being detained for crypto mining activities in the North African country. The development follows the recent arrest of ten other Chinese nationals in the city of Misrata on the Mediterranean coast, as well as at two sites within the capital, Tripoli. The individuals were apprehended on Wednesday while being caught “red-handed” with numerous powerful equipment used for intricate proof of work (PoW) mining calculations. The mining rigs were subsequently confiscated by the attorney general’s office.Mining banDespite the official ban on cryptocurrency mining in the country, Libya has witnessed a high prevalence of such activities, with the nation recording the highest percentage of cryptocurrency mining across the African continent in 2021. It is estimated that Libya accounted for approximately 0.6 percent of global Bitcoin production during that year.Libya’s appeal as a destination for cryptocurrency mining stems from its low electricity costs, which stand at a remarkably low rate of $0.004 per kilowatt hour. This cost is approximately 40 times cheaper than in the United States, making Libya an attractive location for miners.While energy may be cheap, the increased demand for electricity that crypto mining brings puts a strain on what was an already vulnerable power grid in the country. That has resulted in frequent and lengthy power blackouts, particularly during the summer months.A lack of oversight has also encouraged an influx of Chinese miners, albeit with these recent arrests, it appears that the Libyan authorities are stepping up the level of oversight and enforcement. The vast majority of Bitcoin miners were based in China up until a mining ban was enforced in 2021.Global issueThat event led to an exodus of miners internationally. Some established themselves legally in the United States and elsewhere. The first casualty of illegal mining was Kazakhstan. The sudden arrival of miners led to its power grid coming under pressure. As a consequence, the Central Asian country clamped down on the activity, and later regulated it.In response to these illegal activities, Libyan authorities have intensified their efforts to combat cryptocurrency mining operations. They are conducting investigations into alleged mining sites in Tripoli and Misrata, aiming to curtail these activities and mitigate the strain on the country’s electricity infrastructure.The recent arrests highlight the ongoing challenges associated with illegal mining activities in jurisdictions globally where cheap energy can be exploited, giving rise to the need for enhanced regulatory measures to address these issues.