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Former Binance CEO, Changpeng Zhao (CZ), facing criminal charges and awaiting sentencing in the United States, has been denied his request to return to the United Arab Emirates (UAE) by a U.S. federal judge, according to Bloomberg. The decision, rendered by the U.S. District Judge Richard Jones, reinforces the restrictions on CZ's movements in the months leading up to his scheduled February sentencing. In a filing on Friday, Judge Jones rejected CZ's motion seeking permission to travel to the UAE, where his children reside with former talk-show host and Binance co-founder, Yi He. The specific grounds for the denial were sealed, providing limited insight into CZ's argument against the judge's repeated constraints. However, CZ's legal team hinted that the motion involved "medical information regarding Mr. Zhao’s child."Photo by Kai Pilger on UnsplashSecond travel request denialThis ruling, dated Dec. 29, marks the second time CZ's request to travel to the UAE has been turned down. Earlier in the month, Judge Jones sided with U.S. prosecutors, citing CZ's substantial wealth abroad and the absence of an extradition treaty between the U.S. and the UAE, making him a potential flight risk. CZ had previously pleaded guilty to violating the Bank Secrecy Act and resigned as CEO of Binance, the world's largest digital asset exchange. Binance, as an entity, reached a $4.3 billion settlement related to sanctions and money transmission violations. Singaporean Richard Teng, Binance’s former head of regional markets, has been installed as CEO in CZ’s place. Despite legal challenges, Zhao secured release on a $175 million personal recognizance bond after pleading guilty. The billionaire posted $15 million from a trust account and had three guarantors pledge over $5 million in collateral to secure the bond. The court order allows CZ to remain free, but he is prohibited from leaving the U.S. until his sentencing. 40 million new usersIt’s not all bad news for Zhao’s Binance. In a recent report titled "State of The Blockchain: Binance’s 2023 in Review," Binance highlighted its significant growth in 2023, welcoming over 40 million new users — a 30% increase from the previous year. The report emphasizes the company's commitment to user-centric principles, boasting 170 million registered users and 431 assets available for trading across 1,785 trading pairs by the year's end. Key achievements outlined in the report include robust growth in crypto payment services, P2P trading and earning platforms. Binance Pay and Card experienced a 54% surge in users and the P2P platform recorded an 18% increase in trades and a 39% rise in users. Binance Earn, a crucial component of Binance's product suite, saw a 35% increase in users and a 16.8% rise in the total value locked within its products. Higher net worth2023 hasn’t been all bad for CZ on a personal basis either. His wealth has seen a substantial increase of approximately $25 billion in 2023 despite the legal turmoil. His $37 billion net worth primarily stems from his controlling stake in Binance.Despite potential imprisonment, CZ stands atop the list of cryptocurrency entrepreneurs whose fortunes have witnessed substantial growth this year, ranking 35th in the Bloomberg Billionaires Index.

According to a recent report from blockchain intelligence firm Chainalysis, stablecoin purchases in Turkey amount to 4.3% of the country's GDP, surpassing all other global economies. The report, titled "The 2024 Crypto Spring Report" highlights Turkey's significant share of stablecoin transactions relative to its economic output.Photo by Michael Jerrard on UnsplashStablecoin activity in TurkeyBetween April 2023 and March 2024, stablecoin purchases in Turkey totaled $38 billion, representing 4.3% of the country's GDP, which was $907 billion as of 2022. This data encompasses transfers between the Turkish lira and stablecoins in either direction, emphasizing the scale of stablecoin activity within the Turkish economy. Chainalysis director of research Kim Grauer explained that stablecoin activity does not directly impact GDP but is expressed as a percentage to provide context for readers. Grauer clarified that the reported figure includes transfers of Turkish lira to stablecoins and vice versa. Turkey's prominence in stablecoin purchases stands out compared to other economies analyzed by Chainalysis. In Thailand and Georgia, stablecoin purchases accounted for 1.3% and 0.7% of GDP, respectively, over the same period. Global trends in stablecoin usageWhile the United States leads in stablecoin transaction volumes, with fiat purchases surpassing $20 billion in March 2024, Turkey's share of stablecoin purchases relative to GDP is notably higher. The use of stablecoins, including Tether (USDT) and USD Coin (USDC), has outpaced other cryptocurrencies like Bitcoin and Ether, representing over 50% of all transaction volume in recent months. Rapid growth in stablecoin transactionsChainalysis analysts attribute the rapid growth of stablecoin transactions to their utility in everyday transactions beyond trading. Major jurisdictions, including the European Union, the United Kingdom, Brazil and Thailand, have witnessed significant increases in fiat purchases of stablecoins over the past year. Nations experiencing currency volatility and devaluation, such as Turkey, have increasingly turned to stablecoins like USDT to safeguard their savings. Turkey's inflation rate surged to as high as 67% in March, prompting residents to seek alternative stores of value. The findings from Chainalysis underscore the growing prominence of stablecoins in global economic activity, particularly in nations grappling with currency instability. Turkey's significant share of stablecoin purchases relative to GDP reflects a broader trend of increasing adoption of stablecoins for everyday transactions and wealth preservation. 

American crypto exchange and custodian Gemini announced via its blog on Oct. 29 that it has been awarded in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). In an X post on Oct. 23, Dan Clarke, who worked for Gemini in Singapore in an International Marketing & Operations role in 2021, outlined that back then the company ran the first crypto-related full page ad in the Straits Times with the slogan “We’re in Singapore. For Good.” Fast forward three years and it appears that Gemini is making good on that commitment through this latest regulatory-compliant milestone.Photo by Swapnil Bapat on UnsplashSingapore to play a crucial roleThe MPI license will enable Gemini to offer digital payment tokens and cross-border money transfer services in Singapore. Gemini’s Asia-Pacific (APAC) business is headed up by Saad Ahmed. Ahmed commented that Singapore has been at “the heart” of its operational expansion within the APAC region. Expanding on that further, he stated:“While the United States remains our largest market and global headquarters, Asia and Singapore in particular play a crucial role in our global strategy.”  Ahmed outlined that Singapore represents the company’s second-largest market, with plans to double its current Singaporean workforce and move to a larger office space. The Gemini executive believes that this in-principle licensing approval takes the company one step closer to offering services that cater to the needs of residents of the city-state.  Serving users across the APAC regionIn its blog announcement, the firm said that “since establishing our regional headquarters in Singapore, we’ve focused on expanding our footprint, ensuring that we bring a localized, secure, and compliant trading experience to users across the region.” With the regulatory environment in its home market being currently hostile to crypto, Gemini has pursued a strategy followed by many of its peers in looking for growth opportunities overseas instead. In April of last year, the company announced that it was in the process of opening an engineering center in India.  In June 2023 the company publicized its intention to pursue a crypto trading license within the United Arab Emirates (UAE). At the time the company’s co-CEOs, Tyler and Cameron Winklevoss, referred to the “hostility and lack of clarity” when it came to the regulatory environment within the United States. Regulatory clarity to drive growthAhmed believes that regulatory clarity in Singapore will be a driver of growth, leading to greater adoption across the region. With regard to the U.S., he has the expectation that the crypto industry will grow regardless of whether former U.S. President Donald Trump or Vice President Kamala Harris wins the upcoming presidential election.  Notwithstanding that, Gemini’s Winklevoss twins have donated over $2 million to Trump’s campaign, while also contributing funds to a super political action committee (PAC) supporting John Deaton, a Republican challenger to the Senate seat of fierce crypto critic Senator Elizabeth Warren.  Regulatory conditions in Canada have proven to be too much to handle for the company. At the end of September, Gemini announced that it would close all customer accounts in Canada by December 31 as a direct consequence of new regulations which have been introduced by the Canadian Securities Administrators (CSA).