Binance Labs Invests in GOMBLE

Japan’s GMO Coin Announces Special SGB Airdrop for XRP HoldersGMO Coin, a prominent cryptocurrency exchange operating as part of the Japanese IT conglomerate GMO Internet Group, has unveiled a unique opportunity for XRP holders. Eligible GMO Coin clients who have previously invested in XRP will receive an exclusive airdrop of Songbird (SGB) tokens.Photo by Kanchanara on UnsplashSGB token distributionThe distribution of these SGB tokens is slated for completion by September 29, offering a promising opportunity for XRP enthusiasts. To qualify for this airdrop, customers must have held XRP in their GMO Coin accounts at 09:00 on December 12, 2020. The airdrop is also being extended to those utilizing crypto asset lending services on the platform.To take advantage of the opportunity, eligible clients will need to provide a snapshot of their XRP holdings. While the exact pricing mechanism for the distribution remains undisclosed, it will be revealed at a later date. Presently, SGB is trading at approximately $0.0045, according to Malaysian cryptocurrency data aggregator CoinGecko.GMO Coin has assured its clients that they are free to manage their XRP holdings as they see fit after submitting the necessary proof. The distributions will ultimately be converted into Japanese yen and made available to clients by the end of the month.Ripple’s mixed fortunesThis development comes in the wake of a roller-coaster year for XRP holders. Ripple’s native token experienced substantial price fluctuations in response to various developments and events.One noteworthy instance occurred in mid-July when XRP surged by more than 70%. This surge followed a favorable ruling in a legal dispute between Ripple and the United States Securities and Exchange Commission (SEC).While regulatory pushback has featured strongly in the US, Ripple has sought to expand its business elsewhere with the Asian region featuring within that strategy. In June, the blockchain-based payments firm obtained in-principle approval from the Monetary Authority of Singapore (MAS) to offer its services within the city-state.Earlier this month, Ripple struck a deal with SBI Remit Co., a subsidiary of Japanese financial services conglomerate SBI Group, to enable the remittance company to utilize Ripple’s XRP cryptocurrency as a bridge currency, connecting bank accounts in the Philippines, Vietnam, and Indonesia.Songbird networkThe Songbird network serves as a canary blockchain on the Flare layer one network. Essentially, the blockchain plays a crucial role in allowing the facility to enable network architecture testing on the Flare network, including the Flare Time Series Oracle, F-Asset systems, and StateConnector.GMO Financial Holdings, the parent company behind GMO Coin, bought a 10% stake in AWR Capital, a multi-strategy crypto hedge fund, in April. Following that investment, AWR became a market maker at GMO Coin. The Japanese exchange business is ranked ninth on Forbes Digital Assets’ list of the world’s largest crypto exchanges.As GMO Coin prepares to distribute SGB tokens to eligible XRP holders, this airdrop marks a great opportunity for relevant stakeholders. It showcases the platform’s willingness to reward its customers and foster engagement within the crypto community.

Regulatory Pressure Sees Binance Cease Card Offering in the Middle EastLeading global crypto exchange Binance has announced the discontinuation of its card services in the Middle East.Users hailing from the region will have until September 21 to maximize the utility of their Binance cards before the product will no longer be available to them. Latin America is another region which will be similarly affected by the decision. Binance Customer Support stated: “The Binance Card will regrettably no longer be accessible to users based in Latin America and the Middle East.”Photo by rupixen.com on UnsplashEnabling crypto spendingDistinct from conventional debit cards, these Binance cards have offered users the convenience of settling day-to-day expenses with crypto assets. However, this unique feature is now set to become a relic as the exchange shifts its strategy in response to evolving regulatory dynamics.It’s worth noting that this product curtailment will only impact less than 1% of users situated in these regions. Other Binance services around the world will continue unimpeded. That said, products like this one are significant as they help to bridge the gap between the crypto sphere and conventional commerce.As a substitute, Binance is actively championing its “Binance Pay” platform, touting it as “an advanced cryptocurrency payment solution that is both contactless and internationally accessible.”Checkout.com setbackFinancial pundits are speculating that this strategic move could be closely intertwined with recent realignments in Binance’s corporate partnerships. Notably, the UK-based payment processor, Checkout.com, severed its connections with Binance earlier this month amidst mounting regional regulatory interventions and concerns.Responding to this severed partnership, Binance has indicated a contemplation of legal recourse against Checkout.com’s decision. The backdrop of this collaboration has been problematic since its inception in 2020. Initial troubles surfaced when the absence of the 3-D Secure system facilitated a criminal syndicate to conduct a $10 million transaction spree on Binance.Clash with global regulatorsRecent months have seen Binance find itself entangled in a web of legal battles. The US Securities and Exchange Commission (SEC) leveled allegations against Binance, accusing the exchange of deceiving regulatory bodies and mishandling customer funds.Meanwhile, French authorities have intensified their scrutiny, suspecting Binance of potential involvement in money laundering activities. As a domino effect, Binance had to exit numerous markets due to its inability to meet the stringent compliance criteria. Over the course of just three months, the company has lost its ability to trade in Germany, Canada, Belgium, the Netherlands, and Cyprus.Asian pivotAs the company comes under pressure in Western markets, it has focused on furthering its offering in the Asian region. In May, its subsidiary, Gulf Binance, successfully acquired a trading license in Thailand. Later that month, the company announced plans for a dedicated platform for Japanese customers.Parrot Capital, a decentralized hedge fund, has issued a direct recommendation to Binance Card users in response to the news:“Check your daily limits. Withdraw via ATM all your funds or spend them ASAP or risk losing them for good.”This sustained and pervasive scrutiny underscores the formidable challenges faced by the leading crypto exchange. As the regulatory landscape evolves, exchanges like Binance are being forced to re-calibrate in order to navigate an ever-changing environment.

Binance Expands Crypto Offering in Dubai with New LicenseDubai has welcomed one of the biggest players in the crypto sector, Binance, with the Virtual Asset Regulatory Authority (VARA) awarding the firm a new trading license.Photo by Petar Avramoski on UnsplashServing qualified investorsAccording to an announcement made by the company on Monday, Binance’s Dubai-based subsidiary, Binance FZE, has secured the operational Minimum Viable Product (MVP) license from VARA.Eligible investors in Dubai, deemed as “qualified retail clients,” will now have access to authorized services such as compliant crypto-to-fiat exchanges, adhering to the guidelines set by the Financial Action Task Force (FATF). To qualify, investors must meet specific criteria, including being at least 21 years old and possessing a minimum of 500,000 United Arab Emirates dirhams ($136,000) in net liquid assets, supported by relevant documentary proof like bank statements and proof of funds.Additionally, qualified investors are required to provide valid identification documents, including passports and visas, along with proof of a valid UAE address and contact details. This comprehensive verification process ensures compliance with regulatory requirements and enhances security measures for all parties involved.Expanded service offeringThe move is a significant development as it allows Binance to offer cryptocurrency exchange and virtual asset broker-dealer services to institutional and qualified retail investors in Dubai.With the new license, Binance’s Dubai entity can now offer crypto-to-fiat exchange, conversions, transfer and custody solutions, brokerage facilities, as well as virtual asset payments and remittance services. The development builds upon Binance’s previous progress, having received the provisional MVP license in March 2022, followed by the preparatory MVP license in September 2022.Licensing challengesIt’s worth noting that some crypto exchanges have faced challenges operating with preparatory MVP licenses due to limited capabilities, only serving a restricted set of accredited investors. Bybit CEO Ben Zhou had previously highlighted this concern. That said, Zhou still came to the conclusion recently that the regulatory approach in the UAE is superior by comparison with many other jurisdictions.The news of Binance’s successful licensing comes shortly after VARA suspended the operational license of another crypto exchange, BitOasis, for not meeting required conditions within the set timeframes. BitOasis assured its commitment to fulfilling the remaining conditions in collaboration with VARA.In April 2023, VARA sought additional information from Binance, aiming to tighten regulatory standards in the emirate. Binance promptly provided all requested information and looked forward to further collaboration with VARA as it prepared for the next phase of licensing.Compliance with VARA’s framework includes adherence to compulsory rulebooks related to general operations, compliance, and market conduct requirements. The regulator has published key highlights of the regulations in 2023, underscoring its efforts to create a robust and well-regulated crypto market in Dubai.Regulatory headwindsBinance’s latest regulatory achievement indicates the exchange’s dedication to expanding its services and offerings in the region. It could potentially lead to something even more significant for the company in the Middle East as Binance has suggested that it would be more likely to expand in places such as Dubai, given an adverse regulatory approach elsewhere.Over the course of the past three months, the company has been forced out of key markets such as Germany, Canada, Belgium, the Netherlands, and Cyprus, due to regulatory pushback.