Fasset becomes sixth crypto firm to secure VARA license

Regulatory breach sees Philippines initiate blockade on BinanceIt’s been a very challenging year for global crypto platform Binance — one that doesn’t appear to be improving with the latest move to block access to the platform in the Philippines.Photo by Alexes Gerard on UnsplashUnlicensed to tradeIn a noteworthy development, the Philippines Securities and Exchange Commission (SEC) declared on Tuesday its intention to block access to the Binance platform due to regulatory irregularities.The SEC asserted in a statement that Binance lacks the necessary license to operate in the Philippines, cautioning the public against engaging in investment products on the platform. The regulator stated:”BINANCE is NOT REGISTERED as a corporation in the Philippines and OPERATES WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY.”The regulatory body is actively working to have Binance blocked in the country, citing concerns about unregistered investment products. The impending ban is set to take effect within three months, allowing investors a window to exit their positions held through Binance.Pushback on advertisingIn addition to its attempts to block access to the platform, the SEC has also approached tech giants Google and Meta (Facebook’s parent company), requesting the blocking of Binance advertisements on their platforms within the country. This is a response to social media campaigns designed to attract Filipino investors to the embattled cryptocurrency exchange. While users can still download the Binance app from Google and Apple app stores in the Philippines, the extent of investor activity in the country remains uncertain.Follows U.S. regulatory actionThese actions in the Philippines come hot on the heels of Binance’s CEO Changpeng Zhao (CZ) stepping down and pleading guilty in a U.S. money-laundering case. The Philippines’ ban adds to Binance’s challenges as it aims to expand in Southeast Asia amid legal troubles in the U.S. and restrictions on operations in China.Over the course of a three-month period earlier this year, the world’s largest crypto exchange platform lost its ability to trade in Germany, Canada, Belgium, the Netherlands and Cyprus. Additionally, French authorities have been investigating the platform for alleged illegal provision of digital asset services and aggravated money laundering.Facing regulatory pushback in the U.S. and Europe, Binance appeared to be concentrating on making further in-roads in Asian markets over the course of this past year. It had recently pursued a joint venture with Gulf Energy in Thailand to launch a new digital assets exchange.Media reports previously suggested that Binance was considering acquiring a Philippine company to obtain operating licenses in the country. The SEC’s move to ban the platform follows a warning issued last year against using Binance, and it represents a broader effort to regulate the cryptocurrency sector and protect the public interest.The recent guilty plea by CZ for violating U.S. money laundering laws has added to the legal woes of the cryptocurrency giant. CZ agreed to personally pay $50 million in penalties as part of a $4.3 billion settlement to resolve investigations into Binance’s practices. He may also still face prison time in the U.S. In the Philippines, the SEC warns that Section 28 of the Securities Regulation Code (SRC) allows the application of a fine of up to five million pesos ($90,000) and a maximum prison term of 21 years.

Bybit Leans on Innovative Tech by Launching AI-Powered Trading AssistantDubai-headquartered cryptocurrency exchange Bybit has introduced TradeGPT, an AI-powered educational tool aimed at changing the way in which traders interact with the cryptocurrency market.A ToolsGPT follow-upThe move follows on from the firm’s launch of ToolsGPT in June, an AI-based tool that aids platform users to generate technical analysis and takes a ChatGPT-like approach in providing responses to user queries. Vivien Fang, Head of Financial Products at Bybit, explained: “Our analysts and tech team created ToolsGPT to provide the financial education and mentorship that is sorely needed in our hyper-financialized world. Essentially, we built the tool that we all wished we had when we began our careers in financial engineering and trading.”Photo by Wance Paleri on UnsplashAI mentor and guideFor Bybit users, TradeGPT offers a multitude of benefits, including real-time market analysis, multilingual support, and personalized guidance. It functions as a mentor and guide, empowering users to comprehend market trends, formulate strategies, and select the most suitable investment products to achieve their financial goals.This offering addresses the limitations of traditional AI systems and provides real-time market data. TradeGPT leverages Bybit’s extensive market data, trading analytics, and technical analysis tools, making it a resource for traders navigating the complexities of the cryptocurrency landscape.Following industry trendBybit’s TradeGPT follows in the footsteps of Singapore-based platform Crypto.com, which unveiled its AI-enabled platform, Amy, in May. Amy leverages the technology of OpenAI’s ChatGPT to deliver real-time information about specific tokens, projects, price listings, and historical events to Crypto.com platform users.At the time Kris Marszalek, CEO of Crypto.com, highlighted the platform’s significance, stating: “Amy is the latest example of our incredible momentum.” The company added that it followed a series of notable product launches, including CFTC-regulated options trading, on-chain staking solutions, and the GEN 3.0 Crypto.com Exchange.Binance, the world’s largest cryptocurrency exchange by trading volume, introduced Binance Sensei in April. The company has integrated the AI-powered learning tool into Binance Academy and offers users of all skill levels an interactive chat window for guidance.As an increasing number of cryptocurrency companies launch AI-enabled platforms, the synergy between AI and the industry becomes more apparent. AI’s data processing capabilities could address scalability issues and expedite transaction processing for cryptocurrencies.Conversely, cryptocurrencies could incentivize research and development in the field of AI. Tokenized economies may reward contributors to AI projects, fostering collaboration and innovation. Furthermore, cryptocurrency-enabled decentralized networks could provide secure and transparent platforms for exchanging AI-generated insights without the need for intermediaries.Digital assets are developing in real-time alongside other technologies. The introduction of Bybit’s TradeGPT, alongside Crypto.com’s Amy and Binance’s Sensei, offers a step forward in harnessing the power of AI to empower cryptocurrency traders. As these AI-driven tools continue to evolve and gain traction, they’re likely to reshape how individuals and institutions engage with the cryptocurrency market.

Bybit CEO Applauds Hong Kong and UAE Regulatory ApproachesBen Zhou, the CEO of Dubai-based crypto spot and derivatives trading platform Bybit, has recently lauded the regulatory approach of Asian and Middle Eastern countries.In a recent interview with CoinDesk, Zhou singled out Hong Kong and the United Arab Emirates (UAE) in particular, while also drawing attention to the contrasting approach taken to regulation of digital assets in North America, particularly Canada.Photo by Alex King on UnsplashDiffering regulatory approachesThe Bybit CEO believes that the tone set by regulators towards the crypto industry differs significantly between regions, with Asia and the Middle East displaying a more collaborative and supportive stance compared to North America. He perceives a shift in the attitude of regulators, seeing cryptocurrencies as an opportunity rather than a crisis.Praising Hong Kong and Dubai Regulators, Zhou highlights Hong Kong’s aggressive efforts to attract crypto companies by tapping into the talents within the industry. While recognizing the common goals among regulators worldwide, he notes that Dubai’s crypto regulatory framework has advanced even further than Hong Kong’s.Bybit’s strategic moves underline Zhou’s praise for these regions’ regulatory environments. On April 1, Bybit announced plans to establish its core operations in Hong Kong, positioning its research and development (R&D) and marketing teams in the Chinese autonomous territory.Subsequently, on April 17, Bybit officially unveiled its headquarters at the Dubai World Trade Center, a year after receiving in-principle approval to operate its crypto asset business in the UAE.Canadian market exitHowever, Bybit faced challenges in Canada due to its evolving regulatory landscape. While the company claimed not to operate in the United States, it had onboarded customers in Canada in the past. The situation changed in May when Bybit withdrew its services from Canada following the fallout from the FTX exchange scandal in November 2022.The regulatory environment became increasingly stringent, prompting Bybit to exit the Canadian market. Despite having ongoing conversations with Canadian regulators and receiving an invitation to apply for a crypto license, the restrictions on stablecoin usage played a significant role in the company’s decision to withdraw.Fifth most popular exchangePresently, Bybit ranks as the fifth most popular crypto exchange in the world, according to a report by CoinGecko for the second quarter of 2023.The company has been extending out its product offering, recently entering the crypto lending arena. Towards the end of May, the business received “in-principle” approval from the Astana Financial Services Authority (AFSA) to operate as a digital asset trading business and digital asset custodian in Kazakhstan.In June the crypto exchange followed the lead of other global crypto platforms such as Crypto.com and Binance by integrating artificial intelligence-driven trading tools into its platform for the benefit of its users.As the crypto sector continues to evolve, the differing regulatory approaches in different regions will play a crucial role in shaping its future. Bybit’s CEO, Ben Zhou, advocates for collaboration between regulators and crypto companies, emphasizing that viewing cryptocurrencies as an opportunity will foster innovation and growth in the industry.