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SEC Lawsuit Stalls Binance’s Gopax Acquisition Deal in South KoreaNothing exists in a vacuum, and on that basis, it appears that ripples emanating from the recent lawsuit filed by the Securities and Exchange Commission (SEC) in the United States against global crypto exchange Binance have resulted in the company struggling to complete the acquisition of South Korea’s Gopax.Photo by Daniel Bernard on UnsplashSuspended pending reviewThe acquisition deal between Binance and South Korean crypto trading platform Gopax has hit a roadblock as a direct consequence of the lawsuit. The Financial Services Commission (FSC), the financial watchdog in South Korea, has put the acquisition on hold as it reviews the situation.Binance had acquired a majority stake in Gopax in February, with plans to re-enter the South Korean crypto market after a two-year absence. Gopax is a top five cryptocurrency exchange in South Korea, alongside Upbit, Bithumb, Coinone, and Korbit. However, according to a report by local news media, the FSC has suspended Gopax’s executive change report filed on Tuesday in light of the SEC lawsuit. The report outlined the nomination of three Binance members, including Leon Singh Poong, as inside directors of Gopax.The FSC cited the allegations of securities law violations against Binance and the SEC’s request to freeze Binance.US assets as the reasons for its cautious approach.Gopax revivalThe significance of Binance’s acquisition of Gopax goes beyond its re-entry into the South Korean market. It also aimed to revive the struggling local crypto trading platform. In November 2022, Gopax faced challenges when it suspended withdrawals of principal and interest payments from its decentralized finance service, GoFi, following the collapse of the Bahamas-based FTX crypto exchange and the bankruptcy of Genesis, a US digital assets financial services firm.Digital Currency Group, the parent company of Genesis, was reportedly the second-largest shareholder of Gopax and a key business partner providing the GoFi product. Binance’s acquisition deal intended to inject new capital into Gopax to facilitate customer withdrawals and interest payments for GoFi.The SEC lawsuit against Binance alleges the exchange’s commingling of customers’ funds and violations of various securities laws. The SEC has filed 13 charges against Binance, its subsidiaries, and its CEO, Changpeng Zhao.Acquisition strategyBinance appears to have been pursuing an acquisition strategy in attempting to carve out a greater market share in Asian markets. Binance entered the Japanese market via acquisition in November 2022 when it purchased local crypto platform, Sakura Exchange BitCoin. At the end of last month, Binance announced that it was rebranding the business as Binance Japan and launching it as a stand alone bespoke platform dedicated to the Japanese market.In Thailand, the global crypto exchange has varied its approach, entering into a joint venture rather than a full acquisition. It has partnered with Gulf Innova, with the new entity, Gulf Binance, recently having been awarded a trading license by the Thai regulator.The outcome of the SEC lawsuit and its impact on Binance’s operations in South Korea remains uncertain. The FSC’s review process will consider the allegations against Binance and the implications of the SEC’s actions before making a decision on the Gopax acquisition. The crypto industry will closely monitor the developments as they unfold, as no doubt the saga will have broader implications for Binance and its expansion plans.

TRYB Emerges as Turkish Alternative to Dollar-Pegged StablecoinsIn a market typically dominated by dollar-backed stablecoins like Tether (USDT) and USD Coin (USDC), a new player has emerged in Turkey to operate alongside those dominant stablecoins.According to a report by CoinDesk on Friday, BiLira’s TRYB stablecoin, pegged to the Turkish lira (TRY), has rapidly climbed the ranks to become the world’s second-largest non-US dollar-pegged stablecoin. It currently trails Tether’s euro-pegged EURt, which according to Coingecko data, currently holds a market cap of $221 million. In just three weeks, TRYB has skyrocketed, quadrupling its market cap to $136.10 million.Photo by Oleksandr P on PexelsMarket cap volatilityHowever, TRYB's market cap had fallen off a cliff on Friday, dropping from $135 million earlier in the day to $40 million. TRYB, an Ethereum-based stablecoin, offers a unique proposition in that it is pegged to the Turkish lira, allowing users to exchange 1 TRYB for 1 TRY. The stablecoin offering, which is administered by Istanbul-based BiLira, is underpinned by 100% fiat reserves held in Turkish banks.The Turkish lira has earned its reputation as one of the most volatile fiat currencies globally, often experiencing fluctuations against the US dollar. Over the course of the last five years, the currency has lost 94% of its value when benchmarked against the performance of the US dollar.In response to this volatility, TRYB has found its purpose as a medium of exchange. It can act as a gateway to transition user’s Turkish lira into cryptocurrencies and vice versa. This trend aligns with the global use of stablecoins as the foundation of crypto trading pairs, providing traders with a stable asset while sidestepping fiat currency’s unpredictability.Exiting the liraThe US Federal Reserve acknowledged the significance of stablecoins in December 2022, highlighting their role in facilitating crypto trades, serving as collateral for crypto loans, and minimizing inefficiencies tied to fiat-to-crypto conversions. In fact, stablecoins account for over 80% of the trading volume on centralized exchanges, attesting to their pivotal role in the crypto ecosystem.It’s likely that the Lira-pegged stablecoin will act as a means to access other cryptocurrencies and US dollar-pegged stablecoins like USDT and USDC, rather than be considered as a rival or replacement. That’s by virtue of the ongoing difficulties of the Turkish sovereign currency which it tracks. So long as the lira continues to erode in terms of buying power, it’s likely that citizens will be looking for avenues to escape from that erosion of value.Increased interest in cryptoGiven this monetary backdrop in Turkey, it shouldn’t surprise anyone to learn that interest in crypto is on the rise. In a recent report published by Seychelles-based cryptocurrency exchange KuCoin earlier this week, a significant increase in the number of crypto investors in Turkey over the course of the past eighteen months has been identified.The report found that 52% of the adult Turkish population have participated in crypto-related investments. Over the past 18 months, the number of Turkish adults embracing crypto has risen to that 52% level from 40%.

B2Prime Group, a leading liquidity provider, has achieved a significant milestone by securing "Initial Approval" from the Dubai Virtual Assets Regulatory Authority (VARA) for its B2B Prime Digital MENA division. This development marks an important step for the company in its pursuit of a comprehensive Virtual Asset Service Provider (VASP) license. B2Prime is a Cyprus-based financial institution registered and supervised by CySEC, operating under the umbrella of broker technology provider B2Broker, with Artur Azizov and Evgenia Mikulyak as the founders.Photo by Roman Logov on UnsplashPre-operating conditionsThe initial approval granted by VARA covers licenses for "Virtual Asset Exchange Services," "Virtual Asset Broker Dealer Services" and "Virtual Asset Transfer and Settlement Services." The path to complete licensing involves B2Prime Digital MENA fulfilling pre-operating conditions and obtaining operational approval before providing its services in Dubai. Expressing gratitude, B2Prime's founders acknowledged the rigorous regulatory framework set by VARA, emphasizing the company's commitment to leading in the evolving virtual asset landscape. Arthur Azizov, Co-Founder of B2B Prime Digital MENA, expressed confidence in the company's ecosystem, ensuring a safe and efficient gateway to virtual assets for users. Adriana Paredes Herrera, CEO of B2B Prime Digital MENA, celebrated the eagerly awaited Initial Approval for all three licenses, particularly the Transfer and Settlement License, inspiring the team to channel their best efforts towards securing the Virtual Asset Service Provider license. Licensed in Cyprus and MauritiusThe company aims to offer a robust, efficient and secure gateway to virtual assets, ensuring a transparent and compliant environment for its clients. In 2021, the firm acquired licensing in Cyprus for activities related to forex and contracts for differences (CFDs). Outside of Europe, the company extends its services internationally through B2Prime Mauritius. Established in March 2022, VARA serves as the regulatory body for virtual assets in Dubai, with a mission to safeguard investors and establish international standards for the industry, fostering a secure and transparent environment for virtual asset transactions. B2Broker, B2Prime’s parent company based in Moscow, boasts 11 offices across Europe, Asia and the Middle East. Holding seven licenses, including FCA and AEMI, the firm serves clients in over 50 countries. It provides forex liquidity distribution and various services to the forex, crypto and securities sectors. The group has built a portfolio of global financial services clients, expanding corporate representation and exposure worldwide. Last year, B2Broker reduced the margin requirements for the institutional and retail broker clients on ten of its crypto CFDs. Multi-asset liquidity providers like B2Prime/B2Broker play an important role in the market. Both centralized and decentralized crypto exchanges utilize these services to enhance liquidity pools and enable efficient trade execution. Through their services, order execution is completed with the minimum amount of slippage. B2Broker has been offering crypto-related services since 2017, offering over 100 crypto CFDs. The company has also developed B2BinPay, an all-in-one crypto payment platform that enables businesses to send, receive and convert cryptocurrency. Another revenue stream for the business is provided through B2Trader, a matching engine for crypto exchanges.