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Circle launches Compliance Engine, a tool designed to meet evolving digital asset regulations, integrated within the Circle Console. (Read More)
It's an important step toward winning the tokenized RWA market as Circle continues to vye with stablecoin leader Tether.
Tether appoints Jesse Spiro as Head of Government Affairs to strengthen regulatory relations amid U.S. scrutiny, leveraging his PayPal and Chainalysis experience. (Read More)
Tech companies release a joint letter requesting more time from the EU to comply with AI Act requirements, citing challenges due to the summer recess.
After proceedings in an Irish court, the local Data Protection Commission said X agreed to suspend processing the personal data of EU users to train its AI system.
The crypto-friendly banks activities during the 2023 banking crisis will also be examined.
The financial regulator is trying to bring companies offering crypto services into line with requirements that came into force in October.
IOTA Token has been certified as Sharia-compliant by the Cambridge Institute of Islamic Finance, enhancing trust and growth in the Middle East. (Read More)
IOTA (MIOTA) has been certified as Sharia-compliant by the Cambridge Institute of Islamic Finance, aligning with Islamic principles for enhanced trust in the Middle East. (Read More)
While the governments concerns are valid, industry stakeholders agree that a more measured approach could yield better outcomes.
Hong Kongs SFC finds deficiencies in some deemed-to-be-licensed crypto exchanges, risking their licensing status amid tightened regulations.
Worldcoin expands its digital ID verification technology to Austria, offering residents in Vienna access to the World ID system with multiple locations throughout the city.
The companies will combine their strengths to provide enhanced virtual asset service providers screening ability.
Bybits registration as a virtual asset service provider was made possible by a law passed in July.
The European Securities and Markets Authority warns crypto companies operating globally of the potential risks that may arise while seeking authorization under MiCA.
New EU regulations mandate crypto exchanges to comply with Travel Rule guidelines, enhancing AML/CFT measures starting Dec. 30.
The European Unions AI Act takes effect on Aug. 1. It introduces significant regulations for artificial intelligence through phased implementation and key compliance obligations.
Bitget is currently operating in the Indian market but faces some issues with signing up new users due to certain regulatory limitations.
Binance has announced significant changes to its services inTurkey. According to the firm, this is part of its focus on transparency andregulatory compliance.
Binance Adjusts Turkish Services
Binance has been monitoring regulatory developments inTurkey. The company believes in working with regulators to ensure a compliantenvironment for users. Binance supports the development of a regulatoryframework to safeguard the ecosystem. To ensure legal compliance in Turkey andglobally, the company is taking necessary measures.
Binance.com will remain accessible from Turkey. However,there will be adjustments to services. The Turkish language option will begradually turned off within three months. Marketing activities for Turkishusers will be completely halted.
Turkey's new crypto framework is a positive step forward for the industry.At #Binance, we support these developments and will keep collaborating with regulators for a secure, compliant crypto ecosystem.More details here https://t.co/1ueOliKUYd
Binance (@binance) July 2, 2024Binance acknowledges that these changes will affect someusers. The company assures that user safety and experience remain a priority.All user funds are safe, and deposit/withdrawal functions will remainavailable.
UAE Binance Account Migration
Meanwhile, Binancehas announced that it will move its UAE users from its global platform tothe locally regulated Binance FZE exchange, known as Binance Dubai, as reportedby Finance Magnates. Thisfollows the acquisition of a full Virtual Asset Service Provider license fromDubai's Virtual Assets Regulatory Authority.
The transition requires UAEresidents to update their Know Your Customer information by December 15, 2024.Email instructions will guide users through this process. During the transition, users can still access their currentBinance Global accounts.
After December 15, accounts will be automaticallytransferred to Binance Dubai, with login details unchanged. Binance FZE willprovide services such as exchange, broker-dealer, lending, borrowing, andvirtual asset management, supporting over 300 virtual assets with local fiatcurrency transactions.
Users must decide between maintaining their Binance.com orBinance Dubai account, as multiple accounts per user are not permitted.Accounts not updated by the deadline will be restricted to withdrawals only.
This article was written by Tareq Sikder at www.financemagnates.com.
By engaging with stakeholders and focusing on compliance, Johnny Ng aims to position Hong Kong as a leader in adopting Bitcoin and Web3 technologies.
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