Binance CEO says crypto industry needs clarity on regulations
In light of recent developments and participants “cutting shortcuts,” Changpeng Zhao, the chief executive of dominant cryptocurrency exchange Binance, called for new, stable, and transparent laws for the sector. Zhao told a group of G20 leaders at the Bali summit, “We’re in a new sector, and we’ve seen things go crazy in the industry.We need regulations, we need to do this well, and we need to do this in a stable way.”
Binance to help Musk “realize his vision” through blockchain and crypto
A team is being formed by Binance Holdings Ltd. to investigate how blockchain technology and cryptocurrencies might benefit the social media platform. Binance Holdings Ltd. is an equity investor in Elon Musk’s acquisition of Twitter. The largest cryptocurrency exchange in the world looks to want a say in how Twitter is handled after admitting that it had contributed to Musk’s takeover of the social media network.
FTX’s collapse casts a pall on a philanthropy movement
In short order, the extraordinary collapse of the cryptocurrency exchange FTX has vaporized billions of dollars of customer deposits, prompted investigations by law enforcement, and destroyed the fortune and reputation of the company’s founder and CEO, Sam Bankman-Fried.
It has also dealt a significant blow to the corner of philanthropy known as effective altruism, a philosophy that advocates applying data and evidence to doing the most good for the many and that is deeply tied to Bankman-Fried, one of its leading proponents and donors. Now nonprofits are scrambling to replace millions in grant commitments from Bankman-Fried’s charitable vehicles, and members of the effective altruism community are asking themselves whether they might have helped burnish his reputation.
Visa has terminated the global debit card agreement with FTX
The largest payment processor in the world, Visa Inc., announced that it was terminating its global credit card relationships with the defunct cryptocurrency exchange FTX. A Visa representative told Reuters, “The situation with FTX is regrettable, and we are monitoring developments closely.”
“We have terminated our global agreements with FTX and their U.S. debit card program is being wound down by their issuer.”
FTX and Visa had announced an expanded partnership in early October, including plans to introduce account-linked Visa debit cards in 40 new countries.
Ethereum’s co-founder says Twitter may face more competition
In response to calls for a better social media experience, more Twitter Inc. competitors may emerge, according to Vitalik Buterin, co-founder of the Ethereum blockchain. Speaking at the Singapore FinTech Festival, Buterin expressed his optimism that “some sort of superior social media platform will be there in the next five to ten years,” whether it be “Twitter itself or if we’ll see a tremendous ground-swelling with alternatives — we may even see both.”
He said one of the problems on Twitter that bugs him is the way other accounts try to leverage his posts and profile to market highly speculative cryptocurrency tokens that often lack any rules of operation.
Abu Dhabi launches blockchain and cryptocurrency body
Abu Dhabi has launched a new association backed by the emirate’s financial free zone to hasten the development of blockchain and cryptocurrencies in the region.
The Middle East, Africa, and Asia Crypto and Blockchain Association (MEAACBA), a non-profit organization backed by Abu Dhabi Global Market, aims to bring industry players together to discuss strategies and address the biggest challenges facing the industry, while also integrating digital assets into key economic sectors.
The ADGM-based association counts major cryptocurrency platforms such as Mubadala-backed MidChains, Dubai-based BitOasis, Bahrain’s Rain Financial, Crypto.com, and Binance, the world’s biggest cryptocurrency exchange by trading volume, among its partners.
Venom Foundation obtains an ADGM license
Venom Foundation has the distinction to emerge as the first cryptocurrency entity to obtain a license in Abu Dhabi Global Market (ADGM), an international finance center and free zone located on Al Maryah island in the UAE’s capital, Abu Dhabi.
The sought-after license gives Venom Foundation a golden opportunity to build an infinitely scalable blockchain platform in the Middle East and North Africa (MENA) region, which is emerging as the hub for transactional management, maximum cybersecurity, and inbound governmental database projects.
