Rain ADGM Expands OTC to UAE, Bitcoin Surpasses $28,000, Binance Leaves Russia, and Legal Strife Engulfs Industry Leaders
GLOBAL NEWS
UAE Emerges as Crypto Hub: Institutional Investors Drive 67% of Transactions
The United Arab Emirates sees a surge in cryptocurrency activities, with institutional investments accounting for over 67% of transactions between July 2022 and June 2023, according to Chainalysis. A combination of progressive regulations, strategic location, and a business-friendly environment is positioning the nation as a global leader in the blockchain sector, attracting high-net-worth individuals and diverse professional investors to the burgeoning market. This influx of institutional interest is seen as a validation of the country’s efforts to offer regulatory clarity and establish itself as a major player in the crypto ecosystem.
Bitcoin Breaks $28,000 as Market Sees Revival; Stocks & Cryptos Rise
With Wall Street showing signs of recovery and stocks halting their persistent drops, Bitcoin, along with other cryptocurrencies, is witnessing an impressive revival. Bitcoin has surpassed the $28,000 threshold for the first time in a week, contributing to a combined digital asset market cap that has swelled to $1.12 trillion.
SEC Stalls Approval: Review of Proposed Bitcoin ETFs Extended
The Securities and Exchange Commission (SEC) introduces further proceedings to meticulously review proposed spot bitcoin ETFs from BlackRock, Invesco, Valkyrie, and Bitwise. The regulatory body emphasizes that this does not reflect any conclusions on the substantial legal and policy concerns raised, marking a significant delay in the ongoing evaluation processes. Investors and the crypto community are on the edge, awaiting the final verdict on the potential integration of cryptocurrency within conventional investment vehicles.
Co-Founder of Three Arrows Capital, Su Zhu, Detained over Liquidation Probe
Su Zhu, co-founder of the defunct crypto hedge fund, Three Arrows Capital, was arrested in Singapore due to non-compliance with a court order to cooperate in an ongoing liquidation investigation. He is sentenced to four months in prison, reflecting the legal challenges and accountability pressing upon leaders in the volatile cryptocurrency market.
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Binance Exits Russia; Sells Business to CommEX
As legal tensions escalate, Binance opts for a full-scale exit from Russia, selling its business to the newly inaugurated crypto exchange, CommEX. This move signifies the shifting dynamics in the cryptocurrency exchange landscape within the country.
Gemini Pulled $282M from Genesis Before Its Bankruptcy
"The Winklevoss twins-owned crypto exchange, Gemini, strategically withdrew approximately $282 million from the now-bankrupt crypto lender Genesis months before its financial crumble, purportedly to bolster reserves for immediate asset redemption by Gemini Earn customers, raising queries on foresight and the sanctity of crypto engagements.
RAIN NEWS?
Rain ADGM Expands OTC Desk to the UAE
We are thrilled to announce the expansion of our Over the Counter (OTC) service to the UAE, elevating the trading experience for our high-net-worth and institutional clients in the region. Our enhanced OTC Desk is geared to offer secure and customized trading solutions, facilitating seamless execution of larger virtual asset trade orders with competitive pricing.. For more information and to stay updated on our refined OTC services in the UAE, visit www.rain.com/en-ae/landing/rain-otc
Spotlight article:
Sam Bankman-Fried's trial is about to start. Will it help crypto finally move on?
Strategy & People | Digital Banking Solutions for Credit Unions
1 年Great news! Seems we are getting closer to a very important moment!