Moroccan authorities make arrests for crypto fraud operation

Moroccan authorities make arrests for crypto fraud operation

Moroccan authorities have arrested five individuals in connection with an alleged cryptocurrency fraud operation.

The suspects, aged between 24 and 48, were detained earlier this week in Salé, following a complaint received through international law enforcement cooperation channels.

As per the news on Hespress, they are suspected of being involved in a phishing scam that targeted foreign citizens by sending malicious emails. The emails were designed to steal the victims’ digital wallet information containing cryptocurrency, which was then converted into cash via their personal bank accounts.

During the investigation, police seized a sum of money believed to be linked to the criminal activities, along with electronic devices, including a computer and mobile phones, which may contain digital evidence of the hacking operations.

The suspects are currently being held in police custody as part of a preliminary investigation, overseen by the public prosecutor’s office, to uncover the full details of the case and identify all individuals involved in the criminal network.

In April 2024 a 21-year-old Frenchman, Thomas Clausi, was convicted Thursday in Morocco of “fraud” and illegal use of cryptocurrency and sentenced to 18 months in prison.

He was also slapped with a fine of about 3.4 million euros.

Incarcerated since December 23, 2021, Clausi, who presented himself as an entrepreneur before the judge, appeared before the criminal chamber of the court of Casablanca, competent for criminal cases.

He was accused of “fraud” and “payment with foreign currency on Moroccan territory”, in particular for having used bitcoins to buy a luxury car.

This comes a week after the Central Bank governor in Morocco stated that the crypto regulations will soon be out and are currently being adopted.

UK National Crime Agency disrupts multi billion dollar laundering network

UK National Crime Agency disrupts multi billion dollar laundering network

The United Kingdom’s National Crime Agency (NCA) disrupted a multi-billion dollar money laundering network, which provided services to a wide range of illicit actors, including Russian and international elites, cybercriminals, and drug gangs.

The NCA’s efforts, named “Operation Destabilise,” identified two Russian-speaking networks (Smart and TGR) leading these operations, which have thus far led to 84 arrests of individuals linked to these groups and the seizure of more than 20 million Euros in cash and cryptocurrency.

Today’s disruption was an internationally-coordinated effort, involving organizations including the U.K. Metropolitan Police Service, France’s Direction Centrale de la Police Judiciaire, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC), the Drug Enforcement Agency (DEA), and the Federal Bureau of Investigation (FBI), among others. This collaboration led to the arrest of another individual linked to Smart and TGR who facilitated global money laundering.

Additionally, OFAC sanctioned four entities and five individuals associated with TGR; OFAC included cryptocurrency addresses for two of the individuals:

George Rossi (AKA Maksakov, Yury, Georgy Rossi, or Heorhii Rossi): A Ukrainian national who founded TGR Partners, is the director of TGR Corporate Concierge LTD, and likely controls the TGR Group.
Elena Chirkinyan (AKA Yelena Norayrovna Chirkinyan or “Elle”): A Russian national who is Rossi’s direct subordinate, a partner at TGR Partners, the CEO of TGR Corporate Concierge LTD, and the manager of TGR DWC-LLC.
Andrejs Bradens (AKA Andrejs Carenoks): A Latvian national associated with several TGR networks.
Nikita Vladimirovich Krasnov (AKA “ACESCOM”): A Russian national who laundered cash and cryptocurrency on behalf of elite clients.
Khadzhi Murat Dalgatovich Magomedov (AKA Magomedov or Murat): A Russian national who laundered cash and cryptocurrency on behalf of elite clients.
TGR Partners: A Moscow-based organization founded by Rossi that provided services to a wide range of illicit actors, such as cryptocurrency trading, foreign exchange payments, and concierge services.
TGR Corporate Concierge LTD: A U.K.-based network controlled by Bradens. Chirkinyan is its CEO.
TGR DWC-LLC: A UAE-based network operated by Chirkinyan that provided services to help elites obscure the source of ill-gotten funds.
Siam Expert Trading Company Limited: A Thailand-based network associated with Bradens.
Pullman Global Solutions LLC (Pullman Global): A Wyoming-based organization owned by Bradens.
The cryptocurrency addresses in OFAC’s designation include a deposit address for Chirkinyan at a mainstream exchange (TDdbRFoBTEmE3qiR69Y6rKRSG1hoF65QaE) that has received over $146,000, and a high-volume wallet controlled by Magomedov (0x1999ef52700c34de7ec2b68a28aafb37db0c5ade) that has processed more than $200 million. The wallets have received high-value transfers, reflecting bulk cash transfers and transactions conducted on behalf of TGR clients.

Operation Destabilise determined that Smart, TGR, and their related networks often transferred money across borders by swapping cash and cryptocurrency. In some instances, Smart and TGR would receive funds in crypto from a client, facilitate a transfer in cash, and take a percentage of the amount. They would also follow a similar process in reverse, exchanging cash for crypto. It was unlikely that these clients would overlap, given that Smart and TGR were operating across 30 countries, and used a network of international controllers and couriers to actually perform the handovers.

The NCA also detailed that Smart and TGR provided illicit financial services on the streets in the U.K. to traditional crime groups by exchanging their cash proceeds for crypto, which they then used to further their criminal activities by paying for drugs to international cartels. Unfortunately, these networks enable serious crime in the U.K. and other countries, which threatens the country’s financial integrity and, in many cases, results in physical violence.

VARA the virtual asset regulatory authority in Dubai issues alerts for seven crypto entities

VARA the virtual asset regulatory authority in Dubai issues alerts for seven crypto entities

Dubai’s Virtual Assets Regulatory Authority (VARA) has issued alerts for seven crypto entities claiming to be registered and licensed in Dubai. The entities include, Koto Crypto, Finchain, Crypto Force, Coin Cashy, BTC Bay, XT, and Stabit.

The first entity is Koto Crypto based out of DMCC (Dubai Multi Commodities Center). As per VARA the company which claims to be registered in Dubai UAE, is carrying out non regulated virtual asset activities operating without a proper license.

As per the notice, “Any activities related to virtual assets conducted on this platform are therefore not in compliance with VARA Regulations. Engaging with unlicensed platforms that are not in compliance with VARA Regulations exposes users to significant financial risks and potential legal consequences for violating regulatory requirements, or criminal laws.”

The same applies to Finchain Payment Service Provider L.L.C. and Finchain Technologies DMCC also claiming to be registered out of DMCC. On checking FinChain website, it is no longer operational, claiming they are undergoing maintenance.

Also mentioned is Crypto Force registered as well in DMCC, which is conducting un-regulated virtual asset activities.

In addition VARA issued alerts for Coin Cashy, BTC Bay, whose website is also no longer active, as well as XT.Com crypto exchange which was recently hacked.

XT.com is a centralized cryptocurrency exchange established in 2018 and is registered in the Seychelles. The exchange facilitates trading of more than 1,000 digital currencies, with daily trading volumes of around $3.4 billion.

As for the 7th crypto entity put under alert status is Stabit, associated to Genesis Digital Assets Commercial Brokers Co. L.L.C, also offering un-regulated crypto trading services.

All these entities are unlicensed as per VARA and as such are not operating legally in the jurisdiction.  As such any promotion, advertising, or solicitation related to these seven entities has not been approved by VARA, and the platform is therefore prohibited from offering, promoting, or marketing any Virtual Asset products or services in Dubai or to its residents.

VARA advised investors and consumers to avoid using them and to exercise caution when considering interactions with unregulated platforms.

The regulator also notified users that access to these websites might be restricted without prior notice. As per the regulator, “It is recommended to take immediate necessary measures to ensure protection of user assets.

The alerts come after VARA has announced in October that it issued cease-and-desist orders, along with accompanying fines, to 7 entities for operating without the required licenses and for breaching marketing regulations.

Crypto.com and MasterCard partner to issue cards in Bahrain

Crypto.com and MasterCard partner to issue cards in Bahrain

Crypto.com which recently secured a crypto payment service provider license in Bahrain has now partnered with Mastercard to directly issue cards on Mastercard’s network. It is a principal license that allows Crypto.com to launch a card in Bahrain powered by Mastercard.

As per the press release, the new program will leverage Mastercard’s trusted, scalable and secure payments network to enable the crypto exchange customers to use their card at over 150 million in-store and online locations worldwide. Users can easily fund their cards through the Crypto.com app using e-money wallets or third party-issued credit and debit cards.

The innovative payment product will be available across all five Crypto.com card tiers, including Black Obsidian, offering rewards up to 8% on spending and will be denominated in USD.

“We’re really proud to be partnering with Mastercard, a global technology leader in the payments industry, and utilising our recently issued Payment Service Provider licence from the Central Bank of Bahrain to launch our world-renowned prepaid card to our users in Bahrain and beyond,” said Karl Mohan, General Manager APAC & MEA of Crypto.com. “Mastercard has shown its support for the digital assets industry by creating a robust card programme service that’s specifically tailored for our customers, allowing us to expand our product offering into new markets whilst proving our continued commitment to the highest levels of security and compliance.”

“We are delighted to welcome Crypto.com as a Mastercard Principal Member. The programme provides a wide range of benefits and opportunities beyond the direct issuance of Mastercards. Crypto.com will now have access to our global network, enabling transactions wherever Mastercard is accepted, our innovative payment solutions powered by cutting-edge technology, and our comprehensive tools for enhancing transaction security and fraud protection,” said Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard.

According to Eric Anziani, President and Chief Operating Officer at Crypto.com on LinkedIn, “We launched our first card in Bahrain, with plans to expand to other eligible GCC markets soon!”

Prior to this Crypto.com and Bahrain based BENEFIT, a FinTech and electronic financial transactions services signed an MOU ( Memorandum of Understanding) to combine their expertise and help expand the digital assets and fintech ecosystem in Bahrain including areas such as payment integration and prepaid card capabilities.

The crypto exchange even partnered with Bahrain based Beyon Monay, to enhance transaction solutions and explore innovative opportunities in digital payments and AI.

Adaverse invests in Saudi sports tech company Grintafy

Adaverse invests in Saudi sports tech company Grintafy

Adaverse, Saudi based ecosystem accelerator and seed fund, has made a strategic investment in Grintafy, the Middle East’s premier football sports tech company to support its transition from a Web2 company to Web3 using blockchain technology.

Grintafy, established in 2019, has rapidly grown to become the go-to platform for amateur footballers, boasting over 2 million users across its ecosystem. The company’s approach to creating digital CVs for players has garnered partnerships with federations, ministries, and both local and international clubs.

Vincent Li, Managing Founder of Adaverse, expressed enthusiasm about the investment: “Grintafy’s vision aligns perfectly with our mission to support transformative Web3 projects. Their established presence in the sports tech industry, combined with their forward-thinking approach to blockchain integration, presents an exciting opportunity for growth and innovation in the Web3 space.”

The investment is set to accelerate Grintafy’s Web3 transition. Adaverse will provide crucial support in product development, particularly in integrating Web3 native features and enhancing user experience. Additionally, the partnership will facilitate connections with global resources, including football clubs and media networks, and assist in future fundraising efforts.

Majdi K. Allulu, founder of Grintafy, commented on the partnership: “Adaverse’s investment and expertise in the Web3 ecosystem will be instrumental in our evolution. We’re excited to explore how blockchain technology can enhance our platform, providing even more value to our users and partners in the football industry.”

This investment follows Grintafy’s previous backing from Chiliz, a major blockchain sports entertainment company, further solidifying its position at the intersection of sports and technology. The company plans to leverage these partnerships to expand its global footprint and introduce innovative features that will redefine talent discovery in football.

This investment follows Grintafy’s previous support from Chiliz in March 2024. Grintafy raised $2.1 million in a bridge round in 2022 from Aramco’s venture capital arm, Wa’ed, along with other investors.

Dubai based SEE Institute partners with Cardano Foundation

Dubai based SEE Institute partners with Cardano Foundation

SEE Institute, the hub for sustainability education, research, and business incubation located in The Sustainable City in Dubai, UAE has partnered with the Cardano Foundation to integrate blockchain technology into its global sustainability efforts.

As per the announcement, the partnership aims to support the advancement of sustainable solutions through blockchain-powered initiatives in the key sectors of food, energy, water, products, mobility, and waste. Through this partnership, SEE Institute and Cardano are positioning blockchain as a key enabler of sustainable development, driving innovation and global adoption in key sustainability sectors.

It will see the duo introduction of a Professional Diploma in Sustainable Blockchain – a first-of-its-kind program that combines SEE Institute’s expertise in sustainability with Cardano’s cutting-edge blockchain knowledge. This six-module course will equip professionals to utilize blockchain innovations to tackle global sustainability challenges.

The parties will also benefit from The Sustainable City’s Living Lab, a research hub for developing projects that explore blockchain’s potential in sustainability sectors.

“Blockchain technology is transforming transparency and traceability within the sustainability sector. By integrating blockchain into projects and initiatives, we create accurate, verifiable records of sustainability data and enable real-time tracking of goods and materials throughout supply chains,” said SEE Institute’s Founder & Chairman Engineer Faris Saeed after signing the deal with Cardano Foundation’s CEO, Frederik Gregaard.

“This decentralized approach builds trust, enhances data accuracy, and empowers scalable, data-driven solutions to address critical challenges in food, energy, water, products, mobility, and waste—ultimately supporting global net zero emissions targets,” stated Saeed.

“That goal includes working across all stakeholders in society to achieve blockchain literacy, from individuals to enterprise. Our partnership with SEE Institute—a Fortune 500 company and one of the largest public companies in the world – highlights both the appetite for blockchain education as well as the growing reach of the Cardano Foundation and its mission,” he stated.

In September 2024, Cardano partnered with The Dubai Blockchain Center (DBCC) to advance blockchain education and technology adoption across the Middle East and North Africa (MENA) region.

ABO Digital invests $5 million in UAE Blockchain enabled Binary Holdings

ABO Digital invests $5 million in UAE Blockchain enabled Binary Holdings

ABO Digital, a digital asset investment firm has invested $5 million in UAE based The Binary Holdings, a UAE-based technology powerhouse valued at $16.9 billion.

As per the release, this investment will power The Binary Holdings to accelerate its mission of transforming the global digital economy. With a robust user base of 169 million across multiple verticals, The Binary Holdings is reshaping how businesses, consumers, and investors interact in the digital landscape, and is targeting one billion users by 2025.

The company seeks with this investment to drive the expansion of a decentralized open network that seamlessly integrates with Web2 infrastructure while unlocking the full potential of Web3, empowering businesses and users to benefit from digital services such as cross border payments, gaming, digital social and other compelling services.

The Binary Holdings has contracts with seven leading telcos and a growing network of non-telco partners. At the center of the Decentralized Open Network for Distribution and Commerce is The Binary Network, where users, businesses, and service providers can seamlessly connect and transact across borders.

By using BNRY, the network’s single digital currency, The Binary Network is redefining the way value flows between participants, ensuring that payments are frictionless and accessible to users worldwide. This bold vision of using a single digital currency across its vast ecosystem enables true interoperability and cross-pollination amongst its diverse range of partners in both the telco and non-telco sectors, allowing for commerce to flow in a way that was previously unimaginable, eliminating the barriers between platforms and national borders.

The platform’s ability to facilitate seamless transactions and interactions across multiple industries has already garnered attention from some of the world’s largest companies. With contracts signed with seven major telcos, The Binary Holdings is on track to reach 1 billion users by December 2025, becoming a true global player in the decentralized economy.

In Q2 2025, The Binary Holdings will launch Millenia, a digital bank aimed at simplifying cross-border payments and remittances for users within The Binary Network. Designed to empower seamless transactions for individuals and businesses, Millenia will offer a low-cost, fast, and transparent service powered by the secure decentralised and interoperable infrastructure of The Binary Network, with BNRY as the primary transaction digital currency.

The Binary Holdings’ blockchain infrastructure is gaining strong traction among dApp developers. Through partnerships with over seven Layer 1 and Layer 2 blockchain networks, The Binary Holdings has created unique bridges which provide dApps immediate access to Binary’s expanding user base of 169 million, projected to reach one billion by 2025, creating unmatched engagement and utility.

“The Binary Holdings is at the forefront of creating a new global standard for digital distribution and commerce,” said Siddharth Sahi, CBO, The Binary Holdings. “With the launch of the Binary Digital Bank, support from ABO Digital, and an expanding network of partners, we’re excited to continue pushing boundaries and bringing innovative solutions to our global community.

A Tech Powerhouse in Southeast Asia and the Middle East and a Global Leader in the Digital Economy through Mass Adoption

The Binary Holdings is rapidly establishing itself as one of the region’s most valuable and innovative tech companies, with a valuation of $16.9 billion. With strong partnerships, an expanding user base, and a commitment to essential infrastructure, The Binary Holdings is on track to become a global digital economy leader. Its blockchain technology drives innovation in decentralized finance (DeFi), NFTs, gaming, and digital commerce at scale, building a robust ecosystem that redefines business, payments, and global interactions.

“We are excited to collaborate with The Binary Holdings at such a pivotal time in the evolution of the digital economy” said Talal Samy, Investment Associate at ABO Digital. “The company’s ability to innovate, scale, and bring real-world solutions to a global audience is unmatched. Their groundbreaking work in creating seamless global interoperability and fostering mass adoption of decentralised technologies aligns perfectly with our mission, and we are proud to support them as they continue to shape the future of Web3.”

Central Bank of Bahrain studies how banks can offer stablecoins in the future

Central Bank of Bahrain studies how banks can offer stablecoins in the future

The Central Bank of Bahrain, while still piloting CBDCs, is moving forward with its stablecoin and crypto payments strategy and is currently studying the possibility of allowing local bank to offer stablecoins in next phase.

The governor of the Central Bank of Bahrain (CBB), Khalid Humaidan in an interview with the Banker noted that the Central Bank of Bahrain is still in CBDC pilot phase utilizing different approaches for retail and wholesale CBDCs, yet at the same time strong interest is in stablecoins, and crypto payments according to  Yasmeen Alsharaf, director of the fintech and innovation unit at the CBB.

Just as the governor of Bahrain Central Bank discussed piloting CBDCs both retail and wholesale, Yasmeen Al Sharaf in another interview discussed how the CBB recently issued a consultation on the regulation of stablecoins in October 2024 and is seeking in next phase to see how banks can offer stablecoins.

CBDCs still in pilot or pre-pilot stages across GCC

Back in June 2024, the IMF noted two thirds of countries in MENA were exploring CBDCs stating that Bahrain, Saudi Arabia and UAE were in more advanced proof of concept stages, it also noted that CBDCs required careful considerations. Today it seems that this is still the case.

Humaidan speaking to the Banker explained, that the CBB is still piloting and trying different combinations and keeping their options open. He stated, “As the pilot progresses, we will refine our approach and decide what the right formula is for Bahrain.”

He had commented that most central banks in the GCC (Gulf Cooperation Council) countries are in the same phase when it comes to CBDCs. They are either piloting or about to launch pilots. The reason is that there are still a lot of questions such as which is a priority retail or wholesale CBDCs, should a centralized or decentralized ledger be used?

CBB is interested in stablecoins and crypto payments

But while the Central Bank of Bahrain may still be piloting on the CBDC front, in terms of stablecoins and crypto payments, Yasmeen Alsharaf, Director of the Fintech and innovation unit at the CBB told Asian Banking & Finance at the Singapore Fintech Festival 2024 on 6-8 November, noted that stablecoins and crypto payments are areas of interest for the central bank.

In October 2024, the CBB issued a consultation on the regulation of stablecoins.

Alsharaf stated, “We will soon also be complementing that with the consultation to explore the opportunity to allow banks to also engage in offering Stablecoins. We are currently in the process of benchmarking other jurisdictions when it comes to crypto payments.”

She added, “We believe that there’s a lot of opportunities when it comes to digital assets, a lot of use cases out there. And again, going back to what I mentioned earlier, a balanced regulatory framework is important to have in place to support those use cases whilst maintaining safe financial operations.”

The statements come as Singapore Gulf Bank, a subsidiary of Whampoa Group, with a license in Bahrain, is in talks with a Middle East sovereign wealth fund to raise $50 million to acquire a stablecoin payments company in 2025 either in the Middle East or Europe. SGB is backed by Bahrain’s sovereign wealth fund Mumtalakat and privately held Singapore-based investment firm Whampoa Group.

UAE has already published its stablecoin regulations

While Bahrain it still in the consultation phase for its stablecoin regulation, the UAE Central Bank in June 2024 came out with the “UAE Stablecoin Payment Token Services Regulation” laying out the rules and conditions by the Central Bank of UAE for licenses pertaining to payment tokens, not allowing algorithmic tokens to be included and only allowing foreign stablecoins to be used to purchase virtual assets.

The Central Bank of the UAE defined Payment Token Services as being digital payment services in the UAE comprising of three categories, namely Payment Token Issuance, Payment Token Conversion and Payment Token Custody and Transfer.

Soon after Tether announced that it would be seeking to launch its AED stablecoin.

The Chainalysis 2024 report which covered the MENA region showcased the growth of stablecoins, particularly in Turkey, Saudi Arabia and the UAE.

Sidra Chain gets accepted into Qatar’s digital assets Lab

Sidra Chain gets accepted into Qatar’s digital assets Lab

SIDRA and its SIFRA Chain have been accepted into The Qatar Financial Centre (QFC) digital assets Lab. In an X post, Engineer Hossam Shaaban noted that QFC has made significant strides in its mission to foster a thriving digital assets ecosystem.

He stated, “The recent announcement of 24 innovative firms joining the inaugural QFC Digital Assets Lab marks a pivotal moment in this journey. Among these pioneering companies, SIDRA and SIDRA Chain stand out as prominent players, showcasing the potential of Qatar to become a global hub for blockchain technology.”

SIDRA, develops blockchain solutions. Its subsidiary, SIDRA Chain, offers a comprehensive suite of blockchain-based products and services, including tokenization, BaaS, and supply chain solutions.



The 24 participants in the Lab represent a diverse range of sectors, including finance, real estate, and supply chain management. Their innovative solutions have the potential to revolutionize the way we conduct business, improve transparency, and enhance efficiency.

Since the launch of the QFC Digital assets Lab, more than 24 startups have been accepted, including Ripple backed Ryzer Blockchain, DMZ Finance and more.

Abu Dhabi Blockchain Center signs MOU with Canadian University

Abu Dhabi Blockchain Center signs MOU with Canadian University

Velocity, the entrepreneurship center of the Canadian University of Waterloo, the number one school in Canada for entrepreneurs has signed an MOU ( Memorandum of Understanding) with The Abu Dhabi Blockchain Center.

The recently launched Blockchain Center in Abu Dhabi seeks to become a global hub for Blockchain and Web3. As per the press release, the collaboration with the University and Velocity will empower Waterloo students, alumni and entrepreneurs with a global network of industry experts and capital to accelerate innovative applications of blockchain in healthcare, government, finance, energy and e-commerce.

The Abu Dhabi Blockchain Center was founded by Waterloo alum and serial entrepreneur Mickey Areibi (GBDA ’18) and expert Abdulla Al Dhaheri. The center focuses on training, events and entrepreneurship to drive blockchain adoption. It aims to empower businesses, governments and individuals for sustainable growth. As digital transformation accelerates, blockchain technology offers transparency, security and efficiency.

“As a proud Waterloo native, I’m thrilled to partner with the University of Waterloo, a global leader in entrepreneurship and talent. Together, we’re bringing an ecosystem of blockchain support to Waterloo, fostering the next generation of blockchain entrepreneurs and innovators to drive startup growth and creating transformative co-op opportunities. This partnership not only strengthens the connection between two thriving ecosystems but also builds a world-class hub for blockchain solutions — rooted in the talent and spirit of where it all began for me, at Waterloo,” says Areibi.

“We’re excited to partner with the Blockchain Center in Abu Dhabi to create unique opportunities for our students and entrepreneurs in blockchain commercialization, education and innovation,” says Vivek Goel, President and Vice-Chancellor at the University of Waterloo.

“As we advance UWaterloo’s vision for a better future for humanity and our planet, we look forward to working together to explore the role of blockchain technology to unlock opportunities in health data, cybersecurity and beyond. Together, we are building a world-class hub for blockchain solutions and driving transformative change around the world.”

The partnership will also integrate with Waterloo’s co-operative program.

“Our partnership with the University of Waterloo combines their legacy of innovation and entrepreneurship with our global network, empowering founders to tackle big challenges and drive lasting impact. Together, we’re fostering a new wave of high-impact founders and trail blazing innovators,” says Dhaheri.