MasterCard, Notabene and UAE crypto exchange M2 to pilot securing metadata in crypto trading

MasterCard, Notabene and UAE crypto exchange M2 to pilot securing metadata in crypto trading

Notabene, a provider of crypto compliance solutions, has partnered with Mastercard to bring simplicity and enhanced safety to their powerful crypto compliance tools. Through a pilot program with M2,a regulated crypto exchange in UAE, Notabene will integrate Mastercard Crypto Credential into its SafeTransact platform, facilitating the secure and privacy-preserving exchange of transaction metadata for M2’s digital asset trading services.

As per the press release, the pilot aims to showcase how VASPs and traditional financial institutions can come together to mitigate risks associated with digital asset transfers while maintaining operational simplicity for institutions and their retail customers.


Mastercard Crypto Credential verifies transactions among consumers and businesses using blockchain networks, providing the assurance that a user has met a set of verification standards and confirming that the recipient’s wallet supports the transferred asset. The solution simplifies the consumer experience by allowing crypto exchange users to send and receive digital assets – such as stablecoins being leveraged for remittances, a growing use case – using simple aliases, instead of the typically long and complex blockchain addresses.

This integration between Notabene, M2 and Mastercard aims to significantly improve counterparty identification rates, ensuring compliance with the Travel Rule while reducing friction in VASP-to-VASP and cross-border transactions. By employing advanced encryption and data minimization practices, the integration will help ensure that sensitive information is protected while also enabling convenient and compliant transactions.

Pelle Braendgaard, CEO of Notabene, commented on the partnership,”Our collaboration with Mastercard represents a significant leap forward in making crypto transactions as safe and straightforward as traditional financial operations. By combining our expertise in crypto compliance with Mastercard’s global reach and digital assets capabilities, we’re setting a new standard for consumer trust in crypto payments. This partnership is not just about solving today’s compliance challenges but also lays the groundwork for supporting innovations such as self-hosted wallet integrations, further expanding the scope of secure and trusted crypto transactions.”

“As the digital assets ecosystem matures, Mastercard is continuing to innovate to stay ahead while ensuring safe, compliant, and trusted interactions,” said Raj Dhamodharan, executive vice president, Blockchain & Digital Assets at Mastercard. “By integrating Mastercard Crypto Credential with Notabene’s industry-leading compliance solutions, we’re enhancing connectivity and trust to foster the adoption and integration of a range of digital assets – from Bitcoin to stablecoins – into the global financial ecosystem. This partnership with Notabene and M2 expands our reach and interoperability across the crypto landscape.”

In collaboration with M2, Mastercard and Notabene are demonstrating practical applications of this joint solution. Deepak Garg, Chief Compliance Officer at M2, adds: “As a leading virtual assets service provider, we are committed to staying aligned with global regulatory standards while enhancing the user experience for our customers. By partnering with Notabene and Mastercard, we can bring even more secure and compliant digital asset transactions to a global audience. This approach not only strengthens trust with our customers, but also opens new opportunities for growth by expanding the network of reliable counterparties for safe and secure transactions.”

The pilot program is currently limited to select regions, including the United States, Brazil, Mexico, Argentina, and several European countries, with plans for expansion in the near future.

Crystal Intelligence to provide UAE BitOasis crypto broker with AML and monitoring solutions

Crystal Intelligence to provide UAE BitOasis crypto broker with AML and monitoring solutions

Crystal Intelligence, blockchain analytics, compliance, and risk monitoring firm has partnered with UAE crypto broker BitOasis to offer Crystal’s cutting-edge anti-money laundering (AML) and transaction monitoring solutions, and hyper-local approach to blockchain analytics.

As per the release, this will further strengthen BitOasis’ capacity to safeguard its users and ensure robust compliance with relevant rules and regulations. Crystal’s technology will provide BitOasis near real-time analytics and insights to help prevent fraud, further strengthening the platform’s compliance framework.

BitOasis since 2016 has processed over $6 billion in trading volume.

“The UAE, with its progressive regulations, is poised to become the crypto capital of the world. With our blockchain intelligence expertise, we want to empower licensed firms like BitOasis to keep the platform and their customers safe,” says Navin Gupta, CEO of Crystal. “We’re proud to be partnering with a leading platform in the region and believe that BitOasis is setting the standard for focusing on building out a robust suite of compliance tools, including Crystal.”

“Crystal brings a unique mix of deep analytical compliance capabilities with a user-friendly interface that our team can immediately benefit from,” says Ola Doudin, CEO and Co-founder of BitOasis. “This collaboration underscores our continued commitment to providing a secure and safe trading environment for our users.”

Recently, Crystal announced the opening of its office in Dubai with the goal of delivering exceptional service for the many partners it has within the area.

UAE ShipFinex partners with Tokeny to ensure regulatory compliance

UAE ShipFinex partners with Tokeny to ensure regulatory compliance

UAE based ShipFinex, tokenization platform for maritime finance, has announced a strategic partnership with Tokeny, the leading onchain finance operating system specializing in tokenized securities.

As per the announcement, the collaboration aims to transform the tokenization and management of maritime assets, introducing a new era of transparency, security, and compliance in the multi-billion-dollar maritime sector.

ShipFinex will leverage Tokeny’s state-of-the-art technology to ensure that all tokenized maritime assets on its platform adhere to the highest standards of regulatory compliance and security. This integration will utilize the ERC-3643 standard, bolstering investor confidence and setting a new benchmark for digital finance in the maritime industry.

ShipFinex and Tokeny will aim to offer a secure, transparent, and regulated marketplace that opens maritime investments to a broader range of global investors.

The announcement follows ShipFinex’s recent milestone of receiving initial approval from the Virtual Asset Regulatory Authority (VARA) in the UAE.

This partnership with Tokeny further underscores ShipFinex’s commitment to adopting world-class solutions to enhance the security and compliance of its platform. By integrating Tokeny’s robust infrastructure, ShipFinex is well-positioned to lead the digital transformation of maritime finance.

Crystal blockchain analytics firm sets up office in UAE

Crystal blockchain analytics firm sets up office in UAE

Crystal a blockchain analytics, compliance and risk monitoring firm, has opened their new office at the Dubai World Trade Centre, emphasizing the firm’s commitment to supporting the more than 1,400 Virtual Asset Service Providers (VASPs) in the region.

As per the press release, Crystal, which currently works with notable Dubai-based virtual asset firms, will leverage its new space to expand its operations and deliver high-touch service to the fast-growing crypto industry in Dubai and the Middle East.

Navin Gupta, CEO of Crystal, a previous executive at Ripple, who will be based in the new Dubai office, shared his vision for the new office: “UAE with its progressive regulations is poised to become the Crypto Capital of the world. With our blockchain intelligence expertise, we want to empower licensed firms to keep themselves and their customers safe. Hence, we have chosen DWTC as our home for the region and I have decided to be based in the UAE. Proximity with our customers enables us to undertake R&D and bring new and region-specific products to market.“

Currently, Crystal works with government regulators, crypto institutions, and law enforcement across the EU, APAC, Middle East and US regions. Crystal plans to work closely with licensed entities in the UAE abiding by VARA regulations, to enhance their market compliance infrastructure and promote a secure, regulated digital asset marketplace.

As the digital asset space evolves, regulation remains a central theme, especially in areas like anti-money laundering (AML), counter-terrorist financing, and the stability of financial markets. Recent global shifts towards enhancing regulatory frameworks emphasizes the overarching interest in a harmonized approach to oversight. This initiative marks a significant step forward in aligning international standards with regional oversight capabilities, setting a precedent for future regulatory developments in the virtual assets space.

UAE crypto broker BitOasis uses Sumsub for AML and KYC Compliance

UAE crypto broker BitOasis uses Sumsub for AML and KYC Compliance

UAE regulated crypto broker platform BitOasis will be using Sumsub, a full cycle verification platform providing customizable KYC, KYB, transaction monitoring, and AML solutions.

BitOasis has chosen Sumsub for crypto identity verification and AML screening for crypto compliance. Having recently reopened its platform to new retail and institutional users, this partnership with Sumsub will enable BitOasis to further enhance its user onboarding process while ensuring full compliance with strict AML and other regulatory requirements.

“We are excited to start working with Sumsub, a global leader in verification, anti-fraud and compliance. Sumsub will enable us to further strengthen the stringent controls we use to protect our users and ecosystem from illicit activities and support us in ensuring continued full compliance with evolving AML regulations. By implementing Sumsub’s KYC and AML Screening solutions, we make sure to provide the best user experience to our customers in the Middle East and beyond,” says Stanford Cardoz, AML Director at BitOasis.

“We are thrilled about our collaboration with BitOasis, a leading crypto platform in the Middle East,” comments Peter Sever, co-founder and Chief Strategy Officer of Sumsub. “We are proud to join BitOasis’ mission of building infrastructure for a new digital financial system based on cryptocurrencies, a system that is transparent, inclusive, compliant and secure.”

BitOasis recently received its active MVP Operational license from Dubai’s virtual asset regulatory authority, one step towards receiving a full license.

BitOasis noted that it holds and sells 60+ cryptocurrencies adding that since its launch, it has processed more than $6 billion in trading volume and raised more than $40 million dollars in funding from leading regional and global investors, such as CoinDCX, Wamda Capital, Jump Capital, Pantera Capital, and Global Founders Capital.

As Binance blocks thousands of crypto transactions in UAE, it faces fines of $4.38 million in Canada

As Binance blocks thousands of crypto transactions in UAE, it faces fines of $4.38 million in Canada

Binance is and has blocked tens of thousands of suspicious cryptocurrency transactions in the UAE with many brokers and exchanges using Binance because of its significant liquidity pool, yet the crypto exchange is still facing regulatory scrutiny with Canada’s regulator recently fining Binance for non-compliance with the laws related to money laundering and terrorist financing.

This comes as Meera Judge, the Dubai-based director of regulatory licensing and policy at Binance speaking to Lara on the Block noted that while Binance is doing all it can to ensure utmost compliance, when it comes to exchanges working with Binance is up to them to ensure their own compliance.

By the end of February Binance had registered 178 million registered users, with $3 billion in net inflows between November 2023 and February 2024.

Lara on the Block asked Judge these questions after an interview with her appeared in AGBI magazine where she unveiled that Binance has blocked tens of thousands of suspicious crypto transaction in the UAE.

Judge told Lara on the Block, “Binance continues to go above and beyond industry standards to detect bad actors through proactive measures and collaboration with private and public entities. Binance takes any use of its platform to facilitate “illicit” activity very seriously. It has invested substantial resources in talent and tools to reduce this exposure even further, making Binance an industry leader in this respect.”

She adds, “We have worked hard to build a robust compliance program that incorporates anti-money laundering principles and tools used by financial institutions to detect and address suspicious activity. We proactively block users from sanctioned regions and do this through KYC and a variety of KYC/AML tools and vendors including, but not limited to, Jumio, Onfido, WorldCheck, Elliptic, and CipherTrace.

As Judge explains, their due diligence process includes screening users against extensive database via Refinitiv World-Check that contains major sanctions and terrorism lists. She adds, “This is done on an ongoing basis to ensure that we keep bad actors out of our platform.”

Binance is utilizing a team of 500 compliance officials worldwide, with 100 of them dedicated to transaction monitoring.

Judge believes that Binance’s operational stability is critical to the stability of the broader market, stating that Binance is the largest exchange in the world and is considered a systemically important financial infrastructure.

This however according to Judge doesn’t mean that Binance is responsible for the compliance of other crypto exchanges. She tells Lara on the Block, “Binance’s liquidity pool is significant, so many other broker-dealers and exchanges tend to use us, which is why we face additional scrutiny. Given that Binance’s liquidity pool is significant it is used by other broker-dealers and exchanges however it’s up to them to ensure their own compliance. Binance goes above and beyond industry standards, and we encourage others in the industry to endeavor to do the same.”

Binance has over the past years increased its efforts towards compliance especially as it works to gain regulatory status in several countries. It recently was awarded a regulatory license in the UAE. Earlier this year, Binance noted that it increased year-over-year spending on compliance from $158 million to $213 million, purchasing a raft of new software systems to block and report suspicious transactions. Binance also decided to bring back executive Steve Christie as its deputy chief compliance officer.

Despite all this, On Thursday May 9th 2024, Canada’s financial crime watchdog levied a fine equivalent to $4.38 million against Binance for compliance failings. The Financial Transactions and Reports Analysis Centre of Canada imposed an administrative penalty on Binance for non-compliance with the laws related to money laundering and terrorist financing.

The regulator, known as Fintrac, found administrative violations including a failure to register as a foreign money-services business and allegedly failing to report large virtual currency transactions of C$10,000 or more in the course of a single transaction, along with the prescribed information.

In 2023, Binance pleaded guilty to violating U.S. anti-money-laundering requirements and agreed to pay a $4.3 billion fine. The exchange also faces civil charges in a SEC lawsuit.

So while Binance has been trying to do so much to increase its compliance, and while Binance now holds a regulated license in the UAE blocking hundreds of thousands of suspicious crypto transactions, and as it announces its registration with the Indian Financial Intelligence Unit after the region banned the platform and over nine others in December 2023, it is still facing the heat in other countries across the globe.

Updated on May 13th 2024 with feedback from Binance

After ADGM Hacken partners with Klumi Ventures for blockchain security

After ADGM Hacken partners with Klumi Ventures for blockchain security

Hacken, a blockchain security auditing firm, has forged a strategic alliance with Klumi Ventures, recently regulated Web3 venture capital firm based in Abu Dhabi Global Market (ADGM). As per the press release the partnership is poised to establish new benchmarks in blockchain security and compliance, capitalizing on the formidable security expertise of Hacken and the financial licensing of Klumi Ventures in UAE.

Prior to this Hacken signed an MOU with ADGM to set benchmarks for security and compliance.

Klumi Ventures recently announced the launch of a $15 million investment fund aimed at fostering the Web3 ecosystem in ADGM. This initiative focuses on providing pre-seed and seed investments for emerging Web3 startups. It is the sole web3 VC and Fund Manager regulated by ADGM. It stands at the forefront of the region’s burgeoning blockchain ecosystem, offering comprehensive support to early-stage startups

Hacken and Klumi Ventures aim to cultivate a secure and regulated framework for capital deployment, with the overarching goal of positioning ADGM as a global hub for blockchain innovation, renowned for its stringent security and compliance protocols.

“Klumi Ventures collaboration with Hacken signifies a paradigm shift in blockchain security and compliance. By blending regulatory prowess with cutting-edge cybersecurity expertise, we’re charting new territory in establishing global benchmarks for safety and trust in the blockchain industry as a fund manager. This alliance underscores our shared commitment to pioneering innovative solutions that elevate transparency, security, and regulatory excellence in the digital assets landscape” stated Kristiina Lumeste, Senior Executive officer of Klumi Ventures.

The scope of the partnership includes creating a Security-First Blockchain Environment in ADGM. The partnership harnesses Hacken’s extensive cybersecurity expertise to establish new global standards in blockchain safety. Through this collaboration, all blockchain initiatives driven by Klumi Ventures within the ADGM will meet the highest security standards, creating a secure and stable environment for innovation.

In addition will be the continuous monitoring for Klumi Ventures Portfolio. Hacken’s advanced on-chain monitoring technologies will be deployed across the new and existing Klumi Ventures’ portfolio companies, providing real-time security assessments and ensuring continuous compliance with ADGM’s standards.

Finally the partnership will significantly enhance the blockchain community’s expertise within ADGM. By organizing a variety of educational initiatives such as workshops, seminars, and webinars, the collaboration will empower local and regional blockchain professionals. These events are designed to impart best security practices and introduce the latest innovations in blockchain technology, cultivating a knowledgeable and skilled workforce.

Dyma Budorin, Hacken Co-Founder & CEO stated, “Hacken is impressed by Abu Dhabi’s steadfast commitment to prioritizing security in developing its local blockchain ecosystem. We are honored to stand as a partner in this endeavor. Our collaboration with Klumi Ventures marks another significant stride toward forging a secure and dependable Web3 landscape within the region. Drawing from our extensive 7-year experience in collaborating with the world`s top crypto brands, we are dedicated to leveraging our best practices to ensure the safety and integrity of every project within the Klumi Ventures portfolio.”

Together, Hacken and Klumi Ventures are setting a new standard for blockchain ventures in the region, emphasizing security, compliance, and community engagement as pillars of their strategic partnership. This collaboration not only enhances the value of the Web3 ecosystem within ADGM but also ensures it is a safe, innovative, and thriving environment for all stakeholders.

Dubai virtual asset regulator: big Web3 and crypto players will bear the compliance cost for small players

Dubai virtual asset regulator: big Web3 and crypto players will bear the compliance cost for small players

During the Paris Blockchain Week, at the Global regulatory Landscape Panel session, Mathew White, CEO of Dubai’s VARA (Virtual Asset Regulatory Authority) discussed the cost of compliance for smaller crypto and Blockchain firms and the solution he is proposing where big players sponsor the cost of compliance for smaller ones.

White in his contribution during the panel made several points with regards to how he views VARA’s regulatory standpoint.

Firstly, VARA wants to regulate without damaging the presence of nearly 2000 Web3 and crypto companies already present in Dubai UAE. He states, “We seek to set a regulation that we feel anybody can be part of and is not exclusive by nature. We engage with the industry, governments, and continue to do that. While it is still not perfect, there are a number of things we are looking into to make the regime fit for everybody, one of which is how we deal with cost of compliance for small entities.”

According to White, compliance is a costly exercise and not many players have the resources to go and get regulated. His proposal is “looking towards a structure where larger market participants host smaller ones, where the cost of compliance can be borne by the large players.” He adds, “We are on this journey of allowing innovation whilst being able to regulate it.”

White explains that two years ago when he was part of the team building VARA, the Dubai government decided as part of their economic diversification project to prioritize technology and in specific virtual assets.

VARA was established to be able to position Dubai as a hub with financial stability and investor protection in mind.

When the topic of self-regulation through technology came up White acknowledge that he believes that this will one day be possible. He also stated he would be looking into piloting this idea at VARA.

He stated, “No doubt some point in the future it will be available. For the short to medium there will be regulation and it will be significant.”

Earlier this week, Crypto.com became the first international crypto exchange to receive a full license from VARA, while OKX is still awaiting final requirements to receive its full VASP operational license.

UAE AYA Blockchain fundraising platform for sustainability partners with Blockpass

UAE AYA Blockchain fundraising platform for sustainability partners with Blockpass

UAE based AYA, a regulated fundraising platform focused on the intersection of Blockchain and sustainability has partnered with Blockpass, Web3 OG identity verifier, to strengthen AYA’s compliance procedures.

Through the partnership Blockpass will provide risk assessment and risk classification of onboarding customers, customized forms based on the customer’s and regulator’s requirements, regular rigorous wallet compliance checks to protect user transactions, and evaluation of risks associated with wallets to ensure the absence of fraudulent and suspicious transactions.

This will involve the gamut of Blockpass’ products, including KYC, KYB and AML solutions, the new Advanced KYC Bot™, ongoing monitoring, and Blockpass’ Unhosted Wallet KYC™.

Blockpass, has pioneered reusable identities and crypto-native KYC/AML solutions. Its turnkey suite of compliance tools is designed to lower onboarding costs, automate remediation, prove humanity and protect against malicious actors, fraudulent activities, bots, and AI.

Businesses can set up services quickly, test them for free, and start verifying users. With around one million verified identity profiles, Blockpass facilitates instant onboarding, and to date over a thousand businesses have taken advantage of this opportunity to benefit from Blockpass’ compliant network.

AYA is the Middle East and North Africa region’s first regulated Climate Finance Platform, regulated by Dubai’s Virtual Assets Regulatory Authority (VARA) in 2023. Built on blockchain technology, AYA focuses on helping climate tech projects raise capital from its community of investors, utilizing carbon and nature-based credits as assets. AYA will leverage its team’s experience from building and running Enjinstarter – an extensive crowdfunding platform focused on gaming, entertainment, and the metaverse – to curate a nurturing ecosystem of mentorship, funding and collaboration where trailblazers can leave a lasting legacy of sustainability for future generations.

“Through our strategic partnership with Blockpass, we at AYA reaffirm our commitment to upholding the highest standards of AML and KYC practices in the industry. This collaboration underscores our dedication to fostering a secure, compliant, and trustworthy environment for our users, laying the foundation for a more responsible and sustainable future in the virtual asset space.” said Vasseh Ahmed, Managing Director of AYA.

“We’re delighted to be working with a company that is so focused on the future of both blockchain technology and the planet.” said Blockpass CEO Adam Vaziri. “We have previously worked with Enjinstarter and it’s an honor to be chosen once again to work with such a visionary team on such an important project.”

By working together, Blockpass and AYA will ensure that the sustainable futures of blockchain technology and the world are secured against identity fraud and money laundering. In ensuring regulatory compliance, Blockpass will help AYA grow and flourish as it seeks to nourish suitable projects and innovate in a responsible manner.

A key executive from Ripple leaves to join Crystal Blockchain

A key executive from Ripple leaves to join Crystal Blockchain

Navin Gupta, former Managing Director for South Asia and MENA at Ripple has left Ripple to join Crystal, a blockchain intelligence firm focused on compliance and risk monitoring for cryptocurrencies, Gupta will become the new CEO of Crystal while Marina Khaustova moves into the new position of Chief Operations Officer at Crystal.

Crystal is a blockchain intelligence firm empowering financial institutions, law enforcement and regulators with real-time blockchain analysis, investigative and compliance solutions.

Gupta joins Crystal from Ripple, where he successfully drove growth for the firm in the MEA and South Asian markets. His roles at HSBC and CitiBank, and entrepreneurial experience as co-founder of a commercial transport technology platform, makes Gupta the perfect candidate to steer this next phase of expansion for Crystal. Ripple has grown over the past years in MENA region with 20% of its customers coming from MENA.

With crypto assets becoming increasingly mainstream due to key regulatory and market developments, Crystal appointed Gupta to expand its blockchain intelligence solutions to a global audience of regulators, VASPs, TradFi sectors, and stakeholders in cryptocurrencies.

“Recent developments like the Bitcoin ETF approval have set the stage both for an increased appetite for digital assets and for compliance tools to keep pace with regulatory expectations,” said Brian Brooks, Bitfury Board member and former head of the Office of the Comptroller of the Currency. “It is imperative that regulators and financial institutions worldwide equip themselves with the best toolset and intelligence to keep pace and be fully prepared to tackle any potential risks from this asset class.”

Gupta said, “Marina and Crystal has been at the forefront of developing an exceptional blockchain intelligence solution. As we continue to see adoption grow, we are committed to leveraging new-age tech to stay ahead of the curve. Regulators need superior intelligence and cutting-edge tools to navigate these changes, and TradFi institutions are seeking to manage risks effectively as they enter the digital assets market. Our goal is to stay insanely customer-centric, bringing our solutions to every corner of the world.”

Since 2019, Crystal has expanded its presence into key financial hubs including North America, UK, Europe and MEA, empowering financial institutions, investigators, and regulators with blockchain analysis, compliance and risk monitoring solutions. Crystal’s customer base doubled in 2023 by focusing on delivering its unique solution to enforcement and supervisory bodies. The product offers real-time indirect risk assessment, monitoring over 50,000 entities and organizations and offers proprietary training programs for professional cybercrime investigators.