Bybit launched crypto trading challenge for Africa

Bybit launched crypto trading challenge for Africa

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, announced the launch of Bybit P2P Africa Showdown, an exclusive trading challenge for eligible users in Africa.

The competition features a tiered reward system where participants can unlock increasingly valuable prizes based on their trading volumes. From now until July 19, 2025, the event offers participants the opportunity to win from a 1,800 USDT prize pool while competing for over 2,200 pieces of exclusive Bybit merchandise, including limited edition apparel, tote bags, tumblers and more.

To participate, traders must register for the event and complete a minimum of 50,000 USDT in eligible P2P buy orders during the campaign period. Apart from Bybit-branded merchandises, the top five traders in each currency will also take home extra USDT rewards.

Bybit P2P contributes to eliminating traditional barriers to the digital asset sphere, and connects buyers and sellers directly via its user-friendly trading platform. It offers enhanced privacy, KYC and security infrastructure, greater control over transaction terms, and access to local payment methods that may not be available through conventional service providers. For African traders, Bybit P2P supports local currency transactions and payment preferences, making digital assets more accessible to users across diverse financial ecosystems.

The event is exclusive for eligible Bybit’s P2P users in Africa only. In-scope currencies include: Nigerian Naira (NGN), Kenyan Shilling (KES), Ghanaian Cedi (GHS), West African CFA Franc (XOF), and Central African CFA Franc (XAF).

Binance now serving Syria with crypto

Binance now serving Syria with crypto

With the lifting of the United States sanctions on Syria, Binance, the world’s largest exchange with 21 licenses globally, has announced that it is now serving Syrian users.

As per the press release this is a pivotal moment for financial inclusion and reconnection.

Binance stands as a trusted and compliant exchange in the digital economy. Syrian users will now have access to Binance’s suite of products and services, including hundreds of digital assets, spot and futures trading, staking and earn products, stablecoins, and Binance Pay for seamless cross-border remittances. Dedicated educational content in Arabic and localized support will ensure users can onboard with confidence and trade securely.

Syria’s population is approximately 24 million residents, with an estimated 8 to 15 million more living abroad. Years of economic instability and high inflation left many dependent on remittances, informal networks, and unstable local currencies. These factors may explain why Syria ranked top 10 countries globally for crypto-related search activity as recently as 2021.

Richard Teng, CEO at Binance, said, “After years of exclusion, Syrians now have the chance to build, invest, and connect. With Binance, they gain access to one of the most robust crypto ecosystems in the world, from trading and earning opportunities to seamless crypto payments. This isn’t just about opening accounts; it’s about opening futures and horizons.”

Binance is committed to supporting Syrian users through educational initiatives, practical guidance, and secure access to the digital economy. Our mission has always been to promote financial accessibility and inclusion, and today marks a meaningful step forward.

LBank suspends UAE new users and disables trading for existing ones

LBank suspends UAE new users and disables trading for existing ones

LBank, a crypto exchange offering more than 800 crypto assets is seeking a license in UAE through Dubai’s Virtual Asset Regulatory Authority (VARA) and as a result they are implementing changes to ensure regulatory compliance and high standards of consumer protection and transparency which include suspending new user registrations from the UAE.

As per their blog post, “As part of our ongoing commitment to full regulatory compliance and responsible innovation, LBank is currently in the process of securing a Virtual Asset Service Provider (VASP) license under the Dubai Virtual Assets Regulatory Authority (VARA).
In alignment with regulatory expectations and to ensure the highest standards of consumer protection and operational transparency, the following temporary changes will apply to users accessing our services from the UAE.”

New user registrations from the UAE will be temporarily suspended, while existing UAE users will only be able to, cancel open orders
close active positions, withdraw funds. The blog post notes, deposits and new trading orders will be disabled during this interim period.

LBank stated, “We understand the importance of uninterrupted access and are working closely with regulators to complete the licensing process as efficiently and transparently as possible. This transition underscores our deep commitment to the UAE’s progressive regulatory framework and our goal to operate with full authorization and oversight under VARA. We appreciate your continued trust and patience as we work to build a safer, stronger, and fully compliant digital asset ecosystem in the UAE.”

HashKey receives crypto exchange license in UAE

HashKey receives crypto exchange license in UAE

Asian based HashKey Group (“HashKey”), digital asset financial services group, has secured a Virtual Asset Service Provider (VASP) license from Dubai Virtual Assets Regulatory Authority (VARA) to provide both Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services within, and originating from, the Emirate of Dubai. The crypto exchange service will go live on May 19th 2025.

As per the press release, the license is part of HashKey’s expansion in the MENA region and will help to meet growing institutional needs. In January 2025, HashKey has announced it would soon be licensed in the UAE.

HashKey will offer clients several features such as USD and AED deposits and withdrawals, fiat on and off-ramping so that users can directly transfer USD from their bank account to HashKey Global MENAA’s fiat wallet. Standard Chartered will provide the fiat currency deposit and withdrawal services for the platform.

In addition HashKey will also be offering OTC services for the top 10 major tokens, through HashKey Global MENA, which will deliver regulated block trading with competitive all-inclusive pricing, ensuring transparent quotes and zero hidden fees for market-leading rates. While large orders benefit from instant execution, eliminating slippage risks, while flexible settlement options cater to institutional and HNWI liquidity needs.

“As a licensed platform, HashKey Global MENA embraces institutional needs by offering a regulated gateway for fiat-crypto transactions, backed by institutional-grade safeguards and strategic partnerships like Standard Chartered. Our regional expansion ambitions, with a strategic focus on the GCC, are rooted in empowering MENA’s institutions and HNWIs with seamless, cost-efficient access to global crypto markets, reinforcing the UAE’s position as a hub for blockchain innovation while prioritizing compliance and client protection at every step,” said Sherif Sanad, Country Manager, HashKey Global MENA.

As for the future, HashKey Global MENA will deliver not just virtual asset trading services, but aims to evolve and develop innovative digital asset products, designed and delivered within VARA’s robust regulatory and compliance framework.

HashKey Group already holds digital asset-related licenses from regulators in Hong Kong, Singapore, Japan, and Bermuda, as well as VASP registration in Ireland and is actively pursuing a MiCA license in the EU.

Gate crypto exchange licensed by UAE regulator

Gate crypto exchange licensed by UAE regulator

Gate Group, which operates Gateio crypto exchange announced that its UAE subsidiary Gate Technology FZE known as Gate Dubai has obtained a VASP License under the regulation and supervision of VARA in Dubai to provide crypto exchange services and is permitted to serve institutional investors, qualified investors, and retail investors.

Dr. Han, Gate Group’s Founder and CEO, commented, “We have always adhered to a compliance-first strategy, and Dubai is undoubtedly one of the most forward-looking jurisdictions in the global crypto industry. Obtaining VARA’s full operational license is a critical step in Gate Group’s expansion across the Middle East and the world.We look forward to growing alongside Dubai’s ecosystem and driving further prosperity in the local digital economy.”

The crypto exchange is also launching its office and expanding its local team.

As per the announcement Gate Dubai will allow users to initiate crypto-to-crypto and fiat-to-crypto and vice versa trades with other users as the counterparties to these transactions.

Gate crypto exchange has also sought licenses and received approvals in Lithuania, Argentina, Malta, Italy, Gibraltar, Bahamas, and Hong Kong. Last year, Gate Group also completed the acquisition of Japan-licensed exchange Coin Master, further broadening its international compliance network.

UAE OKX crypto exchange launches $1.3 million reward campaign

UAE OKX crypto exchange launches $1.3 million reward campaign

OKX, the global crypto platform regulated in the UAE, has launched one of the biggest crypto trading campaigns that the UAE has ever seen. The total reward pool is 5 million AED equivalent to $1.36 million dollars.

As per the campaign all users have to do is sign up, link their UAE Bank account and trade. Individual prize awards will reach up to 50,000 AED equivalent to $13,600, while new users will also receive AED 250 on their first deposit of AED 250, and AED 500 on completing their first trade of AED 500.

There are also daily rewards of up to 100 USDT for every 1,000 USDT traded.

This is not the first campaign to be launched this year in UAE by either crypto exchanges or even crypto savvy digital banks such as Liv Bank which recently also launched its crypto campaign, however this is one of the biggest pool rewards.

As the scene in the UAE becomes more competitive with many licensed crypto exchanges competing for clients, and with the entrance of banks into the crypto scene, more campaigns, services and offerings will be on the table.

M2 partners with crypto mining solution provider NiceHash

M2 partners with crypto mining solution provider NiceHash

UAE regulated M2, a cryptocurrency exchange and investment platform, has partnered with NiceHash, a global crypto mining solution provider and hashrate marketplace serving over one million miners globally.

Through this partnership, M2 Global Wealth Limited (M2GWL) will provide miners worldwide with seamless access to flexible lending solutions in USDT, allowing them to unlock the full potential of their Bitcoin holdings. By collateralizing their BTC, miners can now access convenient USDT loans, enabling them to scale their operations, cover expenses, and optimize profitability, without selling their valuable assets.

Miners can unlock liquidity by using their Bitcoin as collateral and enjoy flexible repayment options, including allocating a portion of their hash rate. With seamless integration to NiceHash’s technology, Bitcoin miners can effortlessly manage both their mining pool rewards and their open loans through a single intuitive dashboard, automatically directing earnings toward loan repayment—eliminating complexity and ensuring a hassle-free experience.

Sudhu Arumugam, Chief Product Officer, M2, added, “At M2, we understand the challenges miners face in maintaining liquidity while preserving their Bitcoin investments. Our partnership with NiceHash represents a shared vision of empowering miners with smarter financial solutions that allow them to grow their businesses without sacrificing their Bitcoin holdings. This is just the beginning—we are committed to continuously innovating and delivering financial services that support the crypto mining ecosystem in meaningful ways.”

By powering the tech behind M2’s lending solutions, NiceHash helps bring a world-first solution to financing big mining operations and expansion.

In February 2025, M2 partnered with Transak, a payments infrastructure provider for digital assets like cryptocurrencies, stablecoins and NFTs, integrating its solution with M2, UAE regulated crypto exchange. This streamlined integration seeks to lower barriers to market participation, while ensuring strict levels of security and compliance. Through Transak, verified M2 users will be able to conveniently make fiat-to-crypto purchases for 30+ of tokens and cryptocurrencies using their credit and debit cards, M2’S OTC service will continue to be available.

WEEX Crypto exchange launches headquarters in UAE

WEEX Crypto exchange launches headquarters in UAE

WEEX crypto exchange, which has over 5 million customers, has set up its headquarters in Dubai UAE with 600 employees already working there and plans to add 50 more over the next two years. The unregulated exchange has chosen the UAE as it expands into the MENA region.

As per the press release, the WEEX crypto exchange will not be serving UAE customers until it receives its VARA ( Dubai Virtual Asset Regulatory Authority) license.

Andrew Weiner, Vice President of WEEX, noted that setting up headquarters in the UAE is part of WEEX’s rapid expansion into the MENA region. He states,“ We plan to expand our team further in Dubai over the next one to two years, adding 30 to 50 new hires to better support local operations and service deployment. Dubai will serve as the central hub for the platform’s global expansion, driving localized operations and team-building efforts to enhance WEEX’s global strength and influence.

WEEX already serves 6.2 million customers across 130+ countries. The crypto exchange has a daily trading volume of over $5 billion and supports more than 1,700 trading pairs. WEEX also boasts of a 1,000 BTC Protection Fund to protect users’ assets.

WEEX is currently participating at and sponsoring TOKEN2049 Dubai event.

UAE has witnessed a growth in the number of crypto exchanges that have chosen the country to house their offices or headquarters. Binance, OKX, Crypto.com among other including CoinMENA and BitOasis all have a strong presence in the country.

Recently the UAE announced not only its stablecoin regulations but also the launch of a Digital Dirham CBDC for the retail sector, while banking entities such as Emirates NBD foray into the crypto scene through subsidiaries like Liv Digital Bank.

UAE based Dohrnii and Blynex crypto exchange bury the hatchet

UAE based Dohrnii and Blynex crypto exchange bury the hatchet

After a few days of heated, he said she said drama with accusations of mis conduct attributed to both parties, UAE based Dohrnii Labs which seeks to empower financial education with blockchain and gamified learning and its utility token, DHN which it notes powers the Dohrnii ecosystem, and Blynex crypto exchange announced in a general post that all is resolved and everything is water under the bridge.

In an X post, they announced that thy were pleased to have successfully resolved all outstanding issues and have reached a mutually beneficial agreement.

The statement read, ” Following constructive dialogue and a shared commitment to long-term collaboration and innovation in the blockchain and fintech sectors, both parties have agreed on terms that close the chapter on recent disagreements. The resolution underscores the professionalism and forward-thinking approach of both teams, reaffirming their mutual respect and focus on delivering value to their respective communities.”

It added, that with this agreement, all prior concerns are considered settled, and both organizations reaffirm their commitment to professionalism, user trust, and the advancement of blockchain-based financial solutions.

In addition, the parties agreed to mutual cooperation and Blynex will provide self loan dashboard and staking for DHN Team as a sign of support for the project.

This comes after Dohrnii Labs took legal and police action again Blynex, an unregulated crypto exchange with a presence in the UAE. According to Dohrnii Labs, the company filed a police report against Blynex while attempting to withdraw 4000 DHN tokens were blocked from doing so, and also noted that Blynex had liquidated 8,600 of their DHN collateral selling it for 148,160.64 USDT. The company claimed that this was done without authorization, and demanded the immediate release of the 4,000 DHN and the return of the full USDT amount generate from their collateral.

With the end to the saga, all Dohrnii’s X posts accusing Blynx have been deleted.

Binance participates at Dubai’s Token 2049 with its clubhouse

Binance participates at Dubai’s Token 2049 with its clubhouse

Binance, the world’s largest cryptocurrency exchange by trading volume and users, a strategic partner of TOKEN2049, taking place in Dubai from 30 April to 1 May 2025, is bringing back its Binance Clubhouse at Madinat Jumeirah.

As per the press release, the exclusive space will serve as a hotspot for the crypto community, driving the conversation on responsible innovation and global adoption, setting the standard for what’s next in blockchain technology. It will offer attendees a co-working and networking space, insightful talks and special guests from key industry voices and Binance representatives, games, giveaways, and experiences. Binance Clubhouse will be the hub for those who are not only seasoned enthusiasts but also curious newcomers looking to collaborate with industry leaders.

Binance is the title sponsor of this year’s TOKEN2049, further solidifying its leadership in the Web3 space and the region’s expanding crypto landscape. Binance CEO, Richard Teng, will also be on the ground at the Binance Clubhouse, engaging with the community and sharing insights on the future of the industry.

“We are thrilled to reunite with TOKEN2049, bringing back our much loved Binance Clubhouse. With over 1,500 events annually, Binance Clubhouse remains a cornerstone of our vision, empowering the next chapter of Web3. Designed for both industry veterans and curious newcomers, this space offers something for everyone – connection, impactful conversation, growth, and inspiration.” Rachel Conlan, Binance Chief Marketing Officer