Crypto.com now fully operational in UAE

Crypto.com now fully operational in UAE

Crypto.com is now fully operational in the UAE after receiving the final approval from Dubai’s virtual asset regulatory authority VARA. It is the first international crypto exchange to receive a full operational license.

Crypto.com announced this achievement on X formerly Twitter stating that it would now be able to serve institutional investors.

The post stated, “We’re excited to announce our full operational approval from Dubai’s Virtual Assets Regulatory Authority. Crypto․com Exchange will be available for institutional investors as our first launch in the region.”

Crypto.com, has announced that its Dubai entity, CRO DAX Middle East FZE, has received full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA) and is launching the Crypto.com Exchange for institutional investors as its first operational milestone.

This operational approval follows Crypto.com’s fulfillment of the pre-operational conditions stipulated in the Virtual Asset Service Provider Licence granted to CRO DAX Middle East FZE in November 2023, and marks a first for a global crypto operator to be operational with fiat in the UAE.

Crypto.com will be able to offer exchange Services, broker-Dealer Services, management and Investment Services and lending and Borrowing Services to institutional and retail clients.

Available to institutional clients and qualified retail investors, the Crypto.com Exchange, which has deep liquidity and a state-of-the-art matching engine, offers spot trading, staking brokerage and other OTC offerings around settlements for selected markets. With this full operational approval, Crypto.com has also initiated plans for further in-market product launches expected in the coming months, including the Crypto.com App and additional retail-user focused products.

“We are thrilled to expand our presence and offering in the UAE with the support of VARA,” said Eric Anziani, President and Chief Operating Officer of Crypto.com. “Launching with our world-class Crypto.com Exchange institutional services will be fundamental to our continued growth and success in such a key market for our company.”

“We are incredibly supportive of the steps Dubai is taking to progress the crypto industry, both in-market and abroad,” said Stuart Isted, General Manager, Middle East and Africa of Crypto.com. “But this is still just the beginning, and we look forward to continuing to work closely with VARA in our collective efforts to effectively and responsibly advance the sector.”

In November 2023, Crypto.com received its license but was not operational until all requirements were met. Prior to this OKX received its license which is still non-operational.

India’s largest crypto exchange CoinDCX eyes international expansion starting with MENA

India’s largest crypto exchange CoinDCX eyes international expansion starting with MENA

In a recent CoinDCX blog post, where the founders Sumit Gupta and Neeraj Khandelwal addressed their users, investors and partners, the crypto exchange noted that their strategic investment in UAE based BitOasis crypto exchange was part of their expansion plans.

The six-year-old crypto exchange now one of the largest in India celebrated its anniversary.

While talking of the journey including the ups and downs from crypto market cycles, to regulatory hurdles, the founders noted that two things remained constant, their commitment to empowering Indians with the tools and knowledge they need to thrive in the crypto world, and the love and support of their incredible community.

What started as a crypto exchange in 2018 has evolved into a comprehensive ecosystem, encompassing an exchange, CoinDCX Ventures, the Okto self-custodial wallet, and the Okto SDK that bridges Web2 and Web3.

CoinDCX Ventures has already invested in 15 Web3 startups.

CoinDCX also mentions their strategic investment in UAE homegrown crypto exchange BitOasis. The post noted, “Our recent strategic investment in BitOasis, one of the leading exchanges in the MENA region, will facilitate CoinDCX’s expansion into international markets.” In the image associated with the blog post, it pointed out BitOasis as a “partner exchange”.

In August 2023, UAE based BitOasis crypto broker exchange announced that it had secured an investment from CoinDCX, India’s biggest crypt exchange. The announcement came after BitOasis’s license was deemed non-operational by Dubai’s virtual asset regulatory authority VARA and still stands to date as “non-operational” on VARA’s website.

The Blog post also notes that moving forward CoinDCX anticipates a bull run and expects surge in transactions and volumes. They post notes, “We have a huge responsibility to serve our customers better and introduce products that align with the market’s expectations. Going forward, we will continue empowering the masses by democratizing access to Web3. We promise that the coming year will be as exciting as the years gone by. As we continue to build in Web3, some of those initiatives will be rolled out soon. We are committed to take CoinDCX to the next level.”

Bitget crypto exchange users can now buy crypto using UAE dirham

Bitget crypto exchange users can now buy crypto using UAE dirham

Bitget, crypto exchange and Web3 company, has partnered with OnRamp, the leading crypto payment solution provider to allow users the ability to buy crypto using UAE Dirham through bank transfers. With the integration, Bitget users can now buy and sell digital assets using various local currencies. This collaboration brings significant improvements for users interacting with digital assets, enabling seamless conversion between fiat and crypto instantaneously.

Users can buy crypto with NGN, AED, and MXN through bank transfers, and with VND via VietQR. This range of options ensures that users have easy-to-use and reliable methods to convert cryptocurrencies to fiat and vice versa. Bitget caters to users with a diverse set of preferences and finance management requirements, fulfilling their needs with emerging WEB3 products.

Bitget is introducing a zero-fee offer with this integration for all cryptocurrencies. This compliments Bitget’s current in-house zero-fee offer for Bitcoin (BTC) and Ethereum (ETH). The move allows users to buy cryptocurrencies via traditional banking channels through OnRamp without incurring any fees.

“At Bitget we’re constantly improvising our platform’s abilities, including its fiat-to-crypto conversion capabilities. The integration is a step closer to our mission to drive mass adoption of crypto, making it easy for people around the world to trade crypto. By smoothing out the conversion process between crypto and fiat we’re accelerating an inclusive and global financial revolution,” says Gracy Chen, Managing Director at Bitget.

In the UAE CoinMENA also announced its partnership with Network International for crypto onramping.

Former ambassador to UAE chairs Binance Board of Directors at ADGM

Former ambassador to UAE chairs Binance Board of Directors at ADGM

Registered in UAE’s Abu Dhabi Global Markets, the new board of Directors of Binance is headed by the former Barbados ambassador to UAE Mr. Gabriel Abed.

Binance MENA Holdings, registered in ADGM has appointed Gabriel Abed, who served as ambassador of Barbados to the United Arab Emirates, as chairman. According to ADGM website Abed was appointed on March 8th 2024. Could this mean that Abu Dhabi is the headquarter of Binance?

Binance listed the Board of Directors on its website.

Gabriel Abed as Chairman of the Board (Independent Board Member), a globally recognized technology entrepreneur, seasoned board member and former diplomat specializing in the intersection of regulatory innovation and financial technologies. He has over 13 years of experience within the blockchain industry and has navigated complex financial landscapes within regulated environments across several industries and countries

In 2013, Mr. Abed was the founding CEO of Bitt, the trailblazing company that introduced one of the world’s earliest Central Bank Digital Currencies (CBDCs). In 2016, he co-founded Digital Asset Capital Management (DACM), a hedge fund that quickly became best-performing in its category. Today, he continues to be a leading authority on digital economy affairs, regulation and blockchain technologies.

In April 2018, Mr. Abed was appointed as the Special Technology Advisor to the Honourable David Burt of Bermuda. In 2020 he had a leadership role in the World Economic Forum’s Global Future Council on Cryptocurrencies’ Regulatory Framework Group. He was also a board member of the Barbados Stock Exchange and of ANSA Bank (Trinidad). Mr. Abed serves as an honorary member for the Barbados Financial Services Commission’s subcommittee for FinTech.

Mr. Abed graduated with honors from the Ontario Technology University, with a Bachelor’s Degree in Information Technology, majoring in Network Security. Due to his contributions to blockchain and regulation technology, Mr. Abed was also conferred an Honorary Doctorate in Law by the University of the West Indies.

As per Binance website, “As Chairman of Binance’s Board of Directors, Mr. Abed remains dedicated to forging multilateral relationships across governments, governance, technology and regulation.”

Xin Wang appointed as Independent Board Member. Xin Wang is a qualified lawyer in the State of California and a Solicitor of England and Wales with extensive experience in leveraged, acquisition and project financings as well as mergers and acquisitions (M&A). Ms. Wang serves as an independent board member of Binance’s Board of Directors.

Ms. Wang is the CEO of Bayview Acquisition Corp, a special purpose acquisition company listed on NASDAQ. She also serves as consulting partner at BHR Partners, a firm that focuses on strategic private equity investments in cross-border M&A deals with specific focus on high-end manufacturing and natural resource sectors. Prior to BHR, she served as Counsel with the international law firm of White & Case. Ms. Wang received her Bachelor of Commerce from McGill University and Juris Doctorate from Boston University School of Law.

Arnaud Ventura appointed as Independent Board Member. Arnaud Ventura is Managing Partner of Gojo & Company, a Tokyo Based investment holding company. He is a serial entrepreneur focusing on businesses that generate strong social impact. Mr. Ventura founded and led two of the leading financial inclusion groups worldwide, PlaNet Finance and Baobab (formally known as MicroCred Group), a microfinance holding company which he led as its founder and CEO till 2019. Mr. Ventura was also the Founder of mBank Holding, a mobile banking-based group and of the Positive Economy Forum, a series of events focusing on developing a positive economy. Mr. Ventura is Co-Founder and President of the France-China Young Leader Programme and the France Asia Foundation. Mr. Ventura is a French-American Young Leader Fellow and a WEF Young Global Leader. He is a graduate of one of the top French engineering schools.

Mr. Ventura is also an Independent Board member with: NSIA Group and MANZI Holding; Ard Financial Services, where he is also chairman of the Audit & Risk committee; and, Humo Bank, where he also chairs the Risk committee. Mr. Ventura is also the Chairman of the Board of Binance France, a registered VASP in France.

Richard Teng :is the CEO of Binance; previously serving as CEO of Binance Singapore and held roles looking after the MENA region, the European region, and ultimately all regions outside of the U.S. as the Head of Regional Markets at Binance.In this role, he led regional teams to secure strategic partnerships, foster an ecosystem of innovation, and expand the cryptocurrency ecosystem within the respective regions. Prior to joining Binance, Mr. Teng was a former regulator. He was the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), where he showcased his capabilities as one of the world’s foremost innovative regulators. Mr. Teng’s vast experience also includes previous roles as the Chief Regulatory Officer of the Singapore Exchange (SGX) and Director of Corporate Finance at the Monetary Authority of Singapore (MAS). Mr. Teng received his Masters in Applied Finance (Distinction) from the University of Western Australia and a Bachelor of Accountancy (1st Class) from Nanyang Technological University.

Roger Wang: is the top product expert in Binance and a founding member of the organization. He developed the cutting-edge technology that drives Web3 innovation through the Binance platform. He is responsible for the design and implementation of the exchange platform and wallet system, ensuring its security, stability, and scalability. He has been working in the financial industry for over 10 years. Prior to joining Binance, Mr. Wang played a leading role in the development of the credit booking, analytics and marking systems in Nomura and the equity system in Morgan Stanley.

Heina Chen: is a Senior Executive and Co-Founder of Binance. With deep Web3 experience, Ms. Chen manages the clearing, settlement and treasury at Binance and is also responsible for the strategy implementation, company policies enhancement and business operation management. Ms. Chen has over 14 years of operations management and entrepreneurial experience. The breadth of her experience includes overseeing the whole back office covering Finance, HR, Admin, Clearing, and Treasury functions for the world’s largest cryptocurrency exchange. Prior to Binance, Ms. Chen was Chief Operating Officer and Co-Founder of Bijie Tech, a software development company providing exchange-as-a-service platforms to other exchanges. Ms. Chen has a Master EMBA from the National University of Singapore and Bachelor’s Degree in Finance and Accounting from Shanghai University of Finance and Economics.

Rock He: dedicated himself to the digital currency field in 2014 and joined Binance in 2017 as one of the founding team members, where he has led a number of business units including one of the most critical, Fiat, for the on-ramps and off-ramps. Mr. He has over a decade of experience in team management and more than four years of experience in Internet and media companies leading operations, branding and business.

Mr. He has more than 10 years of experience in the blockchain industry, including as an independent researcher, with strong institutional knowledge with respect to Binance’s product offerings and product development strategy. Mr. He oversees daily business operations, including the setting of key performance indicators, and ensuring teams achieve their performance targets. Mr. He focuses on plans to increase efficiency and reduce operational costs; coordination with the regional and global management team to ensure alignment; and, ensures operational processes stay compliant with local laws and regulations. Mr. He has a Master EMBA from the National University of Singapore.

The Global Advisory Board comprises of the following members:

Max Baucus, USA, Former U.S. Ambassador to the People’s Republic of China; Former U.S. Senator Montana; Former Chairman of Senate Committee on Finance

HyungRin Bang, Korea, Advisor of the Korea Presidential Committee; PR/Communications Advisor of Yoon Seuk-Yul’s 2022 Presidential Campaign; Former CEO, SoftForum Inc.; Former Executive Director, Hyundai; Former Executive Director, Samsung;

Henrique de Campos Meirelles, Brazil, Former Minister of the Economy, Former President of the Central Bank of Brazil, Former Chair of J&F’s board of directors, Former Member of the Board of Directors of Azul Brazilian Airlines, Former President, BankBoston; Former President of Global Banking, FleetBoston Financial; Former Board member, Raytheon Corporation, Bestfoods and Champion International. Former Member of the Council of Lloyd’s of London; Former Chairman of Lazard Americas.

Adalberto Palma, Mexico, Honorary Board Member of The Aspen Institute Mexico; Former Senior Advisor at the Chief of Staff Office to the President of Mexico; Director of Business Development at BEworksMX Consulting; Former President of the CNBV; Founding Chairman of The Center for Excellency in Corporate Governance; Independent Director of the Institute for Savings Protection; President of Bankers Trust Mêxico, Colombia and Venezuela; Managing Director of Citibank Mexico.

David Plouffe, USA, Business, Non-Profit and Political strategist; Author, Member of Various Boards of Directors; Former Campaign Manager Senior Advisor to President Obama in the White House

Christin Schäfer, Germany, Founder and Managing Director of acs plus; Former Group Risk Operating Officer, Erste Group Bank; Former Global Head of Quantitative Solutions, Deutsche Bank, Member of the Data Ethics Commission, German Federal Government

Lord Vaizey, UK, Member of the House of Lords; Former Minister and Member of Parliament

David Wright Europem Chair, EUROFI; Former Secretary General, IOSCO, Former European Commission; Deputy Director General Financial Markets, European Commission

Prior to this Binance offloaded its venture arm Binance Labs.

Fasset crypto exchange launches its app in UAE

Fasset crypto exchange launches its app in UAE

UAE regulated crypto digital asset exchange Fasset has launched its official application in the UAE. Fasset received a VARA (Dubai’s virtual asset regulatory authority) license in November 2023.

The app’s launch in the UAE is a strategic step for Fasset, following a successful launch in Indonesia last year, where it attracted over one million users within the first week. Fasset allows users to carry out spot trading and investment services in cryptocurrencies, stablecoins and tokenized real-world assets.

On the educational front the application includes Fasset Play, designed to offer a risk-free learning environment for users to hone their investment skills. This initiative aligns with Fasset’s mission to democratize access to financial services, enabling a wider audience to explore and manage their wealth.

Fasset CEO Mohammad Raafi Hossain commented, “UAE is experiencing a surge in digital asset investment as the government promotes innovation and entrepreneurship in the country. We are happy to extend our secure and transparent platform to customers in the UAE. Our goal is to empower people to have universal access to financial services, so they have more opportunities to build and manage their wealth.”

Fasset’s strategic partnerships have been instrumental in its rapid growth. In Indonesia, the company partnered with Indosat Ooredoo Hutchison to launch the world’s first embedded digital asset exchange in a telco app, reaching over 100 million users. Additionally, Fasset collaborated with Mastercard to introduce a crypto card for users in the region.

Fasset has raised a total of $26.7 million in funding. This includes a significant $22 million raised in a Series A funding round in April 2022, led by Liberty City Ventures from New York and Fatima Gobi Ventures from Pakistan, with additional participation from Soma Capital and MyAsiaVC. Before this, Fasset raised $4.7 million across two rounds, including seed funding from Dubai’s Ceras Ventures in May 2021.

Crypto derivative exchange BioFin sponsors Token2049 event in Dubai

Crypto derivative exchange BioFin sponsors Token2049 event in Dubai

BioFin, a crypto derivatives exchange is sponsoring the Token2049 event in Dubai UAE. As per the press release, this sponsorship marks a significant milestone for BloFin, following its successful participation as a Gold Sponsor at TOKEN2049, in Singapore in 2023. It is dedicated to furthering the blockchain industry’s growth and development by partnering once again with TOKEN2049.

As a Platinum Sponsor, BloFin aims to showcase its commitment to innovation, technology, and community engagement within the blockchain ecosystem. TOKEN2049 Dubai 2024 promises to be a gathering of industry leaders, innovators, and enthusiasts from around the world, and BloFin’s sponsorship underscores its position as a key player in shaping the future of blockchain technology and digital asset trading.

BloFin’s exclusive WhalesNight AfterParty is poised to make waves. Scheduled to be held at the scenic Sobe Dubai Rooftop Sundowner, the event will commence at 19:30 (UTC+4) on April 18, 2024.

The BloFin WhalesNight AfterParty will bring together industry leaders, BloFin Whales (influencers), and BloFin VIPs from around the world. Attendees can look forward to engaging discussions, exciting news, and valuable networking opportunities in a vibrant and dynamic atmosphere. It will serve as a platform for participants to connect, share insights, and explore new opportunities in the ever-evolving cryptocurrency landscape.

With years of experience in the blockchain industry, Matt Hu, the CEO of Blofin, is anticipating this opportunity and recognizes the significance of attending TOKEN 2049 in Dubai as a platinum sponsor for his product: 

“Bitcoin is being heralded as the modern-day gold, while Dubai is on the rise as the world’s new financial epicenter. Dubai Token2049 presents an unparalleled platform for dialogue, not just for us, but for global users as well. As one of the most rapidly expanding exchanges, BloFin is excited to showcase our breakthroughs in product innovation, cutting-edge technology, and unparalleled security  measures. We’re not stopping there; BloFin is committed to ongoing investment in our product suite, technological advancements, security protocols, and operational efficiencies to ensure our users receive nothing but the most exceptional and dependable services. Join us at Dubai Token2049 to witness the future of finance, today.” 

Attendees at TOKEN2049 in Dubai will have the opportunity to delve into the diverse features of the Blofin ecosystem, spanning fiutures trading, copy trading, and more. Through interactions with experts, Web3 builders, thought leaders, and enthusiasts at TOKEN2049, BloFin aims to forge a robust foundation for the advancement and maturation of the blockchain ecosystem.

Dubai cyber security firm FearsOff secures crypto exchanges HTX and Poloniex

Dubai cyber security firm FearsOff secures crypto exchanges HTX and Poloniex

Dubai based cyber security firm, FearsOff has partnered with HTX crypto exchange and Poloniex crypto exchange to secure and protect those crypto exchanges.

This partnership aims to improve HTX and Poloniex’s existing security infrastructure with asset and data protection by integrating FearsOff’s specialized expertise while ensuring the safety of user assets and data by addressing specific security challenges collaboratively.

According to the recent Kucoin Survey , The Cryptoverse, Understanding Crypto Users in the UAE, which revealed insights into the UAE’s role as a crypto hub, it was found that 48 percent of UAE crypto users are concerned about lack of trust in crypto exchanges, with 63 percent of them prioritizing security

The Chief Operating Officer at FearsOff, Marwan Hachem, commented “We’re thrilled to partner with HTX and Poloniex, and commend their leadership for taking proactive measures to be one step ahead of future threats. Often, the best defense is a good offense; this collaboration enables us to identify and neutralize potential vulnerabilities before malicious hackers can exploit them, thereby preventing future breaches.”

Prior to its official Dubai debut in 2022, the FearsOff core team of veteran ethical hackers collaborated for over 15 years on hundreds of projects. One key to FearsOff’s success is integrating deep research into innovative, proprietary tools and software, enhancing assessment capabilities.

This comes as more and more exchanges in the UAE are receiving regulatory licenses.

CoinMENA and Network International to offer fiat to crypto onramp

CoinMENA and Network International to offer fiat to crypto onramp

Network International (Network), the leading enabler of digital commerce across the Middle East and Africa (MEA) region, collaborated with virtual asset service provider CoinMENA FZE, to provide users with a seamless and secure onramp from fiat to crypto via card deposits.

The announcement was made at a signing ceremony led by Pankaj Kundra, Group Head of Products, Partnerships, and Enterprises at Network International, and Talal Tabbaa, CEO of CoinMENA.

CoinMENA is regulated and licensed by Dubai’s Virtual Asset Regulatory Authority, and the Central Bank of Bahrain. CoinMENA enables investors to buy, sell, send, receive, and store digital assets safely and securely.

CoinMENA Co-Founders Talal Tabbaa and Dina Sam’an said in a joint statement, “Partnering with Network International, the leading enabler of digital commerce in the MENA region, marks a significant milestone in our commitment to providing our users in the UAE with seamless and secure onramps to crypto. With the ability to deposit fiat to their CoinMENA wallet instantly via cards, our users can now experience a streamlined and efficient process. This aligns with our mission to continually enhance the accessibility and convenience of crypto services. We look forward to leveraging Network International’s industry leadership in the UAE and providing the best experience possible for our users.”

Pankaj Kundra, Group Head of Products, Partnerships and Enterprises at Network International, said, “Network’s legacy of 30 years of providing cutting-edge payment solutions allows us to capitalise our experience and expertise across next-generation platforms such as crypto and digital asset financial services. Our collaboration with CoinMENA will provide UAE investors with an additional option to use their cards to fund their CoinMENA wallets.”

He added, “Deposits using cards is the most convenient way for users to fund their crypto wallets. We look forward to supporting CoinMENA by strengthening their onramp capabilities, through our best-in-class N-Genius payment gateway. Our partnership further reaffirms our commitment to streamline digital payments in the region in line with the UAE’s bid to become a financially inclusive and cashless economy.”

Recently CoinMENA expanded its family office, investor and institutional offering through a partnership with Onramp Bitcoin. Onramp is an international Bitcoin asset management company built on multi institutional custody.

Binance offloads its venture capital arm Binance Labs

Binance offloads its venture capital arm Binance Labs

Binance crypto exchange has offloaded its venture capital and incubation arm, Binance Labs. The company spun off its venture capital arm earlier in 2024.

Binance Labs announced its independence as a venture capital fund, now overseeing a portfolio valued at over US$10 billion. The fund, which has invested in more than 250 projects across 25 countries, boasts a return-on-investment rate exceeding 14 times.

The venture capital entity has detached from the world’s largest crypto exchange, according to Bloomberg. On its website it not clearly states that it operates independently and is not part of Binance Group. Based on records from the Internet Archive, the change appears to have occurred between February 19 and February 24.

Although the reasons behind this restructuring remain undisclosed, Alex Odagiu, Investment Director at Binance Labs, emphasized that the entity has severed its ties with the broader Binance group. However, it will maintain its licensing agreement to utilize the Binance brand.

Binance Labs has actively been investing with investments in Babylon, Ethena Labs, NFTPrompt, and others.

The spin off which happened end of February before Binance CEO sent out his 100 Day letter was not mentioned by the CEO at all.

Binance CEO says little in his 100 days letter

Binance CEO says little in his 100 days letter

On the first of March 2024, Binance’s CEO Richard Teng, wrote a public letter entitled “My First 100 Days Leading Binance”. While he covered the growth in user base reaching 178 million registered users, and the $3 billion in net inflows between November 2023 and February 2024, he didn’t cover the regulatory woos still facing Binance, and for that reason what he didn’t write is seemingly as important and what he did write.

In his letter he states, “Indeed, our user-focused DNA continues to be the driving force behind people’s trust in Binance and the corresponding growth of our user base, with more than 178 million registered users as of today. Moreover, since our resolutions with US regulators, we continue to demonstrate a very strong financial performance. As reported by Bloomberg based on the data from DeFi lama, we recorded net inflows of more than $3 billion between late November and late February, outpacing what our biggest competitors took in over the same period.”

When he did speak about regulation he acknowledged once again that regulation is an indispensable part of the lifecycle of all innovative sectors. He also noted that robust regulatory frameworks must be built on basic principles of maximizing protection for users while fostering a safe and sustainable ecosystem that can grow responsibly.

In his one note with regards to licensing, he states that over the past three months, (100 days) Binance has made “significant headway” in negotiating licenses and authorizations.

The only result he had to put on the table was Gulf Binance, an exchange and brokerage platform in Thailand, a joint venture between Binance and Gulf Innova. Gulf Binance successfully launched its full operations, extending access to digital assets to potentially millions of Thai crypto users and crypto-curious.

What was not said in the 100-days letter is as important as what was said. For example, Richard Teng didn’t speak about any of the licenses that were currently underway, or of the issues still plaguing Binance in other jurisdictions.

When it comes to MENA region, while Binance holds a license in Bahrain, to date it has not been able to receive its full VASP license from Dubai’s virtual asset regulatory authority. This stall comes as more and more crypto brokers and exchanges are receiving licenses in the UAE, one of which is M2 in Abu Dhabi and several others in Dubai including CoinMENA, and OKX.

OKX which has grown its market share over the past year, also just received an in-principle approval for a Major Payment Institution license from the Monetary Authority of Singapore (MAS), and officially launched its Turkish exchange in February. OKX has rapidly expanded globally, launching localized platforms in markets like Brazil.

While Binance for example was absent from applying for a license in Hong Kong. 24 companies vied for licenses to operate digital-asset exchanges ahead of the looming May deadline. Hong Kong attracted players such as Bybit, OKX, and Crypto.com. Since then, Hong Kong’s markets regulator has recently warned the public about the crypto exchange ByBit and several of the products it offers to investors.

The latest TokenInsight report reveals that 2023 witnessed shifts in market share and trading volume among top exchanges, with Binance’s numbers decreasing from 54.2% to 48.7% while OKX’s and Bybit’s increasing by 4.3% and 2.2%, respectively. While Binance still holds number one position in terms of market share according to CoinMarketCap, Bybit now holds number three and OKX fourth.

Teng also doesn’t mention the ongoing battle in Nigeria. Most recently, Nigerian authorities are urging Binance to provide details about its most prominent 100 users within the nation amidst a continued clampdown on the platform. The request is a focal point in discussions between Binance and Nigeria, with the government perceiving the exchange as a key obstacle hindering its attempts to strengthen the national currency, the naira.

In response to the crypto exchange’s attempts to engage in dialogue with Nigerian authorities, two senior executives, Tigran Gambaryan and Nadeem Anjarwalla, were reportedly detained by local prosecutors. Notably, the executives remain in custody despite Binance’s decision to delist all naira transactions and halt peer-to-peer naira transactions in late February.

Then there is Binance U.S., where the SEC alleged Binance.US was not abiding by the terms of a consent order in its case against the U.S.-based crypto exchange and its global parent. As per the SEC the company did not prove to the SEC’s satisfaction that Binance global employees did not have access to U.S. customers’ assets.

Consequently, the 100-day letter shows that Richard Tengis is nothing like his predecessor CZ. Teng would rather stay quiet to the hurdles facing the company within the last 100 days, obstacles that most likely will have an effect on license applications in countries such as the UAE.

As he talks of success and how it should not be taken for granted, and of his plans to welcome in institutional investors offering them the range and quality of services that would make them as he says, “stick around for the long haul”, one cannot but wonder if the 200-day letter will be written.