DWF Labs and Binance refute any claims of crypto market manipulation or cover up

DWF Labs and Binance refute any claims of crypto market manipulation or cover up

DWF Labs, a proprietary high frequency trading firm with offices in UAE, China, Singapore, and Hongkong as well as Binance the biggest crypto exchange globally have vehemently denied all accusations made in a recent article in the Wall Street Journal that there was market manipulation and an ensuing cover up.

The WSJ article discussed accusations that DWF Labs had carried out market manipulation allegedly discovered by a now ex-employee of Binance.

As per the article the fired employee, along with his team, was tasked with identifying and investigating suspicious trading activities. They reported that certain “VIP” clients, including those trading over $100 million per month, were engaged in prohibited practices such as pump-and-dump schemes and wash trading.

Wash trading is a type of market manipulation that can artificially inflate prices and lead investors to believe there is greater market liquidity than there actually is. Widespread crypto wash trading profoundly distorts markets, erodes investor trust, and skews financial market indices

The unnamed former Binance insider claimed that the exchange’s investigators identified $300 million worth of wash trading by DWF Labs in 2023, involving cryptocurrencies including the Yield Guild Game (YGG) token.

Binance concluded that the evidence of market abuse by DWF Labs was insufficient. As per WSJ article shortly after the report was submitted, the head of the surveillance team was dismissed.

The allegations against DWF Labs first surfaced in September 2023 after unusual on-chain activity was noted by the cryptocurrency community. Wintermute, another algorithmic trading firm, accused DWF Labs of misrepresenting their market activities. Yoann Turpin, co-founder of Wintermute, criticized DWF Labs during an interview at Token2049, arguing that they mislabel what are essentially over-the-counter trades as investments

In reply to these accusations both Binance and Dubai based DWF Labs have come out with statements denying these charges and defending their practices.

In a blog post on DWF Labs website, the firm noted, “DWF is a proprietary high-frequency trading firm founded in 2018 by a collective of academically distinguished researchers and professional quantitative traders from a top proprietary trading firm. Our organisation has deep expertise in artificial intelligence, machine learning, and advanced statistical methods, all of which we harness to execute high-frequency trading strategies across a vast array of digital asset products, including spot, perpetual contracts, and options markets. Our trading activities span over 60 centralised and decentralised venues, making DWF a prominent player in the financial technology landscape.”

The blog adds,” From day one, our goal has been to always uphold the highest standards of transparency, trust, and integrity.”

DWF Labs is trusted by over 700 companies, platforms, and institutions. The company states that it provides liquidity to markets for more than a quarter of the 100 largest crypto-native projects and our reach spans across the entire crypto ecosystem. They note that they are committed to supporting bold entrepreneurs by providing liquidity, contributing to Total Value Locked (TVL), operating validator nodes, and making venture investments.

DWF Labs cooperated with DMCC (Dubai Multi Commodities centre) to support crypto startups and was named most active lead investor in 2023. It is also Bybit’s top liquidity provider according to their statements.

DWF Labs claims in its blog post that it has supported the integration to institutional wallets: TON <> Fireblocks , Conflux <> Fordefi, as well as Hackathons: TON, Viction, Conflux (U-Hack), Bybit x DMCC x DWF Labs including ecosystem funds and grants: Airdao, ZigCHAIN, TON, Theta, Algorand, Flare, EOS, Floki, API3, Kava, Gala Chain, Klaytn.

In a strong worded sentence, DWF Labs stated, “Establishments and fake media will not root the movement that Bitcoin started in 2009. We are in crypto for the very reasons why the establishments want to get rid of us.”

On another front Binance also faced the allegations with their own statement saying “Binance emphatically rejects any assertion that its market surveillance program has permitted market manipulation on our platform. We have a robust market surveillance framework that identifies and takes action against market abuse. Any users that breach our terms of use are off-boarded; we do not tolerate market abuse.”

Binance notes that over the last three years its team has offboarded nearly 355,000 users with transaction volumes of more than $2.5 trillion for violating their terms of use.

The crypto exchange added, “We have 190 million users. They can rest assured we do not favour any individual user, no matter how big, over the safety of the platform.  That said, these are not decisions we take lightly. We do deep investigations, using multiple tools, and only offboard clients when there is sufficient evidence, they have violated our terms of use. A recent independent investigation from Inca Digital into Binance’s market surveillance practices validates the effectiveness of our approach, finding “minimal signs of anomalous trading activities.”

Whether these allegations are part of a wider 21st century witch hunt or whether these are true representation of reality, what is for sure is that the crypto ecosystem as it grows is coming under increased pressure from the establishment!

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.

UAE based AMINA Bank if ETH is a security there are significant risks to entire crypto community

UAE based AMINA Bank if ETH is a security there are significant risks to entire crypto community

UAE based AMINA Bank, previously know as SEBA crypto bank, regulated in Abu Dhabi ADGM, has published an interesting article on Ethereum, and ETH being designated as a security. According to AMINA Bank, the question on the minds of Ethereum investors is whether or not Ether is a security given the pending US decision on spot Ether ETFs ( Exchange Traded Funds).

As per the article on one hand, the US Commodity Futures Trading Commission (CFTC) has defined ETH, along with several other cryptocurrencies, as commodities. Conversely, US Securities and Exchange Commission Chair Gary Gensler has refrained from providing a clear stance. This was further amplified during his Congressional hearing in April 2023, he repeatedly avoided giving a definite answer. Even recently, he did the same in an interview – refused to give a clear answer to the question. This lack of clarity has left the crypto community uncertain about the possibility of a shift for the cryptocurrency from its current legal ambiguity.

Concerns escalated when the Ethereum Foundation recently disclosed being subpoenaed by an unnamed “state authority,” suspected by many to be the SEC, although Fortune claimed it was the US SEC, unconfirmed by the SEC itself. Although there were bigger factors in play, this regulatory uncertainty has partly contributed to the abysmal performance of ETH relative to BTC since the start of 2023.

To confront the SEC and address ETH’s legal standing, Ethereum software development firm Consensys has filed a lawsuit recently. The lawsuit says that the SEC lacks jurisdiction to regulate global, peer-to-peer computer networks and this includes Ethereum.

Consensys argues that the SEC’s extensive reach into commodities, software, and emerging technology platforms is illegal. According to the lawsuit, if the SEC’s influence prevails, it could nullify efforts by Congress, the Federal Reserve, and the Treasury on stablecoins, undermining established US policy priorities and granting technological superiority to nations beyond the US.

AMINA Bank believes that it currently seems unlikely that ETH will be declared a security. However, for investors, it is important to understand the implications if it were to go the other way, so let’s dive in. To state the obvious, if ETH were indeed designated as a security, it would pose significant risks to the entire crypto and decentralized finance (DeFi) ecosystem. ETH currently is the backbone of DeFi, being extensively integrated within it. It functions as the native gas token for the Ethereum blockchain and its scaling solutions.

It serves as widely accepted collateral in DeFi and boasts of the largest developer community in the crypto space. Once a security, all infrastructure that lets users use ETH could be seen as unregistered securities brokers. Exchanges seeking to list Ether would need to register as securities broker-dealers with the SEC. Most teams in crypto may exit the space if subjected to such operational complexity.

Another possible implication is that protocols may start prefering Proof-of-Work (PoW) consensus. In a Proof-of-Stake (PoS) system, entities with larger token holdings have a greater chance of validating the next Ethereum block and receiving block rewards for the same in ETH.

Gensler has suggested that such PoS chains, rewarding users for locking up their coins, resemble investment contracts and could be deemed securities, without specifically mentioning ETH. Given that most major blockchains, apart from PoW Bitcoin, work on PoS like Ethereum, regulators might extend similar classifications to them.

Additionally, non-ETH tokens hosted on the Ethereum blockchain could also face repercussions due to being so closely integrated with a supposed security (ETH). This is why new blockchains may want to then go back to the PoW consensus mechanism to avoid regulatory scrutiny.

It’s fair to say that this would not only put a hold on but potentially even reverse years of progress across the cryptocurrency market. This is a doomsday scenario for cryptocurrency investors which currently is unlikely to happen.

The argument against ETH being classified as a security revolves around the nature of ETH tokens themselves. Unlike stocks or bonds, ETH tokens do not represent legal ownership of any business entity. They are essentially code stored in a decentralized database. When considering whether ETH qualifies as a security, the crucial question is whether the offer and sale of ETH tokens constitute an investment contract under the Howey test.

The Howey Test is used in the US to determine whether certain transactions qualify as investment contracts. Under the Howey Test, a transaction is an investment contract if:

It is an investment of money.

The investment of money is in a common enterprise.

There is an expectation of profits from the investment.

Profits come from the efforts of some particular others.

At the time of Ethereum’s ICO in 2014, when the community was smaller, ETH may have met the criteria of the Howey test. This is because participants likely invested money expecting profits based on the efforts of a few select others like founder Vitalik Buterin and some core developers.

There was also an expectation of profit for ICO investors. It could have also been considered a “common enterprise” due to the founding team being the only members of the Ethereum community at the time of ICO. However, the SEC did not act then.

Today, several factors suggest that ETH does not meet the Howey test criteria the way it is right now. Firstly, with the rise of DeFi, ETH serves as more than just an investment – it also has utility in paying gas fees for transactions onchain.

Additionally, Ethereum has become increasingly decentralized with a diverse developer community (over 7000 monthly active developers throughout 2023) and network success no longer dependent solely on the efforts of specific individuals like the Ethereum Foundation. From a security standpoint, there is no single gatekeeper. The total number of active validators for Ethereum has exceeded the 1 million mark, according to data from Glassnode.


Many were concerned as liquid staking provider Lido Finance neared the 33% threshold mark in percentage of ETH staked. However, this is now down to 28% at the time of writing. Also, Lido is not a single entity and currently has over 30 node operators.

But does Proof-of-Stake make ETH a security as Gensler believes? In PoS, running a validator node on the Ethereum network is considered a service, not an investment scheme. This is because rewards are contingent on honest behavior during validation.

Dishonest actors may face slashing of their stake. However, staking services provided by centralized platforms like Coinbase or Kraken may blur the line, potentially exposing providers to legal action. Nonetheless, this does not affect ETH’s classification.

As obvious as it may sound, another reason why ETH may not be classified as a security is because it currently is not so. CFTC has allowed ETH futures trading and has explicitly stated ETH as a commodity. This reinforces the argument against ETH being classified as a security. The SEC’s approval of ETH futures ETFs for trading on regulated security exchanges also underscores ETH’s non-security status and falls outside the SEC’s jurisdiction.

AMINA Bank article concludes that it seems that the US SEC is refusing to take a clear stance on this matter in order to confine ETH within a grey area, thereby allowing it to delay the decision on the applications of the US spot Ether ETFs filed by financial behemoths like BlackRock, Fidelity, Greyscale and others.

A complete list of Ether ETFs can be found here. Regardless of the SEC’s eventual decision on ETH’s security status, we hope it positively contributes to the future of crypto and finance.

Vault Hill launches blockchain digital ecosystem at Abu Dhabi AIM Congress

Vault Hill launches blockchain digital ecosystem at Abu Dhabi AIM Congress

Vault Hill blockchain with its offices in Ras El Khaimah UAE, has launched its digital ecosystem Vault Hill 3.0 at the AIM Congress in Abu Dhabi. The system is set to redefine the integration of gaming, artificial intelligence (AI), and immersive social experiences. This upgrade goes beyond a simple refresh, introducing a re-engineered platform that is poised to become a central hub for digital innovation, mainly focusing on enriching the technological terrain of Africa.

Vault Hill has crafted interactive spaces where users worldwide, and especially in Africa, can engage, create, and explore within a richly immersive environment. “With Vault Hill 3.0, our focus sharpens on empowering the African community, harnessing advanced technologies to propel regional development and connect the continent to global digital trends”, says Jimi Daodu, CEO of Vault Hill.

Step into the future of gaming with VH Games, where blockchain technology meets immersive gameplay. “VH Games introduces a tokenized economy, utilizing tokens to blend play with real value creation, providing gamers not just entertainment but also economic opportunities within our expansive digital realms,” says Tayo Kalejaiye, Head of Gaming at Vault Hill.

Also introduced is Hilda an AI partner that serves as a dynamic companion for businesses and government agencies, facilitating sophisticated digital strategies and enhancing customer interactions with predictive analytics and personalized service.

UAE regulator grants QCP capital approval to offer crypto derivative trading solutions

UAE regulator grants QCP capital approval to offer crypto derivative trading solutions

QCP, an institutional digital assets company, announced in a press release, that they have received In-Principle Approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to conduct regulated activities. According to the press release, the decision to make a move into this strategic market for the company’s footprint was in anticipation that the Middle East is going to become a dominant global hub for capital flowing into traditional and digital assets.

Founded in 2017 QCP is one of the largest trading desks in the world for digital asset derivatives and a provider of trading solutions and structured strategies. Ernst & Young finds that as of September 2023, the monthly volume of crypto derivatives stands at US$1.33 trillion, which is nearly four times the size of the crypto spot market. With most of the crypto derivative market currently existing outside the US, Abu Dhabi and the UAE have a lot of potential to capture this market segment.

In addition, with notable financial institutions such as Goldman Sachs and Brevan Howard launching in Abu Dhabi last year, Abu Dhabi is rapidly attracting its target segment of clients including family offices, traditional and crypto native macro hedge funds, high net worth individuals, blockchain protocols, VC funds, brokerages and more. QCP also previously announced a partnership with Further Ventures, which is reflective of how the company plans to meet the demand for financial and derivatives digital asset offerings in the market.

Melvin Deng, CEO, QCP said, “The IPA is a significant development for us and advances our goal of embracing greater regulation. We are committed to meeting ADGM’s transparent and high standards of regulatory compliance. Our intention is to be a responsible player that wants to support market confidence. We are proud to be the first Singaporean digital asset market maker and broker-dealer to set up here in the market and hope we can encourage others to venture into this dynamic market. We want to learn from what other players are doing in Abu Dhabi and the region and bring our expertise as a first mover in digital assets to the ecosystem.”

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We congratulate QCP on receiving its IPA from ADGM and welcome them to Abu Dhabi’s thriving international financial centre. With a leading trading desk and digital asset capabilities, we look forward to QCP’s integration into ADGM’s ecosystem, which will streamline regional opportunities. As the digital assets landscape continues to evolve in the Middle East, we anticipate more companies like QCP to recognise the progressive and comprehensive nature of ADGM’s regulatory frameworks, fostering confidence in choosing Abu Dhabi as their regional base.”

QCP will continue to have its main company headquarters in Singapore while leveraging on Abu Dhabi as a base to break new ground and drive innovation. It is well positioned to expand on the back of strong business growth, with a 64 % Y-o-Y increase in Q1 trading volumes. In line with QCP’s long term commitment to the UAE, subject to the regulatory approval for the grant of the FSP, the company plans on making further investments to invest in their presence in the UAE.

Chainalysis joins Emirates NBD’s digital asset lab

Chainalysis joins Emirates NBD’s digital asset lab

Chainalysis the blockchain data platform, has joined Emirates NBD, digital asset Lab. Chainalysis, the blockchain data platform, will join professional services firm PwC, digital asset transfer and direct custody technology platform Fireblocks, and R3, an enterprise Distributed ledger technology platform, as founding council members of the Lab.

According to the press release, Chainalysis’ expertise in blockchain analysis and compliance will strengthen the Digital Asset Lab by contributing to the development of innovative financial products and services that are compliant and secure.

As a national bank known for innovation, Emirates NBD plans to leverage Chainalysis’ analytics and investigative capabilities to further discern market trends and customer needs, while enhancing the integrity of the bank’s digital asset initiatives.

The strategic alliance demonstrates Emirates NBD’s commitment to upholding the highest standards of regulatory compliance in the rapidly evolving digital finance landscape.

Miguel Rio Tinto, Group Chief Digital and Information Officer at Emirates NBD, said, “As a leading local bank that has always been committed to innovation, Emirates NBD is proud to partner with Chainalysis and welcomes the company to the Digital Asset Lab to pave the way for pioneering solutions in the financial sector. By partnering with Chainalysis, the bank aims to provide a more transparent and reliable digital finance environment for customers, thereby fostering greater trust and confidence in the bank’s digital offerings.”

Nicola Buonanno, VP Southern EMEA at Chainalysis, added, “Financial institutions play a pivotal role in sculpting the future of digital assets, offering secure avenues for investor engagement with the right risk mitigation measures. Chainalysis is excited to collaborate with Emirates NBD through its Digital Asset Lab, leveraging its data and solutions to facilitate safe and transparent digital asset services. Together with the Emirates NBD, we aim to forge a resilient financial sector, fostering confidence and further advancing the UAE’s leadership in digital assets innovation.”

The Digital Asset Lab was announced in May 2023 at the Dubai FinTech Summit, with the goal of enabling and accelerating digital asset and financial services innovation in the UAE. As a bank committed to providing customers greater access to a wide range of financial products, Emirates NBD is establishing a robust platform with industry experts for the development of innovative ideas in financial services using digital assets and its underlying technologies.

The Lab focuses purely on digital assets and how underlying technologies can be leveraged to enable customers to effectively manage their financial services requirements in the evolving and dynamic environment of digital assets.

After its crypto broker license in UAE, WadzPay now seeks license for stablecoin issuance

After its crypto broker license in UAE, WadzPay now seeks license for stablecoin issuance

WadzPay, a fintech blockchain based technology for virtual asset payment solutions, has announced its entrance into the Stablecoin business. According to the press release, this will shift Wadzpay’s strategy from one of being a virtual asset payments company to a blockchain financial services solutions provider. The new solutions will be organized as a new business and new brand. To ensure regulatory compliance, WadzPay will set up a new entity and will pursue approvals in UAE, Hong Kong, and Singapore.

WadzPay recently was granted a license for crypto brokerage by Dubai’s virtual asset regulatory authority, pending finalizing some requirements.

The decision to venture into the Stablecoin market comes as a response to the increasing demand for secure, transparent, and efficient digital payment solutions worldwide. WadzPay will introduce two main products: Stable Coin as a Service and its own regulated USD$ Stablecoin, designed for local and international payments, cross border remittances, and settlements of on-chain transactions related to RWA.

According to recent market research by Bernstein, the global market for stablecoins is projected to grow from $125 billion to almost $3 trillion in next 5 years. This growth is fueled by factors such as the rise of decentralized finance (DeFi) applications, cross-border remittances, and the need for stable digital assets to mitigate volatility risks in cryptocurrency markets.

By leveraging blockchain technology, WadzPay aims to provide users with a reliable alternative to traditional fiat currencies, offering stability, convenience, and speed at lower cost in transactions for merchants, businesses and individuals worldwide. With a focus on compliance and regulations, WadzPay is poised to address the growing demand for stablecoins while ensuring security and regulatory compliance in its operations. Apart from the traditional use cases, WadzPay will add some new and innovative uses of stablecoins to the mix.

With this strategic move, WadzPay aims to innovate in solving foreign exchange problems and will introduce an innovative first-in-market business model, setting itself apart from competitors. WadzPay will build a world class team under the new leadership to drive this business.

Founder & Group CEO of WadzPay, Mr. Anish Jain, emphasized the strategic significance of this expansion, stating, “Our entry into the stablecoin business reflects our dedication to meeting the evolving needs of our customers and staying at the forefront of technological innovation. With the growing adoption of virtual assets, particularly stablecoins, we see tremendous potential for growth and are excited to offer our expertise in this space, while remaining committed to compliance and regulations.”

Leading the initiative is Mr. Jason Sarria-Solis as the President – Emerging & New Business in charge of the stablecoin business. With over 20 years of experience in the technology and fintech industry, Mr. Jason brings a wealth of knowledge and a proven track record of driving business growth and innovation. He has led multiple projects spanning from founding and scaling a successful telecom startup in the UK to leading digital banking, embedded finance, and blockchain projects in Asia.

Commenting on his appointment, Mr. Jason Sarria-Solis expressed his enthusiasm, stating, “I am thrilled to join WadzPay at such a pivotal moment in the company’s journey. The stablecoin market presents immense opportunities for disruption and advancement in the payments, remittance, and on-chain settlement space, and I look forward to leading our team in delivering innovative solutions that meet the needs of our users and drive the company’s growth.”

WadzPay remains committed to its mission of revolutionizing the virtual asset financial services landscape with blockchain technology, and the expansion into the stablecoin business marks a significant milestone in this journey. With a focus on technological excellence, customer satisfaction, and strategic partnerships, the company is poised to emerge as a key player in the financial services ecosystem.

Cardano is in the UAE with Dubai Blockchain center

Cardano is in the UAE with Dubai Blockchain center

The Cardano Foundation has today announced a strategic partnership with Dubai Blockchain Center (DBCC), a leader in technological innovation. This exciting collaboration is set to empower and expand the Cardano community, welcoming both current enthusiasts and newcomers to explore the unique aspects of the Cardano technology. The partnership will establish a certification program tailored for Cardano enthusiasts. This initiative will offer specialized training seminars designed to educate, certify individuals and organizations on the advanced features and enterprise applications of the Cardano blockchain.

Both the Cardano Foundation and the Dubai Blockchain Center are deeply committed to advancing education and understanding of blockchain technology. This partnership will leverage educational materials developed by the Cardano Foundation’s subject matter experts, incorporating content from the Cardano Academy to create customized, in-person training seminars. This long-term collaboration aims to significantly enhance the knowledge and adoption of blockchain technology across the MENA region, working towards an offering of certified courses.

Speaking about the partnership today, Frederik Gregaard, CEO of the Cardano Foundation, stated, “We’re excited to sign and to announce this partnership with Dubai Blockchain Center today. Blockchain is a vital technology that has the potential to change the course of how society operates for the betterment of all. Education is essential to achieving that change. By partnering with noted and established leaders in the space, particularly one as successful, prestigious, and visionary as Dubai Blockchain Center, we are able to expand the reach and the efficacy of that educational focus.”

Dr Marwan Alzarouni, CEO of Dubai Blockchain Center and Senior Advisor to Dubai Department of Economy and Tourism, added, “We are thrilled to announce our partnership with the Cardano Foundation—especially as this aligns with DBCC’s mission to promote education, training, and research in blockchain technology. This collaboration aims to provide a new generation of blockchain enthusiasts with customized educational programs and revolutionary technology solutions designed specifically for supporting the application and understanding of Cardano’s advanced blockchain technology. Together, we are committed to helping improve the level of blockchain integration in a variety of sectors to catalyze their innovation, plus enhance their level of impact and adoption at an international level.”

The partnership also deepens the growing connections between the Cardano Foundation and some of the most influential institutions and stakeholders in both Dubai and the Middle East. In 2023, the Cardano Foundation brought its renowned blockchain conference, the Cardano Summit, to Dubai for the first time. This year, it will once again return to Dubai to host the Cardano Summit from the 23rd to the 24th of October. 

Frederik Gregaard concluded: “Dubai is increasingly being recognized as one of the leading locations for blockchain technology, with a continued investment in and dedication to the advancement of blockchain utility. By deepening our connections in Dubai and this region, the Cardano Foundation will continue to drive forward the adoption and operational resilience of this key technology.”

Dubai Blockchain center also recently partnered with BitLayer a Layer 2 bitcoin platform.

UAE and Bahrain regulated CoinMENA allows crypto users to send USDT on TON Blockchain

UAE and Bahrain regulated CoinMENA allows crypto users to send USDT on TON Blockchain

UAE and Bahrain regulated CoinMENA crypto broker has added Telegram’s The Open Network (TON) to its platform, allowing users to send USDT via the TON blockchain. According to the announcement CoinMENA becomes the first regional platform to enable USDT withdrawals via the TON network.

TON joins Ethereum’s ERC-20 and TRON’s TRC-20 as the third blockchain available to CoinMENA users for sending USDT.

CoinMENA Co-Founder and Managing Director Dina Sam’an expressed her excitement in a LinkedIn post saying “Users can seamlessly swap their local currencies to USDT at the most competitive market rates and send them to over 900 million Telegram users. I am extremely excited and proud of the team for mobilizing quickly and becoming the first regional platform to enable USDT withdrawals via TON just 10 days after Tether announced launching USDT on TON.”

CoinMENA Co-Founder and CEO Talal Tabbaa added “Stablecoins, particularly USDT, stand out as crypto’s “killer app,” constituting approximately 70% of on-chain transactions and providing access to U.S. dollars for millions worldwide. The rapid adoption of USDT regionally is unsurprising, given its superior and more convenient experience compared to traditional USD wire transfers. Additionally, with many regional currencies pegged to the dollar, using USDT as a medium of exchange mitigates exposure to FX risk. I’m thrilled about this addition and proud that CoinMENA is leading the charge as the first crypto company to offer this in the region”

The announcement adds that this aligns with CoinMENA’s mission to become the simplest and safest way to onboard people onto crypto by providing a reliable onramp to stablecoins, the most popular use case thus far.

CoinMENA has had a string of partnership announcements with formidable players over the past months. The crypto broker recently partnered with Zodia Markets, enhancing liquidity for its platform. It also partnered with Network international to offer secure onramp from Fiat to crypto, and even partnered with Onramp Bitcoin.