Binance crypto exchange has announced the launch of crypto futures products in Bahrain after receiving regulatory permission.   With this Binance Bahrain BSC becomes the   first regulated exchange in the region to offer these services and the only exchange with a CAT4 licence. The launch of these products follows a comprehensive regulatory review and consultation period to ensure that Binance Bahrain BSC, which operates the regulated Binance Bahrain platform, has met the necessary compliance and governance requirements to offer futures products locally in a regulated manner. Eligible local users must complete and pass a mandatory suitability assessment questionnaire in order to access the products.   Tameem Al-Moosawi, General Manager of Binance Bahrain, said: “Binance is committed to compliance and its users, and we are focused on building the local digital assets ecosystem that is sustainable for the long-term.” This announcement comes after cryptocurr...

    After Dubai’s virtual asset regulatory authority revoked the MVP ( Minimum Viable Product) license for BitOasis earlier this month, Binance has now announced that it is the first crypto exchange to receive an operational MVP license from VARA. As per Binance blog, “Users who qualify will now be able to access regulated virtual asset services in Dubai under VARA’s investor protection and market assurance standards. This milestone achievement affirms Binance’s commitment to building a compliant exchange in collaboration with local regulators.” Dubai's Virtual Assets Regulatory Authority has issued Binance with an Operational Minimum Viable Product (MVP) license to operate virtual asset exchange services. The blog goes further to state, “ We are pleased to announce that our Dubai subsidiary, Binance FZE, has become the first exchange to receive the Operational Minimum Viable Product (MVP) license from Dubai's Virtual Asset Regulatory Authority (VARA). “ The Opera...

  It s no surprise that global crypto exchanges are flocking to the UAE, first it was Binance, then Kraken which left, then crypto.com, coinbase, and now the second biggest global exchange OKX. OKX announced unilaterally that it had received a minimal viable Preparatory license from Dubai’s virtual asset regulatory authority (VARA). In 2022 OKX had received its provisional license and opened offices at the Dubai World Trade Centre.  In the announcement they stressed that the UAE is a key strategic growth and business hub for OKX global with the company planning ot hire 30 staff locals and senior management. OKX also added that it plans to extend its nine-figure brand partnerships to the UAE with customer and fan-focused activations and activities. As per the announcement, once licensed to be operational, OKX Middle East will be able to extend its approved suite of duly regulated virtual assets activities and will provide spot, derivatives, and fiat services, including ...

  CZ the Co-Founder of Binance has taken to twitter after word came out that the U.S. SEC ( Securities and Commodities Authority) has sued Binance US and its founder for providing trading for securities such as BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI. The U.S. summarizes the case as a blatant disregard of the federal securities law and the investor and market protections these laws provide. The SEC states that Binance has enriched itself by billions of U.S. dollars while placing investors’ assets at significant risk. The 13 charges come after the CFTC unveiled a similar complaint against Binance and Zhao earlier this year. CZ on twitter stated, “4. Our team is all standing by; ensuring systems are stable, including withdrawals, and deposits.   We will issue a response once we see the complaint. Haven't seen it yet. Media gets the info before we do.”  Charles Hoskinson of IOHK, who had tweeted, “With respect to Binance, I'm reading thro...

  YallaMarket, a Dubai grocery delivery service has announced it intends to embrace crypto payments and utilized Binance Pay and IvendPay for their solution.  Leo Dovbenko, CEO and co-founder of YallaMarket and YallaHub, commented: "YallaMarket and YallaHub are based in the UAE, a global hub of financial technology, so we couldn't stand aside. Moreover, our product development strategy is focused on our customers' evolving demands. Thanks to Binance and ivendPay, we will be able to stay agile, adopt new payment technologies, and focus on providing the best customer service possible."  Cryptocurrency payments offer many opportunities for businesses and users alike. As more merchants and consumers adopt this method of making everyday purchases, we will see continued growth and innovation in this space. This comes after Binance onboarded international payment service ivendPay, as a global cryptocurrency payment gateway for Binance Pay – a contactless, borderless, and sec...

  Global Crypto exchanges, Huobi, Bybit, Equiti, and OKx have all made it to the MVP ( Minimum Viable Product) provisional phase of VARA’s regulatory journey, while crypto.com  and Binance have moved one step forward to the preparatory license phase.  As per VARA the MVP License is a 3-stage process starting with a (1) Provisional Permit; graduating to a (2) Preparatory License and concluding with an (3) Operating License. Applicants that are already in the MVP process will be advised by VARA to either continue within the MVP licensing process and/or be transitioned to the FMP Licensing process, ensuring a seamless transition with a focus on efficiency. So far as per VARA the only crypto exchanges in the second phase under preparatory license are Binance and crypto.com. Binance is also in preparatory phase for its payments offering.  VARA recently announced that Crypto.com move to the preparatory phase of the license after graduating from the provisional phase....

  As part of Women’s Day, Binance cryptocurrency exchange, is investing more than $2 million in more than 10 countries globally to educate them and mentor them on crypto and Web3. Currently women comprise only 37% of crypto owners. Binance Charity donated $2 million to fund over 36,000 dedicated Web3 scholarships for women in 2022, and will continue funding courses, programs and scholarships in 2023 with a focus on women and underrepresented communities. The 2022 scholarships to study blockchain and crypto-related courses at universities, schools and nonprofits were awarded to women in Germany, Nigeria, Kenya, Brazil, France, South Africa, Australia, and Ukraine.  For Women's Day, Binance Charity will also make an additional donation of $100,000 to Georgia’s Innovation & Technology Agency (GITA) to support web3 education and training for women. Binance Academy will provide educational content for GITA web3 courses. With the objective of supporting women's participa...

  While Binance Pay with its partner in Bahrain is breaking records with new clients accepting crypto payments using the platform, in other places, like the UAE it is losing clients. The issue could be regulatory more than technical. So last week, Novotel Bahrain Al Dana Resort became the first hotel in the region to accept crypto payments via EazyPay & Binance Pay, while UAE’s Dubai Canadian University seems to have changed its stance and is no longer willing to accept crypto payments. This also seems to be the same situation with UAE Emirates Zone Investment Services which has also announced a partnership, but no longer mentions this prominently on their website or in their tweets. While it still mentions it in their news section. So back to Bahrain, Eazy Financial Services “EazyPay”, Bahrain’s payment services provider signed a payment services agreement with Novotel Bahrain Al Dana Resort, a luxury 4-star beachside hotel in Manama to offer crypto asset payments to its clien...

  UAE’s Canadian University in Dubai is accepting crypto payments through Binance. In a twitter post the Canadian University Dubai announced that it had collaborated with Binance Pay to offer crypto as a payment method. According to the post Binance Pay is a contactless secure crypto payment technology. Students of Canadian University Dubai can use Binance Pay to pay their fees.  According to the QS World University Rankings 2022, Canadian University Dubai is ranked first in Dubai. There are more than 70 supported cryptocurrencies on Binance Pay, including Cardano (ADA), Bitcoin (BTC), Ethereum (ETH) and others. In February 2023 as well, Bahrain real estate developer Bin Faqeeh Real estate Investment Company announced that clients can buy apartments or houses using cryptocurrencies. Bin Faqeeh will be offering crypto payment services with Bahrain financial service provider EazyPay POS terminals, which is utilizing Binance Pay. In late January 2023, UAE Emirates Zo...

  The Ultra-Abu Dhabi, the premier EDM music festival taking place on March 4 th and 5 th 2023 will be powered by NFT (Non fungible token) tickets developed by BNB Chain, smart contract blockchain and   Fellaz, a Web3 entertainment ecosystem. The cutting edge ticketing solution powered by BNB Chain will verify the authenticity of tickets, ensuring legitimacy. The collaboration will allow for a more seamless and secure ticketing experience for Ultra Abu Dhabi fans using NFT ticketing while providing a new blueprint for Web3 fan engagement specializing in the music industry. BNB Chain was originally initiated by Binance but has since grown to become a community-driven, permissionless, and decentralized blockchain ecosystem. Binance is now  one of the many contributors operating within the BNB Chain ecosystem rather than some kind of dominant force wielding unilateral power over it.  Alvin Kan, Director of Growth and Ops at BNB Chain said, “The new NFT ticketing s...

  In January 2023 Binance celebrated its official entrance into Bahrain. Bahrain’s crypto ecosystem has flourished with the entrance of Binance. Bahrain has witnessed a growth on all fronts, crypto exchange users, crypto payments, crypto jobs and competitive crypto offerings. Binance received its official license in October 2022.   Growth of crypto exchange users   The official license and launch of Binance in Bahrain has added to Binance’s crypto exchange users. Binance announced that it witnessed a 34% growth in institutional business clients in MENA in Q4 2022, the highest growth for a region where Binance operates, Nadeem Ladki, Executive Director Head of BD & Partnerships, Europe & MENA at Binance told LaraontheBlock, “While I cannot go into the specific growth in Bahrain, I can confirm that we have seen a growth in users since we officially launched in October 2022.”   Even Bahrain based CoinMENA; crypto broker also saw an increase in its...

    Bahrain real estate developer Bin Faqeeh Real estate Investment Company announced that clients can buy apartments or houses using cryptocurrencies. Bin Faqeeh will be offering crypto payment services with Bahrain financial service provider EazyPay POS terminals. Binance Co-Founder and CEO, Changpeng Zhao tweeted about Bin Faqeeh Real Estate Company accepting Crypto Payments via Binance Pay through Eazy Financial Services. EazyPay and Binance had signed a partnership in Q4 2022 to offer crypto payment services to EazyPay’s 5000 plus POS terminals. Prior to this Bahrain CoinMENA crypto broker partnered with Carlton Real Estate, a Bahrain-based real estate agency, allowing clients to buy real estate property using crypto assets. Under the partnership, Carlton real estate would accept stablecoins like USDT and USDC. The UAE as well has been offering clients the ability to pay for real estate in cryptocurrencies. In May 2022 UAE Properties developer Nakheel and Abu D...

  UAE Emirates Zone Investment Services has partnered with Binance Pay, to accept crypto payments from the UAE startup community, small and medium businesses (SMBs), Investors and Entrepreneurs who are planning to set up companies in the region. Emirates Zone provides business setup and business formation to investors inside and outside the country. UAE is one of the biggest crypto markets in the world. Based in Abu Dhabi, Emirates Zone Group aims to facilitate the adoption of digital currencies in the region. Speaking on the partnership, Sanad Al-Meqbali, CEO of Emirates Zone Company, stated, "Emirates Zone Company offers a diverse and comprehensive package of solutions and facilities necessary to empower foreign investors and small and medium-sized companies and provide the opportunity to launch these projects with confidence, ease and ease. Accepting cryptocurrency payments will create more opportunities for global businesses in a bid to tap into UAE’s thriving startup communi...

  As HE Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications participated in the WEF session  'Finding the right balance for crypto'  announcing that the UAE has not licensed a single crypto exchange, concurrently the Dubai based Virtual Asset Regulatory Authority (VARA)   affirmed this on its website in its latest announcement. Al Olama told audiences at WEF, that the regulations in UAE are not light. There are extensive regulations at VARA. He affirmed, “ UAE has not issued a single licensed crypto exchange in UAE neither Binance nor FTX.” He explained that there is a four step process  and to date, “no one was able to onboard any customers even last week.” Concurrently VARA stated on its website, “VARA has not granted any operating permits to date this is a four stage licensing process” VARA’s website explained, that the VARA regime is founded on the principles on enforcing responsible market p...

  stc Bahrain has become the first telecom operator in Bahrain to accept cryptocurrencies through its partnership with Eazy Financial Services, a leading Bahraini Payment Services provider specializing in POS and online payment gateway. EazyPay uses BinancePay and wallet to offer this service to more than 5000 POS terminals in Bahrain.  The collaboration with Eazy Financial Services is a strategic step from stc Bahrain towards expanding the payment options with the future of currency to address the increasing demand for flexible and easy-to-use crypto payments.  stc Bahrain CEO Nezar Banabeela, stated, “Rapid digitization across the globe is transforming all aspects of our lives, and payments are the most crucial element. From online shopping and streaming videos to money transfers, almost every digital activity relies on a payment system. We are incredibly proud to be the first telecom operator in Bahrain to accept cryptocurrency payments, a demonstration of our strong ...

  It all started with the FTX downfall and then Binance’s Co-Founder and CEO call for crypto exchanges to carry out proof of reserves. Since then crypto exchanges such as Binance and crypto.com have provided wallets addresses tied to company wallets while Nansen blockchain analytics firm is creating a display of crypto exchange proof of reserves dashboard that currently includes Binance, crypto.com, OkX, Kucoin, Deribit, Bitfinex, Github, and others. But what are locally homegrown crypto exchanges in MENA doing. Will they carry out proof of reserves, do they see it as the solution to bring trust back to crypto exchanges, and who has exposure to FTX?   MENA Crypto Exchanges and Proof of Reserves Bahrain based CoinMENA Talal Tabbaa and Dina Sama’an when asked by LaraontheBlock about if they will be doing proof of reserves stated, “This FTX news is a major setback for our industry and highlights the importance of regulation. This is why CoinMENA was established under the Ce...