Investment Education

Dubai's Virtual Asset Regulatory Authority Grants CoinMENA a VASP License

As reported by BlockBeats on December 13, the Virtual Asset Regulatory Authority (VARA) in Dubai has conferred a virtual asset service provider (VASP) license to CoinMENA, a cryptocurrency asset service provider. CoinMENA is a subsidiary of CoinMENA BSC (c), a Bahrain-based entity that has already secured a license as a crypto asset service provider from the Central Bank of Bahrain (CBB). This development marks a significant stride in CoinMENA's expansion and regulatory compliance within the Middle East's digital assets market.

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SEC Preempts Schedule with Early Decision on Franklin, Awaiting Updated S-1

In an unexpected move, the Securities and Exchange Commission (SEC) accelerated the decision-making process involving Franklin, a decision that was initially slated for January 1st. This unusual occurrence was pointed out by Scott Johnson, who also highlighted that Franklin stands out as the lone issuer who hasn't submitted an updated S-1 form yet. This anomaly raised speculation among industry enthusiasts, including Johnson, who couldn't help but wonder whether Franklin's delay in submitting an updated S-1 form might have influenced the SEC's premature decision. As the crypto-industry eagerly awaits further developments, it will be interesting to see how this accelerated decision-making process unfolds, and what impact it may have on Franklin's future.

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Crypto Lender Genesis Sues Gemini in Bid to Recover Over $689M in 'Preferential Transfers

According to Cointelegraph: The legal dispute between crypto lender Genesis Global Capital and Gemini Trust, the cryptocurrency exchange, continues to escalate as Genesis files a lawsuit to recover more than $689 million in what it calls "preferential transfers." The lawsuit alleges that Gemini took advantaged of its position to the detriment of other creditors by making transfers of approximately $689,302,000 from Genesis. Genesis is now asking the court to rectify this perceived injustice. This lawsuit is the latest episode in a public and legal feud between Genesis and Gemini that started with the collapse of the FTX cryptocurrency exchange. Genesis filed for bankruptcy in January amid allegations of selling unregistered securities, as asserted by the U.S. Securities and Exchange Commission. More trouble followed when, last month, the New York Attorney General Letitia James filed a lawsuit against Genesis, Gemini, and Genesis's parent company, the Digital Currency Group (DCG), alleging a massive fraud scheme. Unprecedented withdrawals from Gemini preceding the bankruptcy filing, coupled with the turbulent market conditions surrounding the collapse of Terraform Labs and Three Arrows Capital, contributed to a severe run on the bank at Genesis. This is what Genesis's claim is based on. While Genesis and DCG have faced legal action from both Genesis and the Winklevoss twins, co-founders of Gemini, Gemini has thus far not responded to the latest allegations. This lawsuit further complicates an already tangled legal web spun by the struggles of these major crypto entities.

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U.S. Department of Justice to Announce Major Cryptocurrency Enforcement Actions on Today at 9:00 PM GMT

According to a Bloomberg report on November 21, the U.S. Department of Justice (DOJ) intends to announce significant cryptocurrency enforcement actions at 09:00 PM (GMT) on November 21. Key officials involved in the announcement include Attorney General Merrick Garland, Treasury Secretary Janet Yellen, Deputy Attorney General Lisa Monaco, and the Chairman of the Commodities Futures Trading Commission, Rostin Behnam. As previously reported by BlockBeats, a recent investigation by the DOJ resulted in Tether, the issuer of USDT, actively and voluntarily freezing approximately $225 million in USDT tokens held in external self-hosted wallets. The wallets in question were connected to an international human trafficking group based in Southeast Asia, believed to be involved in a scam known as the "pig-killing plate" that has impacted people globally.  

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