Monat: Mai 2024

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Tether partners with RAK DAO to advance crypto education and adoption in UAE

  • Tether partners with RAK DAO to promote crypto adoption and education in the UAE.
  • The collaboration includes facilitating crypto payments & developing educational programs.
  • Aim is to drive economic growth and establish RAK DAO as a global blockchain hub.

Tether, the pioneering issuer of the USDT stablecoin, has forged a strategic partnership with RAK Digital Assets Oasis (RAK DAO) to bolster the introduction of Bitcoin and stablecoin technology in Ras Al Khaimah, UAE.

The collaboration, solidified through the signing of a Memorandum of Understanding (MoU), marks a significant step towards fostering blockchain education and adoption in the region.

Tether driving crypto adoption in UAE

In alignment with RAK DAO’s mission to promote web3 innovation and spur economic growth, Tether will collaborate closely to facilitate the integration of cryptocurrency payments within the region.

Additionally, the partnership will see the development of comprehensive educational programs through Tether Edu, catering to individuals across various proficiency levels. These initiatives will cover a spectrum of cutting-edge topics including Bitcoin, blockchain, peer-to-peer technologies, stablecoin adoption, and real-world cryptocurrency applications.

Paolo Ardoino, CEO of Tether, expressed enthusiasm about the collaboration, underscoring the transformative potential of Bitcoin and blockchain technology in the region. He emphasized Tether’s commitment to working alongside RAK DAO to materialize this vision.

RAK DAO’s vision for blockchain innovation

Dr. Sameer Al Ansari, CEO of RAK DAO, echoed Ardoino’s sentiments, highlighting the partnership as a pivotal moment in RAK DAO’s journey towards becoming a leading blockchain innovation center.

By harnessing the power of Bitcoin technology and cryptocurrencies, RAK DAO aims to drive economic growth, foster financial inclusion, and cement its position as a global leader in the digital economy.

This partnership comes amidst Tether’s recent announcement regarding the implementation of a robust transaction monitoring system for USDT, aimed at safeguarding against illicit activities associated with the stablecoin.

With Tether’s expertise in stablecoin issuance and RAK DAO’s dedication to blockchain innovation, this collaboration is poised to significantly accelerate the adoption and understanding of cryptocurrency technology in the UAE’s Ras Al Khaimah region.

The post Tether partners with RAK DAO to advance crypto education and adoption in UAE appeared first on CoinJournal.

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FalconX hit with $1.7 million fine for regulatory violations

  • The Commodity Futures Trading Commission (CFTC) has fined crypto trading firm FalconX a total of $1.7 million.
  • CFTC said the penalty relates to the Seychelles-based brokerage platform’s failure to register as futures commission merchant (FCM).

In a press release, the Commodity Futures Trading Commission (CFTC) notes that the filing and settling of charges against Falcon Labs marks the first such action against an unregistered crypto derivatives exchange provider.

The CFTC alleged in its filing that FalconX illegally offered its crypto derivatives products to US customers between October 2021 and March 2023.

Acting as an intermediary, the platform created accounts and sub-accounts for customers in the US, bypassing KYC requirements. It’s only after the CFTC filed its complaint against Binance and former CEO Changpeng Zhao that Falcon Labs improved its customer-identifying processes.

CFTC fines FalconX, issues cease & desist order

Following this development, a cease and desist order against Falcon Labs is in place, which prohibits its offering of unregistered crypto derivatives products to US persons.

In terms of penalties arising from the violations, FalconX will pay $1,179,008 in disgorgement and another $589,504 in a civil monetary penalty. FalconX reportedly collected $1,179,008 in net fees.

According to the CFTC, the regulator imposed a reduced civil monetary penalty against the crypto company due to its “substantial cooperation” with the watchdog’s Division of Enforcement.

“Today’s action highlights that the CFTC will not hesitate to charge any entities—exchanges or intermediaries—who are providing customers access to digital asset products and services that require registration but have failed to appropriately register,” CFTC’s director of enforcement division Ian McGinley said.

As well as the proactive efforts to improve customer identification, Falcon cooperated with the Commission – a factor in CFTC’s decision to seek a reduced civil monetary penalty.

In December 2023, the US District Court for the Northern District of Illinois approved the settlement that Binance and Zhao agreed with the CFTC.

As reported, the former Binance chief was ordered to pay $150 million and the exchange $2.7 billion.

Binance agreed a landmark $4.3 billion settlement with US regulators in November.

The post FalconX hit with $1.7 million fine for regulatory violations appeared first on CoinJournal.

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Former chief of the U.S. CFTC joins Paxos board of directors

  • Christopher Giancarlo, former CFTC chief has joined Paxos board.
  • Giancarlo’s advocacy for blockchain innovation aligns with Paxos’ mission for regulated solutions.
  • Paxos aims to drive financial sector innovation with Giancarlo’s guidance on board.

J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission (CFTC), has been appointed to the board of directors for Paxos, the firm that issues PayPal’s (PYUSD) stablecoin.

Giancarlo’s extensive experience in regulatory matters and advocacy for blockchain technology is expected to significantly contribute to Paxos’ strategic initiatives and further strengthen its position in the rapidly evolving digital asset market.

CryptoDad to help advance Paxos crypto advocacy and regulation

The appointment of J. Christopher Giancarlo, widely known as “CryptoDad,” to the Paxos board underscores the growing convergence between traditional finance and the burgeoning cryptocurrency sector.

With a distinguished career in regulatory oversight, including his tenure as chairman of the CFTC, Giancarlo brings a wealth of expertise to Paxos. His advocacy for blockchain technology and commitment to fostering innovation in the financial sector align well with Paxos’ mission.

Giancarlo’s involvement in the regulatory landscape has been instrumental in shaping the dialogue surrounding cryptocurrencies and blockchain technology. As the author of “CryptoDad: The Fight for the Future of Money,” he has been a vocal proponent of embracing digital innovation while ensuring appropriate regulatory safeguards are in place.

Giancarlo’s contributions to the Digital Dollar Project further demonstrate his dedication to exploring the potential of central bank digital currencies (CBDCs) and their implications for the future of finance.

Charles Cascarilla, the CEO and co-founder of Paxos, expressed enthusiasm about CryptoDad’s appointment, highlighting the alignment of their vision for advancing regulated digital asset innovation. Giancarlo himself remarked on Paxos’ leadership in regulated solutions and emphasized his honour in joining the board.

Paxos’ expansion

Paxos, renowned for its regulated stablecoins and infrastructure solutions, stands at the forefront of bridging traditional financial markets with the emerging digital asset ecosystem.

The addition of Giancarlo to Paxos’ board signals a strategic move to leverage his insights and network within the regulatory landscape.

With Paxos’ recent expansion to integrate the Solana blockchain and its ongoing efforts to enhance market infrastructure, Giancarlo’s expertise will be invaluable in navigating regulatory complexities and driving sustainable growth.

The post Former chief of the U.S. CFTC joins Paxos board of directors appeared first on CoinJournal.