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Crypto giant gets green light in middle east

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Crypto giant Binance is strengthening its presence in the Middle East by getting the green light from Abu Dhabi

The company secured approval in Dubai last month and now has principal approval in its second Middle Eastern country.

Binance said it was given approval “in principle” by Abu Dhabi regulators to operate as a broker-dealer in digital assets.

The crypto exchange has been notorious for operating independently of local regulations, but after global pressure, it wants to become a regulated business.

The company has been pushing into the Middle East market after getting a frosty reception in other places

Binance CEO Changpeng Zhao said the company is “not shunned elsewhere” and that there’s “more to come”

Several crypto companies, including Crypto.com are looking to Gulf states like the UAE as a destination to grow digital assets

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Crypto

FTX creditor list goes public

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New court filings have shown crypto exchange FTX owes money to several companies

These include Apple, Binance, Coinbase and Netflix, among others.

The names were revealed on the extensive FTX creditor list that went public today.

The 116-page document displays a host of well-known corporations and distinguishes the immense reach of FTX.

Institutions, media companies, and fellow cryptocurrency exchange platforms are the list, as well as almost 10 million redacted customer names.

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Business

Binance processed over $340m in Bitzlato funds

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Binance processed over $340 million in Bitcoin for the Bitzlato digital currency exchange, whose founder was arrested last week for money laundering.

 
The U.S. Justice Department revealed Bitzlato processed $700 million dollars in illicit funds.

Bitzlato didn’t do proper background checks on clients, when asking for IDs.

Binance is among the top three counterparties by the amount of bitcoin it received between May 2018 and September 2022.

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Crypto

FBI confirms North Korean heist from U.S. crypto firm

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The groups used a privacy protocol called Railgun to launder over $60m worth of Ethereum stolen during the theft, according to an F.B.I. statement.

A portion of the stolen Ethereum was subsequently sent to several virtual asset providers and converted to Bitcoin.

North Korea’s theft and laundering of virtual currency is used to support its ballistic missile and Weapons of Mass Destruction programs.

In June 2022, Harmony said that a heist hit its Horizon bridge, which was the underlying software used by digital tokens such as bitcoin and ether for transferring crypto between different blockchains.

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