Monthly Archives: January 2023

Deribit Relocating to Dubai to Become Crypto-Friendly and Get Regulatory License

• Deribit, a cryptocurrency futures and options exchange based in Panama City, is planning to relocate its headquarters to Dubai.
• The move is driven by the need to become a more crypto-friendly nation and to apply for a Full Market Product license to Dubai’s Virtual Assets Regulatory Authority.
• The collapse of FTX and Alameda has accelerated the need for crypto exchanges to get registered to retain global customers.

Deribit, a cryptocurrency futures and options exchange based in Panama City, is planning to relocate its headquarters to Dubai in the coming quarters. The move is driven by the need to become a more crypto-friendly nation and to apply for a Full Market Product license to Dubai’s Virtual Assets Regulatory Authority.

Officially launched in June 2016, Deribit has grown exponentially to offer perpetual, futures, and options contracts on Bitcoin, Ethereum, and many other digital assets. According to a report by Bloomberg, Deribit intends to apply for a Full Market Product license to Dubai’s Virtual Assets Regulatory Authority once the agency gives an update on its regulatory protocols. As such, David Dohmen, chief legal compliance and regulatory officer at Deribit, noted that the company is a few quarters away from getting its products regulated by a crypto-friendly nation.

The collapse of FTX and Alameda has further accelerated the need for crypto exchanges to get registered to retain global customers. In particular, the crypto trading volume significantly declined after the FTX saga and more traders migrated en masse to decentralized exchanges (DEXes) and non-custodial wallets. “We’ve had a number of clients who have asked us to move away from Panama,” Dohmen said.

Although the move to Dubai is still in its early stages, Deribit is looking to gain access to the city’s established infrastructure, which could help the firm in its quest to become a global player in the cryptocurrency trading sector. Moreover, Dubai’s commitment to digital economy and its supportive regulatory environment could further help Deribit become one of the most sought-after crypto exchanges.

In conclusion, the move to Dubai is a strategic decision for Deribit, as it provides the opportunity to become a more crypto-friendly nation and to apply for a Full Market Product license. Moreover, the city’s supportive regulatory environment could help Deribit become one of the most sought-after crypto exchanges and gain access to the city’s established infrastructure.

Be an Early Adopter & Join the Fastex Ecosystem with Fasttoken IEO

• Fasttoken (FTN) is excited to announce its initial exchange offering (IEO), set to take place from Jan. 18 to 20, 2023.
• A limited number of 10 million tokens will be available for public sale, with a price of 0.35 euro per token.
• Fastex ecosystem operates as a branded house for Fastex products, including Fastex Verse, ftNFT marketplace, Fastex Chain, Fastex Pay crypto payment system, Fasttoken and Fastex Exchange crypto & exchange platform.

Fasttoken (FTN) is proud to announce the launch of its Initial Exchange Offering (IEO) taking place from January 18th to 20th, 2023. A limited number of 10 million tokens will be available for public sale, with a price of 0.35 euro per token. This is a great opportunity for users to be a part of the innovative and exciting Fastex ecosystem.

The Fastex ecosystem is designed to provide a seamless and integrated experience for users, allowing them to engage easily with the various features and services offered within the ecosystem. The Fastex Chain, which is scheduled to undergo testing during February 2023, serves as the backbone of the ecosystem, providing an innovative, next-level consensus mechanism, proof-of-stake-and-activity.

The Fasttoken IEO presents an opportunity for users to join the Fastex community and become an early adopter. Fastex is an all-in-one Web3-driven ecosystem that includes Fastex Chain, Fasttoken, ftNFT marketplace, Fastex Pay and the ecosystem’s metaverse, Fastex Verse. It offers users effective solutions for businesses and communities and makes Web 3.0 technologies more accessible than ever.

The Fastex Chain is the backbone of the ecosystem and provides users with a secure and reliable network that is powered by a proof-of-stake-and-activity consensus mechanism. With a limited number of tokens available, the Fastex community is now open to new members and offers the opportunity to become an early adopter.

The Fastex ecosystem is continuously expanding and growing, and Fasttoken is a great way to join the network and be a part of the exciting community. Fastex invites individuals to join and be a part of a growing community. With the IEO, users can access the features and services of the Fastex ecosystem and become an integral part of the network.

So don’t miss this great opportunity to join the Fastex community and become an early adopter! Be sure to follow Fastex for more updates and stay up to date with all the latest news.

FTX Uncovers $415M Crypto Hack, Recovers $4.9B in Assets

• FTX identified a $415 million crypto hack as part of the $5.5 billion worth of digital assets for recovery.
• The exchange also recovered $1.7 billion in cash and $3.5 billion in liquid crypto, as well as $300 million in liquid securities.
• FTX is looking to claw back $2.1 billion Binance repurchase payment in addition to the $415 million ‘hack’ sum.

FTX, one of the world’s second-largest crypto exchanges, has identified a $415 million crypto hack as part of the $5.5 billion worth of digital assets for recovery. In a statement, the exchange’s new CEO, John Ray III, said it took extensive investigative efforts from the team to achieve this revelation.

On Tuesday, FTX provided further details revealing that it had recovered $1.7 billion in cash and $3.5 billion in liquid crypto. In addition, the former second-largest crypto exchange in the world also recovered $300 million in liquid securities. In a statement on Tuesday, Ray noted: “We are making important progress in our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information.”

Besides the $415 million hack that FTX is attempting to recover, the bankrupt company is also looking to claw back $2.1 billion Binance repurchase payment. This amount is part of the $5.5 billion worth of digital assets for recovery, of which FTX has already recovered about $4.9 billion.

FTX’s CEO also noted that the exchange is “working hard to maximize recoveries from other sources” and that “we are continuously evaluating the status of our recoveries and will provide updates as they become available.” He further added that the exchange is “pleased with the progress we have made to date and will continue to provide stakeholders with updates as they become available.”

The news of the hack comes days after FTX announced that it has filed for bankruptcy. The exchange, which is owned by Binance, one of the world’s largest cryptocurrency exchanges, had earlier announced that it was insolvent and unable to meet its obligations to its customers.

FTX’s bankruptcy filing is part of a larger effort to liquidate its remaining assets and repay its creditors. The exchange is currently in discussions with several parties that are interested in acquiring the company’s assets and liabilities. FTX’s CEO said that the exchange is “working hard to maximize recoveries from other sources” and that “we are continuously evaluating the status of our recoveries and will provide updates as they become available.”

As FTX continues to investigate the hack and attempt to recover its $415 million, the exchange is also looking to claw back $2.1 billion Binance repurchase payment. This amount is part of the $5.5 billion worth of digital assets for recovery, of which FTX has already recovered about $4.9 billion.

FTX’s bankruptcy filing is part of a larger effort to liquidate its remaining assets and repay its creditors. The exchange is currently in discussions with several parties that are interested in acquiring the company’s assets and liabilities. The exchange’s new CEO, John Ray III, said it took extensive investigative efforts from the team to achieve this revelation.

The embattled crypto exchange is hoping to maximize its recoveries and make good on its obligations to its customers. As FTX continues to investigate the hack and attempt to recover its $415 million, the exchange is also looking to claw back $2.1 billion Binance repurchase payment. The exchange is currently in discussions with several parties that are interested in acquiring the company’s assets and liabilities.

FTX’s CEO is confident that the exchange will be able to make good on its obligations to its customers. He said, “We are making important progress in our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information.”