On Nov. 5, crypto, venture capital, and fintech firms Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood announced the launch of the “Global Dollar Network.” The partners are combining resources and expertise to increase stablecoin adoption and expand real-world use cases with the launch of the Global Dollar USDG stablecoin. Paxos will be...Read More
On Sept. 30, Chainlink Labs announced that it was officially partnering with ANZ, a leading Australian bank with over $750 billion (more than a trillion AUD) in assets under management. The partnership is part of the Singaporean central bank’s (Monetary Authority of Singapore) Project Guardian. Chainlink will help enable the secure cross-chain exchange of tokenized...Read More
A Singapore court has reportedly granted a four-month moratorium to Indian cryptocurrency exchange WazirX, following the company’s request for a temporary reprieve. The moratorium, however, comes with some conditions, including full transparency of the exchange’s wallet addresses and financial records. Court’s Conditions This development comes after WazirX was hit by a massive hack in July,...Read More
BingX, a Singapore-based crypto exchange, has suffered a hack targeting its hot wallets. The attack affected several blockchains, with Cyvers Alerts estimating a total loss of over $52 million. BingX Confirms Hot Wallet Hack The incident was initially detected by blockchain security firm PeckShield, which reported a “suspicious significant fund outflow” from the exchange totaling...Read More
Singaporean authorities have launched an investigation into the sale of Worldcoin accounts and tokens, suspecting that such activities may breach the country’s Payment Services Act (PS Act) of 2019. The probe centers around seven individuals allegedly involved in the unauthorized sale of Worldcoin-related services, including third-party transactions of accounts and tokens. Unlicensed Worldcoin Account Sales...Read More
Blockchain analysis firm Nansen has identified DBS Bank, one of Singapore’s largest banking institutions, as a cryptocurrency whale. According to Nansen, a crypto wallet reportedly owned by DBS Bank holds 173,753 Ether (ETH), valued at around $650 million at the current market price. DBS Sitting on a $200M Profit? Nansen’s analysis states that the address,...Read More
Su Zhu, the co-founder of Three Arrows Capital, is expected to be released this month based on standard provisions for good behavior. The development follows a two-day court hearing in Singapore where Zhu faced questioning for the first time. During the hearing, Zhu had to respond to lawyers representing the liquidator, providing insights into how...Read More
Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), has predicted the fate of private digital coins, including native digital tokens, in the future monetary system. Speaking at a November 28 panel discussion jointly hosted by the Hong Kong Monetary Authority and the Bank for International Settlements, Menon declared that private cryptocurrencies...Read More
The renowned Spanish football club Atletico Madrid is reportedly gearing up to take legal action against WhaleFin, a Singapore-based cryptocurrency exchange. The dispute centers around a breach of contract involving unpaid sponsorship fees amounting to €40 million ($44 million). Atletico Madrid Seeks $21 Million in Damages in Lawsuit Atletico Madrid, the esteemed Spanish football club,...Read More
In spite of previous high-profile disappointments tied to the crypto industry, such as 3AC and the ill-fated investment into FTX, the Singaporean government has been approving quite a few crypto platforms during the past weeks. The latest to get the preliminary nod is the South Korean giant – UPbit. Spree Of Approvals Ripple, Coinbase, and...Read More
On Wednesday, Ripple Markets APAC Pte Ltd announced that its Singapore subsidiary has successfully obtained a payments license from the Monetary Authority of Singapore (MAS) to operate in the city-state without transaction thresholds. This license represents a significant milestone for Ripple, allowing it to provide regulated digital payment token services in the city-state. MAS Approves...Read More
UBS Asset Management, a major global fund management company, has initiated its inaugural “live pilot” of a tokenized money market fund on the Ethereum blockchain. UBS is leveraging its proprietary service, UBS Tokenize, to explore on-chain processes like subscriptions and redemptions. Through this pilot program, UBS Asset Management aims to conduct various fund-related activities on...Read More
Zhu Su, the infamous co-founder of the now-defunct crypto hedge fund Three Arrows Capital, has been reportedly apprehended in Singapore. This comes amid the amassing issues against his former hedge fund and his newly launched crypto exchange – OPNX. Citing an email update seen by The Business Times (Singapore), the report indicated that Su was...Read More
The Singapore Police Force has seized more assets in relation to an ongoing money laundering probe, bringing the total value of confiscated funds to more than S$2.4 billion. The reported figure notably doubled from the first operation in August. Seized Assets Worth Over S$2.4 Billion In a statement published on Sept. 20, the Singapore Police...Read More
Ripple intends to increase its headcount in the following months. However, the United States of America is not a market that it will touch upon. In the following lines, we will pinpoint the destinations that will witness such expansion. Ripple to Strengthen its Presence in Asia and Europe The pro-XRP lawyer John Deaton said he...Read More
DWF has emerged from the recent controversy, promptly and emphatically dismissing allegations made in Singapore2049 by Wintemute concerning the former’s participation in crypto market manipulation. Wintermute’s recent comments stoke the fire in the ongoing feud between the two top players in crypto markets, who have been in lock horns in the past, with the latter...Read More
Following the collapse of Three Arrows Capital, co-founders Zhu Su and Kyle Davies dropped off the map. Since then, they’ve occasionally resurfaced on X to make oblivious and out-of-place posts excusing them of any wrongdoing and to announce the launch of their new business ventures, namely the exchange platform OPNX and a new hedge fund...Read More
Darshan Bathija – Chief Executive Officer of the cryptocurrency lending platform Vauld – revealed that the entity will implement several amendments, including appointing a new CEO. The bear market has significantly affected the Singapore-based company, which laid off a substantial chunk of its workforce in 2022 and suspended withdrawals and deposits. The problems did not...Read More
Singapore authorities have arrested 10 foreign nationals suspected to be involved in money laundering and forgery, among other illicit activities, and have seized or frozen cash, assets, and crypto worth over S$1 billion. While eight other suspects are on the run, the case could be considered one of Singapore’s largest money laundering crackdowns. Singapore Seizes...Read More
Following last year’s stablecoin implosion, international leaders have emphasized the importance of setting up global regulations and norms for this sector. Despite such calls, only a few have taken concrete steps to enact these measures. In contrast, Singapore’s central bank has taken a proactive approach by introducing a structured framework, outlining various prerequisites, aiming to...Read More
Singapore Red Cross – a humanitarian aid and community services charity in the Asian city-state – allowed people to contribute to its cause via donations in digital currencies. The option became possible after a partnership between the organization and the crypto payment gateway Triple-A. ‘Coin a new Way to Give Today’ The charity entity revealed that individuals...Read More
The Monetary Authority of Singapore (MAS) will reportedly insist that cryptocurrency firms keep clients’ assets in a designated trust by the end of 2023. The step comes several months after the infamous meltdown of FTX, which triggered colossal investor losses. Numerous individuals and entities have blamed the exchange for comingling user funds and scamming customers. ...Read More
Stuart Alderoty, the Chief Lego Officer at Ripple, has taken to Twitter to praise the “workable” framework that the Monetary Authority of Singapore has built. His comments come amid regulatory turmoil in the US as Ripple, Coinbase, Binance, and other crypto-related companies are facing lawsuits against the country’s Securities and Exchange Commission. Stuart Alderoty praised...Read More
The move comes amid a massive crackdown on the digital asset industry in the United States. On June 21, Ripple stated that it had received in-principle regulatory approval to operate in Singapore. The fintech firm has been granted a Major Payment Institution License from the Monetary Authority of Singapore, the country’s central bank. Ripple CEO...Read More
The hawkish approach of the US Securities and Exchange Commission (SEC) has caused many prominent cryptocurrency companies to look abroad. Gemini is amongst them. Gemini, the cryptocurrency exchange led by Tyler and Cameron Winklevoss, has announced plans to expand its headcount in Singapore. The company revealed in a blog post that it plans to increase...Read More
The Singaporean cryptocurrency miner – Bitdeer – expects to go public on April 14 after finalizing the SPAC merger with Blue Safari Group Acquisition Corp. The former displayed its intentions to enter Nasdaq in November 2021. However, shareholders of Blue Safari delayed the initiative three times in the past several months due to the harsh...Read More
Singapore authorities are doubling down on efforts to unveil a set of guidelines for banks on vetting crypto clients. As such, the banks in the city-state have been working with the authorities for the last six months to establish uniform standards for screening potential customers from the crypto industry. According to a Bloomberg report, the...Read More
43% of the 1,500 Singaporean respondents in a recent Independent Reserve survey said they own some amount of cryptocurrencies. In comparison, last year’s research estimated the figure to be around 40%, while the adoption levels were 43% in 2021 (during the bull run). 77% of the HODLers said they have two or more digital assets,...Read More
Singapore’s lower division of the Supreme Court approved Zipmex’s pre-packaged plan to restructure some of its operations and thus enable customers to receive portions of their deposits. The Thai-based crypto exchange suspended clients’ withdrawals in July last year, citing volatile market conditions. It could not cope with the issues and filed for bankruptcy protection shortly...Read More
Coinbase is ramping up its expansion effort, with Singapore being the first stop. As part of its ambitious plan, the crypto exchange has announced forging a strategic banking partnership with Standard Chartered in the city-state to provide its users with an option to move funds between any lender and Coinbase. The news comes amidst the...Read More
