Dubai is heavily recruiting crypto companies to establish themselves there, but the Middle Eastern nation isn’t quite ready for them. Regulations aren’t clear yet, and getting something as basic as a bank account isn’t a smooth process – at least for now. Dubai's Virtual Assets Regulatory Authority (VARA), a dedicated regulator for the industry, hasn't yet released a comprehensive regulatory framework that companies can use to create or launch products, but officials have assured local companies that it will come by the end of the year, two people told CoinDesk. The regulator, established jus

The founder of Three Arrows Capital (3AC), Su Zhu suddenly spoke out amid the exploding liquidity crisis with FTX. After days of silence since the crypto hedge fund went bust, the founder of 3AC thanked the community for the support and wished peace to those who failed with 3AC.On November 9, while FTX’s liquidity crisis was in full swing, suddenly a majestic line came from Su Zhu, the long-lost co-founder of the bankrupt crypto hedge fund Three Arrows Capital (3AC).There I was, surfing the wave of waves, next moment wiped out, board broken, rocks reefs everywhereThe sudden pain of business fa

Following Binance’s acquisition of FTX, CEO Changpeng Zhao asked exchanges to make their reserves transparent to avoid a situation like FTX happening again. Coinbase soon responded to the “big brother” in the industry.Previously, CZ stated that Binance has never used BNB as collateral and that the exchange has never been in debt. And the above statement comes after Binance and FTX reached an agreement to buy Sam Bankman-Fried’s exchange. CZ also “slightly reminds” other crypto exchanges to clarify their reserve assets.    All crypto exchanges should do merkle-tree proof-of-reserves. Banks run

After FTX’s liquidity crisis, Changpeng Zhao tweeted that there are two lessons to be learned. Besides, he also confirmed that Binance has never used BNB as collateral and that the exchange has never been in debt.FTX’s severe liquidity crisis has caused the market to fall into chaos similar to the Terra-LUNA crypto crash in May. Before that, the owner of the major cryptocurrency exchange. The market leader has learned 2 lessons for companies.Never use a token you created as collateral.Don’t borrow if you run a crypto business. Don’t use capital “efficiently”. Have a large reserve.    Two big l

The U.S. Treasury Department is "redesignating" Tornado Cash as a sanctioned entity, overtly alleging that North Korea has used the crypto mixing service to support its weapons of mass destruction (WMD) program.The Treasury Department's Office of Foreign Asset Control (OFAC) said Tuesday it would delist and redesignate the privacy tool, which pools transactions to obfuscate senders and recipients, on allegations that North Korea has laundered over $100 million worth of crypto through Tornado Cash to support its WMD program, including the development of ballistic missiles. The sanctions watchdo

Multiple institutional crypto capital firms maxed out their credit pools on Clearpool, an uncollateralized lending protocol, as fear on the market mounts that crypto trading firm Alameda Research’s liquidity troubles might spread to crypto lenders.Amber Group, Auros, and LedgerPrime received a “warning” label on their respective Polygon Permissionless Pools on Clearpool because they reached 99% of the maximum amount of credit available for them on the protocol. Folkvang and Nibbio also received “warning” status on their Ethereum Permissionless Pools.These loans represent a total of $14.8 milli

The venture capital arm of cryptocurrency exchange FTX has been a prominent investor in some of the biggest names in the crypto ecosystem. With Binance's possible acquisition of its rival FTX, questions swirl around what will happen to these investments.Among the biggest names in which FTX Ventures invested were Bored Ape Yacht Club creator Yuga Labs, USDC stablecoin issuer Circle, layer 1 blockchains Near Protocol and Sui, crypto lender BlockFi and two different funding rounds for the Aptos blockchain, according to crypto data analytics firm Cryptorank. The exact number of investments by FTX

Marathon Digital (MARA), one of the largest bitcoin miners in the world, reported third quarter revenue of $12.7 million, shy of the average analyst estimate of $23.4 million, according to FactSet data.Net loss per share was $0.72 for the quarter, worse than the average estimate of $0.15 as per FactSet.Shares fell 5.1% in the regular session today alongside a steep drop in bitcoin (BTC) to about $18,000. The stock's lower by another 2.2% in after hours action.In addition to the miss, Marathon trimmed its year-end 2022 computing power, or hashrate expectations from previous guidance of 11.5 exa

Crypto exchange FTX has halted all non-fiat customer withdrawals, an FTX support employee confirmed in the company's official Telegram group Tuesday afternoon."Any transfers besides fiat are halted," wrote the FTX Support employee. The halt highlights the deteriorating condition of the exchange, which was previously still processing withdrawals, albeit at a slower pace.Many FTX customers in Telegram posted that they had been waiting hours to withdraw their funds."It's been a full 11 hours since I've requested my withdrawal," one user wrote.Just hours earlier, FTX co-founder Sam Bankman-Fried t

Bitcoin miners across the U.S. are looking to Tuesday's midterm elections for a signal on the future of environmental policy, which may impact their expansions and operations. Since President Joe Biden took office almost two years ago, bitcoin mining has garnered attention in the U.S. political landscape, as miners moved their operations en masse from China and new investments were made domestically. The midterms are crucial for policy because they could “set the tone for how the industry is perceived at both the state and federal level as they weigh approaches to the industry,” said Kyle Schn