Binance Overcomes Regulatory Hurdles, Now Licensed in Dubai

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Binance, the world’s largest cryptocurrency exchange, has been granted a licence to operate in Dubai after completing all of the requirements after gaining a preliminary licence in September 2022. Binance was granted a Minimal Viable Product (MVP) licence by Dubai’s Virtual Assets Regulatory Authority (VARA) to register a domestic bank account, operate a crypto exchange, and provide payments and custody services. The operational MVP Licence grants qualified customers access to authorised services, such as the safe conversion of virtual assets to fiat in accordance with VARA-specified criteria. Binance has passed three licencing phases, with just the Full Market Product licence left after showing compliance. Binance’s victory comes as the company prepares to re-enter Japan and faces setbacks in Germany, Austria, Belgium, and the Netherlands.

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Curve Finance, a well-known decentralized exchange, stated that an Arbitrum-based liquidity pool was “potentially affected” over the weekend. The site was misused for more than $24 million on Sunday, but PeckShield corrects the stolen amount to $52 million. The company behind the decentralized exchange said that three liquidity pools for tokens linked with Ethereum and the Curve governance token CRV, as well as other ERC-20 tokens launched on Alchemix, Metronome Synth, and JPEG’d, had been hacked owing to a bug in Vyper compiler versions. The Vyper programming language is open to exploitation, and it is believed that hackers will spend weeks to months identifying the flaw. Curve’s team also mentioned the possible impact on the Vyper-based liquidity pool’s deployment on the layer-2 solution Arbitrum, claiming that Tricrypto, which is comprised of three tokens: USDC, wBTC, and ETH, was “potentially affected.” Although security experts and Vyper developers have yet to discover an achievable harm, the pools remain vulnerable. As a precaution, South Korean cryptocurrency exchange Upbit has temporarily banned CRV token deposits and withdrawals.

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