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News on Medial
Binance hiring 1,000 as compliance spending tops $200 million
Economic Times
·
1y ago
Medial
Binance Holdings is looking to hire 1,000 employees this year, with a focus on compliance roles. The crypto exchange is spending over $200 million annually to meet regulatory requirements, including oversight by US authorities following a plea deal. Binance CEO Richard Teng emphasized the importance of government agencies and declined to comment on meetings with the Securities and Exchange Commission (SEC) during his US visit. Binance plans to have a 700-strong compliance workforce by the end of 2024, up from 500 currently. The company has faced increased requests from law enforcement agencies and is under monitoring by US agencies.
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Healthkart swings to profit in FY24, revenue tops Rs 1,000 crore
Economic Times
·
9m ago
Medial
Health supplement startup Healthkart achieved profitability in the last financial year, with operating revenue crossing Rs 1,000 crore. The company reported a net profit of Rs 37 crore, a significant improvement from the loss of Rs 165 crore in the previous year. Revenue from product sales amounted to Rs 990 crore, while revenue from services reached Rs 31 crore. Healthkart raised $153 million in recent funding and owns popular nutrition brands such as MuscleBlaze and HKVitals. It operates over 200 stores in 90 cities across India.
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Binance, Kucoin, and OKX expelled from Apple App Store amid Indian regulatory pressure
Livemint
·
1y ago
Medial
Apple has removed Binance, the world's largest cryptocurrency exchange, from its App Store in response to a show-cause notice from the Finance Ministry regarding non-compliance with India's money laundering laws. The Financial Intelligence Unit had issued notices to nine offshore virtual digital asset service providers, including Binance, for operating in the country without adhering to anti-money laundering regulations. Alongside Binance, other apps such as Kucoin and OKX have also been removed from the App Store. Binance is currently under investigation in the United States for violating anti-money laundering laws.
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US crypto industry lobby spending on track for new record in 2023
Economic Times
·
1y ago
Medial
The cryptocurrency industry is set to break its federal lobbying spending record in 2023, with firms spending $18.96 million in the first three quarters. This follows a year of scandals and reputational damage for the industry, which prompted companies to engage in lobbying efforts to advance favorable legislation and repair their image. Coinbase led the pack, spending $2.16 million, followed by Foris DAX, the Blockchain Association, and Binance Holdings. The industry is also aiming to combat regulatory scrutiny, push for the approval of a spot bitcoin exchange-traded fund, and advance friendly legislation.
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Binance to sell Russia business to crypto exchange CommEX
Economic Times
·
1y ago
Medial
Crypto exchange Binance has announced its decision to sell its Russia business to the crypto exchange CommEX. The deal will not provide any ongoing revenue split for Binance, and it will not retain the option to repurchase shares in the business. Noah Perlman, Binance's chief compliance officer, stated that the move aligns with the exchange's compliance strategy. Financial details of the agreement have not been disclosed.
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Binance Resumes Operations In India
Inc42
·
1y ago
Medial
Binance, the cryptocurrency exchange, has registered as a reporting entity with the Financial Intelligence Unit (FIU-IND) in India. This move allows Binance's website and app to be accessible for Indian users once again. The exchange aims to promote responsible growth and enhance user protections in the country. Earlier, Binance was prohibited in India for non-compliance with the anti-money laundering laws and failing to register as a reporting entity.
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Crypto giant Binance lays off 1,000 employees amid regulatory pressure and federal investigations
IndianStartupNews
·
2y ago
Medial
Cryptocurrency giant Binance has reportedly laid off over 1,000 employees in recent weeks. The development comes amidst the firm's ongoing legal confrontations and regulatory challenges in the United States, according to a Wall Street Journal report.
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South African PE firm Metier closes latest fund, tops target
VCCircle
·
1y ago
Medial
South African private equity firm, Metier, has successfully closed its latest fund, raising over $219 million, exceeding its target of $200 million. The Johannesburg-based firm specializes in investing in mid-market companies in Sub-Saharan Africa. The oversubscription of the Metier Capital Growth Fund III indicates investor confidence in the region despite challenging market conditions.
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Binance builds tech framework to trace money, says cryptocurrencies not for all
Livemint
·
10m ago
Medial
Rohit Wad, the global chief technology officer of Binance, the world's largest cryptocurrency exchange, agrees with the caution expressed by India's Reserve Bank governor regarding cryptocurrencies. Wad believes regulatory clarity is necessary for the maturity of the industry. Binance has developed a technology framework to ensure compliance with regulatory requirements in different countries. It maintains an audit trail of transactions to comply with money laundering investigations. Wad also discussed the distinction between centralized and decentralized transactions. In August, Binance was cleared to operate in India after complying with anti-money laundering rules.
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Crypto exchange Binance gets $2 billion investment from Abu Dhabi's MGX
Economic Times
·
5m ago
Medial
Abu Dhabi’s MGX investment group has invested $2 billion in cryptocurrency into Binance, marking the cryptocurrency exchange's first institutional investment. The investment was made in stablecoin, which is cryptocurrency pegged to a fiat currency. This move aligns with the UAE’s goal to become a global hub for digital assets and diversify its economy. MGX’s investment reflects its commitment to blockchain's financial potential, and Binance further strengthens its UAE ties, employing about 1,000 staff locally.
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Crypto exchange Binance to stop accepting new users in UK
Economic Times
·
1y ago
Medial
Cryptocurrency exchange Binance is halting new user registrations in the United Kingdom in compliance with new regulations on overseas digital asset firms. The Financial Conduct Authority (FCA) implemented rules restricting cryptoasset promotions on October 8th. Binance is working with the FCA to find an authorized firm to approve its financial promotions. This move comes amidst increased global focus on cryptocurrency regulation following several high-profile collapses in the industry.
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