News Roundup — Binance hit with class-action lawsuit over alleged market manipulation

Major news stories this week;

1. Binance hit with class-action lawsuit over alleged market manipulation
2. Abu Dhabi-based startup DTR launches UAE dirham-backed stablecoin
3. Dubai Regulator Blocks the Sale and Distribution of Islamic Coin
4. Shark Tank’s Kevin O’Leary Says New Regulatory-Compliant Crypto Exchange Set To Replace Binance and FTX
5. 3 central banks unveil prototype for global Bitcoin monitoring

Story Summaries;

1. Binance and its CEO, Changpeng Zhao, have been slapped with a class-action lawsuit, accusing them of unfair competition and violations of Security Exchange Commission (SEC) laws. The complaint, led by plaintiff Nir Lahav, alleges Binance’s actions were aimed at monopolizing the crypto market by intentionally harming competing trading platforms operated by FTX entities.
2. Distributed Technologies Research Limited (DTR), an Abu Dhabi Global Market (ADGM)- based decentralised finance (DeFi) startup, has launched an UAE dirham-backed stablecoin called DRAM. Attempting to leverage the more liberal approach of the UAE to cryptocurrencies and the Web3 ecosystem compared to other jurisdictions,  the former SoftBank top executive added. “We have linked it to the dirham as opposed to any other currency because it’s (UAE) a very stable and growing economy; it’s attracting a lot of talent and has become among the biggest financial hubs of the world,” Naheta told the Indian financial daily.
3. VARA said Bored Gen DMCC must cease marketing activity until it obtains the appropriate approvals. The action taken by VARA coms just under a month after the team behind the crypto project announced the commencement of the sale and distribution of ISLM. The steps taken by the regulator also came just a few days after the crypto project was named the blockchain innovation of the year.
4. This hasn’t been announced yet, but in Abu Dhabi, they are planning to launch a new exchange to replace both FTX and Binance, and they’re going to get billions [of dollars] on it called M2. [It is going to be] totally compliant, backed by billions of dollars, incredibly stable, ownership transparency and it can be used by anybody in the world legitimately on a compliant basis… It’s going to become the new standard in exchanges because you can’t hold Bitcoin without an exchange for liquidity.
5. Project Atlas, a collaborative effort involving the Bank of International Settlements and the central banks of Germany and the Netherlands, aims to provide customized data on cross-border flows for central banks and financial regulators. The “proof of concept” platform combines data from crypto exchanges and public blockchains gathered by nodes, according to a report released Wednesday.

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And that’s all for last week’s news! Wishing you a great week ahead!