Binance, crypto firm, to hire more than 100 people in UAE

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Binance’s links with the Gulf state have deepened in recent months as the UAE tries to style itself as the world’s new digital assets hub and develops regulation.
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  • The firm's links with the Gulf state have deepened in recent months as the UAE tries to style itself as the world’s new digital assets hub and develops regulation
  • The $2.1 trillion crypto sector is still subject to patchy regulation across the world. US sees high risks in crypto

Binance, the world’s biggest crypto exchange in trading volume, will hire more than 100 people in the UAE, days after being licensed by Dubai’s new virtual assets regulator this month.

The firm’s links with the Gulf state have deepened in recent months as the UAE tries to style itself as the world’s new digital assets hub and develops regulation.

Bitcoin traded lower on April 1, at 01:42 p.m. Saudi time — falling by 4.46 percent to $45,151, while Ether went down by 4.08 percent to $3,275. The $2.1 trillion crypto sector is still subject to patchy regulation across the world. US sees high risks in crypto

US listed companies that hold cryptocurrencies on behalf of users and customers should account for those assets as a liability on their balance sheet and disclose the related risks to investors, the securities regulator said on Thursday.

The US Securities and Exchange Commission SEC guidance would apply to a range of listed entities, including crypto exchanges and traditional firms such as retail brokers and banks that are increasingly providing cryptocurrency services and holding digital assets on behalf of a range of clients, according to Reuters.

But still, there is no explicit standard for safeguarding crypto assets and companies diverge in their treatment of these arrangements.

There are “significant” technological, legal and regulatory risks associated with safeguarding crypto-assets and as a result they should be reflected as a liability on companies’ balance sheets, SEC said in its guidance.

The technological mechanisms behind crypto-assets’ issuance and transfer create significant increased risks including an increased risk of financial loss, according to the SEC.

 

 

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