Below is a brief summary of this week’s top news.
The weekly summary below leads to a world of innovation, trends and opportunities. Below are the most intriguing details and stay up to date on this exciting journey into your financial future.
- Kraken reveals plans to acquire Coin Meester BV.
- Binance introduces UK domain compliance with new laws.
- Stars Arena is the victim of a $3 million exploit.
- Yuga Labs is laying off some of its workers.
- Ripple obtained a full payments license in Singapore.
Kraken Reveals Plans to Acquire Coin Meester BV
Crypto exchange Kraken has revealed plans to acquire Coin Meester BV (BCM), one of the oldest digital asset brokers in the Netherlands. The acquisition will allow Kraken to strengthen its presence in the Netherlands. Additionally, BCM customers will enjoy the crypto exchange’s extensive products, top-notch security, and full-time customer support.
In this regard, Kraken boss David Ripley stated that the Netherlands’ advanced economy, its focus on innovation as well as its impressive cryptocurrency adoption rate, make the Dutch market “a key market for us in our European expansion plans.”
Binance Introduces UK Domain Compliance with New Laws
This action represents an important step towards meeting the requirements of the new financial promotion regime in the United Kingdom.
In any case, the services provided by the domain will include the ability to buy and sell cryptocurrencies and fiat currency, trade in the spot market, leverage investments, and access the NFT market. Binance Pay, cryptocurrency loans, and a launchpad are just some of the features that will be accessible. However, some services will not be available to UK retail consumers after 8 October 2023.
Stars Arena is the Victim of a $3 Million Exploit
Through the X social network, the developers of Stars Arena have confirmed the existence of a security breach in their Smart Contracts, which allowed an attacker to extract part of the deposited funds.
Indeed, the security breach was discovered by user @0xLawliette, warning that the funds in the Stars Arena contract were constantly depleting. He also confirmed that about $3 million was drained from the contracts.
According to the developers, this security breach is being actively reviewed, which is why they called on users not to deposit new funds.
Yuga Labs Is Laying Off Some of Its Workers
On Friday October 6, Yuga Labs revealed that as part of a company restructuring effort, it is letting some of its workers go.
This was reported by its CEO, Daniel Alegre, in a blog post: “After a recent period of consideration, I have decided that we need to restructure the Yuga Labs teams. The implication of these changes is that a number of roles in the entire company, which affects some of the colleagues.”
Alegre did not specify the number of employees affected by the measure, but said that, for now, the restructuring affects only employees based in the United States and that the company is still evaluating its international teams.
Ripple Obtained a Full Payments License in Singapore
Ripple has announced that it has received a full license to make digital payments from the Monetary Authority of Singapore (MAS).
Brad Garlinghouse, the CEO of Ripple, said that “Singapore has become one of the leading hubs for FinTech and digital assets, striking the balance between innovation, consumer protection and responsible growth.”
By Audy Castaneda
