Binance

Industry News

Experts Warn of Legal Disputes and Operational Fallout Following $6.3bn Binance Hack

Binance disclosed a security incident impacting an estimated $6.3bn in digital assets on October 30, freezing roughly $3bn on-chain while halting deposits and withdrawals. Legal and cybersecurity specialists told Gulf Business that the platform suspension poses significant commercial disruption and potential legal liabilities. The exchange has committed to covering customer losses through corporate funds and its Secure Asset Fund for Users (SAFU).

Policy & Legal Updates

UAE FSRA Monitors Binance Following 6.3 Billion Dollar Unauthorised Asset Withdrawals

Abu Dhabi's Financial Services Regulatory Authority (FSRA) is monitoring cryptocurrency exchange Binance following an unauthorized withdrawal incident involving approximately $6.3 billion in digital assets. The regulator said it is engaging closely with Binance to protect clients and ensure market integrity. Binance confirmed that roughly $3 billion has been frozen and committed to covering all losses.

Policy & Legal Updates

Tulpar Tax CEO Advises Crypto Investors Ahead of UAE CARF Rollout

In an interview with Hubbis, Tulpar Global Taxation CEO Ezat Alnajm warned cryptocurrency holders that UAE residency does not automatically extinguish foreign tax liabilities ahead of the Crypto-Asset Reporting Framework (CARF). Starting in January 2027, UAE crypto service providers will report transaction data to the Ministry of Finance, with automatic cross-border exchanges beginning in 2028. Alnajm urged investors to separate personal investment from business activities and maintain banking-grade records.

Industry News

Binance Founder Changpeng Zhao Settles in Abu Dhabi Following US Prison Term

Binance founder Changpeng Zhao is living in Abu Dhabi following the completion of a four-month U.S. prison sentence and a presidential pardon from Donald Trump. According to The New York Times, Zhao retains majority ownership of Binance and a net worth exceeding $10 billion. The report notes UAE leadership is seeking his collaboration in expanding the country's technology powerhouse ambitions.