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Fusion Labs Announces Acquisition of QREDO

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10T Holdings (“10T”) and 1RoundTable Partners (“1RT”), pioneering growth equity firms focused on the digital asset economy, announced today the acquisition of substantial assets of Qredo Ltd (“Qredo” or “the Company”) through a UK-based entity, Fusion Laboratories Ltd (“Fusion Labs”), and will relaunch these assets in a new venture.

This transaction follows the appointment of Ian James Corfield and Philip David Reynolds as Joint Administrators of the Company on 1 February 2024. The acquisition came after 10T and 1RT led a bridge financing round and a reorganization of the Company late in 2023 under a reconstituted board.

Fusion Lab’s team will focus solely on a new platform seeded at Qredo, called Fusionchain, and next-generation multi-party computation (“MPC”) node technology. The launch of Fusionchain will be accompanied by the migration of the QRDO token to the Cosmos ecosystem, a leading nexus of innovation in the digital asset ecosystem. The token migration will increase utility under revamped tokenomics. Additional information regarding the launch of Fusionchain, the token migration, tokenomics, and strategic plans for Fusion Labs will be communicated in the near future.

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Fusion Labs has appointed a new Chief Executive Officer, Randy Little, a Partner of 1RT and 10T, who has extensive software development and crypto business experience. In addition, Duncan Payne-Shelley, the seasoned chief financial officer of Qredo who has been serving as its CEO in recent months, will now serve as the CFO of Fusion Labs. Bringing with them one of the best technology teams in the industry and one that has years of experience working together, Little and Payne-Shelley have hired Jason LoshKealan McCuskerStan Mihaylov, and Chris Morris along with Qredo’s top developers and engineers.

“We remain steadfast in our support of the Fusion team and believe the acquired Qredo platform remains one of the most advanced in the industry,” said Dan Tapiero, CEO, CIO, and Managing Partner of 10T and 1RT, adding, “We look forward to continuing to partner with the talented team at Fusion to drive innovation in the digital asset ecosystem.”

“I am thrilled to work with the Fusion team to fulfill the promise of decentralizing trust in Web3 custody technology with speed and security through the platform begun at Qredo”, said Randy Little, CEO of Fusion Labs. Mr. Little possesses over 25 years of experience in roles at the intersection of technology and financial services. Prior to joining 1RT and 10T, he served as a Managing Director at FT Partners, where he focused exclusively on the digital asset and capital markets fintech sectors. Prior to that, his investment banking experience included J.P. Morgan in the Market Structure, WealthTech, and Quant Trading areas. He also served as an executive at Sun Microsystems before entering the fintech space.

“It has been a privilege to represent this team as CEO as we focused on our evolution with 10T and 1RT,” said former Qredo CEO and current Fusion Labs CFO Duncan Payne-Shelley. “I am thrilled to now work alongside that team as CFO in support of Randy and deliver on the opportunities ahead of us.”

Dan Tapiero will be appointed Chairman of the Board. Joining him on the board will be Tad Smith, a 10T and 1RT Partner, Randy Little, and two independent directors.

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In the coming days, the Administrators of Qredo will be communicating with its suppliers, creditors, and employees about next steps. However, a spokesperson for Qredo Services Ltd (“QSL”) confirmed that the Qredo custody platform will remain fully operational until further notice and that customers will be unaffected by these changes for now.

All further questions regarding the Company should be directed to the Administrators via Sam Malloy ℅ FRP Advisory Trading Limited, 110 Cannon Street, London EC4N 6EU, ([email protected]).

The post Fusion Labs Announces Acquisition of QREDO appeared first on HIPTHER Alerts.

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Digital Currency Initiative Launches in Taiwan by Collaborating with Prestigious University

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In an innovative effort to revolutionize digital financial education, a prominent digital currency provider has teamed up with a renowned university in Taiwan. This strategic collaboration aims to equip students with advanced knowledge and practical experience, preparing them for the future of finance.

Empowering Future Financial Professional

The partnership focuses on immersing students in the complex world of digital assets, blockchain technology, and cutting-edge financial instruments. Industry experts will offer invaluable insights and mentorship, enhancing students’ understanding and skills in this rapidly evolving field.

Curriculum Highlights:

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  • Blockchain Principles: Foundational knowledge of blockchain technology.
  • Critical Thinking: Developing analytical skills for problem-solving in digital finance.
  • Risk Assessment: Strategies for identifying and managing financial risks.
  • Legal Compliance: Understanding the regulatory landscape and compliance requirements.
  • Career Insights: Exploring potential career paths in the digital finance industry.

Commitment to Digital Economy Growth

This initiative underscores a commitment to fostering the digital economy’s growth by highlighting the stability of digital assets against traditional currencies. The newly introduced digital token combines traditional asset stability with blockchain security, offering a robust financial instrument for the future.

The digital currency provider has a long-standing history of promoting blockchain education and advocating for financial inclusivity. By facilitating cross-border transactions and investing in emerging markets, the organization continues to play a crucial role in shaping digital finance’s future.

Advancing Financial Literacy and Inclusivity

This collaborative effort represents a significant step towards democratizing financial literacy and empowering individuals worldwide to engage with the evolving digital currency landscape.

Additional Facts:

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  • Taiwan’s Blockchain Hub: Taiwan actively promotes itself as a hub for blockchain and digital currency innovation through various initiatives.
  • Research and Development: The partnership is expected to spur increased R&D activities in digital assets, benefiting both academia and industry.
  • Regulatory Exploration: Taiwan’s government is interested in exploring regulatory frameworks for digital currencies and blockchain technology, creating a supportive environment for such collaborations.

Key Questions Addressed

  1. Impact on Adoption: How will the collaboration between the digital currency provider and the university impact the adoption of digital currencies in Taiwan?
  2. Skills and Knowledge: What specific skills and knowledge will students gain from the curriculum focusing on blockchain technology and digital assets?
  3. Regulatory Compliance: How does the initiative address potential regulatory challenges and compliance issues in the digital currency space?

Advantages and Disadvantages

Advantages:

  • Enhanced Education: Offering students unique educational opportunities in digital finance and blockchain technology.
  • Industry-Academia Bridge: Providing hands-on experience and mentorship to bridge the gap between academia and industry.
  • Economic Growth: Contributing to the growth and development of the digital economy in Taiwan and beyond.

Disadvantages:

  • Curriculum Updates: Potential challenges in keeping the curriculum up-to-date with the rapidly evolving digital currency landscape.
  • Practical Exposure: Ensuring students receive practical, real-world experience to complement theoretical knowledge.
  • Regulatory Balance: Balancing the promotion of digital currencies with the need for regulatory compliance and risk management.

The collaboration between the digital currency provider and the Taiwanese university marks a significant milestone in digital financial education. By integrating industry expertise with academic rigor, this partnership aims to nurture the next generation of financial professionals and foster the growth of the digital economy.

Source: smartphonemagazine.com

The post Digital Currency Initiative Launches in Taiwan by Collaborating with Prestigious University appeared first on HIPTHER Alerts.

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Binance Appeals Against $4.3M Penalty Imposed by Canada Regulator

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In a recent court appeal, Binance argued that it does not specifically target Canadian customers, claiming its activity in Canada is merely a byproduct of its international operations, according to a June 19 report by the Canadian Press. The exchange revealed that although it had previously attempted to establish a Canadian presence, these plans were abandoned. By May 2023, Binance had fully exited the Canadian market, citing new regulations on stablecoins and investor restrictions that made continued operations unfeasible. Despite its departure, Binance acknowledged the sentimental value of Canada, being the home country of its founder.

In May, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a $4.3 million fine on Binance for non-compliance with anti-money laundering (AML) and terrorist financing rules. FINTRAC claimed that between June 2021 and July 2023, Binance failed to report over 5,000 transactions of $10,000 or more. Additionally, despite having multiple opportunities, Binance failed to register as a money services business within the deadlines set by the regulator.

Beyond its issues in Canada, Binance is facing a multitude of legal challenges globally. In April, a class-action lawsuit was filed against the exchange in Canada, accusing it of violating securities laws. The plaintiffs allege that Binance sold crypto derivative products to everyday investors without proper registration, breaching Ontario’s Securities Act and federal regulations. This lawsuit, representing tens of thousands of Canadian investors, seeks compensation and the reversal of unauthorized trades.

Globally, Binance has also faced significant financial penalties. In November, the exchange settled with US authorities, agreeing to a $4 billion fine for violations of anti-money laundering and sanctions laws. Similarly, the Indian Financial Intelligence Unit imposed a $2.24 million fine, the largest ever against a crypto entity in the country, for failing to comply with AML regulations.

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Binance’s regulatory and legal troubles illustrate the significant challenges faced by cryptocurrency exchanges operating across multiple jurisdictions. While the exchange continues to navigate these complexities, its ability to comply with global regulatory standards and address legal disputes will be critical to its long-term viability and reputation in the market.

Source: cryptonews.com

The post Binance Appeals Against $4.3M Penalty Imposed by Canada Regulator appeared first on HIPTHER Alerts.

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Binance.US Dealt Another Blow: North Dakota Revokes License

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Following the lead of states like Florida, Alaska, Oregon, Maine, and North Carolina, North Dakota has moved to block Binance.US from regaining its money transmitter license. This decision by the North Dakota Department of Financial Institutions (DFI) is grounded in a November 2023 guilty plea by Binance founder Changpeng Zhao on anti-money laundering charges, further questioning the exchange’s suitability for operation.

Protecting Public Interest

DFI Commissioner Lise Kruse emphasized the need to protect the public interest in her statement: “The Commissioner finds the Respondent does not continue to meet the qualifications or satisfy requirements that may apply to an applicant for a new money transmitter license.” This decision adds North Dakota to the growing list of states placing Binance.US in regulatory “penalty boxes.”

Global Troubles and US Regulatory Concerns

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The regulatory issues faced by Binance.US in the United States reflect broader global challenges. For instance, a recent regulatory conflict in Nigeria, which resulted in the detention of a Binance executive, raises additional concerns for US regulators, complicating Binance.US’s situation further.

Impact and Outlook for Binance.US

Currently, Binance.US is unable to onboard new users in several regions and is entirely inaccessible in over 10 states. The exchange has until July 17, 2024, to challenge North Dakota’s decision. However, the outlook remains uncertain, given the mounting restrictions and regulatory pressures.

The relatively short prison sentence for Zhao might suggest a potential course correction within Binance. By prioritizing user safety and adhering strictly to US regulations, Binance.US could potentially regain some lost ground. The exchange’s future hinges on its ability to address regulatory compliance issues effectively.

The Broader Implications

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This regulatory crackdown highlights the evolving landscape of cryptocurrency regulation. While the innovative potential of cryptocurrencies is significant, exchanges must operate within established regulatory frameworks to maintain trust and stability in the market. Binance.US’s struggle will be closely watched by the entire cryptocurrency industry, serving as a cautionary tale for exchanges that prioritize growth over compliance.

Source: bitcoinist.com

The post Binance.US Dealt Another Blow: North Dakota Revokes License appeared first on HIPTHER Alerts.

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