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Coinbase execs visit UAE

Following United States-based crypto exchange Coinbase announcing the launch of its global derivatives platform, key executives at the firm are meeting with industry leaders and policymakers in the United Arab Emirates.

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Following United States-based crypto exchange Coinbase announcing the launch of its global derivatives platform, key executives at the firm are meeting with industry leaders and policymakers in the United Arab Emirates.

In a May 7 blog post, Coinbase said CEO Brian Armstrong and some of the firm’s executive team planned to discuss the potential for the UAE “to be a strategic hub” for the crypto exchange. According to the company, it was working with regulators in the Abu Dhabi Global Market and Dubai’s Virtual Assets Regulatory Authority as part of efforts to potentially expand into the region.

“[The UAE is] exciting for us as a potential hub to build as well, an international hub for Coinbase that could serve not only in the Middle East but parts of Africa or other countries in Asia,” said Armstrong at the Dubai Fintech Summit on May 8. “I think the U.S. right now is a little bit behind in terms of regulatory clarity and some of the rhetoric from the top.”

On May 2, Coinbase announced the launch of the Coinbase International Exchange, a platform offering crypto derivatives trading. The launch came amid the U.S. Securities and Exchange Commission potentially charging Coinbase with securities violations following the issuance of a Wells notice in March. Though Armstrong has sometimes been critical of regulatory clarity affecting digital assets in the U.S., he told shareholders in a Q1 earnings call that he had no intention of moving operations outside the country.

“The region is standing-out as a leader in the development of a web3 ecosystem, making it an attractive location to consider investing in,” said the Coinbase blog, referring to the UAE. “The vacuum created by other notable jurisdictions means that international counterparts, such as the UAE, are racing to fill the regulatory gap.”

Before its Wells notice, Coinbase officials, including Armstrong, had met with U.S. policymakers to discuss crypto regulations in the country. Chief legal officer Paul Grewal said the firm had meetings with SEC representatives “more than 30 times over nine months” as of March but largely did not receive feedback on its proposals.

The UAE has steadily opened up opportunities for crypto firms, seemingly to draw in capital and jobs. Dubai established a legal framework for cryptocurrencies and set up the Virtual Assets Regulatory Authority in March 2022, taking advantage of the Emirates’ free-trade zones with separate rules and regulations.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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