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CoinDCX’s Okto wallet secures operational license in UAE free zone

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OKTO Wallet has secured a regulatory license in the United Arab Emirates (UAE), marking a significant step forward in the adoption of Web3 technologies in the region.

The UAE’s Financial Services Regulatory Authority granted the license, allowing OKTO Wallet to operate within the country’s burgeoning digital asset market. This move is expected to enhance the adoption of Web3 technologies by providing a secure and regulated platform for users and businesses.

OKTO Wallet, known for its advanced digital wallet solutions, plans to leverage this new license to expand its services in the UAE. The company aims to offer a range of Web3 functionalities, including seamless integration with decentralized applications (dApps) and enhanced support for digital currencies and assets.

The licensing approval aligns with the UAE’s broader strategy to establish itself as a global hub for digital innovation and blockchain technology. The UAE government has been actively fostering an environment conducive to the growth of digital assets and financial technologies.

In a statement, OKTO Wallet’s CEO highlighted the significance of the licensing achievement. “Securing regulatory approval in the UAE is a crucial milestone for OKTO Wallet and a testament to our commitment to advancing Web3 adoption,” said the CEO. “We are excited to contribute to the UAE’s vision of becoming a leader in digital innovation.”

The approval is expected to attract more Web3 companies to the UAE, further bolstering the country’s position as a leading destination for blockchain and digital asset development. Industry experts anticipate that this move will pave the way for increased investment and innovation in the region’s digital economy.

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Nigerian court postpones Binance tax evasion case to end of April

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A Nigerian court has adjourned the high-profile tax evasion case against cryptocurrency exchange Binance and two of its executives to April 30, extending a legal saga that has drawn significant international attention.

The Federal Inland Revenue Service (FIRS) filed the charges, accusing Binance of failing to register with local tax authorities and of neglecting its obligations under Nigeria’s tax laws. The case also targets two Binance executives, including one still in custody, as part of the government’s broader crackdown on crypto-related financial activity.

The proceedings were delayed after defense lawyers requested more time to review the charges. The court granted the adjournment, with expectations that the next hearing could see more substantive arguments presented.

Binance has not publicly commented on the latest development, but the company has previously stated its intention to cooperate with Nigerian authorities. The case unfolds amid heightened regulatory scrutiny of crypto operations in the country, following concerns over illicit capital flows and economic disruption.

As the legal process continues, industry observers are closely watching the outcome, which could shape the future of crypto regulation and enforcement across Nigeria and potentially influence wider African markets.

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Spanish police arrest six over $20M AI-powered investment scam

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Spanish authorities have shut down a sophisticated investment scam that used artificial intelligence to defraud victims of more than $20 million. The operation, which spanned multiple countries, lured investors with promises of high returns through a fake AI-driven trading platform.

The National Police arrested four individuals and identified 14 others linked to the scheme, which used aggressive marketing tactics and fake online platforms to simulate trading activity. Victims were shown fabricated profits generated by what was advertised as an advanced AI algorithm capable of outperforming the market.

Once trust was established, the scammers convinced users to invest larger sums, only to block access to their funds when withdrawal requests were made. Authorities revealed that the network operated through a network of shell companies and call centers, targeting victims across Spain and other European countries.

The investigation uncovered nearly 300 victims, though officials believe the real number could be significantly higher. Spanish police worked in coordination with international agencies to trace the scam’s financial flows and dismantle its digital infrastructure.

This takedown highlights growing concerns over AI being exploited in financial frauds and the increasing need for cross-border collaboration to combat tech-enabled scams.

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Former Kraken execs acquire real state firm Janover, disclose SOL treasury plans

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Janover Inc. saw its stock price surge by more than 1,000% after announcing a bold shift into the crypto space, including the acquisition of a digital asset company and plans to add Solana (SOL) to its corporate treasury.

The fintech firm, known for its real estate capital markets platform, revealed it had acquired a crypto-native business to spearhead its entry into decentralized finance and blockchain infrastructure. The deal marks a significant pivot for Janover as it positions itself at the intersection of traditional finance and Web3 technologies.

In addition to the acquisition, the company disclosed plans to hold Solana as a treasury asset, citing the blockchain’s high-speed, low-cost architecture as an attractive alternative to more established assets like Bitcoin or Ethereum. The move follows a growing trend of public companies diversifying reserves with digital currencies.

CEO Blake Janover described the decision as part of a broader vision to integrate decentralized technologies into financial services and unlock long-term shareholder value.

The dramatic stock rally highlights investor excitement around the company’s strategic shift and signals strong market support for Janover’s embrace of the crypto ecosystem.

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