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Paxos gains approval for Singapore stablecoin launch with DBS partnership

Paxos, a leading blockchain infrastructure platform, has unveiled a new stablecoin pegged to the Singapore dollar (SGD) in collaboration with DBS Bank, Singapore’s largest bank.

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Paxos, a leading blockchain infrastructure platform, has unveiled a new stablecoin pegged to the Singapore dollar (SGD) in collaboration with DBS Bank, Singapore’s largest bank.

This strategic partnership marks a significant milestone in Singapore’s digital currency landscape, as Paxos becomes the first blockchain firm to launch a SGD-denominated stablecoin. The stablecoin, known as Paxos SGD (PAX SGD), aims to provide a secure and reliable digital asset alternative for transactions and settlements within the financial ecosystem.

The collaboration leverages Paxos’s expertise in blockchain technology and DBS’s extensive financial infrastructure to ensure robust compliance and operational efficiency. Paxos SGD is designed to facilitate seamless transactions, offering users a stable and transparent digital currency solution backed by fiat reserves.

The launch of Paxos SGD underscores growing demand for stablecoins in global markets, driven by their potential to mitigate volatility risks associated with traditional cryptocurrencies like Bitcoin and Ethereum. Stablecoins pegged to major fiat currencies such as the SGD are increasingly favored by businesses and consumers for their stability and ease of use in everyday transactions.

DBS’s participation in the partnership highlights its commitment to embracing digital innovation within the financial sector. The bank’s collaboration with Paxos reflects a strategic move towards integrating blockchain technology into its existing financial infrastructure, enhancing service offerings and meeting evolving customer demands.

As Paxos SGD enters the market, stakeholders anticipate its impact on enhancing liquidity and efficiency in Singapore’s financial ecosystem. The stablecoin’s launch sets a precedent for future collaborations between blockchain firms and financial institutions, paving the way for greater adoption of digital currencies in mainstream finance.

Moving forward, Paxos and DBS aim to explore additional use cases and applications for Paxos SGD, aiming to further expand its utility and accessibility across various sectors. The partnership underscores a shared commitment to driving innovation and advancing digital currency solutions that meet the needs of modern financial markets.

Stay tuned as Paxos SGD continues to gain traction, offering new opportunities for businesses and consumers seeking reliable and efficient digital payment solutions backed by the stability of the Singapore dollar.

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Binance tightens South African compliance rules for crypto transfers

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Binance is tightening compliance measures for crypto transactions in South Africa, announcing it will fully implement the country’s Travel Rule requirements beginning January 2025. The move aligns with regulations set by South Africa’s Financial Intelligence Centre (FIC) and reflects the exchange’s broader efforts to meet global anti-money laundering standards.

Under the new rules, Binance will require South African users to include verified personal information—such as names, addresses, and account details—when sending or receiving crypto between platforms. These changes are designed to increase transparency and traceability of digital asset transfers, making it harder for illicit actors to exploit decentralized networks.

Binance emphasized that users must complete know-your-customer (KYC) verification before transferring crypto to or from external wallets. Transfers to non-compliant platforms may be restricted or flagged, while internal transfers within Binance or to Travel Rule-compliant entities will remain unaffected.

The announcement follows South Africa’s decision in 2023 to designate crypto as a financial product, placing digital asset providers under the supervision of the FIC. The country has since taken steps to integrate crypto into its formal regulatory structure, including licensing requirements and mandatory reporting obligations.

With enforcement beginning in 2025, Binance urged users to familiarize themselves with the new procedures to avoid disruptions. The exchange also plans to provide additional guidance and tools to help users remain compliant as the deadline approaches.

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Ethereum bounces back as market dominance recovers from all-time low

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Ethereum has staged a notable recovery after recently experiencing its lowest market dominance since its early days. The turnaround comes as ETH surged nearly 4% in the past 24 hours, climbing back above the $3,100 mark and narrowing its underperformance gap relative to Bitcoin.

For much of 2024, Ethereum has trailed behind Bitcoin and a growing wave of altcoins, with its market share dropping below 15% — levels not seen since 2015. The slump was driven by investor focus on Bitcoin ETF momentum, lackluster institutional interest in ETH, and rising competition from layer-1 and layer-2 networks offering faster and cheaper alternatives.

Despite these challenges, Ethereum’s fundamentals remain strong. Data shows a healthy uptick in active addresses, transaction volumes, and total value locked in DeFi protocols built on Ethereum. Additionally, hopes remain high for the approval of a spot Ethereum ETF in the U.S., with analysts suggesting a potential turnaround in institutional flows if approved.

Traders are now watching whether this rebound signals a sustained trend reversal or just a temporary relief rally. With key upgrades and ecosystem developments still in the pipeline, Ethereum’s ability to regain dominance may hinge on reigniting both investor confidence and broader developer activity.

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SEC says it won’t re-file fraud case against Hex’s Richard Heart

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The U.S. Securities and Exchange Commission (SEC) has confirmed it will not pursue a retrial in its fraud case against HEX founder Richard Heart, effectively bringing an end to one of the agency’s high-profile crypto enforcement actions.

The decision follows a recent court ruling that dismissed several key allegations against Heart, including claims that he misled investors and violated securities laws through the promotion and sale of HEX, PulseChain, and PulseX tokens. While the SEC initially signaled it would consider further legal options, it has now opted to forgo additional litigation.

Heart, a controversial figure in the crypto world, had long denied the SEC’s accusations, framing the lawsuit as an overreach by regulators. The agency had alleged that Heart raised over $1 billion from investors while misrepresenting how funds would be used and failing to register the offerings.

With the SEC stepping back, the dismissal marks a rare instance in which the regulator has chosen not to continue a crypto-related fraud case, potentially signaling a reassessment of its approach amid growing legal pushback and mounting scrutiny over its enforcement tactics.

Although the case is now closed, legal analysts suggest the outcome could influence future regulatory efforts and may embolden other crypto founders facing similar challenges. Heart, meanwhile, has positioned the development as a vindication, reaffirming his stance that HEX and related projects were never in violation of U.S. securities laws.

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