🇦🇪 UAE State Bank to Launch Its Own Crypto Exchange?

🚀 Cointelegraph reported that a UAE owned bank (RAKBANK) will launch a state crypto exchange. This is big news, but is not entirely accurate.

🏛 RAKBANK is a private organization. The UAE government does not directly own it, though 57% of the bank's shares are owned by Ras Al Khaimah, one of the seven Emirates. The two most famous Emirates are Dubai and Abu Dhabi. 

♨️ However, 20% of the bank's shares are owned by foreign shareholders and another 20% by members of the royal family and UAE private investors. And RAKBANK's partner is Bitpanda (Austria), a large European crypto broker - one of the few crypto exchanges that has a broker license in the EU.

🇨🇳 China to continue crypto ban

🧑‍⚖️ Chinese Supreme People's Court and Supreme People’s Procuratorate have jointly decided to extend AML laws, in effect since 2007, to crypto. Money laundering with virtual assets is punishable by a fine of up to $28,000 or a prison term of up to 10 years.

⛏ Meanwhile, the market situation remains tense. The rise in gold prices - over to $2,500 (a new high) due to record purchases by central banks - is not influencing Bitcoin. The crypto market continues to move sideways and BTC ETFs showed insignificant inflow of funds last week - $32.4 million according to Farside Investors. BTC is at $60,700, ETH at $2,650 and TON at $6.85.

👮 Lawyers try to accuse Binance of racketeering

🧑‍⚖️ American lawyer Bill Hughes reported a new class action lawsuit against Binance. The plaintiffs are customers of other exchanges and wallets, who have been victims of hacker attacks.

📝 They are using a legal trick related to the US Criminal Organizations Act (RICO) to accuse Binance of being complicit in the actions of hackers who laundered funds stolen from customers there. The plaintiffs' logic: if Binance's business had not allowed laundering, customer funds would not have been lost.

🤑 Professional attorneys are behind the lawsuit. Bill Hughes believes that most likely the lawsuit will not reach the court and Binance will regulate the issue in the pre-court order.

🇺🇸 The Fed is going to act

📣 Jerome Powell, the Fed chair, claimed today that the regulator is going to change its monetary policy and do everything possible for labor market support.

📈 Rate cuts will start soon. The crypto market has already reacted with BTC reaching $62,000.

Pavel Durov was arrested in France. Information to be updated.

https://www.tf1info.fr/justice-faits-divers/info-tf1-lci-le-fondateur-et-pdg-de-la-messagerie-cryptee-telegram-interpelle-en-france-2316072.html

TON Society has launched #FreeDurov initiative. Let's sign this open letter and join it together! ⚡️

https://t.me/tgresistancebot/letter

🇫🇷 Politico: France is trying to arrest Nikolay Durov

🚓 Arrest warrant for Pavel and his brother Nikolay (CTO Telegram) was issued in March 2024 by French authorities.

🧑‍⚖️ Today the judge will make a decision about Pavel Durov's future status in the criminal case.

🍷And six years ago, according to WSJ, Pavel Durov had a dinner with President Macron, which called him to move Telegram’s office in France.

Waiting for the court decision on Durov's case..🙈

😄 Pavel Durov is free. He needs to pay 5 mln euro as bail and can't leave France until finishing of court case. But this is much better than it could be.

🇪🇺 The conflict between Telegram and the EU enters a new phase

🗽 Although Pavel Durov was released on €5 million bail, both European regulators and the French authorities have questions about the Telegram messenger. As soon as Pavel was arrested, I did some research on the issue and collected the main accusations from different EU countries.

📑 There are two main complaints: the use of Telegram by various opposition groups, some of which are considered extremists by EU authorities, and the activity of scammers, drug dealers and other criminals in the messenger. Telegram does not usually delete opposition groups and does not hand over correspondence between them to law enforcement agencies.

🧑‍⚖️ To fix this, BIPT - the regulator in Belgium, where Telegram is considered a foreign company - is checking whether the number of users of the platform in the EU is really less than 45 million people (officially 41 million). If this number is large enough, Telegram will receive VLOP status in Europe - “very large online platform”, a status that will impose more obligations and restrictions on the messenger as it interacts with EU authorities.

⭐️ More information is in this article. If you want to support Crypto Penetration, put stars under this post!

📉 Market goes down despite Fed rate cut

🗓 Bitcoin - $58,000, Ethereum - $2,500. September is historically not the best month for crypto, according to statistics. Andrei Grachev from DWF Labs recommends to “tighten belts” this month.

💭 On the other hand, the Fed rate cut is almost a done deal. So why is crypto still falling? Arthur Hayes writes that while risk assets are falling because reverse repurchasing (RRP) is still more favorable at 5.3% than the US Treasury's T-bills, it won't last long.

🕐 On Tuesday, we are expecting the US manufacturing PMI data - and the probability of a rate cut is likely to increase. In addition, rates are already being cut around the world, which is also a positive factor for crypto. Nevertheless, the effect of this reduction may come not in September, but later.

🇺🇸 Will Gensler quit?

🗽 Ripple CEO Brad Garlinghouse has predicted that Gary Gensler will leave the SEC after the US Presidential Election regardless of who wins. Garlinghouse believes that Democrats are now increasingly softening their stance on cryptocurrencies to attract electoral votes.

🦅 The negative attitude of the Republicans towards the head of the SEC means his resignation after a Republican victory is practically inevitable.

🇺🇸CFTC issued an order against Uniswap

👮 Uniswap Labs was ordered to pay a $175,000 fine to CFTC and to stop violating the Commodity Exchange Act (CEA) by illegal commodity derivative trading. The investigation against the largest DEX has been launched by the New York State Attorney's Office and Uniswap investors - large venture funds a16z and Union Square Ventures - will be questioned in the case.

🚩 On the one hand, this is not a good event for the industry - other crypto exchanges and DEXs operating in the United States may be dragged into the same investigation.

💸 On the other hand, the amount of the fine is ridiculously small for the volume of Uniswap's business, and CFTC regulations are much more lenient than those of the SEC. It seems more important that the CFTC is setting a precedent in this case, to take control over the regulation of crypto exchanges and DEXs.