Crypto News: Dubai’s crypto concerns

Over the past year, the United Arab Emirates has opened its doors to some of the crypto industry's biggest players, welcoming firms that were shunned elsewhere in the world.

That approach is now under greater scrutiny after the high-profile blowups of the crypto hedge fund Three Arrows Capital and the exchange FTX, both of which had received initial licenses from Dubai's Virtual Assets Regulatory Authority.

The Dubai Crypto Expo at the Festival Arena in Dubai, Oct. 5. Photographer: Christopher Pike/Bloomberg

In recent weeks, UAE officials have privately expressed concerns over the pace of some approvals — that they may have proceeded too quickly and failed to identify those meltdowns, people familiar with the matter said.

FTX's demise is now calling more attention to its rival Binance, whose share of global crypto trading volumes has increased to almost 50%, according to data from CryptoCompare. The firm's Chief Executive Officer Changpeng "CZ" Zhao made Dubai his home last year, and he has referred to the emirate as one of Binance's headquarters.

Yet while UAE crypto players are now on alert for updates from the regulators, the country, like some other financial centers, is sticking to its conviction of becoming a hub for the industry.

Saudi Arabia's revenue from oil exports fell to a seven-month low in September as the price of crude dipped. But at $26.7 billion, or almost $900 million a day, the inflow of petrodollars was still near all-time highs.

The US is deploying a cutting-edge surveillance system known as Digital Ocean to help protect crucial Middle Eastern waters. The drone fleet shows Washington isn't abandoning its Arab partners, Hussein Ibish writes for Bloomberg Opinion.

150 basis points cut: Turkey's central bank said it's ending a monetary easing cycle, after bowing to a call by President Recep Tayyip Erdogan to take interest rates into single digits by the end of the year, despite inflation running at more than 85%.

Also Read: Turks Shun State-Backed Deposits That Helped Stop Lira Rout

"Selective lending": Turkish banks are offering the world's cheapest loans, but they are only available for a select few.

Americana's landmark IPO: The Middle Eastern operator of KFC and Pizza Hut outlets drew orders worth $105 billion for its IPO. It raised $1.8 billion in the first-ever dual-listing in Riyadh and Abu Dhabi.

10 IPOs in 2023: Citigroup joined Goldman Sachs in predicting that the Persian Gulf's boom in initial public offerings is far from over.

Also Read: Saudi Aramco Refiner Hires Banks for $1 Billion Share Sale

Stock frenzy: Egypt's currency devaluation and a $3 billion loan from the International Monetary Fund are giving investors more confidence, sending the country's benchmark equity index soaring 47% from its July low. However, some traders are unconvinced that the pound is "truly flexible."

Months-long protests: Iran's supreme leader urged a unit of the country's plainclothes militia to step up action against protesters. The remarks came days after the United Nations moved to investigate alleged human-rights violations by Tehran.

Erdogan's threat: The US and Russia urged Turkey to avoid escalating violence in northern Syria as President Recep Tayyip Erdogan vowed a fresh incursion against Kurdish militants.

Twin blasts: A Canadian-Israeli teenager was killed and at least 14 others wounded in twin attacks in Jerusalem on Nov. 23, amid growing violence between Israelis and Palestinians.

Dubai private school operator Taaleem starts trading: Nov. 29
Turkey October trade balance: Nov. 29
Turkey Q3 GDP: Nov. 30
Dubai, Abu Dhabi stock markets closed for Commemoration Day: Dec. 1
Dubai, Abu Dhabi stock markets closed for National Day: Dec. 2
Saudi Arabia November PMI: Dec. 5
Turkey November CPI: Dec. 5

The most expensive World Cup ever kicked off in Qatar, with plenty of action on and off the field.

Saudi Arabian players celebrate after scoring their team's second goal against Argentina. Photographer: Julian Finney/Getty Images

Saudi Arabia beat Argentina in one of the greatest upsets in the tournament's history, prompting the kingdom to declare a national holiday. The Japanese team shocked the Germans with a win, and their supporters taught sports fans a lesson on citizenship by tidying the stadiums after the match.

The show is over for the Qatar team, which was eliminated from the event that the gas-rich nation spent $300 billion to prepare.

The host nation has also scrutiny for its attempts to ban rainbow flags, after several people wearing symbols supporting LGBTQ rights said they were stopped from entering stadiums.

Iran was thrust into the spotlight after its team refused to sing the national anthem at the first match, a gesture widely seen as a pledge of support for anti-government protesters back home. Tensions ran high at its second match as fans supporting the Iranian government harassed those protesting against it. The US soccer federation briefly scrubbed the Islamic Republic's emblem from the nation's flag on social media, setting the stage for a politically charged match between the two teams on Tuesday.