The Federal Bureau of Investigation (FBI) has warned of a rising business email compromise (BEC) threat, responsible for $55 billion in global losses over a decade. The scam has affected all 50 U.S. states and 186 countries, with funds frequently routed through banks in the United Kingdom, Hong Kong, China, Mexico, and the United Arab…
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After its oversubscribed initial public offering (IPO), Phoenix Group, a Dubai-based company specializing in bitcoin mining and blockchain infrastructure, has announced a significant 50% increase in net income. The firm further revealed a 20% increase in its annual sales compared to the previous year. Dubai Bitcoin Miner Phoenix Group Records Substantial Increase in Year-on-Year Sales…
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Phoenix Group, a bitcoin mining and blockchain infrastructure company, recently disclosed its acquisition of $187 million in application-specific integrated circuit (ASIC) bitcoin mining rigs. The purchase was made from Bitmain, one of the leading ASIC manufacturers in the industry. Phoenix Group Amplifies Mining Fleet With Latest ASIC Purchase From Bitmain Listed on the Abu Dhabi…
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In a compelling turn of events this Saturday, India and the United Arab Emirates (UAE) inked a landmark agreement facilitating trade transactions to be settled in their native currencies, rupees and dirhams, instead of relying on the U.S. dollar. India’s prime minister Narendra Modi visited the UAE, where the countries announced the linking of the…
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On Sunday, Saudi Arabia and several major oil producers announced their plan to cut oil production by 1.15 million barrels per day, starting in May and continuing until the end of 2023. According to the Saudi Energy Ministry, the move was coordinated with some members of the Organization of the Petroleum Exporting Countries (OPEC) and…
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PRESS RELEASE. Tallinn, Estonia – Gofaizen & Sherle, a leading fintech and crypto consultancy firm based in Estonia, has recently launched its first crypto product for the United Arab Emirates (UAE). The product is designed to assist businesses and startup owners in obtaining crypto licenses in two key zones in UAE – the DMCC free…
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On Wednesday, Reuters reported that Western sanctions on Russia and oil trading between Moscow and India have started to erode the dollar’s decades-old dominance of international oil trade. The oil deals between India and Russia have been settled in other currencies, putting the U.S. dollar’s dominance in the oil trade under pressure. Sources Say Non-U.S.…
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On Feb. 12, 2023, the Central Bank of the United Arab Emirates (CBUAE) announced the launch of a new initiative called the “Financial Infrastructure Transformation Program,” which has nine key objectives. One of these objectives is the research and development of a central bank digital currency (CBDC) designed to address both cross-border payments and domestic…
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Ripple CEO Brad Garlinghouse said the firm’s XRP lawsuit could come to an end within “single-digit months.” Ripple CEO Brad Garlinghouse expects the firm’s long-running dispute with the U.S. Securities Exchange Commission (SEC) will be finalized within “single-digit months” and remains confident in securing a favorable outcome. Speaking to CNBC on Jan. 18 at the…
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The United Arab Emirates (UAE) has said it now requires real estate agents, brokers, and law firms to report to the Financial Intelligence Unit real estate transactions in which virtual currency is used as payment. Similarly, real estate purchases or sales where “the funds used in the transaction are derived from a virtual asset” must…
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