Latest Cryptocurrency News: Crypto.com Secures Dubai License, Ripple News

Latest Cryptocurrency News: Crypto.com Secures Dubai License, Ripple News
Alright, let's dive into this whirlwind of crypto drama and global expansion, shall we? Picture this: BlackRock, the financial giant, gets tangled up in a web of rumors about an XRP exchange-traded fund (ETF). It's like a plot twist in a financial thriller!

So, here's the scoop: A regulatory filing pops up, suggesting BlackRock is eyeing an XRP ETF. This filing looks just like their filings for Ethereum and Bitcoin ETFs. It even has the name and address of one of BlackRock's managing directors. But plot twist – it's a fake! A representative from BlackRock tells CryptoSlate on Nov. 13 that it's all a big misunderstanding.

This fake filing causes a stir in the XRP market. Prices shoot up 12% from $0.65 to $0.73 in less than an hour. It's like a mini crypto party! But then, as the truth comes out, the price drops back to $0.65 just as fast. It's like the party ended before it even started.

Now, who's behind this fraudulent filing? That's still a mystery. It's like a 'whodunit' in the world of finance.

But let's talk about the possibility of an XRP ETF. It's not entirely out of the question, but there's a catch. The SEC's lawsuit against Ripple makes XRP a bit of a tricky candidate for an ETF. Ripple did score a partial victory in court, especially regarding retail sales. However, the judge ruled that Ripple's institutional sales count as securities offerings. This means that, on top of the SEC's general concerns about spot crypto ETFs, buying XRP to fund an ETF could be a challenge. But, XRP is widely traded, so this roadblock isn't a deal-breaker.

Interestingly, there are already XRP funds outside the U.S., like those offered by 21Shares and Coinshares in Europe. So, the idea isn't as far-fetched as it might seem.

Now, let's jet-set over to Dubai, where Crypto.com is making some big moves. Dubai's regulatory authority has given Crypto.com's Dubai entity, CRO DAX Middle East FZE, a provisional license. This is a huge step for Crypto.com to expand its crypto services globally.

With this license, Crypto.com is set to offer a whole menu of services, including crypto exchange, broker-dealer, investment, and lending and borrowing services to both retail and institutional investors. It's like they're opening a crypto supermarket in Dubai!

Kris Marszalek, the CEO of Crypto.com, is all praises for Dubai's regulatory framework. He sees Dubai as a leader in crafting effective crypto regulations that encourage adoption and innovation. It's like Dubai is the new cool kid on the block in the crypto world.

Earlier in 2022, Crypto.com chose Dubai as its regional hub for the Middle East and North Africa. With over 80 million global customers, they're joining the trend of major industry players flocking to the Gulf city-state. It's like Dubai is throwing a welcome party for the crypto elite!

So there you have it, my friend. From the rollercoaster of XRP prices to Crypto.com's big leap in Dubai, the crypto world is never short of excitement and intrigue! 🌍💼🚀

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