Africa’s financial landscape is undergoing a transformation as crypto adoption grows, offering solutions to long-standing challenges such as limited banking access and high remittance costs. Crypto exchange VALR is leading the charge, leveraging its platform to bridge traditional financial services with the opportunities presented by digital currencies. The platform supports retail users, small businesses, and institutions across the continent.
According to VALR’s CEO, Farzam Ehsani, cryptocurrencies provide unique advantages for Africans, including affordable money transfers, inflation hedging, and improved access to global financial markets. Stablecoins are particularly valuable, enabling users to preserve value and move funds quickly and cost-effectively across borders. Despite slow progress, major financial institutions in Africa are beginning to explore the potential of blockchain and crypto solutions.
Headquartered in Johannesburg, VALR has grown to become Africa’s largest crypto exchange by trading volume, with operations expanding internationally. The company’s innovative features, such as negative maker fees and robust API tools for fintech integration, reflect its commitment to shared value. As VALR develops new products like VALR Pay and multichain support, it aims to unlock Africa’s vast potential by making financial services more inclusive and accessible.
Gemini has launched its cryptocurrency trading platform in France, tapping into the nation’s growing interest in digital assets and its supportive regulatory environment. The expansion follows Gemini’s registration as a Virtual Asset Service Provider earlier this year, enabling French users to trade or store over 70 digital assets via its web and mobile platforms.
The platform supports funding through local payment methods, including debit cards, bank transfers, and Apple Pay, with transactions available in both Euros and British Pounds. Institutional investors can also benefit from Gemini’s advanced ActiveTrader™ platform and over-the-counter trading services, offering deep liquidity and competitive pricing.
France has positioned itself as a leader in the global crypto market, driven by a robust regulatory framework and rising adoption rates. According to Gemini’s 2024 Global State of Crypto report, 18% of French citizens now own digital assets, with nearly half of past owners planning to re-enter the market within a year. Women represent 35% of French crypto owners, one of the highest percentages globally.
This move marks another milestone for Gemini, which recently secured in-principle approval for a Major Payment Institution license from Singapore’s Monetary Authority. The firm aims to leverage France’s trust in digital assets and expand its presence in the European market over the coming months.
The city of Paju in South Korea’s Gyeonggi Province has announced its intention to seize and liquidate cryptocurrency holdings from residents who have failed to pay their taxes. Notices were issued to 17 individuals owing a combined 124 million Korean won (around $88,600), warning that crypto assets on exchanges would be confiscated if debts are not resolved by the end of November.
Authorities in Paju are intensifying efforts to track crypto holdings, highlighting that digital assets have become a popular tool for evading tax obligations. Officials clarified that individuals with the means to pay cannot shield their wealth through cryptocurrencies. In July, Paju seized $72,000 worth of crypto from other delinquent taxpayers in similar enforcement actions.
Separately, South Korea’s NongHyup Bank is advancing a pilot project to tokenise VAT refunds in collaboration with digital assets platform Fireblocks. The initiative aims to reduce operational errors and fraud by assigning digital identifiers to assets for real-time tracking, ensuring greater transparency and trust between banks and customers.
Swiss and Nepalese regulators have raised red flags about the growing risks of cryptocurrency misuse. In its latest Risk Monitor report, Switzerland’s financial watchdog FINMA identified digital assets, especially stablecoins, as a high-risk area for money laundering. The agency highlighted their role in sanctions evasion, dark web transactions, and cyberattacks. FINMA has tightened oversight of financial institutions offering crypto-related services to safeguard the sector’s reputation.
Meanwhile, Nepal’s Financial Intelligence Unit (FIU) reported a surge in crypto misuse for cross-border money laundering and fraudulent investment schemes. Despite a national ban on crypto trading, fraudsters continue exploiting digital assets to obscure illicit funds. Victims often avoid reporting crimes, fearing legal repercussions or social stigma, hindering enforcement efforts.
Authorities in both countries are calling for robust measures to combat these threats, emphasising the need for heightened vigilance and better reporting mechanisms.
Heather Morgan, also known as Razzlekhan, has been sentenced to 18 months in prison for her role in laundering Bitcoin stolen during the 2016 Bitfinex hack. Her husband, Ilya Lichtenstein, who orchestrated the theft of 119,754 Bitcoin, received a five-year prison term. While Morgan was not involved in the hacking itself, she played a significant part in concealing the stolen funds, now valued at $10b.
The couple’s sentences were reduced due to their cooperation with US authorities in other crypto-related cases. However, US District Judge Colleen Kollar-Kotelly stressed the deliberate nature of Morgan’s actions, highlighting the sophisticated methods she used, such as fake identities and small transfers to evade detection.
Morgan’s request for a ‘time served’ sentence was denied, despite claims of harsh pretrial detention conditions. Following her prison term, she will face 36 months of supervised release and a $200 fine. The case underscores the growing scrutiny on crypto-related crime and the severe penalties for offenders.
Russian security experts have uncovered a new deepfake scam exploiting the image of Donald Trump, targeting English-speaking audiences. FACCT, a Moscow-based cybercrime prevention firm, reported that scammers are using a bot to create deepfake videos of prominent figures like Trump, Elon Musk, and Tucker Carlson. These videos are being shared on platforms such as TikTok and YouTube to promote fraudulent crypto exchanges.
The bot allows users to generate customised videos with text up to 400 characters long, which fraudsters use to advertise fake trading platforms. FACCT identified three primary scams: fake exchanges where victims’ tokens are stolen, malware links that compromise crypto wallets, and bogus tokens that can’t be sold.
This warning follows a rise in crypto-related scams in Russia, including digital ruble frauds. Authorities are urging vigilance as the Russian Central Bank prepares to launch its central bank digital currency nationwide next year.
Bitcoin’s price has been hovering around $90,000, showing impressive gains of nearly 13% over the past week. However, analysts are warning of a possible short-term correction before it can reach its next target of $100,000 or higher. According to CryptoQuant, a blockchain analytics firm, the cryptocurrency could experience a dip to the $70,000 range as part of a market cooling phase.
The firm highlighted two potential scenarios for Bitcoin’s near-term price movement. In one, Bitcoin may consolidate between $87,000 and $93,000 before continuing its climb toward the $104,000 to $120,000 range. Alternatively, the market may see a correction, with prices falling to the $71,000 to $77,000 range before picking up again. The current gap between Bitcoin’s seven-day and 30-day moving averages suggests that recent buying pressure may result in a temporary pullback.
Despite the possibility of a price dip, Bitcoin’s long-term outlook remains positive, with large investors or “whales” continuing to accumulate the cryptocurrency. CryptoQuant data shows that whale activity has increased, reflecting confidence in Bitcoin’s future performance, even as the price hovers near $90,000.
While some analysts predict a more significant drop to as low as $50,000, the strong whale activity signals that the broader market is not overly concerned. Any short-term dip is likely to be just that—a brief pullback before the next phase of Bitcoin’s upward trajectory.
Tether, Kraken, and Fabric Ventures are supporting Dutch fintech company Quantoz Payments in launching two stablecoins, EURQ and USDQ, compliant with the European Union’s Markets in Crypto-Assets Regulation (MiCA). Set to launch on 18 November, these euro- and dollar-backed stablecoins have been licensed by the Dutch Central Bank (DNB) as e-money tokens. Fully backed by fiat reserves, the stablecoins are designed to offer a regulated and secure payment option for the European Economic Area (EEA), aiming to reduce costs and improve the speed and transparency of transactions for both consumers and businesses.
The introduction of EURQ and USDQ is seen as a major step towards regulated digital finance in Europe, aligning with MiCA’s regulations, including a 1:1 fiat backing and an additional 2% reserve held by Quantoz. MiCA’s framework helps build trust in stablecoin issuers, ensuring transparency and mitigating risks in crypto payments. Kraken and Bitfinex are set to list the tokens on 21 November, giving access to eligible clients across Europe.
While the launch marks significant progress, Tether’s CEO, Paolo Ardoino, has raised concerns about the MiCA framework’s potential risks. He highlighted the regulation’s requirement for stablecoin issuers to hold at least 60% of their reserves in European banks, which could introduce vulnerabilities if banks experience financial instability due to high loan ratios. Despite these concerns, the stablecoins aim to enhance digital payment systems across Europe.
In related news, Norway’s central bank, Norges Bank, has endorsed the MiCA framework, evaluating its potential to support a central bank digital currency (CBDC). While the country is still considering additional regulations to ensure financial stability, it aligns closely with the EU’s MiCA rules, which could shape future developments in cross-border payments and CBDC implementation.
BlackRock, the global investment firm and issuer of the spot Bitcoin exchange-traded fund (ETF), has secured a commercial licence to operate in Abu Dhabi, marking a significant step in the company’s expansion into the crypto-friendly region. The approval, granted on 18 November, demonstrates BlackRock’s growing interest in the UAE’s financial landscape, which continues to embrace digital assets and emerging technologies. While the firm is also seeking a licence to operate in the Abu Dhabi Global Market (ADGM), a financial hub that hosts various crypto businesses, BlackRock’s focus in the region will be on private markets and artificial intelligence infrastructure, according to Middle East head, Charles Hatami.
This move comes as part of the UAE’s broader strategy to position itself as a global leader in digital finance and technology. BlackRock’s decision to establish a presence in Abu Dhabi reflects the region’s proactive government policies and commitment to sustainable growth, which are seen as ideal for capital markets. The UAE has been steadily advancing its role in the crypto world, with institutions like Microsoft already making significant AI investments in the region.
BlackRock’s iShares Bitcoin Trust ETF, which provides US-based investors with exposure to Bitcoin, has seen considerable success, surpassing $33 billion in net assets earlier this month. This marks a significant milestone, as the ETF outpaces the company’s gold trust. BlackRock’s new licence in Abu Dhabi underscores the firm’s ongoing ambition to further integrate digital assets into its investment offerings, aligning with the UAE’s growing stature in the global financial and cryptocurrency sectors.
The UAE continues to gain recognition in the crypto world, ranking third in Henley & Partners’ global crypto adoption index. With BlackRock’s entry, the UAE’s reputation as a key destination for digital finance is likely to strengthen even further.
Robert F. Kennedy Jr., former presidential candidate and current Cabinet nominee, has made headlines again by revealing that he has invested the majority of his wealth in Bitcoin. Describing the digital asset as the “currency of freedom,” Kennedy shared his belief that Bitcoin offers a hedge against inflation and can help preserve wealth. His commitment to Bitcoin is clear, as he stated in a recent post: “I’m a huge supporter of Bitcoin. I went home and put most of my wealth into Bitcoin, so I’m fully committed.”
Kennedy’s enthusiasm for Bitcoin is not new. In 2023, he disclosed that he had bought Bitcoin for each of his seven children. He’s long been a vocal advocate for Bitcoin, arguing that it, alongside gold and silver, could act as a stabilising force for the US dollar, which he believes is at risk of devaluation.
Furthering his Bitcoin commitment, Kennedy has proposed bold ideas, such as placing the entire US fiscal budget on the blockchain for enhanced transparency and accountability. During the Bitcoin 2024 event in Nashville, he also promised to establish a Bitcoin strategic reserve if elected president and pledged to sign an executive order to transfer the US government’s Bitcoin holdings to the Federal Reserve.
Kennedy’s view on Bitcoin’s role in the future of the US dollar is equally strong. He has described Bitcoin as “inevitable” and suggested that the country must move quickly to incorporate Bitcoin as part of its reserve assets to maintain control and stability.
