Swiss stock exchange SIX is exploring the launch of a new crypto trading platform in Europe, aiming to challenge dominant players like Binance, Financial Times reported on Sept. 18.

Bjørn Sibbern, SIX Group’s global head of exchanges, stated that the firm was assessing a platform to support spot crypto trading and derivatives activities because the emerging industry is increasingly recognized as a legitimate asset class.

Institutional focus

According to Sibbern, the proposed platform would serve only institutional investors like asset managers.

SIX plans to leverage its strong reputation and Switzerland’s favorable crypto regulations to attract institutional investors to achieve this.

This move would benefit from Switzerland’s clear crypto regulations and offer a secure asset trading and custody environment. Its target of large-scale investors would also add to the region’s competitive advantage in the crypto space.

Notably, this comes as more traditional financial institutions like Standard Chartered and Singapore-based DBS have expanded their services to include crypto-focused trading activities.

Market observers have linked this development to the approval of spot crypto exchange-traded fund (ETF) products linked to Bitcoin and Ethereum trading in the United States.

Enhanced competition

So, if SIX proceeds with its planned exchange launch, it could significantly challenge major crypto-focused trading platforms like Coinbase and Binance, which currently dominate the market.

Data from the blockchain analytics platform CCData shows that trading volume on centralized exchanges has been on an uptrend for the last two months. According to the firm, spot and derivatives activity increased 5.38% in August, reaching $5.22 trillion.

CCData stated that top-tier exchanges like Binance, Coinbase, and ByBit account for around 70% of this spot volume.

So, the entrance of traditional institutions like SIX could pose new competitive conditions that could impact the dominance of these platforms in the market.

Binance has announced the upcoming release of “Moonbix,” a new play-to-earn (P2E) game on Telegram’s Mini App, according to a Sept. 17 post on X.

Moonbix is a Binance crypto-themed game that lets players explore galaxies, collect items, and boost their scores. In videos shared on X, users can be seen controlling a spaceship equipped with a claw-like tool that allows them to collect items like yellow stones and gifts scattered across the galaxy.

These items hold in-game value, and collecting them helps players climb the leaderboard. Based on their progress, top performers earn crypto rewards.

Binance stated that the game leaked ahead of schedule as the application was still being fine-tuned to deliver the best possible experience upon the official launch. It added:

“We apologize for any inconvenience, and we’re reviewing individual cases for users affected. We truly appreciate your patience, and the official release will be announced soon!”

The exchange also urged users to remain cautious of impersonation accounts and advised them to rely on official Binance channels for updates.

As of press time, Binance had released the Terms and Conditions for its Telegram Mini App.

Telegram Mini Apps

Telegram Mini Apps (TMAs) are web-based applications running within Telegram, introduced in 2023. Since then, TMAs have seen huge success, with 500 million of Telegram’s 950 million users engaging with them monthly.

Popular apps like Notcoin and Hamster Kombat have contributed to this surge. Hamster Kombat, in particular, snowballed, gaining over 300 million users since its launch in March 2024.

The rise of these apps has further supported crypto adoption, aided by Telegram’s integration with The Open Network (TON), one of the top-performing blockchains this year.

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Binance has distanced itself from the ongoing struggles of the Indian crypto exchange WazirX in a Sept. 17 statement.

According to Binance, WazirX co-founder Nischal Shetty made several misleading statements that suggested the exchange might be responsible for the losses suffered by Indian crypto trading platform users after a $235 million hack in July.

Binance called the accusations “outrageously misleading,” clarifying that it has never “owned, controlled, or operated WazirX at any time, including before, during, or after the alleged hack.”

Binance also stated:

“Their attempts to shift responsibility is a disappointing deflection tactic, but it should not distract anyone from the glaring issue to be addressed here: the need for the WazirX team to be held accountable for user funds lost under their management.”

Clearing the air

In the extensive post, Binance reiterated that it does not own WazirX despite earlier negotiations to acquire the Indian exchange.

According to the exchange:

“Binance never acquired or controlled WazirX. While a contract had been signed between the parties, the proposed transaction never closed due to Zettai’s failure to perform its obligations.”

Instead, WazirX is currently owned by Zanmai Labs Pvt Ltd, an India-based firm registered with local regulators. Zanmai is a subsidiary of Zettai, a Singapore-based company owned by Shetty.

Due to this, Binance rejected Shetty’s suggestion that Zettai’s creditors could seek compensation from the Richard Teng-led platform.

Binance stated:

“There is no legal basis, in any scenario, to the claim that Binance would be liable for claims against Zettai. Any suggestion of Mr. Shetty to this effect is incorrect.”

Furthermore, Binance acknowledged that it previously provided tech solutions and support for the embattled Indian exchange.

However, Binance denied any responsibility for the hack, clarifying that Shetty and Zettai chose Liminal as a custody provider without its involvement after WazirX’s funds were removed from its platform.

In addition, Binance also stated it was never part of WazirX’s user agreement. Despite demanding that any references to its name be removed from the agreement, Binance claimed Shetty and Zanmai have repeatedly ignored these requests.

Unresponsive WazirX

Despite distancing itself from the Indian exchange, Binance revealed that its attempt to help the WazirX team has been rebuffed.

According to the exchange, it has been unable to verify the hack independently because its request for reports about the attack has not been answered. It stated:

“We have requested the WazirX team to provide us with their reports on the incident including all internal reports as well as the purported report from Mandiant from Aug. 14, 2024, which details the cause of the attack, and verification of the amount and proportion of user funds affected, but these requests remained unanswered.”

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Changpeng Zhao, co-founder of Binance, is set to be released from US custody on Sept. 29, according to the US Federal Bureau of Prisons website.

Zhao is currently serving a four-month sentence and was recently transferred to the Long Beach Residential Reentry Management (RRM) facility in central California.

RRMs serve as local federal prison liaisons, assisting inmates nearing release by working with federal courts, the US Marshals Service, and local corrections.

Zhao’s legal issues

Zhao’s legal issues began in November when he and Binance pleaded guilty to breaking US federal laws.

The allegations included Zhao’s failure to implement an effective anti-money laundering program, as required by the Bank Secrecy Act. It was also alleged that Binance had processed transactions linked to unlawful activities, including those between US citizens and individuals in sanctioned regions like Iran.

As part of the settlement, Binance was ordered to pay $4.3 billion in fines, while Zhao personally agreed to pay $50 million. Zhao also stepped down as Binance’s CEO but retains an estimated 90% ownership in the company

Binance legal struggles

While Zhao’s legal troubles are nearing an end, Binance’s legal issues continue. The US Securities and Exchange Commission (SEC) filed an amended complaint against the exchange in July, reiterating its accusation that the exchange violated federal securities law.

The SEC claimed that Binance plays a key role in the crypto market by republishing and amplifying information from issuers and promoters. The filing also alleged that Binance promotes digital assets it lists and trades by sharing details on asset development, trading volumes, and price information.

Furthermore, the financial regulator reaffirmed its stance that Binance’s token, BNB, was offered and sold as a security. It also highlighted the expectation among customers, employees, and investors that BNB would increase in value due to efforts by issuers and promoters.

This comes despite a previous court decision dismissing charges related to the secondary sale of BNB by third parties.

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Crypto exchange Binance said its subsidiary Tokocrypto has secured a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti), according to a Sept. 9 statement shared with CryptoSlate.

This development positions Tokocrypto as the third exchange in Indonesia to receive the PFAK license. The country currently has 35 prospective crypto exchanges registered with Bappebti.

Tokocrypto’s growth

Over the past year, Tokocrypto has seen significant growth, with its user base surpassing 4.5 million and monthly trading volume increasing by 138%, signaling growing trust in its services.

Yudhono Rawis, Tokocrypto’s CEO, emphasized the license’s significance in achieving the company’s goal of becoming Indonesia’s leading crypto-asset trading platform. He stated:

“Over the past two years, Tokocrypto has continuously strengthened its commitment to maintaining high standards of regulatory compliance. We are proud of this achievement to become the third exchange to receive PFAK license in Indonesia, the market which has 35 prospective crypto exchanges registered with Bappebti.”

Binance, which fully acquired Tokocrypto in late 2022, had previously held a majority stake in the company.

Richard Teng, Binance’s CEO, praised Tokocrypto’s achievement, describing it as a testament to its dedication to regulatory compliance. He added that Binance remains committed to supporting Tokocrypto’s mission to promote Web3 growth in the region.

He said:

“Binance is committed to fully supporting Tokocrypto in its mission to drive the growth of the Web3 ecosystem in the region.”

Following the news, CoinMarketCap data showed that Tokocrypto’s native TKO token saw a 15% increase to $0.3342.

Binance compliance efforts

This milestone hopes to reinforce Binance’s commitment to regulatory compliance under Teng’s leadership. Over the past months, the exchange has secured licenses in various regions, including Kazakhstan and India.

However, Binance faces challenges in Nigeria, where authorities have detained its executive, Tigran Gambaryan, since February.

US lawmaker French Hill— who visited Gambaryan earlier this year— condemned his continued detention and highlighted concerns over his deteriorating health. He stated:

“This is outrageous. It’s clear Tigran’s condition is rapidly deteriorating – the Nigeran government must release him immediately.”

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Binance has confirmed that its co-founder Changpeng Zhao (CZ) is permanently barred from managing the crypto exchange.

In a Sept. 6 statement to CryptoSlate, the exchange’s spokesperson stated:

“Under the terms of the agreement, CZ is prohibited from any present or future involvement in operating or managing the business.”

While initial reports suggested CZ could return to Binance after three years, CEO Richard Teng clarified to Axios that the ban was permanent. This prevents Zhao from ever resuming a leadership role at the platform.

Despite this, CZ remains Binance’s largest shareholder. He owns around 90% of the company, which allows him to retain significant influence on how the firm would be run. According to Teng, this means he still has voting rights on key decisions, nominating directors, and the power to replace the CEO if necessary.

Meanwhile, CZ has clarified that he does not plan to hold executive roles in other companies. He plans to invest in emerging sectors like blockchain, artificial intelligence (AI), and biotechnology.

Notably, he has already launched Giggle Academy, a non-profit educational platform that aims to address disparities by targeting underprivileged communities with limited access to formal education.

Zhao co-founded Binance in 2017 and led it to become the world’s largest crypto exchange by trading volume. However, he stepped down as CEO in November 2023 after pleading guilty to a money laundering charge in the US. He was sentenced to four months in prison in April 2024 and is scheduled to be released later this month.

Kazakhstan licensing moves

On Sept. 6, Binance announced that its Kazakhstan subsidiary had received formal approval from the Astana Financial Services Authority (AFSA) for a full regulatory license. This brings Binance Kazakhstan closer to becoming the country’s first fully regulated Digital Asset Trading Facility (DATF) operator.

The new licenses will allow Binance Kazakhstan to operate a virtual asset trading platform, engage in investment dealings, and provide custody services for virtual assets under full license conditions.

Binance Kazakhstan passed a stringent review by the regulator, which assessed the firm’s offerings under the AIFC Digital Asset Activities, Conduct of Business Rules, Anti-Money Laundering (AML) laws, and other relevant regulations.

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A Nigerian court has postponed the decision on the bail application for detained Binance executive Tigran Gambaryan until Oct. 9.

Judge Emeka Nwite issued the ruling on Sept. 4 after hearing arguments from both Gambaryan’s lawyer, Mark Mordi, and the prosecuting counsel, Ekele Iheanacho, who opposed the bail request.

New bail application

On Sept. 2, Gambaryan’s lawyer had submitted a new bail application, citing medical reasons and his worsening health conditions. The American citizen reportedly suffers from malaria, pneumonia, tonsillitis, and complications from a herniated disc, which have severely impacted his ability to walk.

Due to this, Modi requested that the court grant Gambaryan bail for six weeks to treat himself.

Notably, a viral video recently showed Gambaryan limping into court, sparking widespread criticism from the crypto community. Critics condemned the Nigerian government’s handling of the situation, with Jeff Roberts, crypto editor at Fortune Magazine, stating:

“Shame on Nigeria‘s government. They took an innocent man hostage in a bid to extort Binance for $10 billion — and are now subjecting him to torture/humiliation.”

Gambaryan reportedly refused treatment

Local media outlet Nairametrics, citing a medical report from the State House Annex Clinic in Abuja, claimed that Gambaryan allegedly refused prescribed medications and food during his detention.

According to the report, a neurosurgeon had recommended medication, physiotherapy, and urgent lumbar discectomy surgery for Gambaryan after he reported long-standing back pain and anxiety, which he had been managing for 12 years.

However, Gambaryan expressed dissatisfaction with the treatment, insisting that a court had directed his care to be provided at Nizamiye Hospital. Consequently, he intermittently refused the prescribed treatment and food in an attempt to secure a transfer to the preferred hospital.

The report also noted that a medical report from the Nizamiye Hospital showed that Gambaryan had a “history of sinusitis and lung infection before his presentation” at the facility.

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Binance CEO Richard Teng has condemned the Nigerian government for its harsh treatment of Tigran Gambaryan—the detained American executive of the exchange who the authorities have held since February.

In a Sept. 3 post on X, Teng highlighted a viral video showing Gambaryan struggling to walk into a courtroom and stated:

“This inhumane treatment of Tigran must end. He must be allowed to go home for medical treatment and to be with his family.”

‘I’m a f*cking innocent person’

The viral video shows Gambaryan limping into an Abuja courtroom on Sept. 2. Despite his request for a wheelchair, the prison authorities denied his demands, leaving him to drag his left leg behind him.

Notably, his attempts to use a correctional officer for support were also rebuffed, forcing him to rely on a single crutch. In response to these actions, Gambaryan lamented:

“[The prison guard] was told not to help me. He said there’s instruction – this is f*cked up. Why couldn’t I use a goddamn wheelchair? This is a show. I’m a f*cking innocent person. Why are you doing this to me?”

Observers noted that the video content aligns with concerns from Gambaryan’s family, who have repeatedly stated that his health has deteriorated in Nigerian custody.

On Sept. 2, Gambaryan’s legal team filed a new bail application on medical grounds. They urged the judge to release him so he could receive treatment for conditions he developed in prison, including malaria, pneumonia, tonsillitis, and a herniated disc that has left him in severe pain and nearly immobile.

However, Nigeria’s Economic and Financial Crimes Commission (EFCC) opposed the bail request, claiming that Gambaryan was not in poor health.

The judge has since ordered that Gambaryan be allowed to use a wheelchair, with the case set to continue on Sept. 4.

Detained Binance executive Tigran Gambaryan, facing money laundering charges in Nigeria, made a fresh bail request on medical grounds during his court appearance on Sept. 2, according to a family statement shared with CryptoSlate.

Gambaryan’s legal team cited his deteriorating health in prison as the basis for the application. They reported that his condition has worsened to the point where they cannot meet with him to prepare adequately for the trial.

The legal team expressed deep concern about Gambaryan’s health issues, which include a herniated disc, bouts of pneumonia, malaria, and tonsillitis.

Appearing in court with crutches, Gambaryan informed the judge that prison officials had denied him a wheelchair. He also pleaded with the judge, stating that he is not receiving proper medical care in prison and is being denied basic rights, including access to legal counsel and embassy representatives.

The judge has now ordered that Gambaryan be allowed to use a wheelchair, with the case set to continue on Sept. 4.

Notably, the court had previously denied Gambaryan’s first bail request in May.

Nigerian authorities’ response

The Nigerian Economic and Financial Crimes Commission (EFCC) countered the claims made by Gambaryan and his legal team, stating that his health issues are “not as serious” as presented.

The EFCC reportedly noted that Gambaryan has had a herniated disc for more than a decade.

Gambaryan’s wife, Yuki Gambaryan, expressed deep concern over the Nigerian authorities’ statements dismissing her husband’s health problems.

She said:

“The truth is that the prison has withheld his medical records for months, and even the partial records they finally released today say that Tigran needs surgery. They cannot keep playing games with my husband’s life like this. This entire situation is inhumane and degrading, and I am fed up. There must be consequences for this disregard of law and human rights.”

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The Nigerian Securities and Exchange Commission (SEC) has granted two local crypto exchanges— Busha Digital Limited and Quidax— “Approval-in-Principle” to begin operations under the Accelerated Regulatory Incubation Program (ARIP), according to an Aug. 29 statement.

ARIP was specifically designed to onboard operational firms before the May 2022 release of the Rules on Virtual Asset Service Providers.

So, these approvals represent the SEC’s ongoing efforts to foster innovation while ensuring investor protection within the digital asset space. The regulator stated:

“The referenced Approvals-in-Principle are a precursor to the grant of full registration by the SEC and are meant to ensure that appropriate protection and transparency is in place in respect of each product or service.”

Busha CEO Michael Adeyeri stated that the approval was “an overdue step to sanitize the space for the benefit of the economy.” He noted that the approval would allow Nigerian crypto users to access “safe and moderated local venues for managing and trading crypto-assets.”

The local exchange licensing comes as the authorities are clamping down on global exchanges like Binance and OKX.

Over the past months, the Nigerian government has filed legal actions against the Binance exchange and also forced OKX to exit the region due to non-compliance with local regulations.

Other licensed firms

The financial regulator also announced that five other firms have been admitted under Nigeria’s Regulatory Incubation (RI) program.

The RI Program is designed to evaluate the business models of digital asset firms and test innovative products in a controlled environment.

The firms registered under this program include blockchain platform Trovotech, Nigerian stablecoin provider Wrapped CBDC, and real-estate token platform HousingExchange.NG. Others are digital real-estate investment firm Dream City Capital and custodial service provider Blockvault Custodian.

The SEC reiterated that its ARIP and RI programs are the only legitimate avenues for “well-intentioned entities” to introduce their products to the Nigerian capital market. It added:

“The public is strongly advised to refrain from dealing with illegal operators who have not applied to and received the SEC’s approval under the ARIP or the RI Program”

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Crypto exchanges Binance and Bybit have hinted at launching a new Solana-related product, sparking speculation that they may enter the Solana liquid staking market.

On Aug. 13, Binance’s official X account posted a cryptic “BNSOL” message followed by “coming soon” in a subsequent comment.

Shortly after, Bybit announced the introduction of a new product, “bbSol,” on its platform, stating:

“We are welcoming a new to the family #bbSOL.”

Although neither exchange provided specific details about the product, the crypto community quickly speculated that these posts indicate a move into Solana’s liquid staking sector, potentially through a partnership with the Solana-based liquid staking protocol Sanctum.

Neither Binance nor Bybit has responded to CryptoSlate’s request for comment as of press time.

Liquid staking

Unlike traditional staking, liquid staking allows users to earn additional yield while maintaining liquidity through a derivative token for DeFi activities. According to DefiLlama data, protocols in this sector collectively manage over $42 billion in crypto, with Ethereum-focused Lido leading the market.

However, interest in Solana liquid staking has recently surged, driven by the growing DeFi activities on the Solana blockchain.

Data from Dune Analytics shows that more than $4 billion of SOL tokens are currently staked via liquid staking platforms. However, this accounts for only about 7% of the total market cap of staked Solana tokens, which stood at $62 billion at the time of writing.

This gap suggests significant growth potential in Solana’s liquid staking market. If Binance and Bybit launch SOL-based liquid staking products, it could further accelerate the sector’s expansion and drive retail access to the market.

Notably, Tom Wan, an analyst at 21Shares, previously noted that the sector’s growth could have a broader impact on Solana’s DeFi ecosystem. He stated:

“The boom in LSTs can definitely fuel the DeFi growth on Solana!”

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The family of Tigran Gambaryan, the Binance executive detained in Nigeria, reports that his health has severely deteriorated, and he is being denied access to medical care.

In an Aug. 26 statement shared with CryptoSlate, his family expressed grave concerns about his health conditions and revealed that he is suffering from extreme pain due to a herniated disc, leaving him unable to walk.

The family stated:

“[Gambaryan] is now in so much pain from a herniated disc in his back that he can no longer walk. As he is bed-bound, he is having to take blood thinners to avoid blood clots and the prison doctor has said that his muscles have atrophied.”

His wife, Yuki Gambaryan, highlighted the inhumane conditions, stating that her husband is being denied the use of a wheelchair despite his worsening health.

She explained that Gambaryan is battling recurring bouts of malaria and pneumonia alongside the immense mental strain of his detention. She stressed that he needs urgent medical attention to prevent permanent damage.

Gambaryan has been held in Nigeria since Feb. 26. He is accused of money laundering, currency speculation, and tax evasion related to his work at Binance. Despite international calls for his release, he has now been in custody for six months.

Legal concerns

Meanwhile, the family alleges that the lack of a wheelchair has prevented Gambaryan from seeking support from the US embassy.

They further claim that Nigerian authorities barred his legal team from visiting him between July 26 and Aug. 14, which they argue violates the Nigerian constitution and prison regulations.

Though his legal team was later permitted a brief five-minute visit to prepare for trial, they were denied further access. This has hindered their ability to adequately prepare Gambaryan for his trial, which is set to begin on Sept. 2.

Gambaryan’s wife added:

“For 6 months, our living nightmare has been filled with pleas. Pleas to the US government, pleas to the Nigerian government, pleas to the media, pleas to anyone who will listen. I am pleading for their mercy, for their understanding, for their humanity. My husband is innocent and needs to be released before it is too late and the damage done to him is irreversible.”

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