PRViously on Crypto: Canada and Bahrain approves regulation for Binance, Echelon malware used to hack crypto wallets

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Binance Received Regulatory Approval From Canada and Bahrain

Binance, the world’s largest cryptocurrency exchange, has received an MSB license from Canadian regulatory authorities to offer cryptocurrency services as the year draws to a close. The firm also gained in-principle clearance from Bahrain’s central bank on the same day.

Glad Tidings for Binance

Binance‘s Canadian subsidiary will be known as Binance Canada Capital Markets, according to an official filing with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). In addition, it will deal in foreign exchange, money transfers, and virtual currencies.

On December 1st, 2021, the exchange was formed as a domestic organization, and the license is valid for the following four years, or until December 31st, 2024.

Binance’s journey in 2021 has been nothing short of a rollercoaster, with the company being ostracized by some of the world’s most prominent regulatory bodies. In fact, the Financial Crimes Investigation Board (MASAK) recently punished its Turkey unit over $750,000 for infractions discovered during liability inspections.

However, the most recent development proved that, despite these obstacles, Binance is making progress in its quest to extend its worldwide presence. The bitcoin exchange received a heads up from a Gulf country in addition to receiving an MSB license.

Binance Gets Bahrain Central Bank’s Nod

The Central Bank of Bahrain (CBB) has given Binance a preliminary license to operate as a cryptocurrency service provider. According to the official press release, the approval comes after the company applied for a license from the regulatory body to operate as a fully-regulated centralized cryptocurrency exchange.

With the most recent development, CBB has become the first institution in the Middle East and North Africa (MENA) to approve Binance. The exchange will still have to finish the whole application procedure as part of the permission, which it anticipates to be done in “due course.”

CZ commented on the development, saying: “The CBB has been a progressive pioneer in developing a robust crypto-asset framework focusing on compliance with global standards of anti-money laundering, counter-terrorism financing, transaction monitoring, consumer protection amongst others. It sets a benchmark bridging traditional financial systems and the crypto industry to facilitate safe adoption and deployment.”

Binance stated last week that it would collaborate with the Dubai World Trade Center Authority (DWTCA) to create a cryptocurrency center. The major goal of the MoU with the DWTCA is to increase the global crypto exchange’s efforts to develop a digital asset ecosystem that will bring long-term economic growth.

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Hackers target crypto wallets through Telegram using Echelon malware

Cybercriminals have increasingly turned to blockchain technologies and cryptocurrencies to make quick money in recent years.

As a result, according to a researcher from a prominent bug bounty site for blockchain Immunefi, bad actors are now actively utilizing Echelon malware with Telegram’s auto-download capabilities.

This malware is a type of programmed engineering code that has a number of capabilities to breach a user’s computer or mobile device’s data and privacy.

The malware can automatically be downloaded

In general, Telegram users who rely on the app’s built-in auto-download feature are in danger from this virus. The virus is immediately downloaded to the device without the user’s awareness whenever a file is received.

The virus will then be able to access the computer’s footprint and gather screenshots without the need for victims to launch or shut down any software.

“Smokes night” is the name of the malware file, and specialists have advised that people should be cautious when dealing with it since it has the power to steal information from non-custodial bitcoin wallets. Furthermore, users are recommended to disable the auto-download option on their Telegram profiles.

Crypto theft on the rise

According to Atlas VPN, hackers stole more than $1 billion worth of cryptocurrency in the third quarter of 2021, totaling 146 hacking assaults and scams, up 20% from the 122 hacking incidents recorded in the same time of 2020.

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