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The “market neutral trading firm” named Dubai for its global headquarters as the region experiences an influx of crypto companies seeking new users. Nine Blocks Capital Management FZE bagged a crypto license from Dubai’s Virtual Assets Regulatory Authority (VARA), making Nine Blocks the first digital asset hedge fund to win VARA’s nod according to a Nov. 27 announcement. The license will allow Nine Blocks to offer virtual asset services to crypto users in Dubai, including digital asset management and investment products. Additionally, the firm plans to open a global head office in what is largely regarded as the primary international hub for the United Arab Emirates.  You might also like: Dubai offering 90% license fee discount to web3 projects This license is the culmination of a process that started with an MOU between Nine Blocks and VARA, allowing knowledge sharing and consultation. Nine Blocks press statement Nine Blocks is a self-professed “ne...

BlockFi argues its creditors, not FTX’s, are the “ultimate victims” of FTX’s alleged fraud. Bankrupt cryptocurrency lender BlockFi is trying to block attempts by the similarly bankrupt FTX and Three Arrows Capital (3AC) that aim to retrieve hundreds of millions of dollars to pay back their creditors. BlockFi claimed in an Aug. 21 filing to a New Jersey bankruptcy court that its own creditors shouldn’t be pushed to the back of the line because FTX’s creditors were harmed by the exchange allegedly misappropriating $5 billion BlockFi lent it. “FTX seeks to recover on over $5 billion of claims filed against the BlockFi estates at the direct expense of the ultimate victims of FTX’s fraud: BlockFi’s clients and other legitimate creditors.” “To prevent further injustice to the creditors of BlockFi’s estates, the Court should disallow the FTX Claims under the doctrine of unclean hands,” BlockFi added. FTX also provided $400 million to BlockFi in June 2022 in addition to buying BlockFi equity ...

Source: AdobeStock / magann American regulators have launched investigations into the activities of bankrupt Singaporean hedge fund Three Arrows Capital (3AC), with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), seeking to identify the reasons and responsible persons behind the crypto-focused firm’s collapse.  As part of their activities, the two U.S. agencies are now working to determine whether Three Arrows Capital violated rules by misleading its investors about the contents of its balance sheet and not registering with the regulators, two persons familiar with the matter told Bloomberg.  The two agencies are yet to release official confirmations of their respective investigations into the hedge fund and its financial woes.  As part of the company's bankruptcy proceedings, earlier this month, a number of non-fungible tokens (NFTs) collected by Starry Night Capital, an NFT fund...