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Dubai’s Virtual Assets Regulatory Authority (VARA) has cautioned investors about the rising popularity and inherent risks of memecoins. VARA deems these digital assets “highly speculative,” warning of significant potential for financial losses. This alert reflects growing concerns about the memecoin market, mirroring recent statements from the US SEC highlighting the speculative nature and potential pitfalls associated with these investments. The VARA’s warning urges the Dubai investor community to exercise extreme caution when considering investing in memecoins, emphasizing the need for thorough research and understanding of the associated risks before engaging with this volatile asset class.

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Chainalysis reports that cryptocurrency scam revenue likely reached a record high in 2024, driven by the growth of “pig butchering” scams and the use of generative AI. Pig butchering, where scammers build relationships before defrauding victims, saw a nearly 40% revenue increase compared to the previous year. The overall revenue from crypto scams in 2024 is estimated to be at least $9.9 billion. The integration of generative AI is likely playing a significant role in the increase, enabling more sophisticated and persuasive scam tactics. This combination of social engineering and advanced technology presents a growing challenge in the fight against cryptocurrency fraud.

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The European Securities and Markets Authority (ESMA) is developing competence requirements for employees within the burgeoning crypto industry. Aligning with the EU’s MiCA regulations, ESMA’s proposed guidelines aim to ensure a baseline level of expertise amongst crypto professionals.

This week, ESMA released its proposal, soliciting feedback from crypto asset service providers, investors, and traditional financial institutions interacting with crypto. The proposal details specific criteria, including minimum qualifications and relevant work experience, which crypto firms should consider when hiring staff.

By establishing these minimum competency standards, ESMA hopes to foster greater investor protection and market integrity within the evolving crypto landscape. The initiative seeks to professionalize the sector and build trust by ensuring individuals handling crypto assets possess the necessary knowledge and skills.

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Binance CEO Changpeng Zhao and co-founder He Yi have dismissed rumors suggesting the world’s largest cryptocurrency exchange is up for sale. Both executives have publicly refuted the claims, asserting Binance is not seeking a buyer.

The origin of the speculation remains unclear, but Zhao believes a competitor in Asia is responsible for spreading the misinformation. Zhao initially addressed the rumors on X (formerly Twitter), firmly denying any intention to sell the company. The denial comes amidst Binance’s continued position as the leading crypto exchange, based on trading volume.

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