Pakistan, Binance Sign MOU to Explore Tokenization of $2B in State Assets: Reuters

Binance's XRP reserves have fallen to a 2024 low, coinciding with a bearish trend in XRP's price, which has shown signs of cooling momentum. Recent analyses indicate a shift in investor behavior, reflecting a broader concern over the cryptocurrency's market stability.

Pakistan has initiated a significant overhaul of its cryptocurrency regulations by granting preliminary approvals to exchanges Binance and HTX, alongside signing a memorandum of understanding with Binance to explore the tokenization of up to $2 billion in state-owned assets.

Changpeng Zhao, the founder of Binance, remains a significant figure in the cryptocurrency landscape despite his recent exit from the company. His influence continues to resonate within the industry, as evidenced by ongoing discussions and debates surrounding cryptocurrency trading and market sentiment.

Pakistan has approved cryptocurrency exchanges Binance and HTX to establish local subsidiaries, marking a significant step in the country's regulatory framework for digital assets. This decision aligns with the government's efforts to create a structured environment for cryptocurrency operations within its borders.

Pakistan has granted preliminary approval to cryptocurrency exchanges Binance and HTX to operate within its regulatory framework, marking a significant step towards formalizing the digital asset sector in the country. This approval is part of Pakistan's broader initiative to enhance financial innovation while ensuring better oversight and combating illicit finance.

Binance has introduced API endpoints for stock perpetual futures, indicating a strategic move to re-enter the stock trading market after a previous attempt in 2021 did not succeed. This development suggests a renewed focus on expanding its offerings in the financial sector.

Recently, Bitcoin, Ethereum, and Dogecoin prices have experienced significant declines, attributed to market manipulation claims by crypto analyst NoLimit. He noted that Bitcoin's price drop coincided with large sell-offs from Coinbase and unusual buying activity from Binance, leading to a retracement of previous gains across these cryptocurrencies.

Binance has come under scrutiny after freezing only about 17% of the funds linked to the recent hack of Upbit, South Korea's largest cryptocurrency exchange, which resulted in the theft of approximately $36 million from its Solana wallet. This incident has raised concerns regarding the effectiveness of emergency freeze policies among major exchanges in response to cross-border law enforcement requests.