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Binance is intensifying its efforts to combat bot farming on its platform, Binance Alpha. This move aims to enhance the integrity of trading activities and ensure a fair environment for all users. The crackdown reflects the exchange's commitment to maintaining a secure trading ecosystem.
Investors in the UAE are urged to verify the licensing of financial influencers before acting on their advice, as any unauthorized financial activities should be reported to the SCA. Manoj Nair, a seasoned business editor at Gulf News, focuses on property, gold, and stock markets while also exploring the retail industry's evolution. Outside of journalism, he enjoys classic Bollywood films from the 1950s to 1980s.
Trumps have publicly denied any involvement with a wallet associated with a Trump-branded memecoin. This statement comes amid growing scrutiny and speculation surrounding the cryptocurrency's ties to the former president's brand.
Coinbase faced a significant data breach linked to its outsourcing partner, TaskUs, with an estimated cost of up to $400 million. The incident, involving an insider leaking customer information for bribes, was acknowledged by Coinbase in a May 14, 2025 SEC filing after receiving an extortion demand on May 11. This breach highlights the ongoing vulnerabilities in the cryptocurrency exchange industry, where insider threats are becoming a prominent attack vector.
Kaspersky has identified GriffithRAT, a sophisticated malware targeting the global fintech sector, with confirmed victims in the UAE, Egypt, Türkiye, and South Africa. Distributed via Skype and Telegram as deceptive financial documents, it enables attackers to extract sensitive information, including login credentials and keystrokes.This malware is linked to cyber mercenary activities, highlighting the increasing professionalism and commercialization of cyber threats. Kaspersky advises users to exercise caution when downloading files and to enhance their cybersecurity awareness through training and strong authentication measures.
Abu Dhabi has officially launched its 2026 budget cycle, completing the transition to a performance-based budgeting model that ties government spending to measurable results. This new framework, aligned with OECD standards, emphasizes transparency and accountability while supporting the emirate's strategic development goals.To encourage excellence, the Department of Finance introduced a Budget Excellence Award, evaluating government institutions on collaboration, transparency, innovation, efficiency, impact, and performance. An integrated communications strategy will oversee the budget cycle, ensuring alignment with international financial governance standards.
Germany's financial regulator, BaFin, is leveraging artificial intelligence to enhance its ability to detect market abuse and suspicious trading patterns. President Mark Branson noted that since implementing AI in its alert and market analysis system last year, the accuracy of results has improved, significantly increasing the likelihood of identifying offenders.
BitoPro, a Taiwan-based cryptocurrency exchange, experienced a significant security breach on May 8, resulting in over $11.5 million being drained from its hot wallets. The outflows, which involved transactions on Ethereum, Tron, Solana, and Polygon, were directed to decentralized exchanges where the assets were subsequently sold. Despite the scale of the incident, the exchange has not publicly acknowledged the breach on its social media platforms weeks later.
The UAE Central Bank has imposed a Dh3.5 million fine on an exchange house for regulatory violations, highlighting its commitment to maintaining the stability and security of the financial sector through regular examinations of institutions. Dhanusha, a Chief Reporter at Gulf News, specializes in aviation, covering the latest trends and technologies in the industry, including eVTOLs and flying cars. With nearly two decades of experience, she also explores social media trends and tech innovations, while enjoying electronic dance music and pop culture in her free time.
Financial Scams and Security
SubCategory
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Binance takes action against bot farming on its trading platform
13:59 04.06.2025
investors urged to verify finfluencers and report unauthorized financial advice
07:29 04.06.2025
trumps refute ties to trump-branded memecoin wallet
06:22 04.06.2025
coinbase faces major data breach linked to insider threat in india
06:00 03.06.2025
Australia imposes limits on crypto ATMs amid rising scam concerns
kaspersky reveals sophisticated malware targeting global fintech sector and traders
05:10 03.06.2025
Abu Dhabi initiates performance-based budgeting for 2026 fiscal year
14:24 02.06.2025
german regulator enhances market abuse detection with artificial intelligence
11:54 02.06.2025
BitoPro exchange faces $11.5 million outflow amid security concerns
11:28 02.06.2025
UAE Central Bank imposes Dh3.5 million fine on exchange house for violations
10:23 02.06.2025
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