Shopify not allowed to pause crypto-related lawsuit, UAE company partners with Binance to accept crypto + more news

Get your daily, bite-sized summary of cryptoassets and blockchain-related news – examine the stories that fly under the radar of today’s crypto news.
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Legal news

• A federal judge in the US state of Delaware on Friday rejected the e-commerce platform Shopifyits attempt to pause a lawsuit against it over a data breach that cost some crypto users their digital wallets, saying in the order that the stay would have no positive effect, Law360 reported.
• Emin Gün Sirer, CEO of Ava Labsthe development firm behind the blockchain protocol Avalanche (AVAX), has denied claims from online publication Crypto leaks that his company used lawsuits to deceive regulators and “harm” competitors, calling it “conspiracy theory nonsense,” per a tweet. Crypto Leaks also alleged that the startup Ripple CEO Brad Garlinghouse funded a law firm to target competitor firms, such as Garlinghouse denied.
• Mt. Gox creditor and investment manager in crypto hedge funds Exciting assets, Eric Wall, has dismissed rumors that the now-defunct bitcoin (BTC) exchange will distribute approximately 140,000 BTC this week. “MtGox is *NOT* distributing any coins this week, or next week, or the week after that […] I am a MtGox creditor. The refund system is not active yet,” Wall wrote on Twitter on Saturday after several Twitter accounts had claimed that a major coin release was about to happen.
• The domain eth.link, used by ONE’S DAO (Ethereum Name Service Decentralized Autonomous Organization), has expired, and will be returned to a domain registry on September 5, a statement from the domain registrar Go dad so. The reason the domain is expiring is that former Ethereum (ETH) developer Virgil Griffith, the only person authorized to renew it, is in prison, charged with helping North Korea circumvent sanctions by using crypto.

Payment news

• Virtuzonea provider of business services in the United Arab Emirates, has partnered with the crypto exchange Binance to become the first company in the UAE to accept crypto payments for business setup services, it said in an announcement.

Regulatory news

• The Governor of Singapore’s Central Bank – the Monetary Authority of Singapore (MAS) – has said the country is weighing measures that would make it more difficult for retail investors to trade crypto. “They seem to be irrationally ignorant of the risks of cryptocurrency trading,” MAS CEO Ravi Menon said of retail investors at a seminar on Monday, according to CNBC.
• British authorities have shut down two companies involved in alleged crypto-related fraud. “Micasatogether with affiliated companies Remultexboth closed after accounts failed to explain large payments, and reverse loan abuse,” a statement from The insolvency service so.

NFT news

• The Formula one car racing has filed two trademarks related to non-fungible tokens (NFT) and crypto for Las Vegas Grand Prixexpected to take place in November 2023. The organizer of the car racing event plans to offer NFTs in the form of virtual clothing and sports equipment, as well as crypto trading services, US trademark attorney Mike Kondoudis wrote on Twitter.

Investment news

• The Singapore-based trading exchange for crypto derivatives GammaX has closed a seed funding round of USD 4 million. Among the investors in the round was the zero-knowledge technology developer StarkWareliquidity provider Agility capitaland others, Decrypt reported.
• Singapore-based fintech company Lightnet Group has received a commitment of USD 50 million from the securities firm LDA Capital. The firm plans to use the money to boost Web3 and cross-border payments through The Velo Protocolaccording to an announcement.

Career news

• Kim Yong-beom, a former vice minister of South Korea Ministry of Economy and Financehas joined the research arm of the Korean blockchain-focused venture capital firm Hashed as CEO, per a post on his Facebook profile.
• Chinese metaverse focused company NetDragon has named an “AI-powered virtual humanoid robot” named Ms. Tang Yu as CEO. The appointment is a move to pioneer the use of artificial intelligence (AI) to transform business management and operational efficiency, the company wrote in an announcement.