Coinlive has previously reported on the $ISLM (Islamic Coin) project, which was banned from the local market by Dubai's Virtual Asset Regulatory Authority (VARA). Recently, the Islamic Coin project has come back into the spotlight after facing setbacks in its attempt to list on the renowned cryptocurrency trading platform Gate.io. The project is now pivoting to seek listings on other exchanges, marking a significant shift in direction and exposing the complex challenges of the cryptocurrency market.
Reports suggest that one of the primary reasons for Gate.io's rejection is concern over Islamic Coin's top-level design, specifically the potential risk of association with terrorist activities, which has garnered widespread attention. Rumors even surfaced that Chinese security departments had traced wallets involved in "East Turkestan" during transactions involving the project's wallet funds.
With CZ about to step on a sewing machine, any exchange leader must be cautious when dealing with Middle Eastern projects – Binance has been accused of failing to monitor Iran-related terror wallets.
Dr. Han Lin, the founder of Gate, has been an enigma in the industry. Below is a photo of him during a 2014 "Yangyang Interviews," where he affirmed, "I will not run away," only to vanish in 2015. Incidentally, the founder of the "Yangyang Interviews" video program is the infamous industry KOL Bao Erye's wife, who has interviewed almost all the frontline figures in China's early blockchain entrepreneurship.
Although the leading man "disappeared," the story of Gate (formerly Bter) continued:
In April 2019, media outlet "ChainNode" broke the news that Han Lin had absconded.
On May 15, 2020, China's renowned financial portal Hexun reported that Bter was involved in "illegal business operations worth billions and was under investigation by Jinan police." Community leaks also claimed that Bter's Jinan office team was taken away by police in one fell swoop.
In September 2020, more leaks from the blockchain community alleged that Gate.io was seized by Zhongshan police.
In 2022, there were also reports that Bter's senior executive, CPO Jiu'er, was detained by Chengdu police before leaving China for Dubai.
The series of news above shows that Gate and Han Lin's storyline largely overlaps with the narrative of Chinese exchange track – a relentless race seems to be the destiny of exchange leaders, and who decides their fate? It's now clear to everyone: the United States or China.
The Chinese government has zero tolerance for any organization involved in splitting national security, with especially sensitive policies towards specific regions like "East Turkestan." Any financial transactions involving East Turkestan are within the monitoring scope, and any business or projects related to East Turkestan fall within the government's crackdown range.
If Han Lin had basic political awareness and security consciousness, he should have said no to projects like Islamic Coin. Otherwise, his and Gate's economic issues could potentially escalate into a political incident, leading down a path of complete disconnection from the people and homeland.
Do not underestimate such events; once they occur, it's not merely a matter of whether an exchange will blow up, but it can cause a chain reaction impacting the entire crypto industry. FTX serves as a cautionary tale.
Given the complex political and economic background mentioned above, Islamic Coin's prospects for exchange listings are fraught with uncertainty.
This is not just a major challenge for the Islamic Coin project itself but also an important case for the entire cryptocurrency industry. As the political and regulatory landscape continues to evolve, project operators will venture into more segmented, in-depth, and sensitive fields, making it crucial to predict the future challenges and opportunities for the cryptocurrency market.
By participating in this airdrop, users can experience Gate.io's trading environment while competing for substantial rewards. The structured competition ensures fair chances for all participants, fostering a dynamic and engaging trading experience.
HafizThe Ethereum Foundation is under legal investigation for its alleged involvement in the 2016 Gatecoin hack. The accusations, supported by evidence, have prompted an independent legal inquiry, raising concerns about the Foundation's financial stability. The lack of response from key figures adds weight to the serious allegations. The outcome of the investigation could have profound implications for the Ethereum Foundation's reputation and integrity.
BerniceEtherscan acquires Solscan.io, expanding its blockchain data services to include the Solana network.
BrianUnless explicitly tagged and identified, it was impossible to track what wallets an exchange owns, or might own. As a result, the idea of Proof of Reserves (PoR) emerged.
BrianThe FBI and the Dutch Financial Intelligence and Investigation Service have seized the websites of a crypto mixer named Sinbad, allegedly used by North Korean hackers and cybercriminals for laundering stolen funds.
JoyNifty Gateway, a blockchain-based platform, connects art and cryptocurrency. Founded in 2018, it enables the creation and trade of unique digital assets known as "nifties." Collaborations with artists like Ozuna and partnerships with US Bank underscore its potential in reshaping the art and finance industries.
SanyaBinance and HOPR previously announced Binance Labs' leading role in a $1 million investment round for HOPR, which precedes the company's upcoming token sale.
DavinNifty Gateway, a prominent NFT marketplace, has recently dispatched a crucial email to its Publishers signalling a shift in its policies. This decision has stirred emotions within the artist community.
CatherineAmidst operational wind-down, Silvergate CEO and CLO have resigned with the CFO to follow suit on 30 September. Their exit does not entail further compensation, but they are set to receive specific severance benefits.
CatherineFor about as long as fine art has existed as an asset class, major auction houses have acted as the ...
Bitcoinist