DeFi News Official Today TheBitTimes.com

XREX, a crypto exchange in Asia focusing on cross-border payment s, has secured in-principle approval for a Major Payment Institution (MPI) license in Singapore. On Nov. 17, XREX announced on X (formerly Twitter) that it had received initial approval from the Monetary Authority of Singapore for a license that would eventually allow the firm to offer digital payment token services and products in the city-state. XREX has received the in-principle approval for the Major Payment Institution license in #Singapore, issued by the Monetary Authority of Singapore. This means that XREX Singapore can operate the following services: (1/3) pic.twitter.com/VT0pJUvpxZ — XREX Inc. (@xrexinc) November 17, 2023 Once fully acquired, the license will enable the company to expand BitCheck, a payment tool that facilitates transactions with fiat currencies, stablecoins, and other cryptocurrencies. “Hard-fought, the approval from the MAS has taken years to come to fruition, and rightly s...

Join Our Telegram channel to stay up to date on breaking news coverage Crypto exchange Bitfinex said it has finally repaid the $550 million loan to Tether, the issuer of the Tether (USDT) stablecoin. In 2018, Tether lent the exchange over $600 million, both of which have the same ownership and executives. However, the transaction wasn’t made public until a year later after the report by New York Attorney General’s Office (NYAG). The report alleged that Bitfinex is secretly using Tether’s reserve to cover the $850 million loss suffered from a deal with Crypto Capital Corp. But Bitfinex came out to clear the air and stated an initial payment has already been made to clear the loan. According to Bitfinex’s website, the line of credit opened by Tether has been canceled after Bitfinex met the remaining loan payment requirement. The final re payment was made last month, according to the official statement. Repayment has added more weight to Tether According to Stuart Hoegner, T...