THE MAIN THING ABOUT CRYPT
1️⃣ Dubai regulator shut down 7 crypto companies.
Dubai's Virtual Assets Regulatory Authority (VARA) said it had fined seven entities for operating without the required licenses and for violating marketing rules. The companies were ordered to pay fines of Dh50,000-100,000 (~$13,000-$27,000) and cease operations entirely.
2️⃣ South Korea has launched an investigation into the Upbit crypto exchange.
South Korea's Financial Services Commission (FSC) has launched an investigation into Upbit for monopolizing the digital asset market. The FSC said Upbit's market dominance began after the exchange partnered with K-Bank.
3️⃣ US inflation exceeded forecast in September.
U.S. annual inflation in September was 2.4%, up from 2.5% in August, beating the 2.3% forecast. Core annual inflation rose to 3.3% in September from 3.2% in August. It was forecast to be 3.2% in September.
4️⃣ Ripple announced the launch of Ripple Custody.
The initiative aims to help banks and fintech companies store digital assets. New features include a transaction verification service, XRPL integration for real-world asset (RWA) tokenization, anti-money laundering risk monitoring, and more.