UAE's FSRA Issues Statement After Binance Reports $6.3-Billion Security Breach
The authority said it is engaging closely with Binance and monitoring the incident. The FSRA did not immediately provide any details.
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FSRA, the independent financial regulator for the Abu Dhabi Global Market, said protecting the interests of clients and supporting the integrity and orderly functioning of markets remain its key priorities.
A security breach at Binance, the world's largest cryptocurrency exchange, has resulted in an estimated $6.3 billion impact, the biggest crypto heist ever.
Binance said it had worked with partners to freeze the affected assets, with about $3 billion located so far. It gave no update on the status of the remaining $3.3 billion, though Binance co-founder Yi He said the company would cover "all hacking losses".
The crypto industry has suffered a series of thefts, prompting questions about the security of customer funds and investors to possibly rethink the risks of owning digital assets.
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