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Trump-backed WLFI token drops 12% to record lows after team defends multi-million lending position

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World Liberty Financial’s WLFI token fell about 12% in the past 24 hours after the Trump-linked crypto venture published a thread on X defending its lending position on Dolomite, the DeFi protocol whose co-founder advises WLFI.

The thread came in response to CoinDesk’s reporting that WLFI had deposited its own governance token as collateral, borrowed stablecoins against it, and drained the USD1 lending pool to the point where other depositors could not withdraw.

WLFI did not dispute the transactions but instead argued that the position was intentional and beneficial.

“We are one of the largest suppliers and borrowers on WLFI Markets,” the X account posted. “Yes, we supplied WLFI as collateral and borrowed stablecoins. No, we are nowhere near liquidation, and frankly, even if markets moved dramatically against us, we’d simply supply more collateral.”

The statement that WLFI would add more of its own token as collateral to avoid liquidation further highlights, rather than resolves, the concern raised in CoinDesk’s reporting.

Adding more WLFI to back a position denominated in WLFI on a protocol advised by WLFI’s own advisor is a form of circularity that investors may want to keep track of.

WLFI framed its role as “anchor borrower,” saying the borrowing generates yield for other users at a time when traditional markets offer little. The team disclosed $65.58 million in open-market buybacks of 435.3 million WLFI tokens at an average price of $0.1507 over the past six months, and said a governance proposal to unlock tokens for early holders would be posted next week.

The token is now trading roughly 48% below the buyback average, meaning WLFI’s own treasury purchases are significantly underwater.

WLFI has now hit its lowest level since its 2025 launch.

Meanwhile, three billion additional WLFI tokens sit in an intermediary wallet after the treasury transferred them on April 2 and April 7. That stash is worth roughly $234 million as of current prices, down from $266 million a week ago.

The math works against WLFI on every side if those tokens follow the same path into Dolomite. Lower prices mean less borrowing power per token, and depositing more tokens to borrow more stablecoins from a pool that is already nearly drained makes it harder for other depositors to withdraw. The collateral backing the position becomes even more concentrated in a token that just lost 12% in a day.

Pepe May Follow Dogecoin to Wall Street—But ETF Investors Aren’t Buying Meme Hype

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In brief

  • Canary Capital filed an application Wednesday for a Pepe ETF, yet the meme coin’s price reaction was muted.
  • Dogecoin is ranked 17th out of all crypto ETFs that CoinShares tracks, generating $13 million worth of year-to-date inflows.
  • “They’re just not popular with investors,” CoinShares’ James Butterfill told Decrypt, in reference to crypto ETFs outside of Bitcoin, Ethereum, XRP, and Solana.

Canary Capital thrust Pepe into the limelight on Wednesday with an application for an exchange-traded fund that tracks the meme coin’s price, but the token’s muted reaction may serve as the latest sign of Wall Street’s tepid appetite for assets that trade on vibes.

On Thursday, Pepe changed hands around $0.00000359, up about 0.6% over the last day, according to CoinGecko. The day before, trading volume rose 10% to $432 million.

Not long ago, meme coins served as key growth drivers for firms like Wintermute. Yet the crypto market maker acknowledged last year that its prediction of a core asset manager debuting a meme coin ETF, particularly Dogecoin, was intended to be tongue-in-cheek.

Today, four crypto asset managers offer U.S.-listed Dogecoin ETFs. Still, it remains “very hard for institutional investors to construct a credible investment rationale around something like Doge, which is perhaps more geared towards the retail audience,” James Butterfill, head of research at crypto asset manager CoinShares, told Decrypt.

Dogecoin is ranked 17th out of all crypto ETFs that CoinShares tracks, generating $13 million worth of year-to-date inflows. Outside of ETFs tracking Bitcoin, Ethereum, Solana, and XRP, Butterfill noted that ETFs tied to other altcoins represent 9% of total assets under management.

“They’re just not popular with investors,” he said. “It’s the big four and not much else.”

Decrypt has reached out to Canary for comment.

SEC Chair Paul Atkins indicated last November that most cryptocurrencies, including meme coins, shouldn’t be treated as securities. That sentiment was bolstered by SEC guidance published last month, which categorized meme coins as a form of “digital collectibles.”

Under generic listing standards for crypto ETFs established last year, exchanges are able to list commodity-based ETFs without requiring case-by-case approval. Among key factors, digital assets underlying them have to have a six-month history of regulated futures trading.

Pepe futures currently trade on crypto exchange Kraken. Canary’s filing noted that contracts for the meme coin “are typically traded on regulated or registered trading venues.”

Canary has filed applications for ETFs that track other meme coins, including Mog, Pudgy Penguins’ PENGU, and President Donald Trump’s meme coin, TRUMP. Bloomberg Senior ETF Analyst Eric Balchunas expressed skepticism that the Trump-related ETF would pass when Canary’s application landed on the SEC’s desk last year, citing a lack of futures trading.

Balchunas once noted to Decrypt that the ETF industry is famous for “throwing spaghetti at the wall.” Meanwhile, Butterfill described a flurry of filings across ETFs from some issuers on Thursday as a “machine gun approach.”

Tuttle Capital Management, in some ways, has taken further steps to appeal to degens. In January, the ETF issuer filed applications for leveraged TRUMP, BONK, and MELANIA ETFs. But the SEC hasn’t offered a final verdict on those applications yet.

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Morgan Stanley’s Bitcoin ETF MSBT Sees $30.6M in Inflows on First Day

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MSBT saw a strong first day of trading on Wednesday, but the broader U.S. Bitcoin ETF sector was in the red yesterday.

Morgan Stanley’s spot Bitcoin (BTC) ETF, MSBT, kicked off trading as expected on Wednesday, April 8, on NYSE Arca. The fund saw a relatively strong debut, with $30.6 million in net inflows yesterday, per Farside data.

Morgan Stanley’s fund page shows that the fund held 444.4 BTC valued at $31,654,653.90 as of April 8. Meanwhile, CoinDesk reported the fund generated $34 million in day-one trading volume.

Bloomberg senior ETF analyst Eric Balchunas commented on the day-one performance midday on yesterday, when MSBT had already recorded $27 million in trading volume. Balchunas pushed his original $30 million day-one volume prediction to $50 million in the X post. For context, Balchunas reference two recent crypto ETF launches, for Solana and XRP funds, which both saw nearly $60 million traded on their first day.

The launch makes Morgan Stanley the first major U.S. commercial bank to issue its own spot Bitcoin ETF. A key competitive advantage, as The Defiant previously reported, is that MSBT carries a 0.14% expense ratio — the lowest in the U.S. spot Bitcoin ETF market, undercutting BlackRock’s IBIT (0.25%), Fidelity’s FBTC (0.25%), and Grayscale’s Bitcoin Mini Trust (0.15%).

The same day as MSBT’s positive debut, total U.S. spot BTC ETF products, excluding MSBT, saw $124.55M in net outflows, per SoSoValue data. However ,BlackRock’s IBIT — by far the leading product in terms of cumulative net inflows — bucked the trend with $43.38 million in net inflows on the day Wednesday.

As of midday ET today, April 9, MSBT had seen 610,525 shares traded at a current price of $20.67, putting intraday volume at approximately $12.6 million, per Yahoo Finance data.

Bitcoin was trading just below $72,000 at press time, per The Defiant’s price tracker. The prior day had seen a sharp ceasefire-driven short squeeze push crypto markets higher.

BTC 7-day price chart. Source: CoinGecko

MSBT’s launch is the latest milestone in a deepening institutional embrace of Bitcoin. The Defiant has tracked how advisor-driven capital has become the largest category of institutional Bitcoin ETF buyers, surpassing hedge funds and brokerages — precisely the channel Morgan Stanley is now positioned to dominate.

When the bank first filed for MSBT in January, Balchunas called it a “shocker” and noted the firm’s existing advisor approvals for crypto allocations made issuing their own branded fund a natural next step.

The question now is whether day-one momentum translates into sustained flows, and whether other banks follow Morgan Stanley through the door it has opened.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

How to Handle Visa Overstay Fines in Dubai: A Complete Step-by-Step Guide

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Dubai welcomes millions of visitors and residents every year. But the one mistake many people make, whether it’s forgetting to keep track of their visa expiry date or encountering an unforeseen situation that prevents you from leaving, can have serious consequences. Overstay fines add up quickly, and if you don’t deal with them quickly, they can lead to a travel ban, deportation or a permanent ban on entry into the UAE.

The good news is that Dubai and the wider UAE have a clear system in place to help you deal with these fines. You can pay them, apply for a reduction, or in some cases, request a full waiver. This guide will walk you through every step of the process so you know what to do if you ever find yourself in this situation.

What Is a Visa Overstay Fine in Dubai?

A visa overstay fine in Dubai, UAE is a daily fine imposed on anyone who stays in the UAE for longer than their visa is valid. The current standard fine is AED 50 per day. This applies to almost all types of visas, including tourist visas, visit visas and residence visas.

Even short-term overstays add up quickly. If you overstay for more than 30 days, you’ll have to pay a fine of AED 1,500 before any other fees. If you overstay for more than six months, that number increases to AED 9,000 – and that doesn’t include the cost of an exit permit or other administrative fees.

Grace Periods You Should Know About

Before fines start, UAE authorities give you a grace period depending on your visa type:

  • Tourist or Visit Visa: Usually 10 days after the visa expires
  • Residence Visa: Typically 30 days after the permit expires
  • Investor Visa: Around 30 days, similar to a residence visa

If you leave within the grace period, you won’t have to pay any fines. Missing this window means that the daily charges start from the first day of overstay.

Who Can Apply for an Overstay Fine Waiver?

Not everyone is eligible for penalty waiver, but UAE immigration officials consider genuine cases of hardship. You may be eligible if:

  • You faced a serious medical emergency that prevented you from leaving
  • You lost your job and had no financial means to pay for a flight or visa renewal
  • You were caught in a situation beyond your control, such as a natural disaster or flight suspension
  • Your family accumulated fines of AED 3,000 or more and you can demonstrate financial hardship
  • Your employer cancelled your visa and you could not leave within the allowed grace period

It is important to understand that the final decision always rests with the UAE immigration authorities. A strong application with the right documents improves your chances, but approval is never guaranteed.

Step-by-Step: How to Apply for an Overstay Fine Waiver in Dubai

Step 1: Check Your Overstay Fine Status

Before you do anything, find out exactly how much you owe. You can check your fine amount through the GDRFA (General Directorate of Residency and Foreigners Affairs) website for visas issued by Dubai, or through the ICP (Federal Authority for Identity, Citizenship, Customs and Port Security) platform for visas issued in other emirates.

Enter your file number or Emirates ID and date of birth. The system displays the details of your fine, including the total amount owed. If you are not sure where your visa was issued, your passport stamp usually contains this information.

For detailed guidance on checking your Emirates ID and visa status online, the DBS Business Setup Group team has published a helpful guide on the UAE UID number and Emirates ID process that covers exactly how to access your identity record on the official platform.

Step 2: Gather Your Documents

A complete application requires the right paperwork. Before visiting any government office or typing center, prepare the following:

  • Copy of your valid passport (all pages with visa stamps)
  • Copy of your expired or cancelled visa
  • Emirates ID copy, if available
  • Proof of your reason for overstay: medical reports, hospital letters, bank statements, or employer termination letters
  • Return flight ticket copy, if you plan to leave the country
  • Job offer letter from MOHRE (Ministry of Human Resources and Emiratisation), if a new employer is sponsoring your waiver
  • Sponsor’s Emirates ID copy, if applicable

Missing even one document can delay or reject your application, so double-check everything before you submit.

Step 3: Visit the Correct Authority

Visas issued by Dubai go through GDRFA Dubai. Visas issued in other emirates such as Abu Dhabi, Sharjah, or Ras Al Khaimah fall under the jurisdiction of ICP. Go to the relevant office with your complete set of documents. The staff there will provide a visa fee waiver or reduction form that you fill out on the spot.

You can also handle this process through authorized typing centers in all UAE emirates. These centers are familiar with the form and can guide you through the submission without having to deal directly with government counters.

Step 4: Submit and Pay the Processing Fee

Once you submit your form and documents, the immigration office reviews your case. There is usually a small processing or service fee for the application. This is separate from the amount of the fee. Keep all receipts and reference numbers you receive after submission.

Step 5: Wait for the Decision

Processing times vary. Some straightforward cases are resolved within a few days, while more complex applications can take a few weeks. During this time, avoid making any travel plans that rely on an immediate resolution. Check back if you don’t hear back within the expected timeframe.

Step 6: Pay Any Remaining Fine or Exit Properly

If the authority grants a partial waiver, you pay the remaining fine and then proceed to exit or update your visa status. If they grant a full waiver, you can exit or regularize your status without paying the fine. In both cases, make sure you get written confirmation before leaving the immigration office.

What Happens if You Do Not Pay Your Overstay Fine?

Ignoring an overstay fine is never a good idea. If you try to leave the UAE without paying your fine, immigration officials at the airport mark your case and prevent your departure. You won’t be able to board your flight until you pay the remaining amount.

Long-term unpaid overstay fines can also lead to:

  • A travel ban that blocks you from re-entering the UAE
  • Being blacklisted from GCC countries
  • Legal action in extreme cases involving absconding charges
  • Your employer facing penalties if they sponsored your visa

The sooner you deal with the fine, the less damage it will do to your future travel options and employment prospects in the UAE.

Can PRO Services Help You Manage This Process?

Absolutely. Navigating UAE immigration paperwork on your own is stressful, especially when you don’t speak Arabic or are unfamiliar with government procedures. PRO (Public Relations Officer) services handle everything from preparing your documents to submitting your application to the appropriate government center.

DBS Business Setup Group offers professional PRO services in Dubai that cover exactly this type of situation. Their experienced team knows the system inside out, handles all communications with the GDRFA and ICP on your behalf, and ensures that your application is complete and properly submitted from the start. This saves you many office visits and reduces the risk of rejection due to missing paperwork.

Whether you need help with an overstay penalty waiver in Dubai, a change of visa status, or any other government document process, working with a trusted PRO service is always worth considering.

Tips to Avoid Visa Overstay Fines in the Future

Prevention is always better than cure. Here are some practical habits that keep you on the right side of UAE immigration rules:

  • Set a reminder on your phone 30 days before your visa expires
  • Use the ICP Smart App or GDRFA app to track your visa status regularly
  • If you plan to stay longer, apply for a visa extension before the current one expires
  • Never assume your grace period starts the day your visa expires — check the exact dates
  • Ask your employer or sponsor about renewal timelines well in advance
  • If your job ends, immediately look into your options for a new visa or a grace period exit

Staying organized and tracking your visa dates costs nothing. But ignoring them can cost you thousands of dirhams and significant time and stress.

Frequently Asked Questions

Q1. How much is the daily overstay fine in Dubai?

The standard fine for overstaying in Dubai is AED 50 per day. This applies to all major visa types, including tourist visas, visit visas and residence visas. The fine starts after the visa’s grace period ends, not from the day the visa expires.

Q2. Can I apply for an overstay fine waiver online?

Some of the initial steps, such as checking your fine balance, are available online through the GDRFA or ICP websites. However, submitting a formal fine waiver or reduction application usually requires a face-to-face visit to a GDRFA office or authorized typing center. The availability of the online application may vary, so always confirm the latest process on the official GDRFA or ICP website before you go.

Q3. What documents do I need for a visa fine waiver in Dubai?

Typically, you will need a copy of your passport, a copy of your expired or cancelled visa, a copy of your Emirates ID if available, and supporting evidence such as medical reports, bank statements, or a letter of dismissal. If a new employer is sponsoring your waiver, you will also need their Emirates ID and a job offer letter approved by MOHRE. Missing documents are the most common reason for application delays, so have everything ready before visiting the office.

Q4. How long does it take to process an overstay fine waiver?

Simple cases may take a few business days, while cases with more documentation or exceptional circumstances may take several weeks. There is no fixed timeline, as the decision is entirely up to the immigration authorities. Avoid making immediate travel plans while your waiver application is pending.

Q5. Does an overstay fine affect my chances of getting a UAE visa in the future?

Yes, unpaid overstay fines can affect your future visa applications and may result in a travel ban or entry ban in the UAE and other GCC countries. If you pay your fines through the appropriate legal channels and exit or regularize your status properly, your record is usually updated. Always confirm your clearance status with the relevant authority before attempting to re-enter the UAE after an overstay.

Conclusion

A visa overstay in Dubai is a serious matter, but it is completely manageable when you take the right steps quickly. The UAE provides clear official channels to pay the fine, request a reduction and, in cases of real hardship, apply for a full waiver. The key is to act quickly, gather the right documents and deal with the right official for your visa type.

If you are overwhelmed by paperwork or a language barrier, professional PRO services from a trusted company like DBS Business Setup Group can take the stress out of your hands. They handle government communications, ensure your documents are properly prepared, and guide you through the entire process from start to finish.

Understanding how to check your Emirates ID and UID number through the official platform is also an important first step – it helps you confirm your visa details, find your file number, and track any outstanding fines before they become a big deal.

Stay informed, stay compliant, and you can continue enjoying everything that Dubai has to offer.

About DBS Business Setup Group

DBS Business Setup Group is a trusted business setup and PRO services provider based in Dubai, UAE, with over 10 years of experience. The team helps individuals and companies navigate everything from company registration and visa processing to overstay fine waivers and Emirates ID assistance. Visit aedbs.com to learn more.







Hedera (HBAR) drops 1.9%, leading index lower

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CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2007.93, down 0.2% (-3.4) since yesterday’s close.

Six of 20 assets is trading higher.

Leaders: AVAX (+0.6%) and BTC (+0.3%).

Laggards: HBAR (-1.9%) and ADA (-1.3%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

Hong Kong Issues First Stablecoin Issuer Licenses

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Update April 10, 2026, 10 am UTC: This article has been updated to add more details from the announcement.

Hong Kong has granted its first stablecoin issuer licenses, approving Anchorpoint Financial and the Hongkong and Shanghai Banking Corporation under a new regulatory framework overseen by the Hong Kong Monetary Authority (HKMA). 

The HKMA announced the initial batch of licensees on Friday, marking the first approvals under its stablecoin regime. 

Anchorpoint Financial is the stablecoin joint venture formed by Standard Chartered Bank (Hong Kong), Animoca Brands and Hong Kong Telecommunications. The Hongkong and Shanghai Banking Corporation Limited is HSBC’s Hong Kong-based banking entity and one of the city’s three note-issuing banks.

The first approvals highlight Hong Kong’s cautious approach, with regulators appearing to favor bank-linked and institution-backed issuers in the regime’s opening phase.

The announcement comes after weeks of unconfirmed reports about potential licensees and a missed March timeline, marking a cautious start to Hong Kong’s stablecoin licensing rollout. HKMA Chief Executive Eddie Yue said in February that a very small number of issuers would be licensed in March, a timetable the HKMA ultimately missed before granting the first approvals.

Hong Kong’s stablecoin regime took effect on Aug. 1, 2025, and requires issuers of fiat-referenced stablecoins to obtain an HKMA license and meet rules covering reserve backing, redemption, governance and Anti-Money Laundering controls.

Name of licensees in the public register. Source: HKMA

Hong Kong rolls out stablecoin regime after delays

The stablecoin regime also gives the HKMA power to investigate violations and take enforcement action, including fines, suspensions and license revocations.

Yue said the new regime gives stablecoin issuers a regulated framework to operate in Hong Kong while requiring safeguards around user protection and risk management.

The licensed issuers are expected to launch their operations in the coming months, according to the HKMA.

Related: Hong Kong, Shanghai authorities to test blockchain for cargo trade data

On April 1, the HKMA said it was actively advancing the licensing process after missing its earlier March timeline.

Earlier media reports also pointed to possible frontrunners. On March 13, HSBC and a Standard Chartered-backed venture were tipped as likely recipients, but the regulator had not confirmed any names at the time. 

Cointelegraph reached out to the HKMA for more information, but had not received a response by publication. 

Magazine: Asia Express: Phantom Bitcoin checks, China tracks tax on blockchain