EMEA Daily: EU to Take Further Steps Against Russian Leaders, Belarus Banks; Binance Reopens Euro, British Pound Transfers

In today’s top Europe, Middle East and Africa news, the European Union is set to add more sanctions against wealthy Russians and the Russian Parliament, while Binance has resumed deposits into European Union banks and withdrawals in British pounds.

Plus, the European Parliament’s Monetary Committee will soon vote on a measure to regulate crypto assets in Europe, ID verification firm Thirdfort has raised $20 million and telecom carrier Orange and Masmovil Ibercom announced plans to merge.

EU to Take Further Steps Against Russian Leaders, Belarus Banks

The European Union (EU) is set to pile on more sanctions targeted at wealthy Russians, their families and members of the Russian Parliament, diplomats told Bloomberg.

Following Russia’s invasion of Ukraine, this is the latest round of penalties for more than 100 members of the Federation Council, the upper house of the Federal Assembly. The panel voted for the war in Ukraine and approved a measure that criminalizes reporting what Russia calls “fake” news about the invasion, according to the anonymous diplomats.

Binance Reopens Euro, British Pound Transfers

Nine months after cryptocurrency exchange Binance suspended deposits into European Union banks and withdrawals of British pounds, the Cayman Islands-based digital network announced Monday (March 7) that it has resumed both.

Transactions can be completed through the Single Euro Payments Area (SEPA) payment network and the Faster Payments Services (FPS), and customers can access these services on their desktop or the Binance app.

EU Crypto Regulation May Need Clarification From Day One

On March 14, the European Parliament’s Monetary Committee will vote on the Markets in Crypto Assets (MiCA) directive, which aims to regulate crypto assets in Europe.

The vote was delayed last week to revisit some provisions, and the 168-page document offers a comprehensive and detailed report that promises some security to crypto issuers, exchanges and custodians operating within a legal framework. However, an analysis of the text has suggested that some questions will quickly arise, and some products will find it difficult to accommodate the law.

ID Verification FinTech Thirdfort Raises $20M

U.K.-based identification verification firm Thirdfort has raised $20 million, thanks to a recent investment from Breega and Element Ventures.

The company offers a risk engine for corporate clients within the legal, property and finance sectors, which allows them to carry out know your customer (KYC) checks and ensure they are adhering to anti-money laundering (AML) regulations.

From Levi’s to Danone, Brands Face High Stakes Decision on Russian Response

Since the Berlin Wall fell in 1989 and collapse of the former Soviet Union, Levi’s blue jeans have held a unique role in this part of the world. More than being a symbol of Western style and values, the garment also stood for freedom and independence.

However, that run as a fashion ambassador may have ended this week as Levi Strauss & Co. joined a growing list of American companies and brands who have renounced Russia’s attack on Ukraine. For the first time in 32 years, the company announced it was lowering its denim flag of freedom.

Orange, Masmovil Plan Merger, Launch of Spanish Telecom Division

Masmovil Ibercom and French telecom carrier Orange are working to consolidate the telecom market in Spain through a merger that would value the combined company at €19.6 billion ($21.3 billion), Bloomberg reported Tuesday (March 8).

If the merger happens, the combined company would be a 50-50 joint venture, co-controlled by Orange and Masmovil, according to a statement by the companies. As Masmovil has a debt of roughly €6 billion (about $6.5 billion), it would have to make a cash payment to Orange to balance the merger.

PPRO Snaps Up Alpha Fintech

Digital payments infrastructure firm PPRO acquired payments technology platform Alpha Fintech for undisclosed terms, boosting PPRO’s presence and networks in the Asia-Pacific (APAC) region.

Integrating Alpha’s platform will also enable PPRO to offer a plug-and-play orchestration layer for faster incorporation of products and services at scale. Additionally, as part of the deal, Alpha’s 90 PayTech experts will become part of PPRO’s locations in Australia, Argentina, Singapore and the U.S.

Donated Crypto Assets Distributed to Ukrainian Army, Volunteers

Whitepay, a fundraising platform launched to help Ukraine, reported it had raised $2 million of stablecoin tether (USTD), according to a report from Arab News. The donated cryptocurrencies have been sent to the Ukrainian army to treat wounded soldiers and to a humanitarian fund that finances volunteers.