Dubai announces new traffic fines, and Regulatory crisis at Binance, Gulf News Editors comment on July 7 trending news

STICK TO ROAD SAFETY RULES: In accordance with a recent decree (Decree No. 30 of 2023), certain circumstances call for the administrative and mandatory impounding of vehicles whose owners have engaged in major infractions. Drivers who act recklessly, such as those who take part in illegal road races or run a red light, will face steep fines. Participants in unlawful road races face a Dh100,000 fine, while drivers who jump a red light face a Dh50,000 fine before getting their cars released. The new traffic law went into force on July 6, 2023. The new articles specifically address the seizure of automobiles owned by drivers who commit major infractions. The considerable amendments to Dubai's system for impounding vehicles are a step in the right direction. It will strengthen enforcement, ensure traffic safety, reduce accidents and promote a safer environment on Dubai’s roads. This is to ensure traffic safety and safeguard the lives and properties of individuals in the emirate. (By Jay Hilotin, Senior Assistant Editor)

CRISIS AT BINANCE: Binance, the largest cryptocurrency exchange, is facing a regulatory crisis as top executives leave the company. The departures of the chief strategy officer, general counsel, and compliance official have raised concerns about Binance's future. CEO Changpeng Zhao, also known as CZ, defended the platform, stating that they are continuing to hire and build despite the challenges. Binance has been the target of regulatory probes in the US, Europe, and Asia Pacific, with accusations of mishandling customer funds and breaking securities rules. The exchange's market share has declined, and it has faced regulatory backlash in several countries. Binance's native token, BNB, has also experienced a decline in value. Only time will tell what the future holds for Binance. (By Nivetha Dayanand, Web Editor)

A JUST REWARD FOR NETHERLANDS’ CONSISTENCY: Netherlands have been showing tremendous progress over the last one year. The Dutch have qualified for the 50-over World Cup in India, their performance coming on the back of an impressive Twenty20 World Cup show in 2022 in Australia. The Netherlands defeated Zimbabwe and South Africa in the Super 12 after making the main draw from the group stage. A phenomenal feat as one victory came against one of the top nations in the world, South Africa. The Orange team’s consistency only strengthens their case for an elevation among the elite Test-playing nations. It is also interesting to note that Royal Dutch Cricket Association was formed in 1890. The Dutch players have had big scalps in the past defeating hosts England in Twenty20 World Cup and also Bangladesh in a ODI. A positive message from the Dutch to all, consistency is the key for success. (By A.K.S. SATISH, Sports Editor)