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H&R Block Continues to Drive Innovation with New Vice President of … – GlobeNewswire

KANSAS CITY, April 04, 2023 (GLOBE NEWSWIRE) -- H&R Block (NYSE: HRB) today announced that Rob Horrobin has joined the organization as Vice President, Data Science & Analytics. Horrobin reports to H&R Block's Chief Financial Officer, Tony Bowen, and will lead his team of 50 associates to enhance business decisions with best-in-class data mining and implementation capabilities as well as machine learning innovation all informing the companys Purpose: to provide help and inspire confidence in our clients and communities everywhere.

"Our Data Science & Analytics team drives analysis and innovation that better informs strategic decisions," said Bowen. "Rob will champion the data-driven culture at H&R Block and focus on continuous learning and process enhancement through business intelligence data platforms that challenge the status quo."

Prior to joining Block, Horrobin spent nearly five years at Pacific Life focused on scaling data science and analytics capabilities. Before that, he led the Insurance Operations Optimization & Decision Analytics practice at John Hancock, the U.S. division of Toronto-based Manulife (NYSE: MFC). He also spent two years in the United Kingdom as a special advisor to the Royal Navy and BAE Systems, Inc. in support of the Astute class nuclear submarine program.

Im excited to join an organization that has built strong trust with our clients over the last 68 years, said Horrobin. The bold Block Horizons vision, Connected Culture and strong top-down commitment to Data Science & Analytics has permeated the organization and created an ideal place for me to contribute.

Horrobin holds a Bachelor of Mechanical Engineering from the University of Delaware and both a Master of Business Administration and Master of Science, Information Systems, from Boston University.

About H&R BlockH&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through globaltax preparationservices,financial products, andsmall-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and also be better with money using its mobile banking app,Spruce. ThroughBlock AdvisorsandWave, the company helps small-business owners thrive with innovative products like Wave Money, a small-business banking and bookkeeping solution, and the only business bank account to manage bookkeeping automatically. For more information, visitH&R Block Newsor follow@HRBlockNewson Twitter.

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Active Travel England Partners With Alan Turing Institute To Leverage Data Into Investment – Forbes

Manchester's Gay Village. (Photo by Christopher Furlong/Getty Images)Getty Images

Active Travel England has commissioned the Alan Turing Institute to create software and data science techniques to support local authority delivery of walking and cycling schemes. The institute, based out of the British Library in London, is the UKs national data science and artificial intelligence institute.

The collaboration will run for two years at a total cost of $250,000 and enable the development of new functionality in the Active Travel Infrastructure Platform (ATIP), which helps councils to map out proposed schemes and see the impact they could have locally.

These new tools will be paired with existing data sources, such as OpenStreetMap, to create solutions that will help build the evidence needed to meet the national governments stated objectives on active travel, including for 50% of short trips in urban areas to be made by walking, wheeling and cycling by 2030.

The new software engineering and data science techniques will complement data collection and analysis work done by Active Travel Englands head of data Dr. Robin Lovelace.

The partnership with Alan Turing Institute is hugely important, Lovelace told Forbes.com.

Transport models and datasets represent leverage points in the transport planning system, he stressed.

The lack of data and robust analysis of active modes has led to them not being taken seriously. New datasets can ensure that investment goes where its most needed.

Active Travel Minister Jesse Norman said the partnership will enable local councils to draw on the latest technology and maximize active travel's environmental, economic and health benefits.

Meanwhile, the government he represents last month revealed swingeing cuts to Englands active travel budget.

According to the Walking and Cycling Alliance (WCA), a body made up of cycling and walking organizations including British Cycling, Living Streets, Ramblers and Sustrans, the cuts means a two-thirds cut to promised capital investment in walking and cycling.

It is heartbreaking to see vital active travel budgets wiped away in England, at the exact time when they are most essential to U.K. economic, social and environmental prospects, said a WCA statement.

It is incredibly disappointing that the active travel budget has seen such extensive cuts at a time where we need to really make progress on decarbonisation and when people need cheap transport choices, said a joint statement by Conservative MP Selaine Saxby and Labour MP Ruth Cadbury, co-chairs of the All Party Parliamentary Group on Cycling and Walking.

They added: We understand that there are pressures on the public purse but active travel schemes frequently have much higher benefit:cost ratios than road building schemes, many of which are still going ahead despite falling value for money for taxpayers.

I was Press Gazette's Transport Journalist of the Year, 2018. I'm also an historian my most recent books include "Roads Were Not Built for Cars" and "Bike Boom", both published by Island Press, Washington, D.C.

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Stats and data have ‘relevance everywhere’, says this Limerick … – SiliconRepublic.com

Prof Norma Bargary leads ULs Professional Diploma in Data Analytics. Here, she talks about her personal research interests and her career so far.

Prof Norma Bargarys love of maths and statistics was ignited when she was in her first year of a Mathematical Sciences degree at the University of Limerick (UL).

She recalls doing a module in statistics taught by Prof Ailish Hannigan. I immediately loved the subject because I could see its relevance everywhere, and decided to specialise in statistics for the final two years of my degree programme. I have worked as a statistician since then, she tells SiliconRepublic.com.

These days, Bargary is a professor herself at ULs Department of Mathematics and Statistics, where she chairs the data science and statistical learning side.

She was among the first recipients of the prestigious Senior Academic Leadership Initiative (SALI), a scholarship that promotes gender balance at a senior academic level in higher education institutions.

Her research interests vary from sports data to how media professionals get to grips with data to communicate it effectively or not, as the case may be.

She said she and her team have developed a series of studies to understand how comfortable journalists are with numbers. They designed interventions to build journalists numeracy skills, with Bargary saying that the ultimate aim of the studies is to improve how numbers are communicated to the public.

Where sports are concerned, she says she is very interested in data that are measured using sensors. For example, I work a lot with motion capture data which measures peoples movement patterns when doing tasks like running, jumping, kicking and rowing.

The data that are produced by these systems can be thought of as curves or functions; my research develops new ways to model such data using an area of statistics called functional data analysis.

As well as her own research, Bargary is at the forefront when it comes to the development of ULs data science education programmes.

She leads the UL@Work Professional Diploma in Data Analytics, which is a programme aimed at learners who are already working full time to give them the skills they need to break into the industry.

The programme is designed in consultation with stakeholders already working in the sector. Data analytics is a great area for career beginners and pivoters alike, says Bargary, highlighting the shortage of people with skills in that area.

What kind of skills do people need to have a career in data analytics? She lists critical thinking skills, such as how to formulate good research or business questions and identify the data needed to answer those questions.

In terms of technical skills, she says very good statistical skills and being able to code in languages like R or Python is a must.

Data is now a highly valuable resource and companies are increasingly striving to become data driven. In order to do that, and use data to its fullest, strong data analytics expertise is essential.

Bargary and the team behind the Professional Diploma in Data Analytics worked closely with industry partners to ensure the programme teaches learners these skillsets.

Those undertaking the programme learn how to work with data throughout the data analytics pipeline from data collection to data cleaning, wrangling, visualisation, modern statistical and predictive modelling techniques, and the communication of results back to key stakeholders via interactive reports and dashboards.

And data analytics and stats have wider societal implications, too. Now more than ever, we are faced with enormous societal challenges such as climate change, sustainability, housing and food shortages. Data and modelling have really important roles to play in helping us to untangle these issues and ultimately trying to address them.

Any professional who works with data such as journalists, as Bargary mentioned needs to know that it is not to be messed around with, however. Quality rather quantity is what should be aimed for.

Miscommunications and errors can occur when someone has failed to grasp the data they are working with.

The biggest misconception is that measuring lots of data means it must contain useful information, warns Bargary. This is a mistake she wants to correct.

Lots of data does not equal lots of useful data. If the data you collect are poor quality then there is nothing that data science can do.

10 things you need to know direct to your inbox every weekday. Sign up for the Daily Brief, Silicon Republics digest of essential sci-tech news.

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Data Science Certification Programs and Their Benefits – IndiaCSR

Data science is an expeditiously growing field that involves analyzing, interpreting, and making predictions based on large sets of data. As the field continues to expand, these programs have become progressively popular as a way for individuals to validate their skills and knowledge. In this article, we will understand various types of data science programs available, the benefits of obtaining a certification, and factors to consider when selecting a program.

Data science programs come in different types and are offered by various providers. The most common types of certification programs are vendor-specific, industry-specific, and vendor-neutral.

Vendor-specific certification programs are offered by technology companies, such as Microsoft and Amazon, and are designed to validate an individuals proficiency in their specific technologies. Industry-specific certification programs, on the other hand, are tailored to a particular industry, such as healthcare or finance. Vendor-neutral certification programs, such as those offered by the Data Science Association and the Institute of Electrical and Electronics Engineers (IEEE), are not tied to a specific technology or industry. Ed-tech platforms like Great Learning also offer well-curated programs in association with world-class universities.

The requirements for certification programs vary depending on the provider and the type of program. Some programs require passing an exam, while others require completing a course or submitting a project.

There are several benefits to obtaining a data science certification. Here are some of the most significant benefits:

Certification programs provide recognition and credibility to individuals, validating their skills and knowledge in the field. This recognition can be particularly valuable for job seekers, as it demonstrates to potential employers that they have the necessary qualifications for the job.

Many certification programs offer additional resources, such as online forums, workshops, and study materials, which can help you stay up-to-date with the latest trends and best practices in the field.

A data science certification provides tangible evidence of your knowledge and expertise in the field. Employers and colleagues can see that you have invested time and effort into gaining a deep understanding of the subject matter.

Data science certifications can also open up new career opportunities and advancement paths. Individuals with certifications are often preferred by employers, which can lead to promotions, salary increases, and other benefits.

Certification programs can also help individuals enhance their skills and acquire new ones. The coursework and exams required for certification can help individuals develop new skills and deepen their understanding of the field.

Certification programs can also provide networking opportunities. Individuals in certification programs can connect with other professionals in the field, allowing them to expand their network and potentially find new job opportunities.

Learning data science can lead to higher salary potential. According to a study, certified professionals in the IT field can earn up to 12% more than their non-certified peers.

When selecting a data science certification program, its essential to consider several factors, including:

When choosing a certification program, it is important to consider all of these factors in order to select the best program for your needs. Research the provider, determine the requirements, and consider the cost to ensure you are making the right decision for your future.

In conclusion, pursuing post-graduation in data science can provide significant benefits to individuals looking to enhance their skills. They can provide the opportunity to develop data science expertise and apply it to a specific industry. Furthermore, they offer the chance to learn the latest technologies and techniques, as well as become a certified data scientist. Certificate programs provide a great way to gain recognition and credibility in the workplace, as well as to further your career. Therefore, if you are looking to break into the data science field or simply want to expand your existing knowledge, looking into data science programs could be the perfect choice for you.

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What you need to know to accelerate your cloud and data strategy – CIO

At Choice Hotels, cloud is a tool to help the hospitality giant achieve corporate goals. That can include making progress on immediate objectives, such as environmental sustainability, while keeping an eye on trendy topics such as the metaverse and ChatGPT.

Were investing in technology, were investing in leveraging the cloud to do meaningful things while we figure out what does tomorrow look like? said CIO Brian Kirkland.

Kirkland will describe key points on how cloud is enabling business value, including its sustainability initiatives, at CIOs Future of Cloud & Data Summit, taking place virtually on April 12.

The day-long conference will drill into key areas of balancing data security and innovation, emerging technologies, and leading major initiatives.

The program kicks off with a big-picture view of how the cloud will change the way we live, work, play, and innovate from futurist and Delphi Group Chairman and Founder Tom Koulopoulos. Afterward, he will answer questions in a lively discussion with attendees.

Before organizations map an architectural approach to data, the first thing that they should understand is data intelligence. Stewart Bond, IDCs vice president for data integration and intelligence software, will dissect this foundational element and how it drives strategy as well as answer audience questions about governance, ownership, security, privacy, and more.

With that foundation, CIOs can move on to considering emerging best practices and options for cloud architecture and cloud solution optimization. David Linthicum, chief cloud strategy officer at Deloitte Consulting and a contributor to InfoWorld, will delve into strategies that deliver real business value a mandate that every IT leader is facing now.

Want to know how top-performing companies are approaching aspects of cloud strategy? Hear how Novanta Inc. CIO Sarah Betadam led a three-year journey to becoming a fully functional data-driven enterprise. Later, learn how Tapestry home to luxury consumer brands such as Coach and Kate Spade developed a cloud-first operating model in a conversation between CIO Ashish Parmar and Vice President of Data Science and Engineering Fabio Luzzi.

Another top trend is AI. Phil Perkins, the co-author of The Day Before Digital Transformation, will discuss the most effective applications of AI being used today and what to expect next.

At some organizations, data can be a matter of life and death. Learn about a data-focused death investigations case management system used to influence public safety in a conversation between Gina Skagos, executive officer, and Sandra Parker, provincial nurse manager, at the Province of Ontarios Office of the Chief Coroner.

Throughout the summit, sponsors including IBM, CoreStack, VMware, and Palo Alto Networks will offer thought leadership and solutions on subjects such as new models of IT consumption, cloud security, and optimizing hybrid multi-cloud infrastructures.

Check out the full summit agenda here. The event is free to attend for qualified attendees. Dont miss out register today.

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Finding Life Purpose in Turning Vision Into Reality | Maryland Smith – Robert H. Smith School of Business

This Q&A has been edited and condensed.

What is your job title and where do you work?

I am Principal Product Manager at Opendoor, which buys and sells homes and makes instant cash offers online. I work at the headquarters in San Francisco.

What does a day in your role look like and how do you approach new projects?

On a day-to-day basis, I work with a diverse group of stakeholders to execute the product vision Ive developed to further the companys growth. My responsibilities include identifying new opportunities aimed at driving profitability and growth, making sure stakeholders are aligned on product vision, working with design and engineering teams to plan and deliver initiatives, partnering with analytics/data science teams to measure impact and presenting the projects outcomes and long-term mission to leadership.

I approach new projects by first understanding the problem space, customer needs, and why the project matters to Opendoor. Once I build a good understanding, I then start writing product memos, plan the kick-off of the project and perform the pre-mortems.

Is there something about your professional journey that people would find surprising?

I have been a product manager since day one of my career and have been building products for over a decade. Building consumer products in different industries has left me with a unique edge that allows me to quickly connect the dots and ship products quickly. I have always found new ways to improve myself and have been open to feedback. Learning and trying new technologies (for example, currently working on an AI project leveraging GPT3) has enabled me to keep improving at my craft.

Tell us about your path from graduation to your current job.

Immediately after graduating from Smith, I joined Home Depot as a product manager and shipped highly impactful products that brought in record revenue and that got me promoted to senior product manager. In that role, I managed two product areas. One of them was risk and fraud. I gained vast expertise in product strategy and combating bad actors in the digital world. To gain more knowledge in my field, I decided to take a job as payment and risk product manager at Eventbrite, where I was responsible for creating products that reduced risk and fraud-related losses and along the way I started building monetization products. After success at Eventbrite, I was offered a job at Opendoor. I accepted because it was a chance to leverage my years of product management experience with solving complex problems, enabling me to make a difference for millions of homebuyers and sellers in the U.S.

Are you where you thought you would be in your career? What are your goals?

Yes, Im where I thought I would be. At this stage of my career, I wanted to directly impact critical outcomes for a business and be at the forefront of solving complex problems that sit at the intersection of technology, data science and user experience. My goal is to create solutions and products that make a meaningful difference in peoples lives at Opendoor and that is what we are doing.

What Smith resources or relationships did you leverage for your career?

The Smith School curriculum is very well designed and that enriched my learning experience. I was able to build a deep connection with some of the faculty who mentored me and were always open to discussing ideas. These relationships helped me secure funding for startups I co-founded, helped me hire students to assist with research projects and provided recommendations for career opportunities.

How has your Smith education helped with your career? Were there specific classes, experiential projects, team projects or internships that have been especially helpful to you?

Ive seen great value in applying concepts in the real world that I learned from my coursework at Smith. At different times in my career, Ive gone back to the slides taught by Professor Siva Viswanathan when I needed to brush up on theories and fundamentals applicable to driving profitability and growth to consumer and marketplace technology companies. Also, getting to run two startups while I was at Smith set me off on a successful path.

Why did you decide to get a business degree and why did you choose Smith?

I decided to earn a Master of Science in Information Systems degree from Smith because the coursework sharpened my skills in digital strategy, data science, and business strategy. These are all critical for my career.

What about your personal journey has led to your success?

I have always been a curious person who liked helping people. As a kid, I used to love the Captain Planet character in a cartoon I watched (Captain Planet and the Planeteers). He was responsible for saving the world. I have always wanted to use my skills to make the lives of people around me better, whether it was helping someone with their studies, career coaching or creating products that make a meaningful difference in peoples lives.

Is there anything else you would like to add?

Everyone has something they can bring to the table due to the unique experiences they had growing up. I would say from my experience and echoing the University of Marylands brand tagline Fearlessly Forward, one should try to discover their Ikigai (life purpose) and spend the rest of their lives perfecting that which will make this world a little better for their being in it.

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New podcast explores whether data can solve big problems – MIT Sloan News

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From sports betting to policing to the dark side of the data economy, data and society intersect at many points. The new podcast Data Nation, from the MIT Institute for Data, Systems, and Society, takes a closer look at these intersections, including whether data can be used to solve societal problems and answer difficult questions.

Hosted by Liberty Vittert, SB 10, a data science professor at Washington University in St. Louis, and MIT professor Munther Dahleh, the director of the Institute for Data, Systems, and Society, the podcast examines a wide range of issues, from misinformation to credit scores. Season 2 launched in March with a look at how brain data can shed light on sleep and anesthesia.

Guests include MIT professors, journalists, and experts in the field. Heres a look at some highlights from Season 1.

The digital economy is fueled by data, which companies can use to reach users more effectively and develop products.

A vast amount of that data flows to platforms like Facebook for free. These platforms dont buy or sell customer data; users willingly share it with them, thus allowing the companies to run more-targeted ads.

While those big companies deserve scrutiny, people should also look at more obscure data brokers companies that exclusively buy and sell consumer information, according to MIT Sloan professorDean Eckles.There [are]a lot of ways that data is flowing around, often involving the companies that you havent necessarily heard of, he said. This is happening a little bit more behind the scenes. Eckles contends that there should be more regulatory scrutiny for these data brokers, which often dont have a direct relationship with consumers.

People should be conscious of their data footprint and know the basics of how online advertising works, and maybe take some steps to preserve [their] privacy, he said, noting that actions like turning off app tracking and using encrypted messaging services work well.

The sports industry has been an early adopter of data and analytics, with teams and players using them to gain a competitive edge. With sports betting now legal in a majority of states, sports analytics can be used by people off the field, too.

Anette (Peko) Hosoi, a mechanical engineering professor at MIT who studies sports data and technology, said people placing bets on sports should consider the extent to which the outcome is skill-based, as the rules of some sports reward skill more than others. Hosois research has found that basketball and baseball are more skill-based compared with hockey and football.

Any activity that you do is going to have some elements of skill and some elements of luck, Hosoi said. Youre really asking, where does it sit on this spectrum? ... When youre betting on sports, having those statistical algorithms and having that statistical knowledge makes a difference.

Bettors should keep in mind the intended outcome when they decide how to place bets. For instance, if your aim is to have fun with your family, something relatively random, like football, would fit the bill. But if youre trying to make money, go for something more deterministic, like basketball, Hosoi said. People can make more informed bets by focusing on high-skill sports that generate a lot of data.

Opioid use is aleading cause of injury-related deaths in the U.S., and opioid-related deaths reached a record high in 2022.

Businesses can play a role in addressing this epidemic, according to MIT Sloan professorAndrew Lo.

Because opioids are addictive, theyve generated lots of revenue for companies a business incentive that ultimately caused the crisis, Lo said. In 2022, drug distributors and wholesalers finalized an opioid settlement that is now up to $32 billion a figure that only hints at how much money was generated in revenue during the years leading up to the crisis, he said.

The key now is incentivizing companies to develop nonaddictive pain medicines. Companies need to understand that they will be financially rewarded and earn goodwill if theyre able to do so, Lo said. If you do that at a large enough scale, the chances are youre going to hit one or two or three different really successful, really powerful drugs that can deal with both the crisis as well as with pain management, he said.

With massive amounts of historic and location-specific data available, police are able to analyze when and where various types of crime have taken place, for example, and allocate resources accordingly.

But there is reason to be wary of these approaches, said S. Craig Watkins, the Martin Luther King Jr. visiting professor at MIT, particularly among communities of color and many working-class or poor individuals

For the communities who bear the brunt of these systems, who are disproportionately profiled and surveilled as a result of these systems, theres just no possible way that they could see these technologies as a net benefit in any way, shape, form, or fashion, he said. Its going to require a strategic effort in terms of convincing them that these systems can lead to sort of a net benefit.

For positive impacts to come to fruition, there need to be clear procedures, policies, and practices for data-informed profiling and policing, Watkins said, and organizations should be intentional about their adoption and deployment of these systems. We cant assume that just by virtue of them existing and by virtue of us adopting and deploying them, they will generate these net benefits, he said.

Read next: Data literacy for leaders

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What Is the Role of Data Governance in Healthcare? – HealthTech Magazine

How Does Data Governance Impact Healthcare Organizations?

Data is omnipresent in healthcare organizations. The more accessible and reliable it is, the more likely you are to develop insights from it, says Jonathan Shannon, associate vice president of healthcare strategy at LexisNexis. On the other hand, he adds, your entire business suffers in various ways when data governance policies are poor.

Krishnan describes three telltale signs of poor governance:

Its one thing if a patient gets the same marketing materials twice, she says. (That can happen if, say, there are records for Sam Smith and Sam S. Smith at the same mailing address.) But I dont want my diagnosis to be wrong because physicians dont have access to all of my records.

More broadly, poor data governance in healthcare can have significant business implications. Shannon points to the referral process. There are multiple benefits to referring patients to in-network providers: Patients avoid the high cost of seeing physicians not covered by their insurance plan, and organizations keep patient defections to a minimum.

If provider directories are inaccurate and data from the Centers for Medicare and Medicaid Services indicates that 49 percent of them are then its that much harder to make in-network referrals, he says. Very important procedures may be sent up the road and out of the network because someone didnt know.

Finally, poor governance poses security and regulatory risks. The 21st Century CURES Act requires organizations to make data available to other healthcare stakeholders, including patients. This requires a delicate balance between security and availability, Shannon says.

Now, theres more pressure to make data more accessible, he says, primarily with open application programming interfaces. Without data governance, you cant support open access with APIs.

DISCOVER: How Community Medical Centers powers operations with data.

When it comes to addressing data governance, healthcare organizations tend to fall into one of three buckets, Krishnan says. Some are just getting started and need help putting a general framework in place. Others have a framework but also have many data silos; this is especially tricky when data is on-premises and in both public and private cloud environments.

Still others have made progress but worry about the implications of duplicate records within newly unified data sets, whether its difficulty with regulatory compliance or a lag time to get business-ready data to the teams that need it. These organizations want help to scale for new applications, Krishnan says. They want to be enterprise-ready and future-proof.

A common starting point is what Shannon refers to as a one-time cleanup of the organizations data repository.

By definition, data grows and changes over time. If your organization has been in business for decades, youve been accumulating data for decades, he says.

When technology upgrades are on the horizon, its both expensive and counterproductive to move millions of unnecessary records those that are duplicates, incomplete, from deceased patients, and so on. Through a combination of referential and probabilistic modeling methods, Shannon says a repository with data from 7 million patients could be trimmed to 1 million patient records. As a result, the repository is more accurate, less expensive to maintain, and well suited for use with next-generation applications for decision support, population health management, and predictive analytics and modeling.

For Money, addressing organizational culture is fundamental to improving data governance.

You cant buy data governance off the shelf, she says. It has to be understood from the highest level of the organization to the bottom. It should be invisible. No matter the organization, what youre doing is producing quality, usable, effective products, and data governance is a tool to make that happen.

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Dubai regulator demands Binance provide info on ownership, governance: Report – Cointelegraph

The Virtual Assets Regulatory Authority (VARA), the entity that oversees crypto activities in Dubai, has asked Binance to provide more information about its business requirements in its efforts to tighten regulatory guardrails in the emirate, Bloomberg reported.

Citing three anonymous sources, Bloomberg reported on April 5 thatthe regulator had asked Binance to submit more information about the exchanges ownership structure, governance and auditing processes. The people close to the matter said VARA has requested the same details from global crypto players looking to be licensed in Dubai.

VARA officials have also required Binance to provide similar information, on top of board procedures, at its global group level, with queries taking longer to address given the exchanges size and complexity, two of the sources said.

The increased scrutiny over virtual assets service providers (VASPs) in Dubai adds to Binances woes as it faces more pressure from regulators in the United States.

Last week, the United States Commodity Futures Trading Commissionfiled a lawsuit against Binance and its CEO, Changpeng Zhao, alleging that the exchange engaged in improper compliance procedures and trading.

Zhao has since rejected the claims, calling them an incomplete recitation of facts and saying that Binance does not trade for profit or manipulate the market.

Binance received a preparatory minimal viable product (MVP) license from VARA in September last year. The permit allows the platform to set up an office in the United Arab Emirates and provide digital asset exchange services to pre-qualified investors. However, the company cant yet offer locally regulated digital asset services in the emirate.

The largest crypto exchange by trading volume would need to submit the necessary requirements to VARA to upgrade to an operational MVP license, which would allow it to offer its services to qualified individual and institutional investors, before securing a full market product permit.

Related: Groceries to luxury cars: The state of crypto adoption in Dubai

Currently, only digital asset custodian Hex Trust has secured an operational MVP license from the Dubai regulator.

According to VARAs website, VASPs already providing their services must comply with their requirements before the end of June.

Magazine: Best and worst countries for crypto taxes Plus crypto tax tips

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Binance and Coinbases Market Share Slumped in Q1 As Regulators Targeted Crypto Giants: New Report – The Daily Hodl

Top crypto exchange Binance has seen its market share plunge in recent weeks amid regulatory issues in the United States, according to crypto data provider Kaiko.

Kaiko notes in a recent newsletter that Binance lost 16% of its market share in just the past two weeks.

The firm notes that the decline occurred in part due to the recent news that the Commodities Future Trading Commission (CFTC) charged the exchange, its CEO Changpeng Zhao, and the companys former chief compliance officer Samuel Lim with a long list of regulatory violations.

However, Kaiko attributes the majority of the lost market share to Binance ending its no-fee trading promotion for 13 BTC spot trading pairs.

Binance lost 16% market share of spot volume in just two weeks after the CFTC lawsuit and end of zero-fee trading. But the trend is quite different when looking at derivatives volumes: Binance only lost about 2% of market share for perpetual futures trade volume. This suggests that the majority of market share was lost purely due to the end of zero-fee spot trading, rather than trepidations around a lawsuit.

The data provider notes that Binance remains the largest exchange in the world with 54% dominance over the global market.

Kaiko also reports that top US crypto exchange Coinbase lost a significant chunk of its domestic market share.

Even Coinbase, which has historically made very strong efforts with regulators, received a Wells Notice focused on its staking service while Kraken was forced to shut down its service earlier this year. Throughout Q1, Coinbases [US] market share dropped from a weekly average of 60% to just 49%.

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Binance and Coinbases Market Share Slumped in Q1 As Regulators Targeted Crypto Giants: New Report - The Daily Hodl

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