Conut teams up with Foblgate to provide trendy crypto news to exchange users

In an effort to safeguard crypto investors from falling prey to misleading advertisements, the Securities and Exchange Commission (SEC) of Thailand has intensified its scrutiny of promotional campaigns within the crypto sphere. Photo by Dave Kim on UnsplashBroker agent eventsOn April 29, the Bangkok Post reported that the SEC has raised concerns regarding the potential violation of local regulations through introducing broker agent (IBA) events. These events, the SEC clarified, may breach regulations as IBAs are only permitted to promote digital token services to deter speculation on cryptocurrencies, categorized as high-risk assets. IBAs, acting as local conduits for partner digital asset exchanges, typically earn commissions by onboarding clients within a specific market. Such practices are common for exchanges or brokers that don't directly operate in certain markets. Deputy Secretary-General Anek Yooyuen conveyed the commission's unease over crypto exchanges offering preferential treatment to onboard users. Yooyuen stated: "When operators organise sales promotions by offering rewards to entice people to use the service, this could encourage use of the service without considering the investment risks. This is especially the case for cryptocurrencies.” Warning of consequencesHe cautioned that failure to adhere to these guidelines would result in “punishment according to the law.” While cryptocurrency exchanges are legal in Thailand, they must secure local approval. Notably, last month, Thailand even greenlit asset management firms to launch private funds, offering Bitcoin exchange-traded funds (ETFs) exclusively to institutional and ultra-high-net-worth investors. Nonetheless, the country recently prohibited the sale of cryptocurrency lending products and mandated that exchanges prominently display risk warning messages. International regulatory trendThis move by the Thai SEC mirrors actions taken by regulators in other major crypto markets. For instance, the United Kingdom's Financial Conduct Authority (FCA) issued 450 alerts for illegal crypto ads in 2023 alone. Similarly, Spain’s principal securities market regulator, the National Stock Market Commission, denounced fraudulent crypto asset promotions in November 2023, emphasizing companies’ obligations to adhere to local laws. Thai advertising guidelines mandate businesses and advertisers to substantiate the “facts” presented in their campaigns, failing which could lead to legal repercussions. A recent incident provides a case in point. Hackers hijacked advertisements on Etherscan, redirecting users to phishing sites aimed at draining crypto wallets. Scam Sniffer, a blockchain investigation firm, attributed the widespread phishing campaign to the inadequate oversight by advertisement aggregators. The company made the following statement on the matter: “Etherscan aggregates ads from platforms like Coinzilla and Persona, where insufficient filtering could lead to exposure to phishing attempts.” The wallet drainer scam involves enticing users to counterfeit websites and coercing them to link their crypto wallets, enabling scammers to siphon funds into their own wallets without user authentication or consent. This is not the first time that the authorities in Thailand have homed in on crypto-related advertising. In August 2023, the Southeast Asian country’s Ministry of Digital Economy and Society (MDES) outlined that it had engaged with social media firm Meta, owner of Facebook, informing it that its response to the proliferation of fraudulent platform ads relative to crypto had been inadequate. 

Legal Process Continues Following Crypto.com Transfer MishapJatinder Singh, a customer of Singapore-headquartered Crypto.com is expected to face a plea trial next month in the wake of an errant transfer that occurred on the platform over two years ago.In 2021, Crypto.com inadvertently transferred over $10 million into Thevamanogari Manivel’s Commonwealth Bank account in Australia. Remarkably, this substantial error went unnoticed by Crypto.com for seven months until it was uncovered during an audit.Photo by Tingey Injury Law Firm on Unsplash18-month sentenceManivel, a 41-year-old disability support worker, was arrested at Melbourne airport while attempting to board a plane to Malaysia in March 2022. She was holding a one-way ticket and nearly $11,000 in cash. Her recent sentencing, following her guilty plea for recklessly dealing with the proceeds of the crime, has garnered significant attention.The court imposed an 18-month community corrections order, including six months of intensive compliance and unpaid community work. This punishment was in addition to the 209 days Manivel had already spent in custody.Embarrassing errorCrypto.com’s multimillion-dollar mistake made headlines globally when it came to light during legal proceedings aimed at freezing Manivel’s assets. This incident occurred during a period of heightened uncertainty in the cryptocurrency market, mere months before the highly publicized collapse of rival FTX.In 2018, Manivel met Jatinder Singh, who became her partner and shared her interest in cryptocurrency investments. Singh attempted to make a payment using Manivel’s bank account on Crypto.com but encountered a rejection due to a name mismatch. A processing error, however, led to a massive transfer of $10.47 million into Manivel’s account.Realizing the overpayment, Singh advised Manivel to move the funds to a joint Westpac account. Between the transfer and Manivel’s arrest, the money was used to purchase four houses, vehicles, art, and furniture, and $4 million was sent to an overseas account.Crypto.com discovered the error during an audit in December 2021 and initiated efforts to reclaim the funds from Commonwealth Bank. In January 2022, the bank contacted Manivel multiple times, seeking the return of the money. Manivel, initially regarding these communications as scam attempts, remained unaware of the gravity of the situation. She later informed the police that Singh had claimed to win the money in a Crypto.com competition.Theft chargesWith Manivel having been dealt with by the courts, attention now turns to Singh, who faces charges of theft and is scheduled for a plea hearing on October 23.In response to this incident, Crypto.com highlighted its commitment to enhancing internal processes to ensure security and compliance in financial services. This includes updates to their refund and withdrawal systems to prevent such occurrences in the future.The wayward transfer may have left Crypto.com with egg on its face, but the firm has been redeeming itself via other endeavors, including the roll-out of the use of AI on its platform. On the regulatory front, the company has been working diligently towards compliance in the Spanish market, having already acquired trading licenses in Dubai and its home market of Singapore.This case serves as a cautionary tale of the unexpected consequences that can arise in crypto. Such elementary mistakes will not provide confidence to service users. The saga lays down a marker for a need for greater professionalism in the sector.

South Korean cryptocurrency exchange Coinone disclosed that it has received more than 600 applications in two weeks following the start of its mass recruitment for development staff for 2024, according to local news outlet Law Issue on Tuesday (KST).Photo by Clem Onojeghuo on UnsplashOffering hope in a job market downturn"We believe this large influx of applications is due to our recruitment’s role in revitalizing the job market of both domestic and foreign virtual asset industries, which has been inactive lately," the exchange explained. Coinone opened applications on Jan. 8, recruiting employees for a total of eight fields related to development. As of Monday, more than 600 people have applied. The exchange’s website received over 3,000 visitors on the first day of recruitment. The final number of applicants is expected to increase as the application deadline is January 26th. More applications are expected to flood in until the deadline on Jan. 26. Job category preferencesAccording to the applications by job category, applicants were most interested in front-end positions (57.1%), followed by back-end (24.4%) and data (18.4%) positions. More specifically, positions in front-end development (29.8%), data analytics (21.3%) and Android development (15.8%) had the highest application rates. The popularity of these categories can be attributed to a combination of Coinone's corporate identity rooted in its solid technology and a positive outlook for this year’s cryptocurrency market. Throughout last year, the exchange also implemented more than 13 service updates across its trading, information and security services, demonstrating its commitment to service integrity and improvement.