SK Securities introduces fractional investment service with three partners

DeFiance Capital Secures Interim Victory in Dispute With 3ACSingapore’s DeFiance Capital, a Web3 and crypto investment firm, has notched up a small triumph in its ongoing $140 million legal clash with failed Singaporean crypto hedge fund, Three Arrows Capital (3AC).Photo by Sasun Bughdaryan on UnsplashFavorable rulingAccording to a statement provided via a Medium blog post by DeFiance Capital Founder and CEO Arthur Cheong on Tuesday, the High Court of Singapore has delivered a favorable ruling for the firm, endorsing its preference for jurisdiction in Singapore, rather than the British Virgin Islands, which had been advocated by 3AC.The tussle between 3AC and DeFiance Capital centers around the ownership of certain assets. The liquidators appointed by the British Virgin Islands Court, from Teneo, assert that these assets essentially belong to 3AC’s creditors. However, DeFiance Capital argues vehemently that these assets must be partitioned and returned to its stakeholders.Struggle over assets and jurisdictionAt the heart of the matter are assets totaling $115 million, encompassing digital currencies and non-fungible tokens (NFTs), which currently remain under the control of DeFiance Capital. Additionally, there are 69 SAFE (simple agreement for future equity)/SAFT (simple agreement for future tokens) agreements linked to 3AC. Although Teneo places the collective worth of these assets at roughly $141 million, DeFiance Capital’s estimation is more conservative, pegging it at around $120 million.Beyond asset ownership, jurisdiction has become a pivotal point of contention in the legal discourse. DeFiance Capital has steadfastly advocated for legal proceedings to take place in Singapore, where it operates, as opposed to the British Virgin Islands. The recent ruling from the High Court of Singapore lends support to this stance, challenging Teneo’s argument.DeFiance articulated its position, asserting: “Our position was that all the important witnesses and documents are in Singapore and the dispute ought to be heard by the Singapore Courts to ensure all relevant evidence would be available.”With the court’s decision aligning with DeFiance’s jurisdictional preference, the firm hopes that this development will pave the way for more substantive engagement between the parties, rather than being embroiled in procedural wrangling. The firm believes that this will allow the focus to shift towards addressing the core issues at hand.Business riftThe genesis of this legal saga dates back to 2020 when DeFiance was established as part of the 3AC group, operating autonomously under the stewardship of its founder, Arthur Cheong. The rift escalated in February 2022, when Cheong declined 3AC’s proposal to relocate to Dubai, eventually leading to the formation of two Singapore-based firms in May of that year.Furthermore, in the same month, DeFiance extended a loan of $35 million worth of USDC to 3AC, effectively becoming a creditor. Complications arose when 3AC’s founders transferred legal rights related to DeFiance Capital, a transaction that remained incomplete as 3AC filed for bankruptcy.In light of the ongoing dispute, 3AC asserted that DeFiance’s assets should be harnessed to settle its debts. However, DeFiance firmly stood its ground, upholding its ownership claims over the assets.With liquidators advocating for resolution in the British Virgin Islands — a move that DeFiance rejected due to its Singaporean management ties with 3AC — the stage was set for the legal clash that has now taken a notable turn with this recent court ruling.

Global crypto exchange OKX has acquired full licensing in the United Arab Emirates and with that, it has launched its trading platform in the Gulf state. Serving retail and institutional clientsThat’s according to a press release published by PR Newswire on the company’s behalf on Oct. 10. The platform has now been opened to both retail and institutional investors in the UAE. Those customers who have completed the required onboarding steps, either via the OKX app or the OKX website, can now access the firm’s range of services. Those services include spot trading, on-chain yield-bearing products, token conversion and express buy and sell services. For retail-level customers to qualify for derivatives trading, they are obliged to undergo a knowledge test in addition to undertaking a suitability assessment.  When it comes to institutional clients, the platform has advised that they will have access to derivatives trading so long as they have met specific criteria set out by the company. It’s understood that this will include specific "Know Your Customer" requirements set out by OKX. Photo by Phil Shaw on UnsplashMinimum liquidity requirementsAdditionally, an institutional investor must meet two out of three minimum liquidity requirements. These are understood to include a net annual turnover of $40 million, the institution’s own funds being in excess of $2 million or a balance sheet demonstrating a minimum of $20 million. Investors will be able to deposit or withdraw UAE dirhams (AED) to/from the OKX platform, with AED trading pairs having been established for a range of cryptocurrencies including Bitcoin, Tether and Ether. Launch eventAside from the company’s press release, OKX made its announcement at an event at the Museum of the Future at an event which it titled “A New Alternative for Dubai.” The event featured OKX CEO Star Xu, the firm’s CMO Haider Rafique, SkyBridge Capital’s Anthony Scaramucci, Polygon Co-Founder Sandeep Nailwal and Stacks Co-Founder Muneeb Ali.  Scaramucci spoke positively about the business conditions that have been created in the UAE, stating that the change “in 20 years is nothing short of a miracle.” With that, he recognized that’s why OKX has established itself within the UAE. OKX General Manager for the Middle East and North Africa (MENA), Rifad Mahasneh, told Cointelegraph that the company is “extremely bullish on the UAE as a crypto hub and only see the sector growing in the next few years.” Mahasneh told CoinDesk that the firm has two targets in the UAE, with its intention to onboard retail clients via the OKX app and lure TradFi institutions. "The return on investment is going to come from our ability to convert traditional institutions,” he stated. OKX has been working towards this moment for some time. It opened an office in Dubai in mid-2023, quickly expanding its presence by hiring local staff. Its local subsidiary, OKX Middle East Fintech FZE, received a non-operational license from Dubai’s Virtual Assets Regulatory Authority (VARA) in January of this year.

Korea’s Most Populated Province to Conduct Survey on Unfair Crypto TradingGyeonggi-do, the most populated South Korean province that encircles the nation’s capital of Seoul, announced today a plan to conduct a survey among its residents later this year to assess their experiences with unfair cryptocurrency trading practices.Photo by mockupbee on UnsplashRising crypto-related complaintsThe decision to conduct this survey was prompted by the increasing number of residents experiencing unfair losses from cryptocurrency investments amid an economic slowdown. Last year, the consumer counseling center in Gyeonggi-do received 448 complaints related to crypto assets, which was more than triple the number in 2020.The objective of the survey, which will run from August to November, is to gather data on residents’ perceptions of crypto assets, their methods of accessing them, the types of investment victims, and the extent of investment losses. To obtain a comprehensive understanding of the current situation, Gyeonggi-do will also analyze complaints from the past three years and establish appropriate response measures.In-depth interviewsIn addition to the survey, Gyeonggi-do plans to conduct in-depth interviews with victims by making visits and phone calls. The provincial government aims to categorize each case into major groups such as illicit pyramid schemes, suspicious investment advice channels, illegitimate fund-raising activities, market manipulations, and fake crypto sales.Legislation in progressMeanwhile, the Virtual Asset User Protection Bill is currently undergoing the legislative process in the National Assembly. Gyeonggi-do is committed to devising appropriate consumer protection policies within its jurisdiction to safeguard residents and prevent further damages until the act becomes effective. Cases of unfair trading practices uncovered during the survey will undergo legal reviews and may result in fines or lawsuits.Heo Seong-cheol, the head of the Fair Economy Division at the Gyeonggi-do government, expressed the province’s dedication to minimizing financial losses incurred by consumers due to criminal activities in the crypto industry. He said the survey will provide valuable insights to the local government, enabling them to gain a comprehensive understanding of the current situation regarding unfair crypto trading practices and take necessary actions.