Nomura Subsidiary Achieves In-Principle Approval in Abu Dhabi

Korean Crypto Exchange Coinone Protects Investors from Fraud Losses of $370K in H1Coinone, one of South Korea’s leading cryptocurrency exchanges, announced its achievement today in the battle against crypto fraud. The company successfully safeguarded 476 million KRW ($370,000) during the first half of this year by effectively countering various fraudulent activities, including voice phishing, as reported by local news outlet Etoday.Photo by Pixabay on PexelsFoiling 21 crimesThis accomplishment can be largely attributed to Coinone’s customer protection center, which has monitored and identified suspicious transactions while taking proactive measures. Since the beginning of the year, the exchange has successfully foiled 21 instances of crypto-related crimes. Among these cases, 18 were investment frauds, including romance scams, resulting in the prevention of potential losses amounting to 152 million KRW ($120,000). Additionally, there were three cases of voice phishing incidents, successfully averting potential losses of 324 million KRW ($250,000). Voice phishing is the use of fraudulent phone calls to extract personal information or deceive people into unwanted financial transactions.Fewer complaintsThe effective prevention of crimes has resulted in a decrease in the number of complaints received. Coinone’s customer center has experienced an average monthly decrease of 31% in requests related to “voice phishing” since March. Furthermore, the customer satisfaction rating for the center recorded an average of 89.1 points over the same period.Recognizing the growing prevalence of crypto crimes, Coinone has taken preemptive measures to address the issue. The exchange’s official website has been providing information on various types of crimes and preventative strategies.Jang Seok-won, the chief of Coinone’s customer protection center, emphasized the criticality of early detection and prevention of criminal activities. While acknowledging the success in countering voice phishing thanks to improved efforts by law enforcement, Jang expressed concern over the rising incidence of romance scams and similar investment frauds. He further highlighted Coinone’s full commitment to protecting investors and ensuring their safety.

Artificial intelligence-driven education technology firm, Genius Group, has announced a plan to buy Bitcoin from the proceeds of damages that the company is pursuing through the courts. In a press release published to the Singapore-headquartered company’s website on June 26, it outlined that the firm’s Board of Directors has approved a distribution plan that would see any potential damages received from litigation that Genius Group is currently embroiled in, divided equally for distribution to shareholders and for the purchase of Bitcoin for the company’s Bitcoin treasury.Photo by Kanchanara on UnsplashUp to $1 billion in potential damagesGenius Group CEO, Roger Hamilton, commented on the matter, stating:“We are seeking combined damages of over $1 billion. As both lawsuits are being pursued by the Company to recover damages caused by third parties directly to our shareholders, the Board believes that 100% of any proceeds from the successful outcome of these cases should be directly distributed or reinvested for the benefit of shareholders.” On X, Hamilton outlined that there’s no guarantee with regard to how much the company recovers through litigation. However, he added that if justice prevails and the company is awarded $1 billion in damages, that would equal a $7 dividend per share for shareholders and the addition of 5,000 BTC to the firm’s Bitcoin treasury. Last month, the company provided an update on a lawsuit it has taken under the Racketeer Influenced and Corrupt Organizations (RICO) Act. Initially, $450 million in damages had been pursued but Genius Group amended the lawsuit, raising its claim to $750 million.  The lawsuit is being taken against Peter Ritz and Michael Moe as the controlling officers and directors of LZGI International, and against Michael Carter and John Clayton, in the United States District Court, Southern District of Florida. The company alleges that the defendants attempted to defraud Genius Group.  ‘Bitcoin First’Genius Group announced its “Bitcoin First” approach, and the launch of a Bitcoin treasury in November 2024, getting started with an initial purchase of 110 BTC valued at $10 million at that time. In April 2025, a New York court prohibited the company from selling stocks in order to fund the purchase of Bitcoin. Those court-imposed funding restrictions led to the firm selling off a small proportion of the overall Bitcoin that it was holding.  Prior to that prohibition on the purchase of Bitcoin being imposed, Genius Group had expressed the aspiration to build up its Bitcoin reserve to a value equivalent to $100 million. Wading further into the Bitcoin space, the firm acquired blockchain learning platform, XD Academy, in December 2024. On May 22, Genius Group announced that the U.S. Court of Appeals had overturned the ban imposed on the company. With that, it increased its Bitcoin holdings by 40%. As of June 17, the company held 100 BTC, valued at around $10 million. The firm plans to bring forward another lawsuit “alleging naked short selling and evidence of spoofing against certain parties,” with damages being pursued in the region of $250 million. Commenting on the coming of age of Bitcoin and the pursuit of a Bitcoin treasury strategy back in November 2024, Hamilton stated that “we're living in a unique moment in history - one most public companies will miss.” 

Leading global crypto exchange platform OKX has officially launched OKX TR, a specialized crypto exchange tailored to meet the needs of users in Turkey. This unveiling, announced on Feb. 27, marks a significant stride in the company’s efforts to offer Turkish users greater access to cryptocurrency trading and decentralized finance (DeFi).Photo by Engin Yapici on UnsplashOKX Wallet integrationOKX TR has integrated OKX's Web3 wallet, providing Turkish users with access to a wide array of features. The wallet offers a user-friendly portal for trading non-fungible tokens (NFTs), utilizing decentralized applications (dApps). Noteworthy features of the OKX Wallet include multi-party computation (MPC) technology and account abstraction (AA), enhancing accessibility for users with varying levels of technical expertise.OKX TR introduces localized features designed to cater specifically to Turkish users, including direct deposits and withdrawals in Turkish Lira, facilitated through strategic partnerships with banking institutions such as Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank and Türkiye Finans. The platform offers a range of major cryptocurrency pairs for trading, including USDT/TRY, BTC/TRY and ETH/TRY.  Moreover, OKX TR prioritizes user experience by providing round-the-clock customer support in both Turkish and English, attempting to provide prompt assistance and comprehensive guidance whenever needed. Crypto adoption backdropThe platform’s arrival should contribute further towards the burgeoning crypto ecosystem in Turkey, a market boasting a close to 50% adoption rate for cryptocurrencies. A report by OKX rival platform KuCoin back in August of last year found that there had been a significant increase in crypto users in Turkey over the course of the previous 18 months.  It’s believed that crypto adoption in Turkey is being driven partly by its role as a financial lifeline amid economic challenges. The country’s sovereign currency, the lira, has suffered from runaway inflation in recent years. On social media OKX Chief Marketing Officer (CMO) Haider Rafique wrote that the new service offers “lightning fast signup and funding,” alongside the “lowest fees in the market.” Mehmet Çamır, Chairman of OKX TR, outlined that the company had first announced expansion into Turkey in May 2023. Çamır set out the company’s intentions within the Turkish market, stating:"The launch of OKX TR represents more than just an expansion; it signifies our pledge to equip users with a transparent, compliant and user-friendly gateway to the world of blockchain. . . . We can unlock the vast potential of the Turkish crypto community and pave the way towards a future where finance is more inclusive and transparent.” Turkey is in the process of introducing a raft of crypto regulations, primarily with the intention of enabling it to be removed from the Financial Action Task Force’s (FATF) “grey list.” In December, Turkish President Recep Tayyip Erdogan appointed blockchain and cryptocurrency expert Fatma Ozkul to the Turkish central bank’s rate-setting committee.Those moves demonstrate some positive progress from the point of Erdogan’s statement in 2021 when he declared “a war on crypto.”