Upbit Reassures Investors Following False APT Token Deposits

GSR Gets on Path Towards Full Regulatory Approval in SingaporeGSR Markets Pte. Ltd., the Singaporean subsidiary of the global crypto trading firm GSR, has reached a significant milestone in its quest to become a fully licensed entity within the city-state. On Monday, the Monetary Authority of Singapore (MAS) granted GSR in-principle approval for a Major Payment Institution (MPI) license.Photo by Mike Enerio on UnsplashTrading licenses filtering throughThis development mirrors similar approvals granted to other crypto firms in the region, solidifying Singapore’s status as a hub for crypto and Web3 innovations. The approval of GSR’s MPI license follows hot on the heels of Coinbase Singapore’s announcement of securing a full Major Payment Institution license from MAS.Other companies such as Circle, Blockchain.com, and Crypto.com have also obtained MPI licenses this year. These developments underscore the competitive yet regulated landscape of the cryptocurrency market in Singapore.In-principle approvalThe in-principle approval from MAS empowers GSR to provide crypto and fiat-related services to Singaporean residents and entities. This includes the ability to conduct payment services without the limitations of single transaction thresholds (SGD 3 million) and monthly limits (SGD 6 million). GSR’s CEO, Jakob Palmstierna, expressed gratitude for MAS’s constructive oversight, which has played a pivotal role in shaping the evolving digital asset landscape in Singapore. Palmstierna stated:“We are immensely grateful to MAS for their constructive oversight, which helps shape a growing digital asset ecosystem that we feel proud to be a substantial part of.”Meanwhile, GSR’s COO Xin Song, emphasized the importance of this approval, stating that it enables them to “deepen our local client partnerships and continue in our critical role as a liquidity provider within the ecosystem.”GSR’s presence in Singapore aligns with the country’s burgeoning crypto-friendly environment. Recent surveys indicate that 25% of Singaporeans view cryptocurrency as the future of finance, with 32% having some involvement in crypto ownership. Moreover, Singapore boasts over 700 Web3 companies, positioning itself as a pivotal market for the expansion of the crypto and Web3 economy.Company ambitionsGSR, established in 2013 in New Jersey, offers a diverse range of services, including over-the-counter crypto trading, derivatives trading, market making, and venture capital investments. The firm is no stranger to regulatory compliance, holding Money Service Business licenses across several US states.The company was founded by former Goldman Sachs Executives Rich Rosenblum and Cristian Gil. At the height of the last crypto bull run, the crypto market maker had plans “to add 100 hires every six months for the next few years.” No doubt that ambition has been scaled back since then, given the protracted bear market which has followed.Last month, Gil became embroiled in a spat with Andrei Grachev of rival market making firm, Singapore-based DWF Labs.GSR’s recent attainment of in-principle approval for a Major Payment Institution license from MAS reinforces Singapore’s position as a leader in the crypto space. The firm’s interest in pursuing a compliant route forward and its role as a liquidity provider bode well for both GSR and the broader crypto community in the Asia-Pacific region.

A Cambodia-headquartered financial group recently cut off from the U.S. financial system is suspected of having operated in South Korea, raising fresh questions about cross-border crypto and currency flows tied to the group. According to the Dong-A Ilbo, which cited data from the Korea Customs Service (KCS), Huione Group—now sanctioned by the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN)—appears to have run a currency exchange in Seoul from 2018 to July 2024. The outlet reported that a banner on the premises displayed a logo identical to Huione’s, prompting suspicions about its ownership and control.Photo by Aleksandar Pasaric on PexelsTies to North Korean hackersThe exchange reported conducting roughly $20,000 in annual currency conversions during that period, excluding cryptocurrency transactions. The timeline overlaps with a period in which Huione Group reportedly received $150,000 in cryptocurrency from the North Korean hacking group Lazarus.  Connections also extend to Cambodia. Panda Bank—a local lender that shares a building with Huione subsidiaries—supports USDT transactions originating from South Korea. Panda Bank director He Yanming is listed as the owner of Huione Crypto, a virtual asset service provider (VASP), suggesting potential links between operations in Seoul and Phnom Penh. These developments come against the backdrop of a U.S. investigation disclosed in May, in which FinCEN said Huione’s business networks, including payments arm Huione Pay, collectively laundered at least $4 billion in illicit proceeds between August 2021 and January 2025. Crypto used in $2.6B illegal conversionsMeanwhile, recent KCS data also shows a rise in illegal currency conversions involving cryptocurrency by foreign nationals. The Korea Economic Daily reported conversions totaling 432 billion won ($302 million) in 2021, climbing to 836 billion won ($584.5 million) in 2023 and 956 billion won ($668.4 million) last year. Over the past eight years, the total amount involved in such cases reached 3.7 trillion won ($2.59 billion) across 28 instances. By value, Chinese nationals accounted for 84.1% of the total, followed by Australians (11.1%), Vietnamese (3.2%), and Russians (1.6%). The growing prevalence of cryptocurrency in illicit activity parallels a broader surge in crypto investment within the country. Many South Koreans have turned to digital assets, often with home ownership as a long-term goal. Trading on local exchanges, Bloomberg reported, is heavily skewed toward more volatile altcoins, which make up more than 80% of total volume.  That stands in contrast to global markets, where investors largely focus on Bitcoin and Ethereum, which together make up more than half of overall trading. The momentum in local crypto investment intensified after Donald Trump’s U.S. presidential victory, with crypto trading in Korea reaching $27 billion in December 2024, about 80% of turnover on the KOSPI stock index. The investigation underscores the growing challenge for regulators in tracking and containing cross-border financial networks that rely on cryptocurrency and informal money transfers. As crypto adoption deepens in South Korea and scrutiny widens abroad, authorities find themselves navigating an increasingly intricate intersection of financial opportunity, enforcement, and risk. 

Sumitomo Trade Document Network Partnership Adds Chainlink InvolvementA successful proof-of-concept (PoC) venture between Vodafone and Japanese trading and investment giant Sumitomo has resulted in Vodafone’s Digital Asset Broker (DAB) platform now being integrated into the Chainlink network as a node operator.Vodafone provided details on the Chainlink Labs tie-up via a blog post published to its website on Tuesday. The primary objective of this partnership is to enhance the seamless transfer and processing of financial documents within the $32 trillion global trade ecosystem.Photo by CHUTTERSNAP on UnsplashLeveraging Chainlink’s cross-chain interoperabilityThe proof of concept leveraged Chainlink’s Cross-Chain Interoperability Protocol (CCIP), offering a solution that bridges the gaps in document management and financial transaction processing. DAB’s core function is to provide enhanced security and interoperability among Internet of Things (IoT) devices on the edge of a network.The results of this initiative have demonstrated the potential for Vodafone’s IoT devices and blockchain technology to furnish data for use in contracts and artificial intelligence (AI) applications. Furthermore, the prospect of creating a unified interface for data and token transfers is now within reach.For instance, envision a scenario where a cargo vessel detects a fire outbreak. Thanks to the collaborative efforts of DAB’s platform and CCIP, this crucial information could be autonomously relayed to smart contracts, potentially triggering an efficient marine cargo insurance process.Convoluted legacy processTrade documents have long posed a significant challenge due to their existence in both physical and digital formats, often lacking interoperability. This predicament necessitates repeated handovers and makes the exchange of such documents a convoluted process.Vodafone introduced the Digital Asset Broker in February 2022. Their initial application of DAB in the United Kingdom involved a partnership with Mastercard, where they trialed an app designed to assist electric vehicle drivers in locating and paying for the most suitable charging options.In a subsequent move, Vodafone and Sumitomo joined forces in May, culminating in the creation of a new entity in which Vodafone maintained an 80% stake. In addition to transferring DAB, Vodafone also contributed intellectual property, contracts, technology, and software to the new venture. This partnership extended further with joint investments in Safaricom Ethiopia.In August, Vodafone DAB solidified its presence in the enterprise blockchain arena by collaborating with Aventus. Their shared mission is to enhance the efficiency of supply chains within the aviation industry.Chainlink’s CCIP made a significant leap in September when it launched on Ethereum’s Arbitrum One layer 2, promising to enhance scalability. In the same month, it collaborated with the Australia and New Zealand Banking Group to test an Australian dollar stablecoin, underscoring Chainlink’s commitment to transformative developments within the blockchain space.Early blockchain interestSumitomo had expressed a desire to utilize blockchain technology going back a number of years. In 2018, the corporation’s US entity joined the Blockchain in Transport Alliance (BiTA) with a view towards using blockchain technology within its logistics business.Earlier this year, the conglomerate invested in Japanese logistics blockchain project TradeWaltz. In June, its US subsidiary was involved in the first-ever transaction of tokenized carbon credits.As Vodafone and Sumitomo continue to push the boundaries of innovation in trade document management, their partnership with Chainlink brings us one step closer to a more efficient and interconnected global trade ecosystem.