KuCoin Report Points to Marked Increase in Crypto Investors in Turkey

Crypto.com Halts Institutional Exchange Service in the USCrypto.com, the Singapore-headquartered cryptocurrency trading platform, has announced the suspension of its institutional exchange service in the United States starting from June 21.Photo by Carl Revell on UnsplashResponding to market conditionsThe decision to halt the service is primarily attributed to limited demand from institutional clients, exacerbated by the challenging market conditions prevailing at present. According to a statement released by Crypto.com, advanced notice was provided to the platform’s institutional users regarding the suspension of the service.However, it is important to note that Crypto.com’s retail mobile application and platform will continue to operate normally in the US. “We recently made a business decision to suspend the institutional offering of the Crypto.com exchange in the US as of 11:59 pm EDT June 21, 2023, due to limited demand from institutions in the US in the current market landscape. Impacted institutional users were given advance notice to support a smooth transition,” the statement clarified.Despite the cessation of institutional services, American retail users can still access CFTC-regulated cryptocurrency derivatives trading offered by Crypto.com. Additionally, the UpDown Options feature remains available, enabling users to open long or short trading positions on the future movements of various cryptocurrencies.Crypto.com has expressed openness to the possibility of relaunching its institutional exchange in the United States in the future, indicating that the suspension is not necessarily permanent.CoinRoute integrationIn more positive news, on Thursday the firm announced that it had entered into a collaboration with smart order routing and trade execution service provider CoinRoute to integrate its service with the platform. Crypto.com Managing Director, Giuseppe Giuliani, said that “the integration aligns perfectly with our mission to accelerate the world’s transition to cryptocurrency by providing institutional-grade solutions that enhance the liquidity environment for cryptocurrencies.”CoinRoute’s algorithmic crypto trading technology is already live on the Crypto.com platform.While Crypto.com adjusts its offerings in the US market, it recently received a major payment institution (MPI) license for digital payment token (DPT) services from the Monetary Authority of Singapore (MAS). This regulatory approval allows Crypto.com to continue providing its services in Singapore.Further evidence that the exchange business continues to find ways to propel itself forward includes its recent move to update its service offering to include the use of artificial intelligence-based technology. Additionally, last month it set out plans to list the euro as a trading option, leveraging the liquidity of the European currency while allowing it to be traded against leading digital assets such as bitcoin, Ethereum, and USDT.The month of June 2023 has been a turbulent one for cryptocurrency exchanges operating in the United States. The Securities and Exchange Commission (SEC) has initiated legal proceedings against both Binance.US and Coinbase, accusing them of various securities laws violations. The actions of the SEC have drawn criticism from the broader cryptocurrency community, as the regulatory crackdown in the US appears to be intensifying nearly eight months after the collapse of Bahamas-based cryptocurrency exchange, FTX.As the cryptocurrency industry continues to navigate evolving regulatory landscapes, market participants are closely observing developments in the US and other jurisdictions, which could have far-reaching implications for the future of digital assets.

Korean Police Establishes Task Force to Tackle Virtual Asset-Related CrimesIn response to the recent increase in virtual asset-related crimes in South Korea, the country’s police agency is establishing a dedicated task force to combat these illegal activities, according to local media outlet News1. This action by the National Police Agency comes as virtual asset legislation gained momentum and as prosecutors launched a joint virtual asset investigation division. Additionally, the police are considering establishing a new regional investigation unit focused on virtual asset-related investigations in the future.Photo by Sungho Song on PixabayMulti-divisional approachDuring this month, the police will consolidate various functions related to virtual asset investigations within its headquarters to establish the task force. This group will convene monthly meetings to exchange information on ongoing investigations and will also extend invitations to on-site investigators for the purpose of studying the most effective investigative methods and staying updated on the latest trends in virtual asset-related crimes.The task force will be jointly overseen by the heads of the Cyber Investigation Bureau and the Investigation Bureau and will consist of members from several divisions, including the Cyber Investigation Planning Division, Economic Crime Investigation Division, Cybercrime Investigation Division, Cyber Terrorism Response Division, Narcotic and Organized Crime Investigation Division, and National Security Investigation Command Division.Escalation of virtual asset crimesBy the end of the first half of this year, the global crypto market value reached $1.17 trillion, coinciding with a notable uptick in crypto-related criminal activities. In 2021, there were 427 instances of domestic fraud cases linked to cryptocurrencies, resulting in the arrest of 1,717 individuals. However, in 2022, these numbers increased to 628 cases involving 2,123 people. Furthermore, from January to July of the current year, the police have apprehended 1,146 individuals in connection with 327 cases related to cryptocurrency crimes.However, responding to virtual asset-related crimes presents a significant challenge due to their diverse nature and wide-ranging applications. For example, incidents involving crypto hacking typically fall under the jurisdiction of the Cybercrime Investigation Division. On the other hand, cases related to fraudulent crypto investment schemes are typically handled by the Economic Crime Investigation Division, while the Narcotic and Organized Crime Investigation Division concentrates on instances of drug trading conducted using cryptocurrencies.Paving the way for specialized expertiseFurthermore, as part of the task force’s efforts, the police will seek input and feedback regarding the potential establishment of a new department focused exclusively on investigating virtual assets in the future. A police official mentioned that the creation of such a dedicated unit is seen as a desirable step that could facilitate the development of specialized expertise among on-site officers. Looking ahead, the police are also contemplating the formation of a regional investigation unit specifically dedicated to cryptocurrency-related investigations, a unit akin to the existing Financial Crimes Investigation Unit.Upcoming law implementationThe police’s decision to form a working group is seen as a proactive step in preparation for the forthcoming Virtual Asset User Protection Act, slated to take effect in July next year. This legislation is designed to enable legal action against unfair trading practices related to virtual assets, including the misuse of undisclosed information, market manipulation, and illicit transactions. It parallels the regulatory framework applied to financial investment products.In August, public prosecutors took action by launching a joint cryptocurrency investigation division at the Seoul Southern District Prosecutors’ Office in collaboration with several key agencies, including the Financial Supervisory Service (FSS), Financial Intelligence Unit (FIU), National Tax Service (NTS), Korea Customs Service (KCS), Korea Deposit Insurance Corporation (KDIC), and Korea Exchange (KRX). Moreover, in light of the growing importance of legal issues related to cryptocurrencies, prominent law firms have been swiftly mobilizing to establish specialized teams dedicated to handling crypto legal cases.This trend is not limited to South Korea alone; it is also unfolding in other countries. For instance, in a parallel development, the Hong Kong Police Force and the Securities and Futures Commission (SFC) have recently instituted a working group to monitor and address suspicious activities linked to virtual asset trading platforms (VATPs).

Me2on launches P2E game ‘Solitaire Crypto War’ with crypto integrationMe2on, a Seoul-based game developer, revealed the launch of its new game, Solitaire Crypto War, a play-to-earn (P2E) tournament game developed internally and published by its subsidiary, Memoriki. This Android game will be available globally, excluding South Korea and China. Memoriki, established in 2009 and originally based in Hong Kong, was acquired by Me2on earlier this year, broadening Me2on’s reach in the gaming market.Photo by Erik Mclean on UnsplashPVP card gameSolitaire Crypto War, developed from Me2on Group’s Solitaire IP, is a card puzzle player-versus-player (PVP) game that has amassed over 130 million global downloads. Players can engage in the classic Solitaire game against multiple opponents, competing to achieve the fastest clear times. The game ensures fair competition by matching players under identical conditions, with the highest scorer emerging as the winner. Designed for fast-paced gameplay, it pairs players of similar skill levels. Additionally, each season introduces unique events like puzzle piece collecting, Monopoly, and Powerball games, offering various rewards.Available in both free and paid optionsSolitaire Crypto War is a free game, but it also offers a feature where users can opt to use cryptocurrencies like ETH, USDT, USDC, UNI, LINK, MATIC and MEV to participate in competitions against other players and win prizes. The game boasts a variety of modes, including PVP battles, challenges and tournaments, enhancing its appeal. Additionally, its integration with Face Wallet enables users to log in using their social accounts, eliminating the need for a separate wallet installation, thus simplifying the gaming experience.Event running until Dec 28In celebration of the official launch of Solitaire Crypto War, Me2on has planned an opening event running until Dec. 28, providing various benefits to its users. Everyone accessing the game during this event period will receive a welcome package. Additionally, players can engage in various activities such as the game review challenge, ticket triumph challenge, and community quest takedown to receive items daily, enhancing their gaming experience and rewarding their participation.Cho Choong-hyeon, who leads Me2on’s Blockchain Game Division, expressed that the company has integrated blockchain technology to bring the classic card game Solitaire into the Web3 realm. He emphasized that this move allows Solitaire to evolve into a play-to-own (P2O) game, where users can directly own their gameplay achievements. Cho also highlighted Me2on’s dedication to being at the forefront of the Web3 market, which he believes is set to transform the paradigm of the gaming industry.