Hong Kong Gives HKVAX Green Light for Virtual Asset Trading

Socket Protocol Raises $5M in Strategic PartnershipSocket Protocol, an interoperability protocol founded by Indian duo Rishabh Khurana and Vaibhav Chellani, has raised $5 million with the strategic investment coming from Coinbase Ventures and Framework Ventures.Despite the ongoing bear market, cross-chain protocols like Socket have continued to attract substantial investment, underlining the growing belief in a future where different blockchains seamlessly connect.Photo by Towfiqu barbhuiya on UnsplashMore than just fundingSocket Protocol, designed to enhance communication between various blockchains, secured this funding to further its collaboration with Coinbase. The firm articulated the nature of the funding and that collaboration on X (formerly Twitter) on Wednesday.The partnership aims to create bridging opportunities for developers and users of Coinbase Wallet and Base, Coinbase’s recently launched layer-2 network built on Ethereum. Socket explained that there is already evidence of that collaboration, borne out by a bridging feature that has already been built into Coinbase Wallet, and powered by Socket Protocol.In relation to the newly launched Base network, the project stated: “We are also helping developers and apps expand to Base with a seamless onboarding experience. Rainbow Wallet, Layer3, Bungee, Zapper & more apps leverage Socket to get their users onboarded to Base already!”As the cryptocurrency ecosystem witnesses the emergence of new layer-2 networks or “rollups” and the continuous expansion of layer-1 blockchains, Socket Protocol positions itself as a critical player in connecting these fragmented ecosystems.Seamless cross-network communicationThe protocol’s primary goal is to facilitate communication between different blockchains, allowing them to interact seamlessly. By offering a bridge for assets, Socket Protocol simplifies cross-network transactions, effectively making the experience akin to operating on a single unified blockchain.Socket boasts that since the launch of the project, it has facilitated over 2.5 million cross-channel transactions, accounting for $3.5 billion in value transfer, while claiming that this is just the starting point, with the project aspiring to grow past that milestone going forward.The recent fundraising highlights the increasing interest in interoperability solutions like LayerZero, as investors recognize the significance of bridging for the future of blockchain technology. Notably, inter-bank messaging system Swift revealed experiments involving the transfer of tokenized value across various private and public blockchains, with Chainlink’s Cross-Chain Interoperability Protocol playing a pivotal role in these experiments.Socket Co-Founder Chellani emphasized the importance of scalable solutions for the future. He noted that “rollup-to-rollup communication is really important” for achieving scalability, aligning the scaling future with the concept of a multi-chain or cross-chain future. “I think the scaling future, and the multi- or cross-chain future are the same thing,” he added.This investment in Socket Protocol, coming at a time of market uncertainty within the crypto space, reflects the growing confidence in the potential of blockchain interoperability to unlock new possibilities and create a more interconnected blockchain landscape.

Regulatory breach sees Philippines initiate blockade on BinanceIt’s been a very challenging year for global crypto platform Binance — one that doesn’t appear to be improving with the latest move to block access to the platform in the Philippines.Photo by Alexes Gerard on UnsplashUnlicensed to tradeIn a noteworthy development, the Philippines Securities and Exchange Commission (SEC) declared on Tuesday its intention to block access to the Binance platform due to regulatory irregularities.The SEC asserted in a statement that Binance lacks the necessary license to operate in the Philippines, cautioning the public against engaging in investment products on the platform. The regulator stated:”BINANCE is NOT REGISTERED as a corporation in the Philippines and OPERATES WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY.”The regulatory body is actively working to have Binance blocked in the country, citing concerns about unregistered investment products. The impending ban is set to take effect within three months, allowing investors a window to exit their positions held through Binance.Pushback on advertisingIn addition to its attempts to block access to the platform, the SEC has also approached tech giants Google and Meta (Facebook’s parent company), requesting the blocking of Binance advertisements on their platforms within the country. This is a response to social media campaigns designed to attract Filipino investors to the embattled cryptocurrency exchange. While users can still download the Binance app from Google and Apple app stores in the Philippines, the extent of investor activity in the country remains uncertain.Follows U.S. regulatory actionThese actions in the Philippines come hot on the heels of Binance’s CEO Changpeng Zhao (CZ) stepping down and pleading guilty in a U.S. money-laundering case. The Philippines’ ban adds to Binance’s challenges as it aims to expand in Southeast Asia amid legal troubles in the U.S. and restrictions on operations in China.Over the course of a three-month period earlier this year, the world’s largest crypto exchange platform lost its ability to trade in Germany, Canada, Belgium, the Netherlands and Cyprus. Additionally, French authorities have been investigating the platform for alleged illegal provision of digital asset services and aggravated money laundering.Facing regulatory pushback in the U.S. and Europe, Binance appeared to be concentrating on making further in-roads in Asian markets over the course of this past year. It had recently pursued a joint venture with Gulf Energy in Thailand to launch a new digital assets exchange.Media reports previously suggested that Binance was considering acquiring a Philippine company to obtain operating licenses in the country. The SEC’s move to ban the platform follows a warning issued last year against using Binance, and it represents a broader effort to regulate the cryptocurrency sector and protect the public interest.The recent guilty plea by CZ for violating U.S. money laundering laws has added to the legal woes of the cryptocurrency giant. CZ agreed to personally pay $50 million in penalties as part of a $4.3 billion settlement to resolve investigations into Binance’s practices. He may also still face prison time in the U.S. In the Philippines, the SEC warns that Section 28 of the Securities Regulation Code (SRC) allows the application of a fine of up to five million pesos ($90,000) and a maximum prison term of 21 years.

Web3 firm AIITONE rebrands as BU Technology, adding new business objectivesAIITONE, a Web3 and military technology firm located in South Korea, announced on Monday (local time) that it has rebranded and will now be known as BU Technology.Photo by Steve Johnson on UnsplashElectric trains, batteries as new objectivesDuring an extraordinary general meeting of shareholders on October 5, the company formerly known as AIITONE announced a change in its corporate identity to BU Technology. This rebranding coincides with an expansion of the company’s business objectives to include the manufacturing of electric trains, batteries and charging devices. With this move, BU Technology aims to diversify its sources of revenue.The meaning behind ‘BU Technology’BU Technology, which stands for “Beyond Your Technology,” embraces the motto “Beyond Your Today, Beyond Your Expectation, Beyond Your Imagination.” This slogan reflects the company’s ambition to be a forward-thinking tech enterprise that exceeds the expectations and imaginations of its customers.BU Technology applies extended reality (XR) technology to develop computer-based training (CBT) programs and simulators for military use. It’s also ventured into creating content for industrial safety that uses augmented reality (AR) and virtual reality (VR) technology. This content is recognized for its technical quality, notably in replicating realistic effects, including sound, wind and physical sensations.The fresh corporate identity and resolve of BU Technology are also anticipated to make a positive impression on its operations in the Middle East. Earlier this year, the company inked a memorandum of understanding (MOU) with the Royal Private Office of His Highness Sheikh Ahmed Bin Faisal Al Qassimi in the United Arab Emirates (UAE). This agreement is directed at strengthening the fintech sector across South Korea, China and Japan.Additionally, in September, BU Technology successfully launched a proof-of-concept (PoC) platform tailored for the blockchain-based security token projects of securities and financial firms. This PoC platform enables the testing and demonstration of the viability and operational processes related to security token ventures.Lee Jin-yeop, CEO of BU Technology, said that the rebranding effort is aimed at enhancing the company’s brand value and introducing a fresh image for the firm. He further emphasized that BU Technology is committed to advancing the three foundational pillars of its business: military applications, XR and blockchain technology.Lee stated that incorporating new business objectives is a strategy for diversification, intended to elevate the company’s overall value. He also expressed his commitment to steering the newly rebranded BU Technology towards becoming a frontrunner in the Web3 era.