Wemade Unveils Blockchain-Powered Platform for Various Communities

Binance APAC Head Resigns Amid Regulatory ChallengesThe uncertainty swirling around Binance, the world’s largest cryptocurrency exchange, continues as Binance Head of Asia Pacific (APAC), Leon Foong, has resigned from his position.The resignation was reported by Bloomberg on Thursday, with the publication citing people familiar with the matter. Foong played a pivotal role in expanding Binance’s reach across markets like South Korea, Thailand, and Japan.Photo by Marten Bjork on UnsplashRecent pattern of executive exitsFoong’s departure is the latest one in a series of high-profile exits in recent months. Chief Strategy Officer Patrick Hillman and General Counsel Hon Ng are among those who have previously left, as regulatory authorities worldwide tighten their grip on Binance.Binance has been navigating a challenging period as regulatory crackdowns sweep across the global crypto space, prompting strategic shifts and senior leadership changes. Foong’s departure may also signify the company’s effort to realign itself in the face of mounting scrutiny.Market share under pressureThe regulatory backlash has not only led to senior leadership changes but has also impacted Binance’s market share. As authorities have clamped down on Binance due to alleged violations, the exchange’s dominance in the crypto trading market has diminished.Losses of key banking partnerships have compelled some customers to migrate to rival platforms. In some cases, Binance has simply been forced to retreat entirely from offering services in certain jurisdictions.Over the course of a period of three months earlier this year, the company lost its ability to trade in Germany, Canada, Belgium, the Netherlands, and Cyprus. French authorities are investigating the platform for alleged illegal provision of digital asset services and aggravated money laundering.In recent days, the global exchange platform has also come under pressure relative to the service it extends to Russian users. A Wall Street Journal exposé published last week alleged that Binance’s activities in Russia were in breach of sanctions imposed by the United States. Binance responded by removing the option for customers to transact over the platform using two sanctioned banks. It’s now understood that the company is considering going a step further and exiting that market entirely.LawsuitsBinance’s legal woes began with the US Commodity Futures Trading Commission (CFTC) filing a lawsuit against the exchange, along with its billionaire Founder and CEO Changpeng Zhao (CZ). The lawsuit alleged violations of derivatives regulations and criticized the firm’s compliance procedures. Binance reacted by expressing surprise and disappointment over the legal action.The challenges continued with the US Securities and Exchange Commission (SEC) filing a lawsuit against Binance and CZ in June, accusing the exchange of running unregistered exchanges and engaging in various other violations. Binance has consistently contested these allegations from both the CFTC and the SEC.In response to these challenges, CZ took to X (formerly Twitter) in July to reaffirm the exchange’s commitment to growth despite the setbacks.More concern has been created due to the recent filing by the SEC of a motion “under seal” in its case against Binance. That option is usually taken to prevent public knowledge of sensitive information, which possibly could relate to a parallel investigation from the US Justice Department.There’s likely to be no letup in the cloud that hangs over the business until all enforcement actions and lawsuits have run their course.

Tel Aviv-based cryptocurrency accounting and taxation reporting platform TRES has successfully raised $11 million in a funding round led by Faction Ventures, with participation from New Form, Boldstart Ventures, Cyber Fund and Ambush Capital.Photo by Markus Winkler on Unsplash Sustained investor buy-inThe firm announced this latest financing round on its website on Wednesday. It brings TRES’s total funding to $18.6 million. This recent instance of funding comes on the heels of TRES’s previous success in securing $7.6 million in seed funding in September 2022. That round was led by Boldstart Ventures and Alchemy Ventures. The diverse participation included F2, New Form, Kenetic Capital, Blockdaemon Ventures and Mantis. With Miami-based Boldstart Ventures being a key investor in both funding rounds, Boldstart partner Shomik Ghosh took to social media on Wednesday to comment on this latest development, stating: “The Tres team and founders @TalZackonand @eilonlotem embody perseverance more than anyone I’ve ever met[.] So proud to work with you guys and learn how to handle yourselves in stressful situations taking care of family, friends, colleagues, and country[.]” $19B client baseTRES currently serves a client base with combined assets valued at $19 billion, offering comprehensive solutions to manage, monitor and reconcile digital asset activities. The platform supports over 100 Layer 1 and Layer 2 blockchains, including popular ones like Bitcoin, Ethereum, Solana and Avalanche. Notably, TRES has ambitious plans to continually expand its supported blockchains, aiming to introduce support for “new blockchains every week,” according to a recent announcement. As the cryptocurrency industry witnesses increased institutional adoption, there is a growing demand for sophisticated accounting and taxation reporting tools, mirroring those available in traditional finance. TRES is working towards positioning itself to address this need by providing a comprehensive solution for firms to gain a “full and accurate picture across all of their Web3 financial activity,” stated Tal Zackon, co-founder and CEO of TRES. Zackon emphasized the importance of compliance across accounting, audit and reporting functions, asserting that TRES facilitates an easy path for customers to navigate these regulatory landscapes. The Series A funding round, led by Faction Ventures, signifies TRES’s commitment to further developing its platform to meet the evolving needs of the crypto industry. Optimistic outlookZachon told The Block that the outlook for crypto looks bright in terms of extending its appeal to new market participants. He stated: “This next bull cycle will have something that no other bull cycle before it had — dozens of live blockchain networks, thousands of decentralized applications, battle tested infrastructure, and the adoption by major banks and government organizations around the world. The number of companies that will hold crypto on its balance sheets is about to explode, and we are here to serve them — no matter how complex the transactions are.” With this latest round of venture capital backing, TRES appears to be well-positioned in striving to become a key player in facilitating transparent and compliant financial operations for an ever-expanding array of blockchain networks and decentralized applications. As the crypto industry matures, the importance of robust accounting and taxation reporting solutions like TRES is poised to grow in tandem with the increasing complexities of financial transactions within the blockchain ecosystem.

Dispute Embroils Bitget in Legal Battle With Crypto InfluencerBitget, the crypto exchange registered in Seychelles, finds itself entangled in a legal dispute with prominent crypto influencer Evan Luthra.Photo by Tingey Injury Law Firm on UnsplashAccount freezing allegationsThe conflict stems from Luthra’s allegations of account freezing and loss of funds after a token listing incident in March. Luthra has filed a lawsuit against Bitget, accusing the exchange of withholding $200,000 in Tether (USDT) without adequate explanation, while also freezing his account.The legal drama follows Luthra’s involvement with the Reel Star project, where he served as an advisor for the platform which is aimed at creators. As compensation for his collaboration with the project, Luthra received Reel Token (REELT), the project’s utility token.Bitget alleged market manipulationUpon the listing of REELT tokens, Luthra reportedly sold 1.3 million tokens on Bitget. In response, Bitget claims it faced a manipulative attack orchestrated by a group of traders attempting to profit from market manipulation immediately after the token’s listing. This allegedly caused a significant drop in the token’s price, prompting Bitget’s decision to freeze Luthra’s account.Bitget states that it contacted Luthra seeking an explanation for the suspicious trading behavior. Luthra acknowledged the token sale but failed to provide satisfactory reasons for his actions, according to Bitget’s version of events. The exchange maintains that user protection is its foremost priority and that it takes swift action against illegal or fraudulent behaviors.$16 million damages claimLuthra refutes the allegations, asserting his innocence and citing alleged approval from Reel Star’s Co-Founder Navdeep Sharma for his token sale plans. He seeks a substantial $16 million in damages, in addition to the frozen funds. Luthra claims that Bitget unjustly deprived him of his tokens, asserting his status as a fully KYCed user entitled to access his holdings.In the aftermath of the incident, Bitget conducted an investigation and offered a compensation plan for affected clients. Gracy Chen, Bitget’s Managing Director, emphasized the exchange’s commitment to user protection and its actions against illicit activities on its platform. Addressing the matter on Twitter, Chen didn’t hold back in her commentary on Luthra, stating that he “has a history of fraudulent activities,” which she says were exposed by crypto journalist CoffeeZilla.The legal dispute has ignited debates within the crypto community. Supporters of Luthra contend that his case underscores broader issues faced by users of centralized exchanges, shedding light on the need for improved user rights and protection. On the other hand, some argue that Bitget acted appropriately to safeguard its users and the market integrity.CZ brought into the disputeThe legal battle has attracted attention from influential figures in the crypto industry. Against a backdrop of a very public airing of the dispute on Twitter, in a recent tweet Luthra invited Changpeng Zhao (CZ), the CEO of Binance, to respond to Luthra’s claim that Bitget spreads rumors about other exchanges. CZ was having none of it, writing: “You should talk to them, right? We are not a regulator for other exchanges.”The case highlights the intricate challenges surrounding market manipulation and token listings within the crypto space. As it unfolds, the outcome could potentially set a precedent for similar situations involving token listings, market manipulation, and user protection.