Mirae Asset Securities and NEAR Protocol Partner to Advance Blockchain Tech

BingX embarks on rebrand to further service offeringBingX, the Singapore-headquartered cryptocurrency exchange platform, has taken the decision to rebrand the business.Improving the trading experienceThe platform, originally known for its role in guiding newcomers into the crypto space through copy trading, claims that the move is designed to elevate the trading experience for users by prioritizing simplicity, efficiency and security.This transformation includes a substantial overhaul of BingX’s visual identity, highlighted by a streamlined logo that caters to the practical needs of traders. The changes extend to the platform’s color palette and typography on digital platforms, all aimed at making the trading process more intuitive and user-friendly.Photo by Patrik Michalicka on UnsplashBroadening market appealWhile initially recognized for its focus on crypto beginners, BingX is now broadening its horizons. The platform introduces advanced features catering to a diverse range of crypto enthusiasts, from novices to seasoned traders. This expansion underscores BingX’s adaptive approach to the dynamic cryptocurrency market, addressing the evolving needs of its user base.Megan Nyvold, Head of Branding at BingX, outlined that the rebranding aligns with the company’s enduring vision of democratizing crypto trading globally, emphasizing diversity and creating professional, user-centric trading environments.From ‘Trading Made Easy‘ to ‘Empowering Traders’In tandem with the visual changes, BingX has also unveiled a new tagline, transitioning from “Trading Made Easy” to “Empowering Traders.” This shift emphasizes the company’s commitment to supporting traders at all levels, ensuring access to reliable and transparent services.In a blog post published by the company on Thursday, Nyvold stated:”Over the past five years, BingX’s vision to build a gateway for the next billion crypto users has been unwavering. As part of this evolution, we have refined our core values with a renewed emphasis on promoting diversity. As we introduce our refreshed brand identity, we reaffirm our assurance of empowering our users, focusing on a more professional and user-centric trading environment that aligns with our vision for collective success.”This latest move is one of a number of ongoing efforts BingX has made this year to further develop the business. In July, the company introduced AstraBit to the platform, an automated algorithmic trading and portfolio management tool, to enhance and automate the crypto trading experience for its platform users.The following month, it introduced a Multiple Deposit Addresses feature to enable greater flexibility and convenience for service users. September brought a collaboration with WunderTrading, adding the use of its automated trading bots to BingX platform users. Earlier this year, the company had integrated crypto portfolio tracker CoinTracking with the platform, in an effort to allow service users to generate reports for tax purposes with ease.BingX was founded in Singapore in 2018 by Josh Lu. The platform claims to have five million service users.

Kaspersky Says Crypto Phishing on the Rise in the PhilippinesThe Philippines witnessed a significant increase in detected cryptocurrency-related attacks last year while Vietnam recorded the highest level in Southeast Asia, according to cybersecurity firm Kaspersky.Photo by Markus Spiske on UnsplashEase of crypto accessVietnam topped the list with over 64,000 detections. Meanwhile, the Philippines recorded 24,737 cases of crypto-phishing attacks in 2022, up from 9,164 cases in 2021, making it the second-highest number in Southeast Asia.Adrian Hia, Managing Director for Asia Pacific at Kaspersky, attributed the rise to the ease of accessing cryptocurrency in the Philippines. He explained that as users increasingly turn to mobile devices, they are inadvertently exposing themselves to potential breaches, as malware can be installed through various touch points.Research published by Malaysian crypto data aggregator, CoinGecko, earlier this month, also points to the Philippines as having the second highest level of interest in crypto in Southeast Asia, after Singapore.Targeting popular platformsCybercriminals commonly target accounts of popular online gaming platforms and crypto wallets using advanced stealers or “stalkerware” that allow them to spy on individuals through their mobile devices, Kaspersky stated. The firm’s monitoring data revealed that malware is spreading through legitimate channels such as official marketplaces and advertisements in popular apps.Across Southeast Asia, the total number of crypto-phishing detections decreased to 147,649 in 2022 from 164,330 in 2021, according to Kaspersky. However, only Singapore (down 74%), Thailand (down 51%), and Vietnam (down 15%) observed declines in detections. Besides the Philippines, crypto-related attacks also increased in Indonesia (from 19,584 in 2021 to 24,642 in 2022) and Malaysia (from 16,071 to 16,767).Kaspersky discovered an average of 400,003 new malicious files per day in 2022, representing an increase of 20,000 files per day compared to the previous year. Hia emphasized that scammers are relentless in their efforts to steal cryptocurrency due to its increasing popularity and adoption, particularly in Southeast Asia. He urged cryptocurrency adopters in the region to stay informed about the latest tricks used by crypto phishers to protect their digital assets.Email-based attacksRoman Dedenok, a spam analysis expert at Kaspersky, revealed that crypto phishers often employ email-based attacks to target crypto users. He explained that scammers entice victims with the prospect of participating in a cryptocurrency giveaway, offering popular digital assets such as Bitcoin, Ethereum, Litecoin, Tron, or Ripple.The scammers provide a three-point guide to claim the free cryptocurrency along with a link to the “promotion” website. Clicking on the link leads users to a phishing site where they are prompted to specify the wallet to which they want the funds transferred.In response to the growing cybersecurity concerns, Kaspersky is engaging in discussions with government institutions worldwide. In the Philippines, while the central bank does not directly regulate cryptocurrency, it has established guidelines for virtual asset service providers. The Chairman of the Securities and Exchange Commission (SEC) in the Philippines, Emilio Aquino, recently delayed publication of a regulatory framework for crypto, on the basis of having “to make sure people don’t get burned.”Entities involved with virtual assets are required to obtain a license from the Bangko Sentral ng Pilipinas, the central bank of the Philippines, to comply with regulations.

Japanese Expansion Sees XDC Network Pair Up with SBI SubsidiaryThe XDC Network, a leading carbon-neutral, enterprise-grade hybrid blockchain solution formerly known as XinFin, is gearing up to make inroads into the Japanese market through a partnership with SBI VC Trade, a cryptocurrency exchange subsidiary of Tokyo-based financial holding company SBI.On May 31, the Singapore-based team behind XDC Network announced its addition to SBI’s crypto exchange subsidiary, marking an important milestone in their expansion efforts. Fumiki Ozaki, CEO of SBI VC Trade, expressed his excitement about the partnership, stating, “We are delighted to expand our cryptocurrency offerings by adding XDC to our exchange. XDC Network brings a unique value proposition to the trade finance market, and we believe its addition will enhance our customers’ trading experience.”Photo by Denys Nevozhai on UnsplashToken gainsThe XDC token has been gaining significant traction recently, becoming one of the top 5 altcoin gainers in March 2023 with a 54% rise in just 30 days. The network supports Ethereum Virtual Machine-compatible smart contracts, protocols, and atomic cross-chain token transfers. It also complies with the ISO-20022 message standard, which is widely accepted for electronic data interchange between financial institutions.This particular announcement on Wednesday has resulted in XDC token appreciation of 10% over the past 24 hours alone. At the time of publication, the project’s native token stood at a unit price of $0.03456.Ecosystem development decentralizationIn a move towards decentralization, the XDC Network recently established a decentralized autonomous organization to govern the blockchain. With its deployment in May, the community will have a say in the distribution of ecosystem funds to foster further development.While the project team behind the blockchain network believes the network itself to be decentralized, many projects in crypto have grappled with the difficult issue of governance. XDC Network’s DaoFin project exemplifies its efforts to achieve a more equitable and decentralized form of network governance.SBI delving deeper into cryptoAtul Khekade, Co-founder of XDC Network, expressed enthusiasm about expanding into Japan, stating: “Japan serves as a crucial hub for international trade, and our blockchain platform aims to streamline this sector by improving transparency, traceability, and reducing costs.”SBI is also making strides to strengthen its presence in key cryptocurrency markets. In September 2022, it obtained a license to operate in Singapore, expanding its reach beyond Japan. Additionally, one of SBI’s portfolio companies, digital asset trading technology firm Clear Markets, received approval from the United States Commodity Futures Trading Commission (CFTC) to offer over-the-counter crypto derivatives products with physical settlement.In 2018, SBI partnered with crypto lender Amber in forming a joint venture company in order to take on the Japanese market. It pursued a similar strategy with crypto custody service provider Zodia Custody, forming a joint venture subsidiary to assist it in gaining exposure to the Japanese market.The partnership between XDC Network and SBI VC Trade signifies the growing interest in blockchain technology and cryptocurrency in Japan. By joining forces, XDC Network and SBI VC Trade aim to revolutionize the trade finance market by leveraging the transparency and efficiency of blockchain, ultimately benefiting businesses and consumers alike.With the shared vision of advancing the adoption of blockchain technology, both parties are poised to make a significant impact on the future of trade finance and digital asset trading.