Binance Introduces Dedicated Trading Platform in Japan

BitBunny, a South Korean mobile app that distributes rewards based on walking activity, now offers rewards in the form of Bitcoin, according to an article by local news outlet TechM on Tuesday (KST).Photo by Thom Milkovic on UnsplashUnlocking rewardsBitBunny allows users to earn Bitcoin by completing missions like walking, checking daily attendance, inviting other friends to use the app, watching advertisements and participating in quizzes and games. Last Friday, the app added a new feature called "Catch the Bunny," a game where users can earn up to 10,000 points, or “coins”. These coins can either be used as cash when exchanged for vouchers – which can be used at various brands like Starbucks or Burger King – or invested in cryptocurrencies like Bitcoin, Ethereum, Ripple and Dogecoin. Due to these features, the app surpassed 100,000 users within just three months of release. BitBunny's vision"BitBunny's growth is an example of how mobile app technology and crypto are converging in everyday life, creating new user experiences," said Lee Kyung-tae, Team Lead at BitBunny. "We will continue to try different things to keep users interested and engaged." With a commitment to experimentation and user engagement, BitBunny is poised to redefine the way that users interact with both mobile apps and cryptocurrencies, offering a glimpse into a more integrated and rewarding digital future.

Bakkt Signals Interest in Entering Hong Kong MarketBakkt, the US digital asset platform owned by Intercontinental Exchange, Inc., the owner of the New York Stock Exchange (NYSE), has set its sights on international expansion, with Hong Kong headlining its focus on regions that offer clearer regulatory frameworks for cryptocurrencies.Photo by Jimmy Chan on PexelsGreater regulatory clarity overseasCEO Gavin Michael highlighted Hong Kong as a target market for the company, given that the autonomous Chinese territory is making rapid progress in establishing regulatory clarity, and at a faster pace than in the United States. Alongside Hong Kong, Michael also earmarked the UK and parts of the EU as possible target markets based on similar rationale.Michael made the comments while speaking at the Piper Sandler Global Exchange & FinTech Conference in New York recently. While emphasizing the company’s commitment to the US market, Michael stated that Bakkt is actively seeking markets where it can gain traction and utilize them as a catalyst for growth. The recent acquisition of Apex Crypto, an integrated crypto-trading platform based in the US, further supports Bakkt’s international plans.Leveraging existing partnershipsMichael anticipates leveraging Apex’s existing partnerships with companies such as Webull, M1, Public.com, and Stash to facilitate expansion into international markets. Bakkt aims to accompany these companies as they venture into offering US equities trading, enabling the addition of crypto trading with minimal barriers to entry. However, regulatory concerns have led to the delisting of 25 tokens on the Bakkt platform.Michael highlighted the progress being made in crypto markets outside the US, where regulatory clarity is being achieved more rapidly. He cited the UK’s advancements in clear crypto regulation, Hong Kong’s allowance of trading certain cryptocurrencies, and the EU’s implementation of the MiCA framework for crypto regulation. While supportive of recent regulatory actions in the US, Michael believes that the country needs to provide further clarity, particularly at the federal level.The lack of regulatory clarity in the US has impacted Bakkt’s ability to collaborate with domestic companies. Despite launching with notable partnerships, including Microsoft and Starbucks, Michael revealed that many firms are awaiting clear regulatory guidelines before entering the cryptocurrency space. He noted that trading activity has been slower compared to Bakkt’s custody service, as regulatory clarity plays a significant role in shaping consumer sentiment and providing operational guidelines for trading platforms.Interest in Lightning NetworkIn addition to exploring international expansion, Bakkt is actively considering the use of the Bitcoin Layer 2 Lightning Network for custody and settlement services. Michael explained that this technology has the potential to revolutionize financial services, particularly cross-border payments.Bakkt’s strategic focus on markets with regulatory clarity and its acquisition of Apex Crypto demonstrate the company’s intent to grow beyond the US. By expanding into Hong Kong, the UK, and the EU, Bakkt aims to meet the demand of partners eager to explore these markets.However, the company recognizes the need for the US to provide clearer regulatory guidelines to foster innovation and accelerate adoption within the domestic cryptocurrency industry. With its custody services gaining traction, Bakkt is still optimistic about the potential of trading as regulatory clarity continues to improve. Moreover, Bakkt’s exploration of the Lightning Network showcases its desire to leverage emerging technologies for more efficient financial services.

Korean Crypto Exchange Coinone Protects Investors from Fraud Losses of $370K in H1Coinone, one of South Korea’s leading cryptocurrency exchanges, announced its achievement today in the battle against crypto fraud. The company successfully safeguarded 476 million KRW ($370,000) during the first half of this year by effectively countering various fraudulent activities, including voice phishing, as reported by local news outlet Etoday.Photo by Pixabay on PexelsFoiling 21 crimesThis accomplishment can be largely attributed to Coinone’s customer protection center, which has monitored and identified suspicious transactions while taking proactive measures. Since the beginning of the year, the exchange has successfully foiled 21 instances of crypto-related crimes. Among these cases, 18 were investment frauds, including romance scams, resulting in the prevention of potential losses amounting to 152 million KRW ($120,000). Additionally, there were three cases of voice phishing incidents, successfully averting potential losses of 324 million KRW ($250,000). Voice phishing is the use of fraudulent phone calls to extract personal information or deceive people into unwanted financial transactions.Fewer complaintsThe effective prevention of crimes has resulted in a decrease in the number of complaints received. Coinone’s customer center has experienced an average monthly decrease of 31% in requests related to “voice phishing” since March. Furthermore, the customer satisfaction rating for the center recorded an average of 89.1 points over the same period.Recognizing the growing prevalence of crypto crimes, Coinone has taken preemptive measures to address the issue. The exchange’s official website has been providing information on various types of crimes and preventative strategies.Jang Seok-won, the chief of Coinone’s customer protection center, emphasized the criticality of early detection and prevention of criminal activities. While acknowledging the success in countering voice phishing thanks to improved efforts by law enforcement, Jang expressed concern over the rising incidence of romance scams and similar investment frauds. He further highlighted Coinone’s full commitment to protecting investors and ensuring their safety.