Korean Crypto Exchange Alliance Launches Its Official Website

CoinDCX Expands Okto Wallet’s Global Reach with Transak IntegrationIndian cryptocurrency exchange CoinDCX has moved to broaden the accessibility of its self-custody wallet, Okto. The exchange recently announced the addition of Transak, a major on-ramp platform that enables a fiat-to-crypto payment gateway integration, to enhance the wallet’s global capabilities.Photo by Kanchanara on UnsplashBuilding on OktoThat’s according to a report published by Cointelegraph on Thursday. Okto was introduced by CoinDCX in August 2022, and the firm swiftly moved to expand its services. The integration with Transak represents a pivotal step in this direction.This strategic integration immediately expands the reach of the Okto wallet from supporting 60 countries to an impressive 155 jurisdictions. Neeraj Khandelwal, Co-Founder of both CoinDCX and Okto, emphasized the significance of this move, stating that it allows users in numerous countries to engage with cryptocurrencies directly through Okto.While Transak supports approximately 160 tokens, Okto goes above and beyond by allowing users to store more than 1,000 tokens across multiple blockchain networks, including Polygon, Fantom, Avalanche, and others. According to an Okto spokesperson, the wallet can accommodate up to 3,000 tokens, providing ample flexibility for cryptocurrency enthusiasts.Seamless fiat-to-crypto conversionKhandelwal also spoke to the value add that a more seamless asset conversion process will bring. He stated:“The integration of Transak now allows users to seamlessly convert fiat to crypto right within the app. Prior to this integration, users had to transfer funds from another decentralized wallet, such as MetaMask.”Transak’s integration brings a key feature to Okto — the ability for users to purchase cryptocurrencies like Bitcoin (BTC) directly within the wallet. Notably, this functionality accepts a wide range of fiat currencies, including the US dollar, euro, Hong Kong dollar, and others. Prior to the Transak integration, users were required to transfer digital assets from external wallets like MetaMask. With this development, Okto streamlines the process, enabling users to seamlessly convert fiat into crypto within the app itself.Months-long integration processIt’s worth noting that although the announcement of Transak’s support on Okto was made on Thursday, the integration process began several months earlier. As early as August, some Indian users reported encountering Transak while Okto was in the testing phase. The integration process itself commenced in April, with the official roll-out to all customers occurring in mid-September.Transak, a global Web3 payment and onboarding infrastructure provider, plays a crucial role in bridging the gap between traditional finance and the digital asset ecosystem. It is a well-established on-ramp solution in the cryptocurrency industry, with platforms like MetaMask, Coinbase, and PancakeSwap among its clientele.In recent days, Okto has also announced a partnership with ReHold, a multi-chain protocol which has been developed to enable users to maximize their crypto earnings. In the coming weeks, Okto and ReHold will work towards integrating Okto’s wallet with ReHold.The Okto-Transak integration is in line with Transak’s mission to facilitate crypto adoption by providing easy access to digital assets. Earlier this week, Transak also announced its integration with The Open Network’s (TON) wallet, known as Tonkeeper. This collaboration opens up Toncoin (TON) purchases directly with fiat currencies to users in more than 150 countries, marking a significant milestone in expanding the TON ecosystem.

UK Watchdog Adds Crypto Exchanges to Warning ListThe UK’s Financial Conduct Authority (FCA) has expanded its warning list to include nearly 150 digital asset companies, including crypto exchanges HTX and KuCoin.Photo by Maxim Hopman on UnsplashPromotion without approvalThese firms have been added to the list due to their promotion of services in the UK without obtaining the necessary regulatory approvals. The move comes as the FCA strengthens its oversight of the cryptocurrency sector.The FCA recently broadened its rules on financial promotions, effective from October 8, to encompass crypto-asset service providers, regardless of their geographical location. This means that all crypto platforms are now obligated to display clear risk warnings to UK-based consumers and adhere to more rigorous technical standards. Additionally, they must implement a mandatory 24-hour cooling-off period for new customers.Exchanges respondIn response to the inclusion of their platforms on the FCA’s warning list, both HTX and KuCoin issued statements. A spokesperson for HTX, known until recently as Huobi, clarified that the firm does not operate or market its services in the UK. KuCoin, on the other hand, acknowledged that it doesn’t operate in the UK but expressed its commitment to adapt its products and services to ensure compliance with the relevant laws and regulations in each country.Another exchange, OKX, alongside global exchange Binance, have both indicated that they are working towards complying with the FCA’s regulatory requirements in respect of marketing.The FCA issued a generic warning message for both HTX and KuCoin, stating:“This firm may be promoting financial services or products without our permission. You should avoid dealing with this firm.”Non-compliance with the FCA’s regulations can result in severe penalties, including takedown requests for websites and apps, substantial fines, and potential legal action, which could lead to imprisonment.It’s worth noting that HTX Advisor, Justin Sun, has encountered regulatory challenges in the past. In March, the US Securities and Exchange Commission (SEC) accused Sun of fraud and market manipulation related to TRX, the native cryptocurrency of his Tron blockchain. Despite holding licenses to operate in various jurisdictions, HTX’s website does not specifically mention the UK as a prohibited venue.KuCoin has its platform restricted in several countries, including the US, Singapore, Hong Kong, mainland China, Thailand, Malaysia, and Canada’s Ontario province. Notably, the UK is not listed among these restricted locations.The FCA’s decision to rapidly identify and publicize crypto firms violating the expanded rules underscores increasingly stringent regulatory requirements. The regulator is continuously updating its list of violators as new infractions are uncovered. In August, the UK regulator published data that demonstrated that only 13% of crypto businesses who have applied to trade in the UK have been offered permits to do so.Lucy Castledine, the FCA’s Director of Consumer Investments, emphasized the dynamic nature of the list, which is constantly evolving to keep pace with emerging issues within the crypto sector.As the FCA takes a more proactive stance in overseeing crypto businesses, the warning list serves as a tool for consumer protection, signaling the importance of adherence to regulatory standards in the cryptocurrency ecosystem.

South Korea’s FIU Faces Staffing Cuts Amid Crypto ChallengesThe Financial Intelligence Unit (FIU), a department operating under the South Korean Financial Services Commission (FSC), is downsizing its Virtual Asset Inspection Division, reducing its members from nine to seven, as reported by the local news outlet Etoday. The FIU has faced chronic understaffing for several years, and with the cryptocurrency market expanding and issues accumulating, there is growing concern within the industry about the possibility of a regulatory and supervisory gap.Photo by JEONGUK — on UnsplashTemporary division’s tenure extensionMeanwhile, the FIU seeks to extend the tenure of the temporary virtual asset inspection division, currently scheduled to operate from September 16, 2023, until June 30, 2024. Presently, this division comprises one rank 4 officer, four rank 5 officers, three rank 6 officers, and one rank 7 officer. However, the upcoming organizational changes will involve the removal of one rank 5 officer and one rank 6 officer. Moreover, the two temporary employees (one rank 5 and one rank 6), assigned specifically to examine and analyze financial transactions related to virtual assets, will be reduced to a single rank 5 officer.Understaffing and budget issuesAfter several years of grappling with staffing shortages, it appears that a decision has been made to actually reduce the overall number of FIU personnel. Last year, when the NPC of the National Assembly reviewed the budget of the FSC, it pointed out the shortage of FIU personnel. According to the NPC’s report on the FSC, as of 2022, the FIU’s capacity was 83 staff members. However, the current number stands at only 68, which includes 34 individuals who have been seconded from other agencies. Additionally, there are an additional 13 personnel whose positions are not represented in the organizational chart.The FIU’s spending on labor costs has consistently been lower than that of the FSC’s headquarters each year. Between 2017 and July 2022, the FIU used, on average, 83.71% of its allocated budget for labor costs. In contrast, the FSC had a higher average utilization rate at 89.2%. The NPC pointed out that this discrepancy is largely due to staffing imbalances between the two organizations, suggesting that a reevaluation of staffing levels may be necessary.The FIU has long been considered a less popular unit within the FSC. In recent years, the situation has become particularly challenging for the Virtual Asset Inspection Division, which has been swamped with various problems. This has led to a general reluctance among FSC staff to join this particular division.A person familiar with the matter told Etoday that departments within the FSC focusing on financial policy areas like insurance, banking, and capital markets have traditionally been the go-to choices for those aiming for promotions. However, the source added that there’s been a recent shift: more officers are now showing interest in joining the FIU, often with an eye toward transitioning into related industries after retirement.MOIS hesitant on permanent staffingMeanwhile, the Ministry of the Interior and Safety (MOIS) has been reluctant to make the FSC’s Financial Innovation Bureau and the FIU’s Virtual Asset Inspection Division permanent fixtures. While the FSC argues that solidifying these divisions would necessitate a larger staff and budget, the MOIS is holding back. According to another source, the staffing issue isn’t exclusive to the FIU; the FSC as a whole is understaffed. Despite the FSC’s desire to expand its workforce, the MOIS remains unwilling to approve the additional resources.Crypto professionals are worried that financial regulators are cutting back on staff even as challenges within the sector continue to mount. An official from a virtual asset exchange voiced frustration, pointing to the contrasting approach in neighboring Japan. The official noted that Japan is actively pushing to advance its Web3 sector by not only establishing a dedicated virtual asset department within its Financial Services Agency, but also by forming specialized task forces to address specific challenges. The official finds it baffling that Korea, on the other hand, is downsizing departments that tackle these important issues.