Korean Financial Regulator to Inspect Non-Fiat Crypto Trading Platform

Mosca, a cash-to-crypto exchange headquartered at the Moscow International Business Center, was subject to a raid carried out by the Russian authorities on April 23. The raid occurred in the immediate aftermath of a call from a member of the commission of the Public Chamber (OP) of the Russian Federation to ban crypto exchanges from facilitating the purchase of cryptocurrencies using cash.Photo by Egor Filin on UnsplashInvestigating fraudWhile attending the Blockchain Life 2025 event in Moscow, Mosca’s Head of Development, Dmitry Titarenko, confirmed to Cointelegraph that the rationale provided for the raid was that it was in connection with fraud perpetrated by one of its platform users. Titarenko added: “Law enforcement agencies have carried out a standard procedure of checking our customer data.” The raid occurred during the company’s attendance at the Blockchain Life conference. Mosca was a key conference participant, having established two stands at the event and winning an award for the best crypto exchange service. Reporting on the raid, local media outlet Baza said that it had been carried out in relation to fraud perpetrated against the former head of the Samara Region Development Corporation, Olga Serova. It explained that Serova had been conned into handing over 350 million rubles ($4.24 million) and $800,000 to the scammers.  Seven arrestsShe withdrew these funds from her bank at the end of last year, despite bank officials having tried to persuade her against the withdrawal for this purpose. The news outlet added that to date, seven people have been arrested in connection with the alleged fraud. The Mosca exchange service may be proving to be attractive to scammers as the platform allows users to buy up to 100,000 USDT per day using cash. Titarenko couldn’t confirm that the raid was carried out in connection with the Serova fraud case. He said that “maybe it was [in relation to] another client.”The exchange executive also confirmed that the company had been in the process of putting in place more resources to carry out anti-money laundering (AML) and know-your-customer (KYC) checks, together with a blacklisting system related to suspicious platform users. Cash-to-crypto ban proposalThe raid occurred within 24 hours of Yevgeny Masharov, a member of the commission of the Public Chamber (OP) of the Russian Federation, putting forward a proposal to ban crypto exchanges from receiving cash, making services like Mosca’s cash-to-crypto exchange illegal. According to state-owned Russian news agency TASS, Masharov said that such a move would “cause a large-scale blow to scammers, because it’s no secret that telephone scammers use crypto exchangers to withdraw cash.”Sergey Mendeleev, a well-known figure within crypto circles in Russia, told attendees at the Blockchain Life conference that such a cash-to-crypto ban would be an unwelcome development for the sector. If such a ban were to materialize, Mendeleev suggested that it would be an indication that the Russian authorities were turning away from the greater development of cryptocurrency in Russia. Last week, it emerged that Russia’s Ministry of Finance, in collaboration with the country’s central bank, plans to launch a crypto exchange for qualified investors. The central bank also confirmed plans to launch a digital ruble payment network in 2026.

Korea’s ABB Joins Hands with Vietnam’s DTS Group for Web3 DevelopmentSouth Korean Web3 consulting firm ABB announced Monday that it has signed a comprehensive memorandum of understanding (MOU) with DTS Group, one of the fastest-growing companies in Vietnam.The agreement was signed at the 20th World Web 3.0 NFT META Marvels Bangkok 2023 conference held in the Thai capital last Friday, with ABB’s CEO, Jung Joo-pil, and DTS Group’s Chairman, Truong Gia Bao, in attendance.Photo by Shubham Dhage on UnsplashFostering Web3 innovation and diplomatic tiesThis collaboration is expected to contribute significantly to the development of Web3 in both Korea and Vietnam. They will start by discovering and investing in promising blockchain startups and expand into more diverse business areas, then further enhance their cooperation in Web3 technology development and promotional marketing in the future.About ABB and DTS GroupABB is primarily engaged in consulting, promotional marketing, and fundraising for blockchain-related projects. It is widely known as the publisher of the Korean blockchain monthly magazine Blockchain Today, through which it contributes to the growth of the Korean blockchain industry.DTS Group, on the other hand, is one of the fastest-growing firms in Vietnam and operates via four main subsidiaries, including DTS Foundation, which focuses on the incubation of blockchain startups; DTS Ventures, a venture capital firm that invests in blockchain startups; DTS Media, which engages in marketing and event organization; and Mira Blockchain Center, which focuses on the development and support of blockchain and AI technologies.

Xangle Joins Coreum Mainnet as ValidatorCrossAngle, the operator of the virtual asset data intelligence platform Xangle, has joined Coreum’s third-generation Layer-1 blockchain mainnet as a validator.Image by Pete Linforth on PixabayValidators in proof-of-stake (PoS) blockchain systems operate nodes and contribute to the network’s maintenance and security by verifying newly created blocks. By working with Coreum’s existing validators, Xangle aims to bolster the security and well-being of the blockchain ecosystem while simultaneously building its expertise as a participant in the ecosystem. The company joined Korean gaming company Com2uS’ blockchain mainnet XPLA as a validator last month as well.“This partnership will expand the areas where Xangle can contribute to the security and trustworthiness of virtual assets,” said Lim Hyun-min, CrossAngle’s Chief Business Development Officer (CBDO). “Through our collaboration with Coreum, we will take the lead in the mass adoption of Web3 as part of the global blockchain ecosystem.”Coreum’s path to growthThe Coreum mainnet was launched in March and has since garnered attention for setting new standards such as compliance with the international standard for electronic data interchange between financial institutions (ISO 20022) and smart token functionality, which allows tokens to execute transactions.The platform also recently secured a partnership with Ledger, a leading company in crypto hardware wallets. A hardware wallet is a physical, offline device that stores private keys to cryptocurrency. This collaboration with Ledger is expected to significantly enhance the diversity and security of the Coreum ecosystem.Favio Verlarde, Head of Growth and Partnerships at Coreum, described the partnership with CrossAngle as an integral part of Coreum’s global expansion strategy, emphasizing the importance of data infrastructure and resources. He expressed hopes that Coreum’s abilities and innovations will facilitate the seamless transition, adoption, and popularization of blockchain.New solutions underwayMeanwhile, Xangle is gearing up to launch enterprise-focused blockchain solutions that cater to Web3 and virtual asset businesses. This includes Explorer, which allows users to search and analyze on-chain data within blockchain networks, and Xangle Beacon, a service that offers enterprise resource planning (ERP) solutions for Web3 businesses.