WEMIX comes in 9th in CoinMarketCap’s TVL chain ranking

Busan Blockchain Special Zone Gears Up with Expert-Led Operations CommitteeGovernment officials and various executives from financial enterprises have been appointed as members of the operations committee of the Busan Blockchain Regulation Free Special Zone project, according to local news outlet Etoday on Tuesday. This project is geared towards growing the city as a blockchain hub and nurturing blockchain-related businesses in the special zone that are exempt from regulatory oversight. The operations committee will be responsible for overseeing the designated area, fostering new businesses and facilitating the development of Busan’s blockchain industry.Photo by Maicon Fonseca Zanco on PixabayDiverse lineup of expertsA total of 25 members have been appointed to the committee, including two ex-officio members — Lee Sung-kwon, Deputy Mayor of Busan for Economic Affairs, and Son Sung-eun, Policy Advisor for Financial Startups in Busan. Other members include Kim Sang-min, the leader of Busan’s initiative to establish its own digital asset exchange; Lee Keun-ju, President of the Korea Fintech Industry Association; and Jin Hyeong-gu, Vice President of KakaoPay, along with other relevant personnel and academic experts. Notably, the only representative affiliated with a cryptocurrency exchange is Seo Byung-yoon, Director of Bithumb’s Economic Research Institute.The participation of Jin Hyeong-gu, Vice President of KakaoPay, is also noteworthy given the fact that KakaoPay is under the internet juggernaut Kakao Group along with GroundX and Klaytn Foundation — two entities that served as the main driving force of blockchain projects at Kakao. However, KakaoPay clarified that its involvement in the operations committee is unrelated to any plans for blockchain and virtual asset-related businesses, instead attributing it to Jin’s experience and expertise in anti-money laundering (AML) procedures. Prior to joining KakaoPay, he had been an AML expert at prominent financial institutions like the Financial Services Commission (FSC) and Kookmin Bank.In addition, Kiwoom Securities and Hanwha Asset Management are both members of the Busan Blockchain Industry Association. Kiwoom Securities explained that it was asked to join the committee to serve as a representative of the association.Key milestones and plansThe committee’s first meeting is scheduled for Nov. 9, the first day of this year’s Blockchain Week in Busan (BWB) event, during which it will discuss matters such as the appointment of a chairman and detailed plans for setting the special zone in motion.The promotion committee of the city’s plan for a digital asset exchange, which has been active until now, is also being dissolved as the term for the members serving in the committee has ended. Subsequently, the new operations committee will become a priority.The committee’s detailed blueprint and action plan will be unveiled during BWB. Touting the theme “Target 2026 Blockchain Busan,” the event is set to host local and overseas experts in the field of blockchain and Web3 to jointly discuss the prospects and potential of Busan to become an urban blockchain hub by 2026.

The Philippines' financial regulator announced that it is implementing what amounts to a ban on Binance in the Southeast Asian nation by blocking local access to the leading global cryptocurrency exchange. This decision, publicized via a press release on March 25, comes as the Securities and Exchange Commission (SEC) raised concerns last November over Binance's operations in the country, citing a lack of necessary licenses for certain investment products. According to the press release, the SEC revealed that it sought assistance from the National Telecommunication Commission (NTC) to enforce the ban, expressing worries about the security of Filipino investors' funds on the platform. In a letter addressed to the NTC, SEC Chairman Emilio Aquino stated:"The SEC has identified the aforementioned platform and concluded that the public's continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos.”Photo by Krisia on PexelsA similar move was taken last December by the Financial Intelligence Unit (FIU) in India, as it acted to block access to what it deemed to be non-compliant global crypto exchanges. Unlicensed servicesThe SEC alleges that Binance offers services like leveraged trading and crypto savings accounts without the required licenses, violating the country's Securities Regulation Code. Consequently, the ban is set to be implemented within three months, allowing investors time to exit their positions held through Binance. Furthermore, the SEC has requested Google and Meta to restrict Binance-related advertisements targeted at Filipino users on their platforms, extending the regulatory measures to online advertising as well. A similar stance was taken by authorities in Thailand last August with the Ministry of Digital Economy and Society (MDES) engaging in talks with Facebook in an effort to curb questionable crypto-related advertising on the platform. Regulatory setbackThis move by the Philippines' financial watchdog marks another regulatory setback for Binance, which has faced increasing scrutiny globally. In December 2023, a U.S. court ordered Binance to pay significant fines to the Commodity Futures Trading Commission (CFTC) for evading federal law and operating an illegal derivatives exchange. As part of the settlement, Binance's former CEO, Changpeng Zhao (CZ), agreed to step down from his position, with Zhao also facing civil and criminal charges related to anti-money laundering laws. The SEC's cautionary stance against Binance dates back to November 2023, shortly after Zhao's legal troubles in the U.S. emerged. At that time, the SEC expressed its intention to ban Binance in the Philippines, though the execution was postponed due to changes in the leadership of the regulatory body. Notably, Kenneth Stern, who headed up Binance's operations in the Philippines, exited the company in July 2023, amidst mounting regulatory pressures and legal challenges. Binance had seen many leading executives part ways with it in the lead-up to the company’s settlement with the U.S. Department of Justice (DoJ) last year. With regulatory actions tightening around Binance globally, the future of the exchange in various jurisdictions remains uncertain. The ban in the Philippines adds to the ongoing regulatory challenges faced by the company and underscores the growing importance of compliance within the cryptocurrency industry.

A Hong Kong-based entity has emerged as the largest new shareholder of BlackRock’s spot Bitcoin exchange-traded fund (ETF), according to a recent regulatory filing.Photo by Kanchanara on UnsplashAs of Dec. 31, the firm held roughly 8.79 million shares of the iShares Bitcoin Trust ETF (IBIT), valued at $436 million, per a Form 13F disclosure filed with the U.S. Securities and Exchange Commission (SEC). The filing identifies the shareholder as "Laurore" and the reporting individual as Zhang Hui. While the entity is listed as Hong Kong–based, the document provides no further details regarding the company’s background or sources of capital. Because Form 13F filings disclose institutional equity holdings only at the end of each quarter, the specific timing of Laurore's accumulation of the IBIT stake remains unclear. Workaround for Chinese Bitcoin restrictionsJeff Park, Chief Investment Officer at ProCap Financial, noted on X that the entity appears to lack a public footprint. He observed that the filer’s name is common in China, suggesting limited traceability, and added that the “Ltd.” designation may indicate an offshore structure often utilized to access U.S. markets. Park further suggested that because IBIT is the firm's sole disclosed holding, Laurore likely functions purely as a $436 million Bitcoin exposure vehicle rather than a diversified fund. He theorized that this structure might reflect Chinese capital seeking regulated Bitcoin exposure via a U.S.-listed ETF, potentially signaling early indications of institutional capital flight. This disclosure arrives amidst a prolonged downturn for Bitcoin. The cryptocurrency is currently trading near $67,000, representing a decline of about 47% from its Oct. 7 peak of $126,000. Analysts split as BTC trades 47% below peakMarket analysts have offered diverging outlooks on Bitcoin’s next move. According to CoinDesk, Bloomberg Intelligence analyst Mike McGlone stated on X that he has raised his downside target for Bitcoin to roughly $28,000, up from a previous $10,000, arguing that this revised level better aligns with historical price distribution. This update follows McGlone's earlier warning that a continued crypto selloff could signal broader financial stress, and that Bitcoin could fall toward $10,000 if U.S. equities peak and a recession ensues. Conversely, Chase Guo, a former Binance executive, predicts Bitcoin will reach a new all-time high this year. As reported by BeInCrypto, Guo argues that this move will be driven by liquidity dynamics rather than fundamentals, with capital flows, market positioning, and consensus playing decisive roles. Guo believes a liquidity squeeze, fueled by derivatives exposure and capital rotation, could push prices beyond previous highs. Against the backdrop of Bitcoin’s fixed supply, he suggests that even modest institutional or sovereign inflows could exert an outsized impact on price.