Korea Exchange sets the stage for security token trading

Com2uS Holdings subsidiary Com2uS Platform has acquired a certificate of Personal Information and Information Security Management System (ISMS-P), an official certificate distributed by the Korea Internet and Security Agency (KISA), for its blockchain-based game development platform Hive.Photo by Towfiqu barbhuiya on UnsplashStreamlining game developmentHive allows developers to focus on content development by providing functions for game launch and operation in a single software development kit (SDK). It covers all systems needed to run a game, including billing, gameplay across multiple platforms, global login and verification, compliance, support, analytics, promotions, push notifications, community management and blockchain middleware. It is utilized in over 150 games and 41 corporate clients with some 100 million annual users. Robust security measuresTo receive the ISMS-P certification, companies are evaluated based on 101 different criteria, including organizational structure, management of employees and facilities, security of information processing systems and more areas related to handling personal information. "Com2uS Platform and Hive have established and promoted world-class security policies," said Choi Seok-won, CEO of Com2uS Platform. "We will continue to do our best to create an environment where users and customers worldwide can safely enjoy our content." Com2uS Platform also revealed that it runs an office dedicated to information protection, which manages data from Com2uS games and external clients. The company also strives to improve its technological capabilities for enhancing security and conducts annual company-wide training for all employees to raise security awareness. Since 2017, Com2uS Platform has retained its ISMS certification – similar to the ISMS-P but without personal information security standards – to safeguard the information of its users and customers.  

Binance APAC Head Resigns Amid Regulatory ChallengesThe uncertainty swirling around Binance, the world’s largest cryptocurrency exchange, continues as Binance Head of Asia Pacific (APAC), Leon Foong, has resigned from his position.The resignation was reported by Bloomberg on Thursday, with the publication citing people familiar with the matter. Foong played a pivotal role in expanding Binance’s reach across markets like South Korea, Thailand, and Japan.Photo by Marten Bjork on UnsplashRecent pattern of executive exitsFoong’s departure is the latest one in a series of high-profile exits in recent months. Chief Strategy Officer Patrick Hillman and General Counsel Hon Ng are among those who have previously left, as regulatory authorities worldwide tighten their grip on Binance.Binance has been navigating a challenging period as regulatory crackdowns sweep across the global crypto space, prompting strategic shifts and senior leadership changes. Foong’s departure may also signify the company’s effort to realign itself in the face of mounting scrutiny.Market share under pressureThe regulatory backlash has not only led to senior leadership changes but has also impacted Binance’s market share. As authorities have clamped down on Binance due to alleged violations, the exchange’s dominance in the crypto trading market has diminished.Losses of key banking partnerships have compelled some customers to migrate to rival platforms. In some cases, Binance has simply been forced to retreat entirely from offering services in certain jurisdictions.Over the course of a period of three months earlier this year, the company lost its ability to trade in Germany, Canada, Belgium, the Netherlands, and Cyprus. French authorities are investigating the platform for alleged illegal provision of digital asset services and aggravated money laundering.In recent days, the global exchange platform has also come under pressure relative to the service it extends to Russian users. A Wall Street Journal exposé published last week alleged that Binance’s activities in Russia were in breach of sanctions imposed by the United States. Binance responded by removing the option for customers to transact over the platform using two sanctioned banks. It’s now understood that the company is considering going a step further and exiting that market entirely.LawsuitsBinance’s legal woes began with the US Commodity Futures Trading Commission (CFTC) filing a lawsuit against the exchange, along with its billionaire Founder and CEO Changpeng Zhao (CZ). The lawsuit alleged violations of derivatives regulations and criticized the firm’s compliance procedures. Binance reacted by expressing surprise and disappointment over the legal action.The challenges continued with the US Securities and Exchange Commission (SEC) filing a lawsuit against Binance and CZ in June, accusing the exchange of running unregistered exchanges and engaging in various other violations. Binance has consistently contested these allegations from both the CFTC and the SEC.In response to these challenges, CZ took to X (formerly Twitter) in July to reaffirm the exchange’s commitment to growth despite the setbacks.More concern has been created due to the recent filing by the SEC of a motion “under seal” in its case against Binance. That option is usually taken to prevent public knowledge of sensitive information, which possibly could relate to a parallel investigation from the US Justice Department.There’s likely to be no letup in the cloud that hangs over the business until all enforcement actions and lawsuits have run their course.

150 Web3 Firms Emerge via Cyberport Within 12 MonthsHong Kong’s Cyberport, the flagship technology hub of the Chinese autonomous territory, has experienced exceptional growth over the past year, attracting more than 150 companies operating in the Web3 space.Photo by Ruslan Bardash on UnsplashA hotbed of innovationThe latest blog post by Hong Kong Financial Secretary Paul Chan, published on Sunday, sheds light on the remarkable success of Cyberport. It currently houses over 1,900 community enterprises, with a cumulative financing figure surpassing 35.7 billion yuan ($4.98 billion).One of the notable achievements of Cyberport is its portfolio of over 480 intellectual property projects, showcasing its commitment to fostering innovation. Moreover, Cyberport has played a pivotal role in nurturing the growth of several successful ventures, including six “unicorns” that have emerged from within its vibrant community.The Web3 space at Cyberport boasts prominent firms such as Hashkey Group, a licensed cryptocurrency exchange; Animoca Brands, a Web3 venture capital and game developer; and Consensys, the renowned Ethereum software company responsible for the widely-used crypto wallet MetaMask. The presence of these industry leaders further cements Cyberport’s status as a hub for cutting-edge technologies and groundbreaking ideas.Funding allocationRecognizing the immense potential of Web3 technologies, the Hong Kong government has allocated 50 million yuan ($6.9 million) from its financial budget to support Cyberport’s initiatives. This funding injection aims to expedite research and development efforts and foster the creation of innovative applications within the third-generation internet powered by blockchain technology.In addition to its achievements in the Web3 space, Cyberport has made significant strides in virtual asset trading and other sectors. Notably, in 2022, one of Cyberport’s companies became the second licensed virtual asset trading platform approved by the Securities and Futures Commission (SFC) in Hong Kong. This milestone solidifies Cyberport’s position as a driving force in the advancement of the digital asset ecosystem within the city.Emerging start-up successFurthermore, several technology-driven startups incubated by Cyberport have successfully launched initial public offerings (IPOs), showcasing the hub’s effectiveness in propelling ventures towards public market success. Notable examples include a smart logistics company and a travel platform.Hong Kong’s Web3 industry is witnessing a surge in blockchain-based security products, signaling a growing interest among investors. UBS and the Bank of China’s Hong Kong-based investment arm recently unveiled a groundbreaking blockchain-based structured note, marking the city’s first private security product on a public blockchain.The development team behind layer one blockchain, the Internet Computer Protocol (ICP), indicated in April that it planned to develop a hub within Cyberport, following its participation at Hong Kong’s Web3 Festival that month. The event was a success, attracting over 10,000 attendees.This achievement follows the successful launch of a government-backed green bond in February, which utilized a private blockchain platform provided by Goldman Sachs. These developments showcase Hong Kong’s commitment to developing its Web3 industry beyond cryptocurrencies, expanding into new realms of finance and technology.To ensure a regulated and secure environment for investors to participate in the growing sector, Hong Kong introduced licensing regulations on June 1 for cryptocurrency trading platforms catering to retail investors. These regulations demonstrate the city’s proactive approach to embracing innovation while prioritizing investor protection.