BU Technology to provide digital asset issuance platform to Ret Games

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.

Hong Kong Pressing Banks to Facilitate Crypto ClientsHong Kong’s banking regulator is urging banks, including HSBC and Standard Chartered, to onboard crypto exchanges as clients, despite increasing regulatory scrutiny of the industry in the United States.That’s according to a report published by the Financial Times (FT) on Wednesday. The FT cited three people who it claims are familiar with the matter, together with a letter seen by the publication as the basis for the assertion.Photo by Ansel Lee on PexelsChallenging crypto banking reticenceAt a recent meeting, the Hong Kong Monetary Authority (HKMA) questioned these UK-based lenders, together with the Bank of China, about their reluctance to accept crypto exchanges as customers, according to sources familiar with the matter. The HKMA emphasized that due diligence on potential clients should not create unnecessary burdens, particularly for those seeking opportunities in Hong Kong. While banks do not have a ban on crypto clients, concerns over potential money laundering and illegal activities have made them cautious.The pressure faced by banks highlights the challenges Hong Kong is facing in establishing itself as a global hub for the crypto industry, especially in light of previous high-profile collapses, such as the implosion of FTX. However, the HKMA is encouraging banks to overcome their reservations, as the regulator believes there is resistance from senior executives who adhere to traditional banking mindsets.The enthusiasm of some Hong Kong officials for the sector is evident as pro-Beijing lawmaker Johnny Ng invited Coinbase and other crypto exchanges to set up operations in the city following the recent SEC lawsuit against Binance and Coinbase.Caught between opposing forcesBanks in Hong Kong find themselves walking a fine line between supporting the crypto industry as encouraged by the government and being cautious due to the US regulatory environment. They want to ensure the industry’s development aligns with government policies, but they are also concerned about potential anti-money laundering and know-your-customer issues.The HKMA and the Securities and Futures Commission (SFC) have been vocal about their expectations, setting them apart from regulators in other jurisdictions that may be more skeptical of cryptocurrencies. Last month it emerged that crypto startups are having difficulties in establishing banking facilities in the autonomous Chinese territory. At the time, the HKMA did convene a meeting to bring parties together in order to forge a path forward.While Hong Kong has a history as a crypto center, its position weakened after Beijing’s crackdown on the industry in 2017. However, the Hong Kong government aims to reestablish the city as a hub for digital assets, having expressed its desire to provide a supportive environment for crypto-related businesses. The introduction of a new licensing regime for crypto platforms in Hong Kong is part of the government’s efforts to attract more crypto groups to the city.HSBC, Standard Chartered, and the Bank of China hold influential positions in Hong Kong as issuers of the city’s currency and have key roles in the Hong Kong Association of Banks lobby group. Standard Chartered claims that it maintains regular dialogue with regulators on various subjects, while HSBC has claimed that it is actively engaging in policies and developments within the nascent industry.

OKX shores up App security following bug discoveryCryptocurrency exchange OKX has swiftly responded to a recently uncovered security flaw by releasing an updated version (v6.45.0) of its iOS app.User data and asset vulnerabilityThe flaw was identified by Web3 and blockchain security specialist CertiK. It posed a Remote Code Execution (RCE) vulnerability that had the potential to compromise sensitive user data and crypto assets. Notwithstanding that, no user assets were lost or security compromised.Taking to the X social media platform on Tuesday, CertiK wrote:”Attention! We urge users of OKX wallets to update their iOS app to the latest version immediately. Earlier this month, we identified and reported a critical Remote Code Execution (RCE) vulnerability in the OKX iOS App, leading to potential compromise of sensitive data and crypto assets.”Photo by FLY:D on UnsplashPrompt responseRecognizing the risk, OKX has acted promptly to rectify the issue and commit to protecting user assets. It too followed up on social media with its own announcement:”Thanks @Certik for the note. We’ve completed the relevant upgrade & this is no longer an issue. We have verified that this did not impact any customer assets. The fix has been deployed to iOS version 6.45.0 & we recommend you update the app asap.”Ongoing exploitsThis security incident has played out amid a backdrop that has seen a worrying number of hacks, exploits and vulnerabilities in the crypto space. In recent weeks, hacks at HTX (formerly Huobi), cross-chain bridge Heco and Poloniex have accounted for millions of dollars in losses.As recently as last week, users of the Ledger hardware wallet were told by the company not to connect to decentralized applications as it had discovered that a malicious version of its Ledger Connect software had been distributed.Industry collaborationThe collaboration between OKX and CertiK in addressing this security concern is demonstrative of how industry actors are having to cooperate in order to deal effectively with these vulnerabilities and threats.Transparent communication and a swift response in this instance are likely to have played a role in minimizing any potential loss. In a noteworthy development, OKX, in collaboration with Tether, has collaborated with the United States Department of Justice (DOJ) to freeze $225 million in USDT tokens.This unprecedented action primarily targeted a human trafficking syndicate in Southeast Asia, illustrating the increasing cooperation between crypto entities and law enforcement in addressing illegal activities involving digital currencies.The immediate resolution of the iOS app vulnerability in this instance resulted in no loss occurring. That outcome underscores the importance of the prioritization of user safety and data security.With the updated app version (v6.45.0) now available, users can proceed with their crypto transactions with renewed confidence in the platform’s security measures. As the cryptocurrency landscape evolves, crypto platforms and platform users will need to remain vigilant in order to safeguard and protect funds.