Singapore Prime Minister issues warning on AI-generated crypto scam

ADDX Expands to Tap into MENA’s Thriving Private MarketSingapore-based global private market exchange ADDX has revealed plans to extend its blockchain-enabled private market exchange platform into the Gulf Cooperation Council (GCC) and the broader Middle East and North Africa (MENA) regions.In a recent announcement, the company stated that the move aims to bridge the existing financing gap between private enterprises and capital providers, positioning ADDX strategically relative to global financial transformation.Photo by Kyle Glenn on UnsplashExploiting MENA potentialThe MENA region has seen a surge in demand for strategic growth capital, particularly from micro, small, and medium-sized enterprises (MSMEs) and innovative startups. These enterprises are expected to play a pivotal role in driving sustainable economic growth across the region. By introducing its platform, ADDX aims to provide these enterprises with a seamless pathway to access early-stage, high-growth private investment opportunities, blending cutting-edge technology with rigorous compliance standards.ADDX’s primary objective is to catalyze the growth of innovative enterprises that are key to the region’s sustainable economic diversification by facilitating the inflow of capital. This initiative aligns with the region’s focus on cutting-edge sectors such as artificial intelligence, Web3, and sustainable construction practices.Since its establishment in 2017, the platform has secured $140 million in funding from institutions such as the Singapore Exchange and Korea’s KB Financial Group. With its expansion into the MENA market, ADDX aims to act as a conduit for strategic growth capital, enabling pre-IPO companies in the region to access local and global financial resources.Simultaneously, this expansion is expected to open up numerous investment opportunities in thriving Asian enterprises for fund managers based in MENA, further strengthening the economic ties between the Asia-Pacific (APAC) and MENA regions.Danny Toe, CEO of ADDX, shared his vision for the company, saying: “The ability to safely and securely open private markets to capital investment presents tremendous opportunities for governments and regulatory bodies to add to the financial infrastructure of the regions.”Blockchain relevanceManuel Jaeger, ADDX’s Head of Business Development at the firm, expanded on the transformative potential of this move, emphasizing the role of blockchain in revolutionizing private market investing. Jaeger stated:“The rise of blockchain-powered platforms has changed the game and transformed how investors view private market investing. Our next step is to replicate in MENA the approach we have taken in APAC. This involves working closely with financial institutions, regulators and government organizations as well as leaders across the Middle East region to create an open flow of capital across private markets for the long-term benefit of investors, private companies and the global economy.``Tokenization of real-world assets and investment products is expected to be a growing trend over the next few years. That development has not been lost on ADDX. In May, the company collaborated with Singapore’s oldest bank, OCBC Bank, to launch a tokenized equity-linked structured note.The firm has cottoned on to the relevance of crypto in the investing arena, becoming the first financial institution in Singapore in 2022 to recognize crypto assets in reckoning if clients achieve the minimum personal wealth levels to be onboarded as accredited investors.

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 licensing success sees SEBA Bank expand APAC crypto presenceSwitzerland-based SEBA Bank AG has taken a significant step in its global expansion strategy by securing a license from Hong Kong’s Securities and Futures Commission (SFC) to manage traditional securities and digital assets through its subsidiary, SEBA Hong Kong.Photo by Ruslan Bardash on UnsplashFirst move into APAC for crypto businessSEBA Hong Kong published a statement on Wednesday to announce the milestone. It marks the crypto-centric bank’s maiden entry into the Asia-Pacific (APAC) region and expands its footprint across three regulated hubs, including Switzerland and Abu Dhabi.The acquisition of the digital asset license from the SFC provides SEBA Bank with the ability to offer regulated services pertaining to digital assets, encompassing both virtual assets and securities. The move is seen as a reflection of SEBA’s confidence in the long-established capital markets and strong appetite for investment and trading in Hong Kong.SEBA Hong Kong’s CEO, Amy Yu, expressed her enthusiasm, stating:“We are tremendously excited by Hong Kong’s deep-rooted capital markets and appetite for investment and trading; to have secured this license from the SFC provides enormous potential for our business, owing to the well-established and defined regulatory framework that is present here.”Opening up OTC derivatives possibilitiesThe license grants SEBA Bank the authority to engage in a wide range of regulated activities related to traditional securities and digital assets within Hong Kong. This includes dealing with and distributing all types of securities, including virtual asset-related products like over-the-counter (OTC) derivatives.What is likely to give SEBA Bank’s licensed services the upper hand is their accessibility to a diverse clientele, including institutional investors, corporate treasuries, funds, family offices and high-net-worth individuals. The aim is to cater to a broad spectrum of clients seeking exposure to the digital asset landscape, from sophisticated institutional investors to individuals with substantial assets.This milestone comes after SEBA’s previous in-principle approval (AIP) for virtual asset trading services, granted in August. The full approval allows SEBA Bank to significantly broaden its product and service offerings in Hong Kong, contributing to the wider adoption of cryptocurrencies and digital assets in the region.Franz Bergmueller, Chief Executive Officer of SEBA Bank, highlighted the significance of this regulatory achievement, not only for the bank but for Hong Kong’s position as a global financial services hub. He stated:“This regulatory clarity not only benefits our business but also supplements Hong Kong’s status as a global financial services hub. The region’s robust legal system provides a solid foundation to conduct crypto-related services, and we look forward to beginning that from today.”The regulatory breakthrough achieved by SEBA Bank in Hong Kong aligns with the broader trend of evolving and expanding regulations in the digital asset space within the region. Hong Kong has been progressively adapting its regulatory landscape to accommodate the growth of digital assets.SEBA Bank’s move also echoes the welcoming environment for crypto firms in Hong Kong. As Standard Chartered-backed Zodia Custody recently announced plans to launch its services in the city, it underscores Hong Kong’s emergence as a prominent player in the APAC region. SEBA's presence in Hong Kong not only strengthens the region’s stature as a global financial services hub but is also suggestive of its interest in fostering the growth of the digital asset industry within the Chinese autonomous territory.