Apple India blocks eight exchanges subject to FIU notice

Bitget enhances crypto exchange app with Web3 wallet and swap serviceSeychelles-incorporated crypto derivatives and copy trading platform Bitget has advanced its DeFi capabilities by integrating a Web3 wallet and swap service into its crypto exchange application.Photo by Shubham’s Web3 on UnsplashEnhancing platform app featuresThis new feature empowers users to seamlessly swap their tokens and access DeFi services through the platform’s Web3 wallet, according to a press release the company published concerning the development earlier this week. Bitget outlined that the primary goal of the integration is to offer users diverse options for trading their crypto assets within the exchange ecosystem.Bitget Managing Director Gracy Chen set out the significance of the recently ushered in changes. Chen stated:“Integrating Web3 services into our CEX platform marks a significant milestone for Bitget. By offering users the freedom to access various DeFi services alongside the convenience and security of our CeFi platform, we are empowering them with a unique experience. Bitget aims to provide a comprehensive ecosystem that caters to the evolving needs of our users, all while maintaining the highest standards of security and reliability.”Service offering expansionFurthermore, the app is set to expand its services, gradually incorporating a non-custody wallet, an NFT marketplace and decentralized applications (dApps), Chen confirmed. Bitget users can now experience enhanced flexibility in their trading activities, as the exchange plans to make most listed currencies available in the Web3 wallet for DeFi trading. The swap feature, a core element of this integration, aggregates liquidity from 10 decentralized exchanges (DEXs), including popular platforms like Uniswap, PancakeSwap and Curve Finance. Chen confirmed further details to Cointelegraph, stating:“At the core of the recent integration is our Web3 Wallet, which facilitates the secure storage, management, and control of their digital assets. Alongside the wallet, we’ve launched a Swap service, which is an advanced DeFi aggregator.”The firm acquired the BitKeep crypto wallet earlier this year, with the product subsequently having been officially rebranded to the Bitget Wallet in August. The move has worked out well for the firm, with it confirming at the end of July that it had achieved 20 million users as a consequence. The more recent integration not only facilitates asset management services but also provides native storage solutions for users.$100 million fundThis initiative aligns with Bitget’s ongoing efforts to establish a strong foothold in the crypto space. The exchange has consistently pursued expansion, launching multimillion-dollar funds to support the growth of the Web3 ecosystem. At an event in Singapore recently, Bitget introduced a $100 million fund dedicated to supporting venture firms and investing in the next generation of Web3 projects.Earlier this week, the company committed a $10 million fund towards the objective of nurturing high-potential crypto startup projects in India.

Crypto.com, the Singapore-headquartered cryptocurrency exchange platform, has outlined that it has seen significant growth thanks to high-profile sports sponsorship and advertising. Reaping the rewardsThe company has established advertising partnerships with Formula 1 (F1) motor racing and the Ultimate Fighting Championship (UFC). These lucrative sponsorship deals have propelled the exchange into the spotlight of two massive fan bases, contributing to its expansion. In an interview with Cointelegraph last week, Eric Anziani, president and chief operating officer of Crypto.com, discussed the company's successful advertising campaigns with F1 and the UFC, as well as its naming rights deal for the Crypto.com Arena in downtown Los Angeles. In 2021, what was then the Staples Center was renamed to the Crypto.com Arena in a $700 million naming rights deal. Anziani expressed gratitude for these partnerships, emphasizing the importance of staying top of mind for users in the competitive cryptocurrency market.  That same year, the company signed a multi-year partnership deal with leading French football club Paris Saint-Germain (PSG), rolling out various PSG-related marketing activities since then.Photo by Austin Loveing on UnsplashBrand recognition benefitsMarket surveys conducted by Crypto.com indicate a high level of global awareness and brand recognition among retail cryptocurrency users. The exchange's logo prominently displayed during F1 races and UFC events has helped it reach millions of fans worldwide. ESPN reports an average of 1.11 million viewers per race for the 2023 F1 season in the United States alone, with global viewership exceeding one billion over the entire race calendar. Similarly, the UFC boasts a global audience, with some of its biggest fights attracting millions of pay-per-view viewers. Anziani highlighted the effectiveness of these partnerships in bringing people into the cryptocurrency space.  User base approaching 100 millionThese partnerships have significantly contributed to Crypto.com's growing user base, which is approaching 100 million users in 2024, up from an estimated 80 million in the previous year. Anziani discussed the factors that drive users' choice of exchange platforms, emphasizing the importance of compliance, security, convenient access to cryptocurrency and competitive fees. He noted that different users prioritize different aspects based on their trading preferences and requirements. The firm is not alone in pursuing high-profile sports sponsorship deals. Rival platform OKX has an ongoing sponsorship deal in place with Manchester City Football Club in the English Premier League (EPL). It also has doubled down recently on the sponsorship of F1 racing team McLaren. Other notable partnerships include crypto gambling platform Stake.com’s sponsorship of Sauber F1, crypto exchange platform Kraken’s deal with Williams F1 and BingX’s sleeve sponsorship agreement with Chelsea football club in the EPL. High-profile marketing initiatives are alive and well, although in a much more sober way than in 2022 when six crypto companies featured in Super Bowl advertising in the United States. Kraken’s chief marketing officer, Mayur Gupta, recently stated that the Super Bowl is no longer an effective means of promotion for crypto companies.  

Korean Supreme Court acquits Dunamu Chairman Song Chi-hyungThe Supreme Court of South Korea, in a significant ruling on Thursday (local time), acquitted Song Chi-hyung, chairman and principal stakeholder of Dunamu, of fraud and forgery charges, according to a report by local news agency Yonhap. This ruling is particularly noteworthy because Dunamu is the operator of the nation’s largest cryptocurrency exchange, Upbit.This decision, led by Justice Oh Kyung-mi, marks the culmination of a legal battle that began with Song’s indictment in Dec. 2018, and it extends to the acquittal of the company’s Chief Financial Officer (CFO) and the head of the Data Value Team, who were jointly indicted.Photo by Tingey Injury Law Firm on UnsplashBackground of the caseSong Chi-hyung and his colleagues were alleged to have fabricated an account on Upbit between September and November 2017. They had been accused of feigning the deposit of assets valued at KRW 122.1 billion and then employing these fictitious funds to enable transactions among actual members.The prosecution also leveled fraud charges against them, claiming that the fabricated account was utilized to sell 11,550 bitcoins to 26,000 members, thereby generating KRW 149.1 billion.The Seoul Southern District Court, acting as the court of first instance, found them not guilty. The court reasoned that the evidence presented by the prosecution was insufficient to establish that the defendants actually deposited the assets in the account.Issues with the prosecution’s evidence gatheringThe Seoul High Court, serving as the appellate court, identified problems with the evidence provided by the prosecution, determining that part of it lacked credibility due to improper collection methods. Notably, the court observed that the prosecution had directed Dunamu employees to access their Amazon cloud server to download the account’s transaction history. However, since this remote server was not included in the search and seizure warrant, the court highlighted the illegitimacy of the evidence.The appellate court also pointed out another issue with the evidence: documents stored on the CFO’s USB drive. The prosecution did not follow the legitimate search process, which requires them to extract only data related to the allegations. Moreover, the prosecutors did not present a warrant when confiscating the laptop of the Data Value Team’s lead, further undermining the credibility of their evidence.The court further stated that even if the remaining evidence provided by the prosecution was considered viable, it was still insufficient to substantiate the prosecution’s accusations.The prosecution, disagreeing with the decision of the appeals court, had escalated the case to the Supreme Court. However, the highest court in the nation sided with the ruling of the appeals court, effectively upholding the decision made at the appellate level.