NEOPIN teams up with Drive-to-Earn app GREEVER to expand blockchain’s role in sustainability

The U.S. Department of Justice has filed a civil complaint to seize roughly 127,271 Bitcoin linked to an alleged fraud scheme tied to Prince Group, a multinational conglomerate based in Cambodia. That’s according to a press release from the U.S. Attorney’s Office for the Eastern District of New York. The digital assets are currently valued at approximately $14.18 billion and are now in the custody of the U.S. government. Prince Group chairman Chen Zhi, now indicted by U.S. authorities, has been named as the mastermind behind the operation. FBI Assistant Director in Charge Christopher Raia said Chen oversaw an international crypto investment scam connected to a labor trafficking network that defrauded thousands of victims worldwide.Photo by Kanchanara on UnsplashOperations across 30 nationsSince 2015, Chen Zhi has headed the Prince Group, which operates in more than 30 countries. Under his direction, the group allegedly established scam compounds across Cambodia that promoted fraudulent crypto investment scams. The operations targeted victims through social media and messaging platforms with false promises of high returns. According to the allegations, funds were stolen and laundered rather than invested, and perpetrators often built trust over time before carrying out the fraud. Authorities in Vietnam have uncovered a comparable case that did not involve the seizure of cryptocurrency. According to Tech in Asia, Hanoi police confiscated assets worth $34 million from Nguyen Hoa Binh, chairman of the tech company NextTech. The seized property includes 597 gold bars, deeds to 18 properties, and two vehicles. Investigators allege that Binh and nine associates raised funds for the AntEx cryptocurrency project by selling 33.2 billion tokens to 30,000 investors in 2021, collecting around $4.5 million. The defendants are said to have taken part in fraudulent appropriation of assets and accounting violations. Tepid business climate in VietnamThese incidents come as Vietnam’s government works to define its stance on digital assets. According to a Cointelegraph report published earlier this month, the Vietnamese Ministry of Finance said that since the announcement of the country’s five-year digital asset trading pilot plan, no companies have applied to participate. Sharing this update, the vice minister of finance expressed hope that this pilot would launch before 2026. The report points to strict requirements as a likely reason for hesitation. Licensed crypto asset service providers must hold at least 10 trillion dong, about $379 million, in capital. They are also required to back all digital assets with real and tangible assets only, and the framework explicitly prohibits using fiat currencies or securities as backing. These rules leave few options that would attract retail or institutional investors. Gemini eyes Southeast Asia as adoption growsMeanwhile, global firms continue to look to Southeast Asia as activity increases. Dow Jones Newswires reported that Gemini, the American crypto platform founded by the Winklevoss brothers, plans to expand its footprint across the region. In an interview, Saad Ahmed, Gemini’s head of Asia Pacific (APAC), said the company was strengthening its regional operations. A Chainalysis study provides context, showing that the APAC region recorded the fastest growth in on-chain activity compared to other markets in the 12 months ended June. The region saw total crypto transactions rise to $2.36 trillion from $1.4 trillion a year earlier. Although Ahmed did not share investment figures, he said Gemini’s Singapore headquarters has grown to about 65 employees, up from 15 in the final quarter of 2023. He added that the expansion reflects the company’s view of Singapore as a key base for its operations in Asia and globally. Recent criminal discoveries and tightening regulations reveal how Southeast Asia’s crypto scene remains nascent. Governments are stepping up enforcement and shaping new frameworks even as global firms expand across the region, motivated by growing adoption. How policymakers and market players respond to these early tests will define the next phase of digital asset growth in Asia. 

OKX Strengthens Partnership with Manchester City Football ClubSeychelles-based crypto exchange OKX has announced the expansion of its sponsorship deal with Manchester City Football Club, the treble-winning English Premier League soccer champions.The announcement was made through a virtual reveal video featuring player avatars, presented at Manchester City’s Etihad Stadium. News of the deal was also posted on the English club’s website on Friday.While the valuation of the deal remains undisclosed, the collaboration signifies a significant milestone for both parties. The new agreement, which spans multiple years, establishes OKX as the official sleeve partner on both the men’s and women’s first-team playing kits.Photo by Giero Saaski on UnsplashExtended partnershipUnder this extended partnership, the OKX logo will be prominently displayed on the sleeves of Manchester City’s playing kits, solidifying its position as a key sponsor. Additionally, OKX will retain its presence on the club’s training kit sleeve.City Football Group, the holding company that owns Manchester City and other soccer teams like New York City FC and Melbourne City FC, oversees the management and operations of the club.OKX initially became Manchester City’s official cryptocurrency exchange partner in March 2022. Subsequently, in July of the same year, the exchange secured a sponsorship deal to feature its logo on the front of the club’s training kit throughout the 2022/2023 season. At the time, the agreement was reported to be valued at over $12 million.OKX CollectiveIn February, OKX launched the “OKX Collective” alongside Manchester City players Jack Grealish, Rúben Dias, Ilkay Gündoğan, and Alex Greenwood. This immersive metaverse fan experience offered exclusive content and rewards, allowing fans to engage with the club in a unique way.OKX’s CMO Haider Rafique expressed satisfaction with the evolving partnership, stating: “Manchester City was our first official global brand partnership, and in just a year and a half, we have come a long way. We always intended to integrate with the sport and help the club lead on leaning into Web3. Fast forward fifteen months, we now have a metaverse, an NFT initiative, and a number of other new projects that we are excited about.”Additional sports sponsorshipsBesides Manchester City, OKX has also established partnerships with other prominent sports brands and athletes, including McLaren Formula 1, the Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.While OKX’s partnership with Manchester City strengthens its global fan base, it’s worth noting that the sale of crypto derivatives, a product offered by OKX, was effectively banned by the UK’s financial regulator in January 2021. Consequently, OKX and other crypto exchanges have refrained from advertising such services in the country.As the Premier League clubs have collectively agreed to restrict gambling sponsorships on team shirts, there are concerns that similar restrictions may be imposed on crypto company sponsorships. However, any such developments are expected to be some years away, as the changes regarding gambling sponsorships are scheduled to take effect in the 2026/2027 soccer season.Marketing spend by crypto firms has sobered up quite a bit since the heady heights of the last bull run. However, OKX remains one entity which has been fairly consistent in continuing its marketing efforts regardless of market conditions.

Crypto.com’s Dubai-based subsidiary secures crypto licenseCRO DAX Middle East, the Dubai-based subsidiary of Singapore-headquartered cryptocurrency exchange platform Crypto.com, has achieved a significant milestone by obtaining a license from the emirate’s Virtual Assets Regulatory Authority (VARA) to provide specified virtual asset services.Photo by Timo Volz on UnsplashExpanding product offering in DubaiThe approval, announced by the firm via a press release published to its website on Tuesday, marks a pivotal moment for the Singapore-based Crypto.com, allowing it to offer regulated virtual asset services in Dubai, including exchange services, broker-dealer services, management and investment services as well as lending and borrowing services.The virtual assets service provider (VASP) license is contingent upon CRO DAX Middle East meeting specific conditions and localization requirements outlined by VARA. Once these conditions are satisfied and the operational approval notice is received from the regulator, the company will be poised to commence operations. These services will be made accessible to both retail and institutional users through Crypto.com’s app and exchange platform.Kris Marszalek, CEO of Crypto.com, expressed his enthusiasm for Dubai’s regulatory approach, stating: “Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation.”Dubai’s virtual asset sector developmentThe regulatory framework for virtual assets in Dubai was established under the Dubai Virtual Asset Regulation Law in March 2022, leading to the creation of VARA. Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, founded VARA with the aim of developing an advanced legal framework to safeguard investors. Furthermore, the objective was to set international standards for the governance of the virtual asset industry, while fostering responsible business growth.VARA issued regulations in February to provide clarity and certainty on the expected level of operator responsibility and to mitigate market risks. This move aligns with the broader context of global cryptocurrency regulations, aiming to create a safe environment for investors in the wake of recent collapses of major platforms.Crypto.com is working to become one of the first virtual asset exchanges to implement its VASP license in accordance with VARA’s specialized regulations issued earlier this year. The company had previously received its minimum viable product provisional license in June 2022 and the MVP preparatory license in March of the current year. The operational license, which follows the preparatory and provisional stages, grants virtual asset service providers permission to conduct activities in seven specified categories.Adapting to the marketThe company has also been working on licensing in other markets. In Singapore, where it is headquartered, the company received a Major Payment Institution (MPI) trading license from the Monetary Authority of Singapore (MAS) in June. The company has also re-calibrated its offering based on market shifts. Earlier this year, it halted its institutional exchange service in the United States due to a downturn in institutional demand stateside.In March 2022, Crypto.com declared Dubai as its regional hub for the Middle East and North Africa (MENA), solidifying its commitment to expanding its presence and contributing to the growth of the cryptocurrency ecosystem in the region.