Bithumb launches point-based ‘Benefit Zone’ to attract more crypto investors

Binance Collaborates with Thai Police to Bust $277 Million Crypto ScamIn a crackdown on cryptocurrency-related crime, Binance, the world’s largest global exchange, has partnered with Thailand’s Royal Thai Police to aid them in dismantling a major criminal network behind a crypto scam.Photo by Dan Freeman on UnsplashOperation “Trust No One”According to a blog post published by the exchange, the operation, code-named “Trust No One,” has not only resulted in the arrest of five key members of the syndicate but has also seized assets worth a staggering $277 million. Importantly, the operation is likely to offer restitution opportunities for more than 3,200 victims.Binance collaborated closely with the Cyber Crime Investigation Bureau (CCIB) and the United States’ Homeland Security Investigations (HSI) to combat these illicit activities. Police Lieutenant Colonel Thanatus Kangruambutr, an inspector at CCIB, expressed his appreciation for Binance’s involvement, underscoring the exchange’s role in the fight against scams and cybercrimes.Successful collaborationsTigran Gambaryan, Binance’s Head of Financial Crime Compliance, reaffirmed the exchange’s commitment to partnering with authorities worldwide to restore trust in the digital asset ecosystem. This operation adds to Binance’s growing list of successful collaborations in its efforts to combat crypto-related crimes, following the recovery and freezing of $450,000 in stolen assets linked to the Curve Finance hack in 2022.In a separate case, Binance’s investigative team played a pivotal role in exposing a major cryptocurrency scam orchestrated by an extensive network of international criminal organizations. This investigation resulted in the arrest of suspects across 30 different locations in Bangkok and the provinces of Samut Prakan and Udon Thani. Binance provided critical information that facilitated these arrests, even sending an investigator to Thailand to support the process of obtaining arrest warrants.This collaborative effort empowered the Royal Thai Police to confiscate illicit assets, which included 16 opulent residences, 12 high-end vehicles, and 16 million Thai Baht (approximately $440,000) in cash.Notably, Binance’s proactive cooperation with law enforcement agencies has yielded an impressive average response time of just three days, surpassing the customary response times of traditional financial institutions. Taking to X (formerly Twitter), the company stated: “Our recent support helped [the Royal Thai Police] to conclude two separate investigations, leading to the arrests of criminals behind major crypto scams.”Ongoing issueCryptocurrency scams have been on the rise in Thailand, posing a substantial financial threat to its residents. Last month Thai authorities detained five foreigners due to their involvement in a $76 million crypto-related scam.In August, Thailand’s Ministry of Digital Economy and Society (MDES) issued Meta (the company behind Facebook) with a warning due to what it deemed to be an inadequate response by the social media giant in Thailand to the prevalence of crypto-related fraudulent ads on the platform.Binance has been active in collaborating with law enforcement in various jurisdictions to combat crypto-related crime. Over the last three years, the exchange has actively cooperated with and provided assistance in more than 103,000 law enforcement investigations worldwide.Although Thailand has witnessed a surge in cryptocurrency-related scams, the collaborative efforts between the Royal Thai Police and Binance serve as a commendable model for addressing these challenges going forward.

Do Kwon Out On Bail Following AppealDo Kwon, the South Korean Co-Founder of Singapore-headquartered Terraform Labs, has been granted bail in Montenegro following a court appearance last week.Photo by Tingey Injury Law Firm on UnsplashAppeal dismissalThe appeal brought by state prosecutors was dismissed by a Montenegrin court according to a statement released by the courts on Friday. The Basic Court in Podgorica confirmed that the State Prosecutor’s Office’s appeal against an earlier bail agreement was rejected, allowing Kwon and Terraform Labs’ chief financial officer Han Chang-joon to await further legal proceedings under house arrest in Montenegro.The court reinstated the original bail terms set during a hearing on May 12, requiring both individuals to pay 400,000 euros ($436,000) each to secure their release from custody. Kwon and Han are now under strict bail conditions and are not permitted to leave Han’s legal residence in Montenegro.According to the court statement: “The court appreciated the fact that they are persons who are not Montenegrin citizens, which is why it accepted their statements about the value of the property they own, which were supported by concrete evidence.”The Montenegrin court found, following the first appeal, that the original decision to permit bail was not based on a sound assessment of “concrete evidence.” That allowed prosecutors to overturn that original decision, which has itself been overturned to permit bail once again.Local police will closely monitor both individuals, and any violation of the supervision measures or departure from the residence will result in the forfeiture of the bail amount. To ensure compliance and discourage flight attempts, Kwon and Han provided personal and financial information to the local authorities, including evidence of property ownership and a sales contract for an apartment, parking space, and basement owned by Han. Kwon also submitted an invoice for a vehicle and bank account statements.Alleged fake passportsKwon and Han were arrested in Montenegro in March 2023 for allegedly using false travel documents while attempting to leave the country. Their original passports had been confiscated in South Korea in October 2022.The court acknowledged that verifying the authenticity of the Belgian passports and identity cards held by the defendants would require additional time. However, it deemed the agreed-upon bail amount sufficient to ensure their presence during legal proceedings.International interestDespite being granted bail in Montenegro, Kwon remains wanted in multiple jurisdictions. South Korean authorities seek to extradite him for investigation into the collapse of the Terra ecosystem, which caused an estimated $40 billion loss in the cryptocurrency market in June 2022. Interpol has also issued a Red Notice for Kwon in connection with the charges in South Korea, and he faces several fraud charges in the United States.The recent decision in Montenegro allows Kwon and Han temporary freedom while they await further legal proceedings. However, their legal troubles extend beyond Montenegro, with ongoing investigations and charges in South Korea and the United States casting a shadow over their future.The pair are due back to appear before a Montenegrin court once again on June 16. Prosecutors have three days in which to file another appeal of the latest bail decision.

South Korea will tax crypto gains regardless of whether assets sit on domestic exchanges, offshore platforms or in self-custody wallets when its long-delayed digital asset levy takes effect in 2027. Policing private wallets, however, will be difficult, the tax agency acknowledged. Income residents earn from transferring or lending digital assets will be subject to tax wherever they are kept, the Ministry of Economy and Finance and the National Tax Service said in written responses to People Power Party lawmaker Kim Sang-hoon, according to Digital Asset. The regime is scheduled to take effect Jan. 1, 2027. Gains above an annual deduction of 2.5 million won, or about $1,800, will be treated as miscellaneous income and taxed at 20%, or 22% including the local surtax.Ilustration generated with ChatGPTThe NTS said self-custody wallets are difficult to track since users can freely generate new addresses and transact without regulated intermediaries. It plans to use blockchain tracing tools to strengthen enforcement. For offshore exchanges, authorities will rely on overseas financial account reporting and the OECD's Crypto-Asset Reporting Framework, or CARF. The treatment of staking, lending, airdrops and hard forks remains unsettled. Tokens distributed free by exchanges may already count as miscellaneous income when classified as prizes or promotional rewards. Foreign crypto companies and domestic financial institutions are also expanding their presence in the market. BitGo Korea completed its virtual asset service provider registration after receiving Financial Intelligence Unit approval on Aug. 18, Yonhap reported. It is the first local subsidiary of a foreign crypto company to register as a VASP without acquiring an already licensed operator. Hanwha Asset Management, Ripple and U.S. investment manager Canary Capital have formed a partnership spanning trading, custody, wallets, payments, tokenized real-world assets and exchange-traded funds, Korea Economic Daily TV reported. Canary CEO Steven McClurg said the company intends to launch an ETF in South Korea, building on its experience with its U.S. XRP ETF. Ripple has also signed Jeonbuk Bank as the first South Korean regional bank to use Ripple Payments for cross-border corporate remittances, cutting settlement times from several days to near-instant. Shinhan Asset Management signed a memorandum of understanding with Plume Network to test a won-denominated tokenized fund based on one of its ultra-short-term bond funds, Yonhap Infomax reported. The trial will be conducted in a country outside the two markets and cover issuance, distribution, wallet whitelisting, know-your-customer (KYC) checks and anti-money-laundering (AML) controls. Any rollout at home would still require regulatory approval. The 2027 timeline could still slip. Kim is preparing a bill to push the levy back to Jan. 1, 2029, Edaily reported. The National Assembly's legislative office is reviewing the proposal, which could be introduced as early as this month. South Korea first planned to introduce the crypto tax in 2021 but has delayed it several times.