Gemini receives in-principle MPI license approval in Singapore

U.S. authorities seize crypto tied to Asian ‘pig butchering’ scamThe United States government has taken control of digital currency valued at approximately half a million dollars from an account linked to a Chinese individual implicated in a Reuters investigation into a crypto-investment fraud originating from Southeast Asia.Photo by Growtika on Unsplash‘Pig butchering’According to Reuters, U.S. officials have disclosed that the seized assets are connected to a crypto-investment scam known as “pig butchering,” where fraudsters manipulate unsuspecting individuals they encounter online, convincing them to invest in fraudulent crypto schemes.The unsuspecting scam victim (the pig) is conned by scammers into handing over money with the promise of an outsized return. Once funds have been handed over, the vast majority of victims are unable to recover their money.According to a document filed by U.S. authorities in federal court in Massachusetts, the U.S. Secret Service confiscated the crypto in June from an account registered to Wang Yicheng. At the time of the seizure, the digital currency was valued at around $500,000. The funds were traced back to a victim in Massachusetts who had initially fallen prey to the scam.In a recent Reuters article, Wang was identified as a businessman who cultivated relationships with members of Thailand’s law enforcement and political elite while serving as the vice president of a Chinese trade group based in Bangkok. The report outlined that a crypto account in Wang’s name had received over $90 million in recent years, with at least $9.1 million linked to a crypto wallet associated with pig-butchering scams, as reported by U.S. blockchain analysis firm TRM Labs.Multi-million dollar scamsOne case highlighted in the report involved a California man who was scammed out of approximately $2.7 million, funds that were channeled into the account in Wang’s name. Another example cited in the U.S. court filing detailed a resident of Cambridge, Massachusetts, who was allegedly defrauded of about $478,000 worth of crypto, which ended up in two crypto accounts, one of which belonged to Wang.The U.S. court filing, part of a civil forfeiture action, seeks court approval to take possession of assets linked to the alleged crime. While no criminal charges have been filed, Acting U.S. Attorney Joshua Levy emphasized the use of civil forfeitures to recover funds stolen through crypto fraud schemes, highlighting law enforcement’s adaptability in the face of cryptocurrency transactions’ seemingly elusive nature.Crypto scammers sanctionedIn a related development, authorities in the United Kingdom reported on Friday that individuals operating pig butchering crypto scams in Myanmar, Cambodia and Laos had been sanctioned, in a move coordinated with their counterparts in the U.S. and Canada, alongside the United Nations Human Rights Organization.Many of these cases are understood to involve human trafficking, where individuals are illegally detained and forced to work on pig butchering crypto scams.

Barunson Labs and EQBR forge partnership to develop film-based security tokensBarunson Labs, a Korean blockchain-based platform for culture and arts, has joined forces with Web3 firm EQBR Holdings to offer film-based security tokens, aiming to bridge the realms of finance and cinema both in Korea and overseas.Photo by Felix Mooneeram on UnsplashBarunson’s diversified endeavorsBarunson Group, the parent company of Barunson Labs, has been a major leader in various cultural ventures involving film, drama, virtual reality, games and the metaverse. Notably, its production subsidiary Barunson E&A is known for its investment in “Parasite,” the critically acclaimed movie that won four Oscars at the 92nd Academy Awards.Earlier this year, Barunson Labs applied for a financial regulatory sandbox — a program under Korea’s Financial Services Commission that offers a special and provisional regulatory exemption for financial services that have been recognized for their innovativeness — to launch security tokens based on films. To gain approval, the firm also released the beta version of CRADE, a blockchain-based service that manages the flow of funds during the film production process.EQBR’s strategic expansionMeanwhile, EQBR has been developing a security token offering (STO) platform called Apanda Partners — a joint venture established with Shinhan Securities and Aegis Asset Management that received approval as a financial regulatory sandbox in December of last year. Apanda Partners’ Singaporean branch has since established a localized platform catered to the country’s securities firms and prepared for listing on the country’s regulated investment and trading platform SDAX. Barunson Labs and EQBR plan to list their first security token based on Korean content on SDAX in the first half of next year.“Starting with our collaboration with Barunson Labs, we are developing a process to make diverse assets available as products on various security token platforms built on EQBR’s technology,” explained Lee Hyun-ki, CEO of EQBR. “We will not simply talk about our technological possibilities but also demonstrate them through real-life cases, proving that investments can be diversified through the use of blockchain technology and smart contracts.”Lee is also set to participate in the STO Summit hosted by local news outlet Edaily from Thursday to Saturday (local time), where he will deliver a presentation on the application of STO solutions to actual financial services and the future trajectory of this trend. He will also introduce EQBR’s STO platform.“We are taking a dual-track strategy by simultaneously launching security token products in Korea and in overseas markets like Singapore, which is one step closer to institutionalization,” said Kang Shin-beom, CEO of Barunson Labs. He added that the company would launch more innovative investment products in the future that are poised to boost the status of Korean cultural and entertainment content on the global stage.

Zodia Custody Expands Its Custodial Services to SingaporeDeveloping crypto business hub Singapore has added another player to its list of local crypto sector participants with the arrival of digital asset custodial services provider Zodia Custody.The London-headquartered institution-first digital asset custodian is setting up shop in Singapore. Zodia Custody is backed by Japan’s SBI Holdings, alongside prominent financial services firms Standard Chartered and Northern Trust. Through this move, outlined in an article published by CNBC on Monday, it’s now targeting financial institutions in Singapore for the digital asset custody services it offers to that cohort.Photo by Kin Pastor on PexelsWell-timed expansionIt’s understood that Zodia has ambitious growth plans relative to the Asia-Pacific (APAC) region. In May, the firm entered the Middle Eastern market, establishing a presence in Dubai. The firm’s timing is prescient relative to Singapore, as the custodian is responding via its Singapore expansion to an increasing demand coming from institutions seeking robust digital asset custodianship services.The expansion also coincides with the Monetary Authority of Singapore’s (MAS) recent efforts to foster a well-defined digital asset ecosystem. Of late, the MAS introduced a comprehensive framework that encompasses the use of digital currencies, including central bank digital currencies and stablecoins. Moreover, MAS has proposed draft legislation that outlines the safeguarding of digital assets, signaling the pivotal role custodial services are set to play in Singapore’s evolving digital asset landscape.The firm has established a specific local entity, Zodia Custody (Singapore) Pvt. Limited, appointing Kai Kano, the former Managing Director of rival digital assets custodian Bitgo, as the new company’s CEO.Speaking on the subject of the firm’s Singapore market entry, Julian Sawyer, the CEO of Zodia Custody, stated:“Singapore is no stranger to digital assets, having long been a hub for financial technology innovation. But even in a mature market, challenges remain. Having been created by Standard Chartered Ventures, we have a deep understanding of institutional needs and requirements not just to enter the space but thrive within it. As we engage with the local ecosystem, we’ll be providing market participants with cutting-edge technology, bank-level compliance, and governance to accelerate their digital asset adoption journeys.”Strategic partnershipsIn the past year, Zodia Custody has established strategic partnerships with industry leaders such as LMAX Digital, Hidden Road, BlockFills, and Blockdaemon. These collaborations are driven by Zodia’s market-leading Interchange offering, which equips institutions with enhanced risk management, secure custody, and solvency protection.The expansion into Singapore marks the latest milestone in Zodia Custody’s global growth strategy. Over the past year, the custodian has expanded into Japan through a joint venture with SBI Digital Asset Holdings and into Luxembourg, where it operates as a registered virtual asset service provider (VASP). This move into Singapore follows a successful US$36 million Series A fundraising round.Meanwhile, its sister company Zodia Markets, which is totally segregated from Zodia Custody, made the news in crypto circles earlier this month when it achieved in-principle approval in Abu Dhabi for a broker-dealer license.