Russian exchange raided against backdrop of cash-to-crypto ban proposal

Korbit and Shinhan Bank hold seminar to strengthen suspicious crypto transaction reportingKorbit, one of the top five cryptocurrency exchanges in South Korea, revealed on Monday (local time) that it conducted a seminar in collaboration with Shinhan Bank last month aimed at enhancing the effectiveness of suspicious transaction report (STR) filings.Photo by Nick Fewings on UnsplashEnhancing suspicious transaction reportingThe seminar held at Korbit’s premises was a collaborative forum where experts from both the exchange and Shinhan Bank exchanged insights and engaged in a question-and-answer session. The agenda covered areas such as the writing of STR reports, monitoring based on particular themes and the education of staff members. The gathering featured key participants, including Jin Chang-hwan, Compliance Officer of Korbit, and Yoo Jung-yeol, Head of the Digital Assets Team at Shinhan Bank as well as personnel from both organizations involved in anti-money laundering (AML) initiatives.Focus on complianceEarlier this year, Korbit and Shinhan Bank held a meeting to go over the Financial Intelligence Unit’s (FIU) comprehensive evaluation of virtual asset service providers (VASPs). This evaluation examined how well VASPs complied with the Travel Rule. Additionally, the meeting allowed both organizations to exchange ideas on how to enhance their compliance processes. In a move ahead of the industry, Korbit in September became the first Korean crypto exchange to adopt new rules for real-name bank accounts, a policy that will become mandatory in January of the following year.Oh Se-jin, Korbit’s CEO, highlighted the increasing significance of filing STRs, citing recent FIU data that showed VASPs submitted more STRs in the first three quarters of this year than in the entirety of last year. He affirmed Korbit’s dedication to establishing itself as a secure and reliable cryptocurrency exchange through ongoing collaborations with Shinhan Bank.Meanwhile, Korbit has managed to cut down the review period for STRs to a third of its previous duration. Additionally, the exchange verifies the effectiveness of its STR rules by performing monthly evaluations and seeking advice from external consultants.

South Korean gaming publisher Wemade is set to participate in this year’s Taipei Game Show, the largest gaming exhibition in Taiwan, according to local news outlet Kookmin Ilbo on Tuesday (KST). The event is scheduled for Jan. 25 to 28 at the Taipei Nangang Exhibition Center.Photo by Timo Volz on UnsplashSneak peek at upcoming blockbustersThe company plans to operate an exclusive booth, where it will showcase game developer Madngine's massively multiplayer online role-playing game (MMORPG) Night Crows and Round 1 Studio's baseball game Fantastic 4 Baseball. Both games are slated for global release in the first quarter of this year. Game demos and various events will also be held to promote the releases and attract gamers. Games for a diverse gamer baseNight Crows has been popular among gamers in South Korea, where it launched in April last year, topping the popularity and revenue rankings on major app markets. The global version of the game utilizes blockchain technology to implement an advanced tokenomics ecosystem. Global pre-registration will open on Jan. 11. Round 1 Studio’s Fantastic 4 Baseball is a realistic baseball game where players can create their own team with famous players from various leagues, including the Chinese Professional Baseball League (CPBL). The demo version includes single-player and home run derbies. 

LINE NEXT, the U.S.-based Web3 subsidiary of LY Corporation, has launched its global stablecoin wallet, Unifi. The service is now publicly available through the LINE messaging app.Photo by Shubham Dhage on UnsplashThe platform consolidates core stablecoin operations—including deposits, storage, payments, and transfers—into a single interface. Users can onboard using existing social logins from LINE, Google, Naver, or Apple. At launch, Unifi only supports USDT, with plans to integrate additional stablecoins in the future. The service currently offers an annual percentage yield of 4% to 5% on deposited assets.  Non-custodial wallet integrates stablecoins into LINEDesigned as a non-custodial wallet, Unifi enables users to retain control over their private keys and manage their own assets. The platform also supports direct fiat conversions. Through a partnership with fintech firm SentBe, Unifi utilizes an off-ramp solution from Triple-A, a Singapore-licensed Digital Payment Token provider, enabling users to convert and withdraw stablecoins directly to personal bank accounts. To expand the wallet's utility, LINE NEXT has integrated its existing Dapp Portal and Mini Dapps into the Unifi ecosystem. This allows users to spend stablecoins across various gaming, social, and content applications, as well as earn rewards through in-app activities. The rollout follows a January memorandum of understanding (MOU) between LINE NEXT and JPYC Inc., the issuer of the yen-pegged stablecoin JPYC, to explore broader stablecoin integration and regional use cases. PayPay seeks U.S. IPO after Binance betLY Corporation is expanding its presence in financial services through another subsidiary, PayPay, which has been moving into the crypto sector. According to a report cited by CoinDesk, PayPay is preparing for a listing on the Nasdaq and is seeking a valuation of more than $10 billion. The company plans to price its shares between $17 and $20 and issue 55 million shares, potentially raising up to $1.1 billion. The proposed ticker symbol is PAYP. In October last year, PayPay acquired a 40% stake in Binance Japan, expanding its presence in the digital asset market. The initial public offering had been scheduled for March 9 but was postponed amid market volatility linked to developments in Iran. Separately, Japanese-listed firm Metaplanet, which has been accumulating Bitcoin, has not purchased additional BTC for eight weeks, according to an X post by SoSoValue. According to its fiscal 2025 earnings report, the Japanese company posted a net loss of 95 billion yen ($605 million) for the year, while generating revenue of 8.9 billion yen ($58 million). The firm currently holds 35,102 BTC at an average purchase price of $107,716 per coin. With Bitcoin trading slightly below $70,000, the holdings imply an unrealized loss of about $1.32 billion, or roughly 35% below the average acquisition cost.