Pakistan’s crypto minister pursues talks & partnerships in the U.S.

Monthly Active Users of Binance in South Korea Surpasses 230,000The monthly active user (MAU) count for the virtual asset exchange app Binance has surpassed 230,000 in South Korea, according to a recent analysis reported by local news outlet Etoday. This places Binance as the fourth-largest exchange in terms of user base, following more prominent local won-denominated exchanges Upbit, Bithumb, and Coinone.Photo by Vadim Artyukhin on UnsplashSoaring numbersAccording to data from the insights platform Mobile Index, the MAU for the Binance app in Korea averaged 230,965 users from February to July this year. Starting from 238,487 users in February, the number peaked at 240,000 in April, followed by a slight decrease to 219,010 in June and 215,743 in July. These figures significantly outpace the 131,799 average for Korbit and 36,123 for Gopax, recorded over the past six months.The abundance of users is also reflected in the app’s high trading volume in Korea. In May this year, Binance reportedly accounted for around $58.3 billion in trading volume from Korean users, representing approximately 13% of the total trading volume, according to the Wall Street Journal. This makes Korea the app’s second-largest market after China in terms of trading volume.These statistics are notable considering the fact that Binance does not support won-denominated trading nor has a Virtual Asset Service Provider (VASP) license for Korean operations. They can thus be attributed to the availability of futures trading, which is not offered by local exchanges. According to the Journal, futures trading accounts for 98% of the transactions conducted by Korean users.Regulatory validationMoreover, Binance is registered on the travel rule whitelists of three of the country’s largest exchanges: Upbit, Bithumb, and Coinone. This travel rule regulation was put into effect last year, requiring financial institutions to share data on cryptocurrency transactions.Being whitelisted means that users of the aforementioned exchanges can easily make trades on Binance after completing Know Your Customer (KYC) identification procedures.Each exchange follows its own criteria to add virtual asset service providers to its whitelist, allowing only whitelisted entities to send and receive transactions.Industry experts claim that this is yet another depiction of just how lucrative Korea’s crypto market is, as is the case with the significant trading volumes recorded by domestic exchanges. This is likely driving the active efforts of foreign exchanges, including Binance, to penetrate the market.Binance’s ongoing regulatory challengesEarlier this year, Binance acquired a majority stake in Streami, the operator of Korea’s KRW-to-crypto exchange Gopax, aiming to solidify its presence in the Korean market. Following this acquisition, Streami underwent leadership transitions that saw Lee Joon-haeng step down, making way for Binance’s APAC head Leon Sing Foong. Subsequently, the leadership baton was passed to Lee Joong-hoon, the former Vice President of Gopax.For these shifts in leadership, Streami submitted reports to the Financial Intelligence Unit (FIU) under the Korean Financial Services Commission (FSC) to inform the regulatory body about changes in company representatives. However, despite these notifications, the financial regulator has not yet granted its approval, likely influenced by the ongoing legal challenges Binance is facing in multiple jurisdictions, including that of the United States.In a seeming effort to address this regulatory impasse, Streami has recently decided to undergo yet another change in its CEO position. This marks the third leadership alteration within a span of six months. Meanwhile, the identity of the incoming CEO is yet to be disclosed.Oscillating trends of growth and declineIn related news, Mobile Index also reported that Upbit had the highest MAU among virtual asset exchange apps in Korea. From February to July, Upbit averaged an MAU count of 3,280,746, surpassing the 1,005,432 average for Bithumb, marking a threefold difference. Coinone’s average MAU during this period was calculated at 316,277.However, over the same six-month period, all won-denominated exchanges except for Korbit experienced a decline in MAU. Gopax witnessed a 22.3% drop from 42,556 users in February to 33,059 users in July. This was followed by 20%, 14.8%, and 6.8% declines for Coinone, Bithumb, and Upbit, respectively. Binance also experienced a 9.5% dip.In contrast, Korbit saw a 16.5% increase, rising from 118,816 MAU in February to 131,799 in July.

The Japanese government and ruling coalition have begun coordinating plans to introduce a flat 20% separate tax on cryptocurrency gains, based on a Dec. 1 report by Nikkei cited by CoinDesk Japan. The change is expected to be reflected in the 2026 tax reform outline.Photo by Nataliya Vaitkevich on PexelsLower crypto taxes, aligned with stocksUnder the proposal, income from crypto trading would be taxed in line with traditional financial instruments such as stocks. This would mark a notable decrease from the current regime, under which cryptocurrency gains are treated in principle as miscellaneous income, combined with salary and other earnings, and taxed on a comprehensive basis at rates that can climb to around 55% including local taxes. Policymakers are reportedly treating the move toward separate taxation as contingent on the establishment of a stronger investor-protection framework through tighter regulation. The planned reforms are also seen as potentially laying the groundwork for the eventual domestic approval of exchange-traded funds (ETFs) backed by crypto assets. Market pullback deepens on policy signalsThe more favorable tax outlook for investors came against a weaker market backdrop. According to CoinMarketCap, the total crypto market capitalization declined about 1.73% over the past 24 hours, extending a pullback that followed recent communications from the central banks of Japan and China. In a Dec. 1 report by Reuters, Bank of Japan (BOJ) Governor Kazuo Ueda indicated that the central bank intended to consider the possibility of an interest-rate increase at its next policy meeting. His comments are interpreted as suggesting a potential shift toward higher rates in December, prompting concern that yen-funded carry trades could begin to be unwound. Such trades typically involve borrowing yen at low interest rates to invest in higher-yielding assets, and their reversal can create pressure on broader asset markets. In a separate weekend statement, the People’s Bank of China (PBOC) restated that digital asset trading remains illegal in China and highlighted what it described as a renewed pickup in speculative crypto activity. The central bank also singled out stablecoins as a source of risk, pointing to concerns about fraud, money laundering, and unauthorized cross-border capital flows that could undermine Beijing’s efforts to maintain capital controls. Against this policy backdrop, major cryptocurrencies moved in mixed directions. Over the past 24 hours, Bitcoin inched up around 1.02%, Ethereum declined about 0.86%, and XRP fell roughly 0.9%. Analysts split amid weak market activityAnalysts and market commentators continued to diverge on the implications of the latest pullback. Veteran trader Peter Brandt suggested on X that Bitcoin may be entering a deeper corrective phase similar to those seen in past bull markets. He cited historical instances of “exponential decay” and suggested the price could retrace toward $50,000 before potentially advancing to the $200,000–$250,000 range in the next rally cycle. Author Robert Kiyosaki, known for “Rich Dad Poor Dad,” reiterated his preference for assets such as gold, silver, Bitcoin, and Ethereum in a Nov. 29 post on X, linking this stance to his view that the Japanese carry trade had effectively run its course. Roughly a week before that message, he had disclosed selling about $2.25 million worth of Bitcoin at around $90,000 per coin, noting that his initial purchase price had been close to $6,000. By contrast, long-time Bitcoin critic Peter Schiff continued to argue in favor of precious metals. He contended that gold derives inherent value from industrial and commercial uses tied to its physical properties, including conductivity, ease of shaping, and resistance to corrosion, while maintaining that Bitcoin lacks practical utility and instead depends on investor belief. SwanDesk CEO Jacob King, another skeptic of the asset, offered an even more pessimistic assessment. He said he did not expect Bitcoin to revisit its previous all-time high and characterized the current decline as the final bear market before the asset ultimately fades from relevance. Shorter-term indicators have reinforced expectations for muted trading conditions. According to CNBC, Grayscale Head of Research Zach Pandl pointed to a decline in open interest for perpetual futures, interpreting it as a sign of reduced speculative positioning and leverage. He also highlighted relatively subdued trading volumes on both centralized and decentralized exchanges, suggesting that near-term market activity is likely to remain restrained. 

Taiwan police uncover $320M crypto money laundering operationTaiwan police have recently exposed the largest cryptocurrency money laundering case in the nation’s history, involving 320 million USDT (approximately 10.5 billion New Taiwan dollars).Photo by DrawKit Illustrations on UnsplashCross-border laundering operationIt emerged on Tuesday that the Electronic Investigation Team of the Criminal Bureau initiated their probe after uncovering a fraudulent scheme related to a counterfeit Taishin Securities mobile software last year. This led them to a merchant with the surname Qiu, the alleged mastermind behind this operation who was suspected of laundering substantial sums through virtual currency.Qiu is believed to have maintained connections with overseas gambling and fraud groups, engaging in cross-border communication with illicit organizations in countries including Hong Kong, Malaysia and the Philippines.Their investigation revealed that Qiu had been conducting transactions involving 320 million Tether US dollar stablecoins since February of the previous year. In June, law enforcement apprehended Qiu during one of his visits to Taiwan, along with four alleged accomplices.High value goodsDuring the operation, authorities seized high-value assets from Qiu, including a Lamborghini Urus, a Lexus LM and three Audemars Piguet watches, with a combined market value exceeding TWD 13 million. The lavish lifestyle maintained by Qiu, evident from his luxury cars and high-end watches, serves as a stark reminder of the extensive underground economy driven by money laundering.Evidence from the operation suggested Qiu’s involvement in handling illicitly obtained Tether coins worth approximately TWD 70 million. Further investigations uncovered that Qiu regularly sold virtual currency and converted it into cash to effectively obscure the money’s origins, accomplishing the goal of laundering.In piecing the activities of the group together, police determined that victims were instructed to transfer their funds to fictitious accounts. In that way, the money found its way to crypto exchanges and individual crypto traders under the direction and control of the group.Qiu would also retain a 1% profit margin from the laundered amount. Several other individuals were implicated in this extensive operation, including a foreign affairs officer named Liao and two other individuals named Chen and Huang. Each of these individuals is presently under investigation, with varying levels of bail and restrictions imposed.The intricate web of transactions and the substantial amount laundered by Qiu have surpassed previous records held by the Electronic Investigation Team. As investigations continue, law enforcement is determined to uncover the full extent of this operation and trace the entirety of the money flow.Taiwan’s legislators are currently working on producing a regulatory framework for crypto in the country. The only regulatory aspect that is covered right now is oversight relative to anti-money laundering (AML) and know-your-customer (KYC) regulation. In 2018 Yang Chin-long, Taiwan’s central bank Governor, called for a need to regulate crypto on the basis of existing AML rules, with the authorities subsequently following through on that measure.In July 2022, the country’s Financial Supervisory Commission (FSC) penned a letter to the banking sector, banning the purchase of digital assets via credit cards.