Ripple supports Japanese Web3 initiative & crypto research within APAC

Binance Takes P2P Service Measures in Response to Sanctioned Russian BanksGlobal crypto exchange Binance has removed the option for users to conduct transactions via sanctioned Russian banks on its peer-to-peer (P2P) platform, a decision that comes on the heels of a Wall Street Journal exposé published earlier this week, shedding light on the platform’s involvement in facilitating the movement of funds for Russian users.Previously, Binance’s peer-to-peer service featured five Russian banks under sanctions as a method for ruble transfers between users. However, the company swiftly acted to address potential compliance concerns. Fittingly, this latest news was also broken by the Wall Street Journal on Friday.Dmitry Sidorov on PexelsSailing too close to the windWhen approached regarding the omission of these banks, a Binance spokesperson stated: “We regularly update our systems to ensure compliance with local and global regulatory standards. When gaps are pointed out to us, we seek to address and remediate them as soon as possible.”The Wall Street Journal’s article outlined how Binance’s peer-to-peer platform facilitated ruble-to-crypto trades that frequently involved the sanctioned Russian banks, with Rosbank and Tinkoff Bank being prominent examples.These trades often utilized layers of intermediaries to convert funds from these banks into Binance balances, as detailed by various company resources, user screenshots, and messages in official chat groups. Despite these revelations, Binance’s exchange had continued to handle significant volumes of ruble trading, according to data compiled by digital asset research firm CCData.US DoJ probeBinance’s activities in Russia could potentially contribute to its ongoing legal challenges in the United States. The US Justice Department (DoJ) has been probing the company’s actions for potential violations of American sanctions on Russia. In response to such concerns, the Binance spokesperson emphasized:“Binance aims to diligently comply with the global sanctions rules and enforces sanctions on people, organizations, entities, and countries that have been blacklisted by the international community, denying such actors access to the Binance platform.”WorkaroundsTraders, however, had reportedly found workarounds to the bank removals, as observed in the official Telegram chat group for Russian clients. Many shared that they could still engage with sanctioned banks by selecting alternative payment methods and then manually inputting their Rosbank or Tinkoff bank details.Earlier this year, an investigative report by CNBC alleged that employees of the company had told it that Binance staff regularly helped Chinese customers to bypass Know Your Customer (KYC) controls in order to access the platform. More recently, another report, once again by the Wall Street Journal, found that business in China was booming, which surprised many given that China banned crypto trading within the country in 2021.It’s apparent that the company is reacting to regulatory and legal pressures in taking the decision to make these changes to its P2P service. Perennial crypto critic US Senator Elizabeth Warren took to X (formerly Twitter) on Friday, stating:“I rang the alarm about sanctions evasion by Russia using the crypto platform Binance — and urged [the DoJ] to investigate potentially false statements it made to Congress. We need stronger crypto regulations to rein in illicit finance.“

Starbucks Korea implements NFT initiative to boost sustainability effortsStarbucks Korea is set to take on several eco-friendly initiatives in the new year to promote the use of personal reusable cups, including an NFT wallet and a new tumbler coupon policy, according to local news outlet Newsis on Thursday (KST).Photo by Battlecreek Coffee Roasters on UnsplashNFTs and eco-friendly effortsIn a newfound development, the brand also said that it would start issuing NFTs through a new NFT wallet on its mobile app next month as part of its eco-friendly consumption campaign. Until now, NFTs have been widely utilized in fields like art, music and entertainment due to their ability to prove individual ownership of digital assets. Starbucks’ adoption of the technology is a significant step in its implementation into daily life, which will lead to an increase in the number of real-world use cases and an acceleration in the transition to the era of Web3.To celebrate the launch of the NFT wallet, Starbucks plans to hold a promotional event where customers who use a reusable cup for one beverage ordered via the Siren Order function will receive one Eco Stamp. Up to three stamps can be collected per day. These can be exchanged for various types of NFTs, which are categorized as Basic, Creative and Artist, and each customer can only own one.Starbucks’ NFTs will be minted in collaboration with Seoul-based art platform and gallery Print Bakery (PBG) and PBG exclusive artist DADAZ, featuring images of unique cups, tumblers and more.The franchise plans to hold an offline exhibition to showcase images of the NFTs as well as its achievements in corporate sustainability at the Starbucks Jongno R store located in Jongno-gu, central Seoul, early next month.Sustainable sipsThe coffee franchise is also known for offering a complimentary beverage voucher to customers who purchase a reusable cup or tumbler. Next month, this voucher will be renamed the Eco Tumbler Beverage Coupon, which customers can exchange for a tall-sized beverage of their choice. This policy is aimed at encouraging the use of personal cups and providing tailored benefits to customers who embrace sustainable options.This new introduction was partially driven by the steady increase in the number of personal cups used at Starbucks stores around the country over the past three years. The annual number of cases has risen from 17.39 million in 2020 to 21.9 million in 2021, then 25.3 million last year.This figure has spiked significantly this year in particular, with the cumulative yearly number reaching 26.7 million last month, surpassing last year’s total. If this trend continues until the end of the year, the estimated figure is expected to be around 29.6 million, representing a 17% increase compared to 2022.This upward trend is attributed to the immediate KRW 400 discount offered to customers who participate, as well as an alternative benefit where customers can earn one “Star”, or reward point, for each purchase that they make. Until last month, the total value of benefits that were distributed via these two systems — with one Star valued at KRW 500 — exceeded KRW 12 billion. The ratio of immediate discount and Star rewards in this value stands at 30% and 70%, respectively.Green commitmentStarbucks also plans to continue its No Single-Use Cup Day campaign, a collaboration with the Korea Zero Waste Movement Network that has been ongoing for the past five years. The brand dedicates the tenth of every month as a day without single-use disposable cups, giving out merchandise like mugs, tumblers, coffee ground planting kits and stickers. Since last year, various events have been organized to celebrate the day, such as coupons gifted to customers who use reusable cups the most. Approximately one million people have participated in these promotions since the campaign’s inception in 2018.Starbucks expressed its hopes that these initiatives would act as a catalyst for positive changes in local communities by encouraging the reduction of waste.

Bithumb Shuts Down Crypto Research Center Amid Trading Volume SlumpBithumb, a cryptocurrency exchange based in South Korea, is shutting down its research center less than a year after its launch, according to a report by news agency Newsis. The closure is seen as a strategic move to enhance business performance in response to the recent decline in trading volume.Photo by Kelly Sikkema on UnsplashCostly research centersEstablished on June 8 last year, the Bithumb Economic Research Institute is reportedly ceasing operations tomorrow. Research centers are often perceived as costly endeavors, particularly when the company is experiencing poor financial performance. In the traditional financial sector, small and medium-sized securities firms typically prioritize restructuring their research divisions when dealing with profitability challenges.Relevance of research hubsAn official from a Korean cryptocurrency exchange told Newsis that research centers can be a financial burden during times of low trading volumes and subpar performance. Nonetheless, the official underscored the need to furnish investors with refined information through these research hubs, encouraging exchanges to cultivate an environment conducive to informed decision-making based on high-quality data.Since its inception, Bithumb’s research organization has published 55 reports aimed at forecasting cryptocurrency market trends using comprehensive macroeconomic and crypto data analysis. These reports have contributed to drawing investors to the sector.Global restructuring trendThe wave of workforce reductions in the crypto industry isn’t isolated to South Korea; it’s a global phenomenon. Chinese reporter Colin Wu, known for his crypto news platform Wu Blockchain, shared via Twitter that Binance, the world’s largest cryptocurrency exchange, is planning to lay off roughly 20% of its staff, totaling about 8,000 employees.In response to these concerns, Binance CEO Changpeng Zhao, also known as CZ, wrote a tweet yesterday. According to CZ, employee layoffs are a weekly occurrence within the company, based on considerations such as alignment with corporate culture. As an example, he mentioned the remote work environment and how it may not be suitable for everyone. However, CZ reassured that Binance remains engaged in hiring, with a focus on enriching its talent pool.