Terraform Labs co-founder Do Kwon sentenced to 15 years for ‘generational’ fraud

Streami Appoints New CEO, Boosting Hopes for Regulatory Crypto Approval in KoreaStreami, the operator of South Korean cryptocurrency trading platform Gopax, has been struggling for months to obtain approval for the change of its chief executive officer from the financial regulator. This challenge emerged following the significant investment by the global exchange Binance, which became the company’s largest shareholder in February. At that time, Leon Sing Foong, who was the Asia-Pacific head of Binance, was appointed as CEO.Photo by Andriyko Podilnyk on UnsplashCityLabs’ emergenceHowever, the recent appointment of a CEO from a Korean company could potentially represent a turning point for Streami. This development is particularly noteworthy because this local firm has acquired shares in Streami and is expected to further increase its stake in the company.In a report from local news outlet Bizwatch, it was revealed that Cho Young-joong, who currently serves as CEO of CityLabs, has been officially designated as the new CEO of Streami. This appointment now places him in a leadership position overseeing both the smart city infrastructure company and the cryptocurrency exchange operator.Before Cho’s appointment, CityLabs had made investment in Streami, contributing KRW 5.4 billion, which is approximately $4 million. This investment secured CityLabs an 8.55% stake in Streami, equivalent to a total of 76,308 shares of the company.Thanks to this development, Streami has finally filled the CEO position, ending a two-month vacancy that began after the resignation of former CEO Lee Joong-hoon in August. While it has been confirmed by a company official that Cho has been selected as the new CEO, he has not yet assumed his role.Frequent leadership changesIn the course of this year, Streami has already undergone three leadership changes. The stagnant administrative process at the Financial Intelligence Unit (FIU) compelled Leon Foong to step down from his position, which was subsequently assumed by Lee Joong-hoon, Streami’s former Vice President. However, despite Lee’s appointment, little progress was made during his tenure. Additionally, It’s also worth noting that there were reports indicating Leon Foong’s complete departure from Binance in late August.Several industry sources have suggested that Binance is likely to relinquish its status as Streami’s largest shareholder but could later participate in managing the company. The hope is that this strategic maneuver will assist Streami in securing approval from the FIU.

Korea’s Traditional Customer Rewards Program Embraces NFTsSouth Korean tech company SK Planet, the operator of the popular customer rewards program OK Cashbag, made an exciting announcement for points collectors today. In a recent press release, it revealed the launch of its new non-fungible token (NFT) membership program called “Road to Rich.”Photo by Markus Winkler on PexelsRewards program meets NFTsFor over two decades, OK Cashbag has been a beloved membership service for Korean consumers. Now, members can embark on a journey through the Road to Rich program, accompanied by a rabbit character NFT. By completing daily quests, participants will earn rewards such as OK Cashbag points. As they progress on their journey, users can even level up their character, with the ultimate goal of reaching level 5. At this pinnacle, users will receive a tradable TEM NFT, offering customized everyday benefits.Decentralized walletSK Planet, an affiliate of the South Korean conglomerate SK Group, has also introduced a new decentralized wallet called UPTN Station. Built on the Avalanche subnet, UPTN Station empowers users to store and transfer various digital assets, including NFTs. To enjoy the Road to Rich program, the installation of UPTN Station is required.Gaming and rewardsNotably, the Road to Rich program comprises two gaming episodes to further captivate its users and encourage active participation. Any OK Cashbag member aged 19 or older can partake in the first episode and mint their own rabbit NFT at no cost.Kim Kyo-soo, the head of SK Planet’s customer experience division, expressed enthusiasm about the NFT program, highlighting its ability to make Web3 experiences second nature for users. Moreover, he mentioned plans for future collaborations with SK Group affiliates and other partners, aiming to provide an extensive range of services.

Singaporean regulator, the Monetary Authority of Singapore (MAS), has awarded cryptocurrency exchange Bitstamp a Major Payment Institution (MPI) trading license.Photo by Julien de Salaberry on UnsplashExpanding into APACIn a blog post published on July 3, Bitstamp proclaimed that it is “globally trusted & now licensed in Singapore.” The company described the acquisition of the license as a milestone that “marks the start of [its] expansion into the APAC region.” It emerged in June 2024 that Bitstamp had been acquired by American trading platform Robinhood. The $200 million acquisition was finally completed last month. Bitstamp signaled last September that it planned to expand its institutional business across Australia and Asia. Earlier this year, parent company Robinhood outlined that it would use Bitstamp to crypto offerings in Singapore in 2025.Acquiring licensesAt that time, Johann Kerbrat, vice-president and general manager of Robinhood Crypto, said that “part of the reason why Bitstamp was attractive was because of their licenses with Singapore, in addition to its institutional business.” This latest license award strengthens the company’s efforts in gaining more traction in Asia. Licensing is all the more relevant given the recent actions of the Singaporean regulator. Last month, MAS set a June 30 deadline for unlicensed crypto firms operating out of the city-state and serving overseas customers to cease offering such services. Over recent years, Singapore has been striving towards establishing itself as a global hub for crypto startups. It has been successful in that endeavor insofar as a whole host of international crypto businesses have established a presence there.  However, its recent move to curb unlicensed firms working out of Singapore in providing services internationally has been interpreted as a much more cautious approach being taken by the Singaporean authorities. The regulator clarified its concerns recently:”MAS has set the bar high for licensing and will generally not issue a licence. The money laundering risks are higher in such business models and if their substantive regulated activity is outside of Singapore, MAS is unable to effectively supervise such persons. Without a licence, such DTSPs [Digital Token Service Providers] will have to cease their regulated activities.”Caution in Singapore to benefit Hong KongSingapore has been competing with cities like Hong Kong to develop and maintain that crypto hub status. Some commentators have expressed the view that Hong Kong will benefit from this latest move in Singapore.  Joshua Chu, a lawyer who co-chairs the Hong Kong Web3 Association, told the South China Morning Post (SCMP) recently that “this is likely to attract quality projects [to Hong Kong] looking for a compliant, liquid, and globally connected base.” In addition to licensing achieved in Asia, Bitstamp has acquired licensing in a number of European countries such as Italy, Spain, France and the Netherlands. Last month, Robinhood launched the trading of tokenized stocks and exchange-traded funds (ETFs) for users resident within the European Union (EU). It also revealed that it is in the process of building out a layer-2 network on top of the Arbitrum blockchain with a view towards using it to host tokenized real-world assets (RWAs).