South Korea seeks power to freeze crypto accounts in price manipulation cases

Matrixport Focuses on US Market With New AppointmentMatrixport, the Singapore-based cryptocurrency trading and lending platform, has announced a new appointment to lead its operations in the United States.US institutional-focused businessThat’s according to a recent report published by The Block. Mo Zhou, previously the Chief Operating Officer (COO) for Matrixport in the US, will now take charge of the company’s institutional-focused business lines in the country. This move comes as Anthony DeMartino, the former US CEO, steps down from his role and assumes an advisory position within the company.Anthony DeMartino, a seasoned trading veteran, joined Matrixport approximately a year ago from Coinbase, where he led Coinbase Risk Strategies. Prior to that, he held senior trading positions at prominent financial institutions such as UBS, Barclays, and HSBC, culminating in his role as the Head of LATAM Rates Trading at HSBC.When DeMartino was hired, Matrixport highlighted its international growth plans in the US, expressing its commitment to expanding its presence despite regulatory challenges faced by crypto businesses in the country.The recent announcement reaffirms that Matrixport’s plans for growth in the US remain intact. Ross Gan, Head of Public Relations and Brand for Matrixport, stated that Anthony DeMartino has transitioned to an advisory role while Mo Zhou, the newly appointed COO, will oversee the day-to-day operations in the United States.Photo by Sora Shimazaki on PexelsProminent Asian crypto businessMo Zhou brings a wealth of experience to his new role, having worked in derivatives and mergers and acquisitions (M&A) for ten years. He is a Harvard-trained lawyer and is well-equipped to lead Matrixport’s institutional-focused business lines in the US.As one of the larger cryptocurrency businesses in Asia, Matrixport boasts a global workforce of over 290 employees. The company’s impressive figures include more than $700 million in outstanding loans and a monthly trading volume of $5 billion, as stated on its website.Bullish price predictionMatrixport has garnered some attention for its Bitcoin price predictions over recent weeks. Last month, the company pointed out that its Bitcoin Greed & Fear Index had surged towards the greedier end of the spectrum. At the time, the Bitcoin price stood at $31,200. The firm predicted a cooling over the shorter term in that price action. At the time of publication, the Bitcoin unit price stands at $30,300, having dipped below the $30,000 mark on a number of occasions.Last week, Matrixport’s Head of Research and Strategy, Markus Thielen, suggested that Bitcoin is heading towards a unit price of $125,000 by the end of 2024. Thielen maintained that Bitcoin recording a one year high unit price on June 22 signified the end of the bear market, and the start of a bull market. Thielen and Matrixport find themselves in good company as on Monday, international financial services firm Standard Chartered predicted a Bitcoin unit price of $50,000 by year end and a price of $120,000 by the end of 2024.Matrixport’s appointment of Mo Zhou reflects its ongoing commitment to expanding its operations and solidifying its presence in the United States. With Zhou at the helm of the company’s US business, the company is positioning itself to navigate the evolving cryptocurrency landscape and continue its growth trajectory in this developing market.

In a major crackdown, the Chengdu Public Security Bureau announced on May 15 the dismantling of an extensive underground banking network, resulting in the arrest of 193 suspects across China in an operation that unveiled illegal businesses using the U.S. dollar stablecoin, Tether (USDT).Photo by DrawKit Illustrations on UnsplashUnauthorized foreign exchange settlements These activities involved illicit transactions amounting to approximately 13.8 billion yuan ($1.9 billion). The investigation began in November 2022 when authorities detected suspicious activities involving underground banks in Chengdu’s Longquanyi district. In response, a specialized task force was formed, integrating experts from various police departments, including economic investigation, cyber security and legal affairs. This team uncovered unauthorized foreign exchange settlements that bypassed national regulations. On June 1 of last year, acting on instructions received from the Ministry of Public Security, the task force conducted coordinated raids in several major cities, such as Shanghai and Shenzhen. These efforts led to the capture of key figures in the criminal syndicate, involving the arrest of 25 suspects. Law enforcement seized numerous bank cards, payment instructions and other digital payment instruments tied to the illegal operations during these raids. A broader investigation across 26 provinces has resulted in 193 suspects being arrested. Using USDT to evade regulationFurther investigations revealed that since January 2021, the syndicate exploited its import and export business to facilitate illegal activities. By using USDT as a medium, they bypassed official foreign exchange channels to service clients needing to transfer funds internationally. Moreover, these operations were intricately linked to other illicit activities, including financial fraud and smuggling. In a related development, on May 13, BeInCrypto reported that the Chinese government arrested six individuals responsible for illicit crypto transactions worth $295 million. These arrests highlight the challenges and risks associated with cryptocurrency in unregulated environments. Additionally, the Hong Kong police recently apprehended three men at a currency exchange shop following a deceptive transaction involving Tether’s USDT. The suspects allegedly showed a customer ceremonial "hell money" before deceitfully persuading him to transfer about $128,073 worth of USDT, only to refuse the agreed-upon cash exchange afterward.  According to the South China Morning Post (SCMP), hell banknotes are a form of ceremonial paper money burned as an offering to ancestors or deities in traditional Chinese culture. Late last year, USDT was used by a gang of gold smugglers in Nepal, who received $16 million in the Tether stablecoin in exchange for the precious metal. A joint investigation carried out by the authorities in Nepal and China led to the arrest of two Chinese and 13 Nepalese nationals in connection with the illicit activity. Over the course of the weekend, it emerged that two Chinese nationals had been charged by the authorities in the United States with money laundering through Bahamas-based Deltec Bank. Deltec acts as the primary banker for Tether, prompting longstanding Tether critics to suggest illicit activity relative to the stablecoin issuer’s dealings with the bank. This series of arrests and discoveries underscores the ongoing efforts of Chinese authorities to clamp down on illegal cryptocurrency activities. The activity also poses problems for Tether in its efforts to maintain compliance and stamp out illicit use in the face of ever-increasing regulatory scrutiny worldwide.

Yes24 Teams Up with KPC to Establish Digital Content Distribution EcosystemSouth Korean culture and arts content platform Yes24 announced on Thursday that it has signed a business agreement with digital content aggregator Korea Publishing Contents (KPC) to build a digital content distribution ecosystem based on blockchain technology to protect the rights of copyright holders and users alike.Photo by Hal Gatewood on UnsplashYes24 CEO Choi Sera and KPC CEO Lee Joong-ho attended the signing ceremony for the agreement last Tuesday.Collaboration on multiple frontsUnder the new partnership, both parties plan to explore various business models and collaborate on marketing efforts to establish and operate the digital content ecosystem. They also intend to cooperate by leveraging their human resources, technological capabilities, and market networks.“We will do our best to create a secure and fair digital content distribution environment that both protects and grants more rights to copyright holders and users,” Yes24 said in a statement, adding that it would also strive to contribute to the acceleration of the digital content market.Fueling creativity and content consumptionAs a major online book retailer, Yes24 provides a range of services, which include selling books as well as tickets for various concerts and events. KPC is a joint venture established by 65 Korean publishers with the collective aim of discovering sustainable growth drivers for the publishing industry. Currently, the company distributes over 1,000 e-books and audiobooks from various publishers to local and international e-book stores and libraries.