Blockchain Mainnet FNCY to Collaborate with Web3 Community Platform GALXE

DAXA Implements Virtual Asset Alert System to Enhance Investor ProtectionThe Digital Asset eXchange Alliance (DAXA), a consortium consisting of the top five cryptocurrency exchanges in South Korea, has made an announcement today regarding the introduction of a standardized virtual asset alert system.That’s according to a report by local news outlet Edaily. This system aims to tackle the problem of information asymmetry and safeguard the interests of investors.Badging of assetsUnder this new initiative, member exchanges will continuously monitor the market in real time to operate their respective alert systems. Whenever a virtual asset meets certain predetermined criteria, the trading window for that asset will be labeled with a badge. While DAXA members have collectively agreed to run the alert signal for a maximum of 24 hours, each exchange will have the autonomy to determine specific durations based on their individual requirements.Photo by Sigmund on UnsplashFive categoriesThe alert system will cover five distinct categories, notifying users of market movements related to price fluctuations, trading surges, deposit surges, price gaps, and whale trades. Price fluctuations refer to instances where the prices of virtual assets experience a rise or drop of over 50 percent within a 24-hour period. Trading surges indicate an increase in trading volume by more than 100 percent over the past ten days. Deposit surges signify an increase in deposit volume by over 100 percent during the same ten-day period. Price gaps occur when virtual asset prices on DAXA exchanges differ by more than 5 percent from their corresponding prices on crypto information website CoinMarketCap. Lastly, whale trades refer to situations where specific individuals or entities account for more than 40 percent of the total transaction volume within the past 24 hours.It is worth noting that the guidelines pertaining to the alert system will be customized by each member exchange according to their specific trading volumes and requirements. While adhering to the aforementioned framework, the member exchanges will establish their own rules and regulations.The formulation of this initiative involved the collaboration of all five members, who collected valuable input from DAXA advisors since the alliance’s inception in June of last year. The alert system also underwent a trial test phase to ensure its stability before being implemented.DAXA Vice Chairman Kim Jae-jin said the DAXA alert system would address information asymmetry issues by promptly providing data that ordinary investors previously couldn’t find on charts or order books. Kim added that the alliance is committed to further improving the alert system.

Chinese Official Gets Life Sentence on Crypto Mining-Related Corruption ChargesA former Chinese government official, Xiao Yi, has been handed a life sentence for engaging in illicit business activities connected to a $329 million Bitcoin mining venture, together with other unrelated acts of corruption, according to Cointelegraph.The Intermediate People’s Court of Hangzhou City declared the verdict on Tuesday, finding Xiao Yi guilty of corruption and abuse of power.Yi, previously associated with the Jiangxi Provincial Political Consultative Conference Party Group and holding the position of Vice Chairman, faced charges stemming from a range of offenses. The corruption allegations dated back to 2008 and extended till 2021, involving instances of bribery.Photo by Tingey Injury Law Firm on UnsplashAdditional abuse of power chargesSimultaneously, the abuse of power accusations spanned from 2017 to 2021 and centered around providing financial and electricity incentives to Jiumu Group Genesis Technology, a company headquartered in Fuzhou that once managed over 160,000 Bitcoin mining machines.Prosecutors contended that Yi took deliberate steps to conceal the extent of the mining operation. He was said to have directed relevant departments to falsify statistical reports and manipulate electricity consumption classifications. During the period between 2017 and 2020, the energy consumption attributed to Jiumu amounted to 10% of Fuzhou’s overall electricity usage.Moreover, Xiao Yi’s involvement in facilitating crypto mining activities as a Party Secretary of Fuzhou city between 2017 and 2021 led to significant losses to public property, national interests, and people’s interests. This underscores the broader consequences associated with his actions and their impact on the community.The court ruling disclosed: “Yi pleaded guilty and repented, actively returned the stolen funds, and all the bribes and their profits have been seized.”Crypto mining and trading prohibitionIn the context of China’s current cryptocurrency regulatory stance, all forms of cryptocurrency transactions, exchange operations, and fiat-to-crypto onboarding, together with crypto mining, are prohibited. However, direct ownership of cryptocurrencies is not explicitly banned. In a recent development on August 3, a Chinese court declared a $10 million Bitcoin lending contract null and void based on the nation’s Bitcoin restrictions, without the possibility of legal debt recovery.Another incident on August 14 led to the sentencing of a Chinese national to nine months in prison for facilitating the acquisition of Tether (USDT) by an acquaintance, earning a profit from the transaction.Xiao Yi’s case reflects the Chinese government’s ongoing efforts to enforce its stringent stance on cryptocurrency-related activities, including Bitcoin mining, which has garnered increasing attention due to its energy consumption and potential economic implications.Bitcoin mining was outlawed in China in 2021. Many of its miners left the country, establishing operations in places like Kazakhstan and in North America. However, it’s understood that there is still a significant level of mining activity ongoing in China despite the ban.The life sentence serves as a stark warning against illegal Bitcoin mining and financial misconduct, aligning with the Chinese government’s intention to maintain control over its financial sector and prevent unauthorized financial activities. The detailed revelations about Yi’s role in facilitating crypto mining activities highlight the broader implications of his actions on the public and national interests.

The European Council has banned all transactions within the European Union (EU) involving the Russian Ruble-backed stablecoin A7A5, according to a press release published Oct. 23. The prohibition targets the stablecoin itself, its developer, its Kyrgyzstan-based issuer, and the operator of a platform that facilitates major A7A5 trades. The package also takes aim at Russian crypto exchanges.Photo by Christian Lue on UnsplashAdditional banking restrictionsThis measure is part of a broader set of economic sanctions against sectors the EU stated assist the Russian invasion of Ukraine, including energy, finance, and defense industries. As part of this financial clampdown, the EU will also impose a ban on five additional Russian lenders starting Nov. 12. One of those lenders, Alfa-Bank, recently began offering Bitcoin buying and selling services, according to an X post by journalist Pete Rizzo. The European body said the new crypto measures address Russia’s increasing use of digital assets to circumvent existing sanctions. Russian banks were cut off from the SWIFT international payment system in early 2022, following the onset of the Russo-Ukrainian war. Reports of Russia using cryptocurrency to finance malign activities have surfaced previously. Earlier this month, Sławomir Cenckiewicz, the head of the Polish National Security Bureau (BBN), told the Financial Times that Russia has employed crypto to finance attacks on EU countries. Cenckiewicz said that a network of agents recruited by Russia’s GRU military intelligence agency and uncovered in Poland in 2023 had been substantially funded with cryptocurrency. Reflecting this concern, lawmakers in Poland’s lower house approved a bill in September to strengthen national crypto oversight, a move also expected to help curb Russian funding channels. Cenckiewicz noted that Polish intelligence agencies are closely monitoring the legislation to prevent loopholes that allow foreign actors to support agents using digital assets. Russia’s evolving crypto policyThe EU’s action comes as Russia itself is attempting to refine its own cryptocurrency rules. According to the Moscow Times, Russia's central bank wants to limit cryptocurrency use strictly to cross-border payments within an experimental legal regime (ELR). The institution continues to reject recognition of cryptocurrency as a legal means of payment and has advocated banning its use for domestic payments and retail investment, while permitting trading only for high-net-worth individuals through licensed platforms. Russia’s finance ministry has expressed a more flexible view, pointing to the scale of crypto adoption among the public. Earlier this year, the central bank estimated that domestic crypto transactions exceeded 1 trillion rubles (about $12.4 billion) per month, and that as of March, wallets linked to Russian users held roughly 827 billion rubles (about $10.2 billion). The finance ministry and the central bank have agreed to tighten supervision of the crypto market, with officials expecting to finalize the new framework before the end of the year.