Korean Financial Watchdog Warns Investors Against Crypto Scams

BingX embarks on rebrand to further service offeringBingX, the Singapore-headquartered cryptocurrency exchange platform, has taken the decision to rebrand the business.Improving the trading experienceThe platform, originally known for its role in guiding newcomers into the crypto space through copy trading, claims that the move is designed to elevate the trading experience for users by prioritizing simplicity, efficiency and security.This transformation includes a substantial overhaul of BingX’s visual identity, highlighted by a streamlined logo that caters to the practical needs of traders. The changes extend to the platform’s color palette and typography on digital platforms, all aimed at making the trading process more intuitive and user-friendly.Photo by Patrik Michalicka on UnsplashBroadening market appealWhile initially recognized for its focus on crypto beginners, BingX is now broadening its horizons. The platform introduces advanced features catering to a diverse range of crypto enthusiasts, from novices to seasoned traders. This expansion underscores BingX’s adaptive approach to the dynamic cryptocurrency market, addressing the evolving needs of its user base.Megan Nyvold, Head of Branding at BingX, outlined that the rebranding aligns with the company’s enduring vision of democratizing crypto trading globally, emphasizing diversity and creating professional, user-centric trading environments.From ‘Trading Made Easy‘ to ‘Empowering Traders’In tandem with the visual changes, BingX has also unveiled a new tagline, transitioning from “Trading Made Easy” to “Empowering Traders.” This shift emphasizes the company’s commitment to supporting traders at all levels, ensuring access to reliable and transparent services.In a blog post published by the company on Thursday, Nyvold stated:”Over the past five years, BingX’s vision to build a gateway for the next billion crypto users has been unwavering. As part of this evolution, we have refined our core values with a renewed emphasis on promoting diversity. As we introduce our refreshed brand identity, we reaffirm our assurance of empowering our users, focusing on a more professional and user-centric trading environment that aligns with our vision for collective success.”This latest move is one of a number of ongoing efforts BingX has made this year to further develop the business. In July, the company introduced AstraBit to the platform, an automated algorithmic trading and portfolio management tool, to enhance and automate the crypto trading experience for its platform users.The following month, it introduced a Multiple Deposit Addresses feature to enable greater flexibility and convenience for service users. September brought a collaboration with WunderTrading, adding the use of its automated trading bots to BingX platform users. Earlier this year, the company had integrated crypto portfolio tracker CoinTracking with the platform, in an effort to allow service users to generate reports for tax purposes with ease.BingX was founded in Singapore in 2018 by Josh Lu. The platform claims to have five million service users.

Conference in Pohang City attracts young metaverse enthusiastsThe Global Youth Metaverse Conference has commenced at the POSCO International Center in the South Korean port city of Pohang. This two-day event, starting from Nov. 21, gathers over 100 participants from both domestic and international spheres, including young individuals and business officials.The event provides a chance for participants to listen to lectures from scholars around the world, network with youths from various countries, and learn about the potential impacts of the metaverse. The presentations focus on business strategies for the burgeoning metaverse industry, illustrating its development through the convergence with diverse technologies and industries, including AI and blockchain.Photo by Richard Horvath on UnsplashYouth’s role in navigating the ‘Big Blur’The conference focuses on the youth’s leading role in navigating what’s called the “big blur.” This term alludes to the increasing blurring of boundaries between various industries, a phenomenon driven by the rapid and innovative technological advancements associated with the Fourth Industrial Revolution. This revolution encompasses transformative elements such as the Internet of Things (IoT), artificial intelligence (AI), and robotics, all of which are accelerating this convergence.During his keynote speech, Professor Kim Sang-gyun from Kyung Hee University paints a picture of the metaverse shaped by superhuman capabilities, emphasizing the transformative potential of technologies like AI, genetic engineering and nanotechnology in reshaping the future of humanity.Further enriching the dialogue, Daniél Ávila Arias, CEO of BoxMagic, explores the future of coding in everyday language. He delves into how advancements in large language models will revolutionize programming and our interaction with machines. Meanwhile, Lim Jung-hun, Principal at Deloitte Anjin, offers valuable advice to young entrepreneurs eyeing metaverse-related startups, highlighting the importance of customer experience in metaverse business implementations.Moses Im from The Sandbox shares insights into the profound changes expected as Web3 infrastructures and platforms gain more traction.Interactive and cultural activitiesThe conference also features a range of content events designed to spark creative discussions among the youth and enhance their understanding of the metaverse. These include a booth for immersive virtual interactions, an exhibition displaying works from the Creative Metaverse Festival, and a digital photo exhibition promoting cultural tourism in the province.Echoing the event’s themes, Kim Nam-il, Deputy Mayor of Pohang, affirmed the city’s dedication to nurturing the metaverse industry, recognizing it as a new frontier in the digital age. He stated that the city is taking proactive steps to explore and develop this sector and assured that they will provide extensive support and cooperation to foster its growth.

Singapore High Court Recognizes Cryptocurrency as Personal PropertyIn a significant ruling on July 25, Judge Philip Jeyaretnam of the High Court of Singapore declared that cryptocurrency is capable of being held in trust and should be recognized as property.The judge’s decision came in response to a case brought by Dubai-headquartered crypto exchange Bybit against its former employee, Ho Kai Xin, who was accused of transferring approximately 4.2 million Tether (USDT) from the crypto exchange to her private accounts without authorization.Photo by Tingey Injury Law Firm on UnsplashNo fundamental differenceIn his ruling, Judge Jeyaretnam emphasized that there is no fundamental difference between cryptocurrencies, fiat money, or even physical objects like shells when it comes to their status as property. He argued that as long as these objects hold value and are based on mutual faith, they can be considered property. The judge’s verdict is seen as a crucial step in establishing the legal status of digital assets within the Singaporean jurisdiction.Addressing the argument that cryptocurrencies lack physical presence and therefore cannot be considered property, Judge Jeyaretnam drew an analogy, stating: “We identify what is going on as a particular digital token, somewhat like how we give a name to a river even though the water contained within its banks is constantly changing.” By equating cryptocurrencies to named entities, the judge made it clear that physical tangibility is not a prerequisite for something to be classified as property.Cryptocurrencies have valueFurthermore, the ruling challenges the perception that cryptocurrencies have no “real” value. Judge Jeyaretnam firmly refuted this notion, highlighting that the value of any asset, whether physical or digital, is ultimately determined by collective human belief and judgment.One critical classification made by the judge is grouping cryptocurrencies under the category of “things in action” within British common law. This categorization means that cryptocurrencies are considered a form of property, over which personal rights can be claimed and enforced through legal actions, rather than requiring physical possession.The judge’s decision also referenced the Monetary Authority of Singapore’s (MAS) consultation paper, which proposes implementing segregation and custody requirements for digital payment tokens. By taking cues from the MAS’s stance on digital assets, the court emphasized the legality of holding cryptocurrencies on trust, as long as practical methods for identification and segregation are in place.Cues taken from existing lawSingapore’s legal framework for property also played a crucial role in the ruling. Judge Jeyaretnam pointed to Order 22 of Singapore’s Rules of Court 2021, which defines “movable property” to include various assets, such as cash, debts, bonds, shares, and cryptocurrency or other digital currency. This inclusion reinforces the recognition of cryptocurrencies as a valid form of property within Singaporean law.In April of this year, a Hong Kong court reached a similar conclusion, recognizing cryptocurrency as property. In the High Court of Justice in London the following month, non-fungible tokens (NFTs) were recognized as “private property.”Overall, Judge Jeyaretnam’s ruling represents a significant milestone in the legal recognition of cryptocurrencies in Singapore. By acknowledging cryptocurrencies as property, the court provides greater clarity and certainty for crypto users and investors while affirming the importance of embracing digital assets within the nation’s legal framework.