Bybit joins quest for VATP license in Hong Kong

Wemade Leverages Blockchain to Host Professional Women’s Golf Tournament in BusanWemade, a blockchain game company headquartered in South Korea, is gearing up to host a professional women’s golf tournament at the Haeundae Beach Golf and Resort in Busan, the nation’s southern port city. The tournament is scheduled to take place from November 18 to 19.Photo by mk. s on Unsplash1 million WEMIX prize poolThe event, titled the WEMIX Championship 2023, will showcase the top 20 KLPGA Tour golfers in the WEMIX point ranking, along with four invited players. They will vie for a prize pool of 1 million WEMIX, which, as per CoinMarketCap, is trading at $0.5585 at the time of publication. The tournament will be live-streamed through the SBS Golf television channel.The WEMIX point ranking, established in collaboration with SBS Golf, is determined by assessing the performance and results achieved by members of the regular Korea Ladies Professional Golf Association (KLPGA) Tour.NFT tickets and souvenirsDuring this event, Wemade’s DAO and NFT platform, NILE, will showcase non-fungible tokens (NFTs) that represent admission tickets and official souvenirs. These NFTs will be available for purchase on the NILE marketplace starting in October, giving golf enthusiasts the opportunity to acquire them.By integrating blockchain technology into the golf tournament, Wemade is expected to deliver a fresh and innovative experience for both organizers and spectators alike.Furthermore, Wemade aims to increase its investment in the WEMIX Championship, with the goal of enhancing the tournament’s reputation as a prestigious season-ending event.

Experts Discuss Korean Security Token MarketSince the Korean financial regulator released regulatory guidelines on security tokens in February, many have anticipated that the introduction of security tokens would transform the concept of investment and give rise to new market strategies based on blockchain technology.©Pexels/PixabayIndustry professionals have expressed their opinions on the matter in interviews with media outlets.Token issuance and distributionPark Hyo-jin, vice president at Sejong Telecom, in a recent interview with Korean media outlet Digital Today, expressed his disappointment about the Korean government’s decision to separate token issuance from token distribution. Sejong Telecom is the developer and operator of the blockchain-based real estate fractional investment platform Bbric.According to Park, the capital market law separates token issuance from token distribution in order to prevent conflicts of interest, as interested parties may attempt to control financial products according to their own preferences. However, things are different with security tokens, Park believes. With the help of blockchain technology, a mainnet can issue and distribute tokens without intermediaries.Higher investment limitsPark emphasized the importance of increasing investment limits and cited the small size of the Korea New Exchange (KONEX), a stock exchange for small enterprises, as a reason for its lack of activity. He added that higher caps would result in positive ripple effects.Regarding real estate security tokens, Park doesn’t expect more profitable products, but sees that more investment choices will be available. He is particularly interested in investment contract securities. One such example is renting a piece of land to farmers to distribute harvest profits.Connection with virtual assetsThe security token market will face limitations if it’s not connected with its virtual asset counterpart. He mentioned the need for a digital asset law to create an ecosystem that links security tokens with virtual assets.Meanwhile, in an interview with Economic Review, Lee Kun-ho, former CEO of KB Kookmin Bank, showed a somewhat pessimistic view about the Korean security token market while admitting its potential.Various uncertaintiesIn his opinion, while real estate holds potential as a security token investment, government policies may introduce uncertainties. Likewise, the markets for music and artwork are also subject to unpredictability. Consequently, security token strategies in these areas could encounter limitations.Lee also sees that some of the services don’t necessitate blockchain technology. It is unlikely that any clear winners will emerge in the short term; therefore, it is vital for the industry to approach this issue with prudence, he added.

Binance Collaborates with Thai Police to Bust $277 Million Crypto ScamIn a crackdown on cryptocurrency-related crime, Binance, the world’s largest global exchange, has partnered with Thailand’s Royal Thai Police to aid them in dismantling a major criminal network behind a crypto scam.Photo by Dan Freeman on UnsplashOperation “Trust No One”According to a blog post published by the exchange, the operation, code-named “Trust No One,” has not only resulted in the arrest of five key members of the syndicate but has also seized assets worth a staggering $277 million. Importantly, the operation is likely to offer restitution opportunities for more than 3,200 victims.Binance collaborated closely with the Cyber Crime Investigation Bureau (CCIB) and the United States’ Homeland Security Investigations (HSI) to combat these illicit activities. Police Lieutenant Colonel Thanatus Kangruambutr, an inspector at CCIB, expressed his appreciation for Binance’s involvement, underscoring the exchange’s role in the fight against scams and cybercrimes.Successful collaborationsTigran Gambaryan, Binance’s Head of Financial Crime Compliance, reaffirmed the exchange’s commitment to partnering with authorities worldwide to restore trust in the digital asset ecosystem. This operation adds to Binance’s growing list of successful collaborations in its efforts to combat crypto-related crimes, following the recovery and freezing of $450,000 in stolen assets linked to the Curve Finance hack in 2022.In a separate case, Binance’s investigative team played a pivotal role in exposing a major cryptocurrency scam orchestrated by an extensive network of international criminal organizations. This investigation resulted in the arrest of suspects across 30 different locations in Bangkok and the provinces of Samut Prakan and Udon Thani. Binance provided critical information that facilitated these arrests, even sending an investigator to Thailand to support the process of obtaining arrest warrants.This collaborative effort empowered the Royal Thai Police to confiscate illicit assets, which included 16 opulent residences, 12 high-end vehicles, and 16 million Thai Baht (approximately $440,000) in cash.Notably, Binance’s proactive cooperation with law enforcement agencies has yielded an impressive average response time of just three days, surpassing the customary response times of traditional financial institutions. Taking to X (formerly Twitter), the company stated: “Our recent support helped [the Royal Thai Police] to conclude two separate investigations, leading to the arrests of criminals behind major crypto scams.”Ongoing issueCryptocurrency scams have been on the rise in Thailand, posing a substantial financial threat to its residents. Last month Thai authorities detained five foreigners due to their involvement in a $76 million crypto-related scam.In August, Thailand’s Ministry of Digital Economy and Society (MDES) issued Meta (the company behind Facebook) with a warning due to what it deemed to be an inadequate response by the social media giant in Thailand to the prevalence of crypto-related fraudulent ads on the platform.Binance has been active in collaborating with law enforcement in various jurisdictions to combat crypto-related crime. Over the last three years, the exchange has actively cooperated with and provided assistance in more than 103,000 law enforcement investigations worldwide.Although Thailand has witnessed a surge in cryptocurrency-related scams, the collaborative efforts between the Royal Thai Police and Binance serve as a commendable model for addressing these challenges going forward.