Emurgo Looks to Fill in Missing Cardano Ecosystem Components

Binance APAC Head Urges the Korean FIU to Approve Gopax’s Exec ChangesIn a recent interview with Yonhap News, Leon Sing Foong, Binance’s head of Asia-Pacific operations, emphasized the importance of the Korean financial regulator approving the change of executives at Gopax, a Korean crypto exchange.©Pexels/freestocks.orgDelayed staked asset returnFoong’s comments came in the face of mounting worries regarding the delayed repayment of assets stored in Gopax’s staking service GOFi. He explained that 25% of the assets staked in GOFi have been repaid, and the remaining assets will be refunded after approval of the Financial Intelligence Unit (FIU) of the Korean Financial Services Commission (FSC) is secured.Foong was appointed as the new CEO of Gopax last February, with Binance becoming the largest shareholder of Gopax’s operator Streami. In March, Gopax submitted an application to the FIU to inform them of the executive changes, as required by Korean law.However, the application review has been delayed amid concerns about the unclear location of Binance’s headquarters and its regulatory challenges in the US.Controlling staking servicesThe Binance executive believes Gopax’s staking service should be controlled by the exchange itself, rather than a third party. The current GOFi issue emerged due to Gopax’s management of its custody assets through crypto lender Genesis, which ceased trading following the FTX bankruptcy. Foong stated that Binance will require Gopax to maintain reserves of over 100% and eventually phase out the third-party-based service.According to Foong, Gopax’s business model will remain unchanged, and the exchange will work alongside Binance to bolster liquidity within the local market while enhancing both infrastructure and security measures. He considers internal risk management as Gopax’s top priority.Risk assessmentFoong also expressed confidence in the upcoming risk assessment of Gopax by Jeonbuk Bank, recently requested by the Korean Financial Supervisory Service (FSS). He said that the exchange is healthy, and that Binance has high-level anti-money-laundering (AML) capabilities.Korean law mandates crypto exchanges supporting Korean won trading have real-name bank accounts, and Gopax receives such accounts from its partner Jeonbuk Bank.Binance’s Asian expansionBinance’s endeavor to enter the Korean market is part of its strategy to expand its presence in Asia. It was previously reported that Binance Japan will start its operations around June this year.

Cryptocurrency exchange Bybit has reinstated access to its mobile app for users in India via Apple’s App Store and Google Play, saying website access has been restored following regulatory steps taken earlier this year. The company said it registered with the Financial Intelligence Unit–India (FIU-IND) in January 2025 and re-enabled trading functions for eligible users on Feb. 25, with full app access announced on Sept. 8.Photo by appshunter.io on UnsplashPenalty and registration paved way for Bybit’s comebackThe return follows an enforcement action at the start of the year. On Jan. 31, FIU-IND imposed a penalty of 92.7 million Indian rupees (approximately $1.05 million) on Bybit for violations under India’s anti-money laundering law and said its website had been blocked under the Information Technology Act until compliance was achieved. The following month Bybit announced it had paid the penalty and completed its FIU registration. Bybit’s latest announcement comes against the backdrop of India’s cautious approach to sector-wide rules. A government document reviewed by Reuters indicates New Delhi is distancing itself from a comprehensive cryptocurrency law, citing the Reserve Bank of India’s view that regulation could confer “legitimacy” and elevate systemic risks, while an outright ban would not stop peer-to-peer or decentralized exchange activity. India does not have a comprehensive crypto law but applies a flat 30% tax on income from transfers of virtual digital assets (VDAs) and a 1% tax deducted at source (TDS) on consideration paid for VDA transfers under section 194S of the Income-tax Act. Platforms bet on India despite tighter oversightIt's worth noting that authorities had moved to bring offshore platforms within local oversight. FIU-IND issued show-cause notices to nine foreign exchanges (Bitfinex, Bittrex, Binance, Bitstamp, Gate.io, Huobi, Kraken, KuCoin and MEXC Global) in December 2023 and sought to block access to non-compliant services. App store removals of several offshore exchange apps occurred in January 2024 following the notices. Binance later registered with FIU-IND as a reporting entity after paying a fine of 188.2 million Indian rupees (about $2.14 million) for earlier violations, imposed in June 2024. KuCoin also registered, with a smaller penalty of $41,000. In March 2025, Coinbase joined the list by gaining clearance from the Indian financial regulator, announcing plans to launch offerings for retail customers in the country later this year, with other products to follow. Their rush to establish a foothold makes sense, as India topped the Chainalysis Global Crypto Adoption Index, underscoring the country’s widespread embrace of digital assets. Bybit’s re-entry follows a major security incident unrelated to India’s rules. In February, the exchange reported a theft of roughly $1.5 billion in Ethereum (ETH), which the U.S. Federal Bureau of Investigation later attributed to North Korean actors known as “TraderTraitor.” Shortly after the incident, Bybit CEO Ben Zhou said the exchange had replenished the gap in the ETH reserves. 

Korean game company Krafton’s metaverse studio OVERDARE announced yesterday via its official blog that it forged a partnership with Circle, a U.S.-based fintech firm that issues stablecoin USDC. Founded in December 2023, OVERDARE is a joint venture between Krafton and Naver Z, a subsidiary of online platform operator NAVER Corporation.  In collaboration with Circle, OVERDARE plans to jointly develop its own USDC payment and settlement system in addition to the Web3 wallet. These services are set to be adopted by its upcoming user-generated content (UGC) platform “OVERDARE,” which bears the same name as the company. Photo by Javier Martínez on Unsplash A metaverse platform for game creationThe soon-to-be-launched OVERDARE is a metaverse platform where users can create various types of games ranging from action role-playing games (RPG) to sports and shooting games. What enables users to create games with ease on this platform is “OVERDARE Studio,” a sandbox tool equipped with generative AI and Unreal Engine 5.   OVERDARE adopts the Create-to-Earn (C2E) system, which returns a portion of the sales profit to creators. The creators’ works in the form of NFTs and their transaction details are recorded onchain, strengthening the transparency of transactions and payments. OVERDARE’s self-developed Layer-1 blockchain mainnet “Settlus” will also do its part in the service operation, which would license the intellectual property (IP) of creators’ works on Web2 platforms.  Stablecoin to empower creator economy“Circle is excited to be at the forefront of this pioneering venture with OVERDARE to empower the creator economy through the provision of secure Web3 wallets and near-instant USDC payouts on a global scale. We believe this partnership will be a catalyst in shaping the future of digital entertainment, ultimately fostering an innovative Web3 environment for all,” said Jeremy Allaire, CEO and co-founder of Circle. Henry Park, CEO of OVERDARE, stated, “We’re excited to unveil our partnership with Circle, a company distinguished by its regulatory compliance and trustworthiness. Their robust support ensures that we are able to support the creator economy, and guarantee creators reliable access to their earnings.”OVERDARE is scheduled to launch a large-scale user test in the first half of this year and officially launch the service in the second half.