Bithumb achieves top score in FIU anti-money laundering compliance evaluation

Daehong and Animoca Brands Partner to Leverage NFTs in Expanding Web3 ProjectsDaehong Communications, the marketing solutions arm of South Korean industrial conglomerate Lotte Group, has recently inked a partnership with Animoca Brands, a blockchain gaming company headquartered in Hong Kong.Animoca Brands gained attention earlier this year by raising $5.5 million through the sale of its Mocaverse NFTs. Mocaverse is the membership NFT collection for the Animoca Brands ecosystem. The Hong Kong-based publisher is also the owner of the renowned metaverse gaming platform, The Sandbox.Photo by Shubham’s Web3 on UnsplashConnecting two worlds of NFTsThis collaboration between Daehong Communications and Animoca Brands is intended to expand their respective Web3 projects, focusing on domains like games, communities, and tickets. As a move under this collaboration, Daehong’s Bellygom and Bellyland NFTs will see integration with Mocaverse. Daehong oversees the Bellygom NFT project, while the pink bear character of the project is a promotional tool for Lotte Homeshopping, a media commerce arm of Lotte Group.Moreover, holders of Mocaverse NFTs are set to experience a variety of games, missions, and rewarding systems introduced by Bellyland — Daehong’s second collection of the Bellygom NFT project.Bellygom’s expansion effortsIn recent times, Daehong has been actively driving the growth of the Bellygom NFT project by revealing the project’s details on GitBook in both Korean and English. Furthermore, Daehong has forged alliances with several burgeoning Web3 projects, including decentralized wellness ecosystem Yogapetz, Web3 social media platform Phaver, and Web3 social network CyberConnect.This partnership marks a strategic confluence of marketing solutions and blockchain gaming, aiming to spearhead innovations in a variety of Web3 projects, especially those related to gaming and community building. These efforts are poised to contribute to broadening the horizon of decentralized technologies.

The Ministry of Justice Investigation Bureau in Taiwan has referred Nine Chen, a popular Taiwanese singer-songwriter and television program host, to the prosecutors' office in Taipei on suspicion of aggravated fraud and violations of banking laws for his alleged involvement in a fraud scheme linked to the JPEX cryptocurrency exchange. Local media publication the United Daily News reported on June 26 that as an outcome from an investigation into the matter, the authorities have established that Chen acted as a brand ambassador for JPEX in 2023, receiving 320,000 USDT in the process. While Chen has been referred on to the prosecutors’ office in Taipei, they have yet to press charges against him. Photo by Thomas Tucker on UnsplashOngoing sagaThe first public soundings of an issue in Taiwan relative to JPEX emerged in November 2023. At that time, the Taipei District Prosecutors Office (TDPO) requested that Chang Tung-ying be taken into custody amid allegations of fraud. Tung-ying was understood to have been chief partner at JPEX’s Taiwan office.  The previous month, the TDPO had called Chen in as a witness. The singer had informed local media that he was out of pocket for funds he had held in digital assets via JPEX, incurring a 15% loss.  At that time, the authorities in Taiwan arrested dozens of suspects related to what is believed to be a fraud to the value of approximately $205 million. Hong Kong investigationsJPEX garnered the most negative reaction in Hong Kong. In excess of 2,000 complaints were registered with local regulators within the Chinese autonomous territory relative to the cryptocurrency exchange.  Problems were first reported in September 2023 when the platform outlined that it had experienced a liquidity crisis. Losses in Hong Kong relative to the platform were understood to be in the region of $180 million.  In an effort to deal with the matter, JPEX proposed a plan in October 2023 to transition the business to a decentralized autonomous organization (DAO). Multiple arrests were made by the Hong Kong authorities, with a collection of assets being seized in an effort to gather up funds on behalf of platform customers who found themselves out of pocket. While JPEX hit the headlines in 2023 for questionable activity in Asian markets, the business is actually headquartered in Dubai in the United Arab Emirates (UAE). In September of last year, Dubai’s Virtual Assets Regulatory Authority (VARA) outlined that as far as it was concerned, JPEX wasn’t regulated in Dubai and hadn’t registered with the regulator.  Following the same pattern in Taiwan, JPEX had not registered with the Financial Supervisory Commission (FSC) relative to anti-money laundering (AML) regulations, which it requires crypto platforms to comply with. Taiwanese authorities have experienced issues with a number of crypto platforms over the course of the past 18 months. Aside from JPEX, the founder of ACE Exchange, David Pan, was arrested in January 2024. Charges of money laundering and fraud were brought against him. As with JPEX, there was a connection with Dubai in that Pan was also the founder of Dubai-based crypto exchange ZORIXchange. In November 2023, Bitgin, a local crypto exchange, found itself at the center of an investigation into money laundering.

DBS Bank, a key player in Singapore's banking sector, has unveiled a substantial reorganization of its operational framework, which includes its digital asset exchange business, DDEx. Global Financial Markets (GFM)Effective March 1 DBS will consolidate its equity capital markets, brokerage arm DBS Vickers and the DBS Digital Exchange (DDEx) into its Treasury Markets division. In doing so, it will form a unified entity known as Global Financial Markets (GFM). This amalgamation underscores DBS's intention to merge conventional financial services with the burgeoning digital assets landscape, contributing towards a new era of financial integration and innovation. DDEx, a members-only exchange facilitating exposure to digital assets for accredited investors, financial institutions and family offices, will now operate under the umbrella of GFM. This strategic integration aims to leverage the synergies between traditional and digital financial spheres, positioning DBS at the forefront of transformative financial solutions.Photo by Meriç Dağlı on UnsplashDDEx founder retiresThe announcement of this restructuring coincides with the retirement of Eng-Kwok Seat Moey, a revered figure within DBS, whose 36-year tenure has left an indelible mark on the bank's trajectory. Eng-Kwok's contributions to DBS's equity capital markets and the development of Singapore's REITs industry are widely recognized, as is her pivotal role in spearheading the DBS Digital Asset Ecosystem (DAE) and the founding of DDEx. Under her stewardship, DBS has consistently ranked atop regional league tables, driving innovation and excellence in Singapore's financial landscape. Eng-Kwok's legacy extends to her instrumental role in establishing the DBS Digital Asset Ecosystem (DAE), a pioneering initiative offering a spectrum of digital asset services, including origination, distribution, custody and trading. Andrew Ng, the current head of Treasury Markets, assumes leadership of the newly formed GFM group. His expertise will be instrumental in navigating the complexities of global finance, blending traditional market mechanisms with the innovative potential of digital assets. Clifford Lee, renowned for his proficiency in fixed income, will expand his purview to encompass investment banking, overseeing both debt and equity capital markets alongside his responsibilities at DBS Vickers. Capitalizing on complementary strengthsThe consolidation of DBS's financial arms not only aims to streamline operations but also seeks to capitalize on the complementary strengths of traditional and digital financial domains. Piyush Gupta, CEO of DBS, expressed confidence in the merger's ability to unlock greater synergies, enabling the bank to deliver a comprehensive suite of financial solutions to its clientele. DDEx has been at the forefront of digital asset trading in Asia, witnessing significant growth in bitcoin and ether transactions in recent years. Notably, DDEx has explored avenues such as security token offerings (STOs) and it has ventured into the metaverse realm with investments in projects like The Sandbox. Additionally, DBS's Chinese subsidiary launched a digital yuan merchant solution, facilitating payments in the new currency for mainland enterprises. As DBS embarks on this latest transformation, the integration of digital assets into its core financial operations underscores its interest in innovation within a rapidly evolving financial landscape.