Binance Expands Crypto Offering in Dubai with New License

Singapore’s DBS Bank has announced the launch of the distribution of crypto-linked structured notes. The development will see structured notes tokenized on the Ethereum blockchain, with the product being made available to eligible non-DBS clients across three digital investment platforms and exchanges. In a press release published to its website on Aug. 21, DBS, the largest bank in Southeast Asia, disclosed that its tokenized structured notes would be made available to the investing public via ADDX, DigiFT and HydraX. These platforms have signed agreements with DBS to distribute its tokenized structured notes, which are debt securities that combine various types of financial products into one offering.Photo by Shubham Dhage on UnsplashFirst token distributionThe development marks a milestone for DBS insofar as it makes for the bank’s first-ever token distribution. The bank explained that the nature of the note means that investors are provided with a cash payout when cryptocurrency prices rise. In this way, the investor can build exposure to the asset class without having to directly manage any digital assets.While this is DBS Bank’s first token distribution, the bank had launched crypto-linked structured notes for its own eligible clients back in September 2024. DBS asserted that demand for the product has been strong, given that it enables investors to run advanced investment strategies related to their digital asset portfolios. ‘The next frontier of financial markets infrastructure’Commenting on the development, DBS Bank’s Head of Foreign Exchange and Digital Assets, Li Zhen, said that “asset tokenization is the next frontier of financial markets infrastructure.” He added that the tokenized product offering addresses a growing institutional appetite for digital assets. Singapore-based Ryan De Souza, APAC partnership lead at blockchain development firm Offchain Labs, described the product offering as an example of the fractionalization prophecy starting to play out. Access to this type of product would typically be available with a minimum investment size of $100,000. With the tokenization of the product, accessibility is increased given that minimum investment has been reduced to $1,000. Each tokenized note represents a fungible $1,000 share of the conventional structure note product. The development is also significant from the perspective of Ethereum. It demonstrates yet another instance of institutional adoption, which increases both liquidity and demand relative to ETH. Tokenized product offerings are likely to gain further momentum given that they bring greater transparency and efficiency by comparison with conventional offerings. DBS outlined that its clients executed in excess of $1 billion in trades involving tokenized structured notes and crypto options within the first half of 2025. Additionally, trade volumes related to these products grew by almost 60% from Q1 2025 to Q2 2025.Singapore-headquartered product distribution partner DigiFT recently partnered with crypto market maker GSR with the launch of its secondary over-the-counter (OTC) trading service for tokenized real-world assets (RWAs). Back in March, DigiFT announced plans to launch an on-chain index fund, backed by a tokenized stock portfolio. ADDX, another Singapore-based platform, had joined forces with OCBC Bank back in 2023 with a view towards facilitating the launch of a tokenized equity-linked structured note.

The Singapore Police Force (SPF) and the Cyber Security Agency of Singapore (CSA) have jointly issued an advisory to raise awareness about the escalating use of cryptocurrency drainers in cyberattacks. The advisory aims to inform citizens about the threat and provide recommendations to protect against such attacks, with a specific emphasis on utilizing hardware wallets for enhanced security. Cryptocurrency drainers represent a form of malware that specifically targets crypto wallets. These malicious tools are often employed in phishing attacks to illicitly extract funds from users' wallets without proper authorization.Photo by Junrui Wu on UnsplashDrainer-as-a-service threatOf particular concern are commercial crypto draining kits, which empower less experienced cyber-criminals with sophisticated malware at no upfront costs. Operating on a drainer-as-a-service (DaaS) model, attackers share a predetermined percentage of the stolen funds with the service provider. The SPF and CSA underscored that crypto-drainer-related attacks typically originate from phishing campaigns. These campaigns commonly involve infiltrating verified social media accounts or dispatching fraudulent emails to users from compromised databases of major service providers. Unsuspecting victims who click on phishing links are redirected to counterfeit trading websites that prompt them to connect their Web3 wallets. Subsequently, a malicious smart contract is injected into the victim's system, enabling hackers to withdraw funds without additional authorization. MS Drainer and Inferno DrainerWhile no such attacks have been reported in Singapore to date specifically, the advisory acknowledges the rising recognition of this threat among hackers. Notably, an off-the-shelf crypto drainer called MS Drainer contributed to hackers stealing $59 million worth of cryptocurrency in 2023. Last month, Singapore-based cyber security firm Group-IB produced a report concerning the Inferno Drainer operation. According to the company’s research, the malware operation led to the theft of $80 million in digital assets globally, until the developers behind it shut it down last November. In December, the Pink Drainer hacking group notched up another victim, to the tune of $4.4 million in LINK tokens. Last week blockchain security firm Scam Sniffer reported that $10 million in digital assets had been stolen in phishing-related incidents over the course of just five days. Hardware walletsTo counteract these threats, Singapore authorities recommend the use of hardware wallets as a security measure against wallet drainer attacks. Additionally, the advisory instructs crypto investors to conduct thorough research before engaging with cryptocurrency services or platforms. Singaporeans are encouraged to report any suspicious incidents related to crypto drainers or phishing attacks to both relevant authorities and crypto service providers. In the event of a security breach, victims are urged to revoke any suspicious token approvals and promptly transfer their remaining funds to a different, secure wallet address to prevent further losses. This proactive approach aims to empower individuals with the knowledge and tools needed to navigate the risks associated with crypto drainers and foster cybersecurity awareness within the cryptocurrency ecosystem. As the threat landscape evolves relative to digital assets, this advisory serves as a valuable resource to educate citizens about the risks posed by crypto drainers.  

Kloint and Korea University to develop on-chain data analysis solutionsKloint, a company specializing in the tracking of virtual asset transactions, revealed on Tuesday a partnership with the College of Informatics and the Center for Information System Security at Korea University. The collaboration is set to focus on the joint development of algorithms and platforms for on-chain data analysis.Photo by Shubham Dhage on UnsplashSharing insights on regulatory frameworksAs part of this initiative, Kloint and Korea University will cooperate to understand the domestic and international demand for on-chain data analysis. They will also exchange insights on the regulatory and policy frameworks that govern the technologies involved.Growing crypto-related criminal activitiesThe collaborative effort between Kloint and Korea University is set against a backdrop where, with the expansion of the cryptocurrency market, there has been a corresponding uptick in its use for criminal activities like money laundering, drug trafficking, and embezzlement.Traditional techniques used by government bodies, such as the public prosecutor’s office and financial regulators, have proven expensive and increasingly ineffective in tracking virtual assets as they struggle to keep pace with the sophisticated methods now used to circumvent detection.Kloint was co-founded last September by three blockchain technology firms: Fair Square Lab, S2W and Ozys. With a vision set on the horizon, Kloint is gearing up to supply government entities and virtual asset service providers (VASPs) with analytical platforms and reporting services. In the more immediate term, the company is focusing its efforts on developing solutions for data collection and analysis tailored to the Korean cryptocurrency market.