Crypto exchange Foblgate unites with HKVAC to expand global reach

STX Token Debuts on Korean Exchange BithumbSTX, the native token of the Stacks network, made its debut on the KRW market of Bithumb, a renowned Korean cryptocurrency exchange, at noon (Korea Standard Time) on Tuesday. The listing price is 828.5 KRW per unit.Photo by Jonathan Borba on UnsplashBitcoin scalability solutionStacks is a Bitcoin scalability solution that addresses the challenge of transaction latency through the use of microblocks. It utilizes the programming language Clarity and benefits from the security of Bitcoin by employing its unique consensus algorithm called Proof of Transfer (PoX). This mechanism enables Stacks to settle transactions on the Bitcoin network.Stacks is one of the most anticipated projects associated with Bitcoin, and its token was approved by the U.S. Securities and Exchange Commission in 2019.STX token usageThe STX token serves multiple purposes within the Stacks blockchain ecosystem. Users can utilize it for stacking, participating in governance activities, and paying transaction fees.

Major Korean Crypto Exchanges Strengthen on NFT Projects Despite Crypto WinterDespite crypto winter, major Korean cryptocurrency exchanges Upbit and Bithumb strengthened on staff and included new non-fungible token (NFT) projects.US Tightening Policy Effects on Crypto MarketAccording to the electronic disclosure system operated by the Financial Supervisory Service, Upbit’s operator Dunamu saw a net income of 130.8 billion won last year, down by 94% from 2.21 trillion won. Bithumb also experienced a decline of 85% from 648.4 billion won to 95.4 billion won. This downturn is reportedly attributed to the tightening monetary policy by the US and weaker market sentiment on risky assets.Insights on Korean NFT MarketBoth exchanges, Upbit and Bithumb, having seen meager profitability in crypto trading, recruited more talent to embark on NFT projects. However, the picture is not so rosy for these new endeavors, considering the tepid NFT trade volume. According to The Block, the NFT trade volume last month reached $983.4 billion, which is lower than $1.4 trillion, the previous month’s record.The NFT trade volume on Upbit last month also experienced year-on-year and month-on-month decreases of 48.6% and 14.5%, respectively.Last week, Dunamu CEO Sirgoo Lee said in a shareholders’ meeting that its NFT projects are underachieving and that he is reconsidering the new projects from scratch. He added that Dunamu will build a solid foundation in Korea while promoting global businesses starting from the US through Levvels, a blockchain-based platform jointly established by Dunamu and the entertainment company HYBE.Outlook on the Korean MarketBithumb, on the other hand, will bolster new projects through Bithumb Meta and Rotonda. Bithumb Meta recently launched the beta service of its original metaverse Naemo Market where users can use NFTs to decorate their own personal digital space. Rotonda released Burrito Wallet last February to allow waller holders to store NFTs, cryptocurrencies, and fiat currencies.Meanwhile, there was a mixed outlook on the Korean crypto market. One person said in an interview with Hankooki that greater workforces in the country’s leading crypto exchanges could suggest the market’s growth, but also pointed out that their bigger sizes might hinder them from maneuvering when faced with other unexpected risks.

Binance APAC Head Resigns Amid Regulatory ChallengesThe uncertainty swirling around Binance, the world’s largest cryptocurrency exchange, continues as Binance Head of Asia Pacific (APAC), Leon Foong, has resigned from his position.The resignation was reported by Bloomberg on Thursday, with the publication citing people familiar with the matter. Foong played a pivotal role in expanding Binance’s reach across markets like South Korea, Thailand, and Japan.Photo by Marten Bjork on UnsplashRecent pattern of executive exitsFoong’s departure is the latest one in a series of high-profile exits in recent months. Chief Strategy Officer Patrick Hillman and General Counsel Hon Ng are among those who have previously left, as regulatory authorities worldwide tighten their grip on Binance.Binance has been navigating a challenging period as regulatory crackdowns sweep across the global crypto space, prompting strategic shifts and senior leadership changes. Foong’s departure may also signify the company’s effort to realign itself in the face of mounting scrutiny.Market share under pressureThe regulatory backlash has not only led to senior leadership changes but has also impacted Binance’s market share. As authorities have clamped down on Binance due to alleged violations, the exchange’s dominance in the crypto trading market has diminished.Losses of key banking partnerships have compelled some customers to migrate to rival platforms. In some cases, Binance has simply been forced to retreat entirely from offering services in certain jurisdictions.Over the course of a period of three months earlier this year, the company lost its ability to trade in Germany, Canada, Belgium, the Netherlands, and Cyprus. French authorities are investigating the platform for alleged illegal provision of digital asset services and aggravated money laundering.In recent days, the global exchange platform has also come under pressure relative to the service it extends to Russian users. A Wall Street Journal exposé published last week alleged that Binance’s activities in Russia were in breach of sanctions imposed by the United States. Binance responded by removing the option for customers to transact over the platform using two sanctioned banks. It’s now understood that the company is considering going a step further and exiting that market entirely.LawsuitsBinance’s legal woes began with the US Commodity Futures Trading Commission (CFTC) filing a lawsuit against the exchange, along with its billionaire Founder and CEO Changpeng Zhao (CZ). The lawsuit alleged violations of derivatives regulations and criticized the firm’s compliance procedures. Binance reacted by expressing surprise and disappointment over the legal action.The challenges continued with the US Securities and Exchange Commission (SEC) filing a lawsuit against Binance and CZ in June, accusing the exchange of running unregistered exchanges and engaging in various other violations. Binance has consistently contested these allegations from both the CFTC and the SEC.In response to these challenges, CZ took to X (formerly Twitter) in July to reaffirm the exchange’s commitment to growth despite the setbacks.More concern has been created due to the recent filing by the SEC of a motion “under seal” in its case against Binance. That option is usually taken to prevent public knowledge of sensitive information, which possibly could relate to a parallel investigation from the US Justice Department.There’s likely to be no letup in the cloud that hangs over the business until all enforcement actions and lawsuits have run their course.