One Store’s App Market to Support Polygon-Based dApps

FTX Japan Moves Towards FTX 2.0 via Hiring DriveFTX Japan, a subsidiary company of the collapsed FTX crypto exchange business, is embarking on a hiring spree to bolster its team and drive the FTX 2.0 initiative forward.News of the new recruitment initiative broke via a tweet from Seth Melamed, FTX Japan’s Chief Operations Officer. Melamed wrote: “FTX Japan is hiring! Our team is exploring the leading edge of technology including AI to develop new crypto tools, non-custodial CEX trading, Proof of Solvency, and leading crypto derivatives products.”On the firm’s careers page on its website, FTX Japan details that it is looking to hire a Flutter Engineer to work on mobile applications, customer service staff and a marketer. Additionally, the company is looking to offer an internship.Photo by Tianshu Liu on UnsplashAdvancing FTX 2.0This latest recruitment initiative comes on the back of news that broke last week that the FTX Debtor led by bankruptcy specialist John J. Ray III, had decided not to follow through with the sale of FTX Japan. Most FTX creditors have been calling for the relaunch of the exchange business, dubbed FTX 2.0. Monthly expense filings have shown that various advisors to the Unsecured Creditors Committee (UCC) and professionals working for FTX itself have been spending quite a lot of time working on that possibility.Such a relaunch has as yet not been officially confirmed. However, it is looking increasingly likely that there’s a strong commitment to advancing the FTX 2.0 initiative, and with that, FTX Japan is actively seeking new talent.A restructuring plan is expected to be filed before the end of the month. This will likely move the notion of FTX 2.0 from a matter of speculation to something more tangible. That said, even if it forms part of that plan filing, due to the cumbersome workings of the US bankruptcy process, it’s unlikely that the overall international business will be relaunched until 2024. FTX Japan is solvent and so, it could be back in operation well before then.FTT token speculationEarlier this week, a beta version of a claims filing system was put online, although not officially launched. News of this development led to speculative interest in FTX’s exchange token, FTT.On Tuesday, the token increased in value by 26% within a matter of hours. Pricing has since cooled, and at the time of publication, the token had a unit price of $1.52. Crypto certainly garners speculative interest as this price action demonstrates. It remains to be seen until further clarification is provided by the FTX Debtor and the bankruptcy court in Delaware in the United States as to whether FTT will even feature in the future plans of a restructured business.FTX was very much the standout black swan event within crypto in 2022. However, it’s clear that its story remains unfinished. In the months ahead, we’re likely to hear more about the future plans for the business, in what could become quite the redemption story.

Binance Japan now fully operationalGlobal cryptocurrency exchange Binance has officially commenced full operations in Japan through its locally incorporated Japanese entity, Binance Japan.Photo by Sora Sagano on UnsplashSetting off on a compliant footingFollowing a period of collaboration with regulatory authorities, Binance Japan is positioning itself firmly under the purview of clear regulatory frameworks set by the Japanese authorities.The Japanese government has instituted stringent regulations for cryptocurrency exchanges, aiming to bolster consumer protection, thwart money laundering and create a more secure trading environment. Binance Japan’s decision to align itself with these regulations comes in a year in which the leading crypto platform has encountered regulatory pushback in a whole host of jurisdictions around the world.Under the established regulatory framework, cryptocurrency exchanges in Japan are mandated to secure a license from the Financial Services Agency (FSA), the nation’s financial regulatory body. This licensing process ensures that exchanges adhere to rigorous security measures, maintain robust internal controls and implement protocols for the protection of customers.Phased market entryIt emerged back in May that the company planned to establish a separate Japanese entity. In August Binance Japan started to offer a limited service, enabling access to 34 token listings. In November the firm added 13 further digital assets, with the suggestion that it would eventually offer 100 tradable digital assets.Taking to the X social media platform on Sunday, Sota Watanabe, the founder of Polkadot-centric multichain dApp hub Astar Network and the CEO of Singapore-based Startale Labs, confirmed that Binance Japan is now in full operation. Watanabe wrote:”Binance Japan started its full operation yesterday under clear regulations set by the government, and they have listed Astar from day 1 as one of the first cryptos. I hope more and more Japanese people enter our ecosystem.”Focus on stablecoinsIn a virtual business discussion at the end of August, Head of Binance Japan, Takeshi Chino, set out the company’s vision going forward. Part of the business plans includes potential collaborations on the development of stablecoins. Further news on that pursuit became known the following month when Mitsubishi UFJ Trust and Banking Corporation (MUTB), the trust arm of Japan’s largest bank, announced a collaboration with Binance Japan that will investigate the issuance of public blockchain stablecoins denominated in the local currency, the Japanese yen, as well as other fiat currencies.The full launch of Binance Japan signifies the increasing recognition of cryptocurrencies as a legitimate financial asset class. With a major global exchange like Binance willingly adhering to local regulations, it sets a positive precedent for other exchanges and entities in the region to follow suit.Furthermore, given Japan’s historical significance in the global cryptocurrency market, Binance’s operations in the country could contribute significantly to the broader acceptance and integration of cryptocurrencies into the financial ecosystem. This move aligns with the global trend of heightened institutional interest in digital assets.Binance Japan’s initiation of full operations within a clear regulatory framework marks a further stride forward for both the exchange and the Asian crypto market.

Singapore-based Terraform Labs, the company behind the failed algorithmic stablecoin TerraUSD, has officially filed for Chapter 11 bankruptcy protection in the United States. It appears that the crypto space is not finished with dealing with the excesses and mismanagement that emerged at the end of the last market cycle. This move from Terraform comes in the wake of a $40 billion cryptocurrency crash and ongoing legal scrutiny, with the firm stating its intention to continue operations and support for the Terra community.Photo by Melinda Gimpel on UnsplashBusiness plan executionTerraform Labs was co-founded by Do Kwon, who is currently under investigation for its alleged wrongdoing relative to the failure of TerraUSD. The bankruptcy filing, submitted on Sunday to the Bankruptcy Court for the District of Delaware, aims to facilitate the company's business plan execution while navigating ongoing legal proceedings, including representative litigation in Singapore and the United States involving the Securities and Exchange Commission (SEC). In a statement, Chris Amani, CEO of Terraform Labs, commented on the decision, stating:"The Terra community and ecosystem have shown unprecedented resilience in the face of adversity, and this action is necessary to allow us to continue working toward our collective goals while resolving the legal challenges that remain outstanding." Amani reassured stakeholders that the decision ensures the company can maintain its commitment to working with the community on infrastructure, innovative tools, products and other ecosystem support. Amani became CEO of the company in July of last year, having been acting as Terraform’s COO prior to that. He acknowledged the challenges faced and expressed optimism about overcoming them, highlighting the resilience of the ecosystem after previous hurdles. Liabilities and assets in $100M to $500M rangeThe company emphasized that the Chapter 11 filing is designed to allow it to meet all financial obligations to employees and vendors without requiring additional financing. The estimated liabilities and assets fall within the range of $100 million to $500 million, as indicated in the filing. The SEC has initiated a civil trial against Terraform Labs and Do Kwon, accusing them of orchestrating a $40 billion cryptocurrency fraud through the TerraUSD algorithmic stablecoin and its sister token Luna. The SEC alleges that Terraform Labs and Kwon raised billions of dollars from investors through unregistered transactions, leading to the collapse of TerraUSD and Luna in May 2022. Both the SEC and Terraform have unsuccessfully filed for summary judgment in the case. Far-reaching consequencesThe crash had far-reaching consequences, impacting several crypto firms, including Singaporean crypto hedge fund Three Arrows Capital, Singaporean crypto lender Hodlnaut, Voyager Digital and Celsius Network. Do Kwon, a South Korean national, faces additional criminal charges in the United States related to fraud and market manipulation. His arrest in Montenegro in March 2023 and pending extradition requests from South Korea and the United States underscore the global legal challenges confronting him. The U.S. District Court for the Southern District of New York has scheduled the SEC trial against Terraform Labs and Kwon for late March, accommodating Kwon's extradition process. Meanwhile, in South Korea, Terraform Labs co-founder Daniel Shin has denied wrongdoing in the collapse as part of separate proceedings taken against him.