Gulf Binance Secures Thai Digital Asset License

Korean crypto firms relocating for cheaper rent amid prolonged crypto winterAs the prolonged crypto winter continues to affect the industry, blockchain and cryptocurrency firms in South Korea are under pressure to economize. Faced with a deteriorating business and investment climate, numerous companies are reducing their office space and relocating to areas with cheaper rent, according to a Wednesday (local time) report by local media outlet Bizwatch.Photo by Nastuh Abootalebi on UnsplashReducing operating costsBizwatch reported, citing industry sources, that Parameta (previously Iconloop), a blockchain enterprise, has relocated its headquarters from Seoul’s upscale Signature Towers to a more economical shared office space this year. This strategic move is interpreted as an effort to slash operating costs by choosing a location with significantly lower rental expenses. A Parameta representative confirmed that the relocation was part of measures to reduce costs.Binance-backed Streami, which runs the Gopax cryptocurrency exchange, is also reportedly contemplating an office relocation after downsizing its staff. The company’s workforce has dwindled from over 100 employees earlier in the year to approximately 60 by September. A Streami spokesperson has indicated that they have yet to reach a decision regarding the relocation. Streami’s situation is particularly significant due to its ongoing challenges in securing approval from financial regulators for changes to its executive representatives since Binance acquired a majority stake. Recently, Streami appointed a new CEO from the domestic tech firm CityLabs, which has also purchased an 8.55% stake in Streami and intends to further increase its investment in the exchange operator.Similarly, Korea Digital Exchange, the operator of cryptocurrency-only exchange Flybit, has listed for sale one of its two floors of office space in Seoul’s Seocho district. This move comes nearly a year and eight months after the company expanded into the current premises.Changes in workforce sizesBefore the crypto winter, when the Korean crypto market witnessed unprecedented growth, numerous companies expanded their offices to make room for the growing workforce, bolstered by rising revenues. For instance, Dunamu, which runs Upbit — Korea’s largest crypto exchange — garnered attention for acquiring pricey real estate in Gangnam to construct a new office.However, the boom was short-lived. With the onset of the crypto downturn, numerous companies found themselves having to shut down. Blockchain technology firms are facing similar challenges, with many developers steering away from the sector due to persisting market instability. For many of these firms, the workforce has diminished as they’ve either undergone restructuring or struggled to recruit replacements for departing employees.An industry insider remarked that reducing operating costs is a logical step for companies facing a lack of investment and revenue. They noted that this only applies to those resilient enough to weather the hardship, adding that many cryptocurrency-only exchanges are likely to shut down completely in these challenging conditions.In fact, Cashierest, a crypto-only exchange, recently announced the cease of operations. Concerns about the company had been growing after staff layoffs and the departure of its CEO in July. A thorough analysis by the Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) found that, of the 21 Korean crypto-only exchanges, 18 are operating with negative shareholder equity as of the first half of this year. Moreover, 10 did not earn any revenue from transaction fees during the same period.Crypto-only exchanges typically see lower trading volumes as they cannot facilitate trades in Korean won. In South Korea, only five trading platforms — Upbit, Bithumb, Coinone, Korbit and Gopax — are officially registered with the financial regulator to conduct fiat-to-crypto transactions.

Crypto Travel Rule solutions provider CODE obtains ISO 37301 certificationCODE, a Travel Rule solutions provider and joint venture co-founded by Korean cryptocurrency exchanges Bithumb, Coinone and Korbit, announced on Wednesday (local time) that it has obtained the ISO 37301 certification for compliance management systems (CMS) from the Korea Compliance Initiative (KCI).Photo by Héctor J. Rivas on UnsplashBoosting complianceISO 37301 is an international standard that outlines the requirements and guidelines for an organization in establishing, developing, implementing, evaluating, maintaining and improving a CMS. It provides a framework for organizations to ensure that they are following all relevant and applicable laws, regulations, codes of conduct and more to exercise good governance, transparency and accountability.CODE has taken the initiative to bolster its CMS to provide more secure and reliable Travel Rule solutions by analyzing and managing compliance risks. The firm’s CEO Lee Sung-mi is responsible for overseeing these efforts as the recently appointed head of compliance. Through these measures, the company explained that it has been capable of building a system to comply with strict international standards.The Travel Rule under the Financial Action Task Force’s (FATF) Recommendation #16 outlines that virtual asset service providers (VASPs) must share certain personal information about customers — including names and account numbers — when facilitating crypto transactions that exceed a certain amount.CODE is also running mandatory training sessions and various programs for all employees to ensure adherence to compliance requirements. In particular, the firm operates a system to monitor Travel Rule compliance risks that may arise during cryptocurrency deposits and withdrawals.“Beyond establishing a robust compliance management culture as a Travel Rule solution provider, we will continue to work with our corporate members to ensure that this culture can be more widely adopted across the crypto industry,” said Lee Sung-mi.Contributing to anti-money launderingCODE has also recently teamed up with global blockchain analytics and crypto compliance solutions provider Elliptic to help Korean VASPs adapt to the evolving international regulatory landscape for anti-money laundering (AML) and the crypto Travel Rule.

Centralized decentralized finance (CeDeFi) protocol NEOPIN is gearing up to launch NEOPIN Bridge, a platform designed to bridge the Finschia network with Ethereum Virtual Machine-based (EVM) networks like Ethereum and Klaytn. According to an official announcement via Medium on Tuesday (KST), the service will be launched by the end of February.Photo by Shubham's Web3 on UnsplashLinking ecosystemsEver since its establishment of an official partnership with the Finschia Foundation last month, NEOPIN has been developing Finschia’s first EVM-compatible bridge. The project is intended to facilitate the process of exchanging cryptocurrencies for users on the Finschia, Ethereum and Klaytn networks. This will enhance the development and liquidity of the Finschia and Klaytn ecosystems through the integration of Ethereum-based stablecoins.  Currently, NEOPIN’s DeFi protocols are accessible only through the NEOPIN Wallet. But with NEOPIN Bridge, user accessibility and convenience will be enhanced through provided support for various wallets like MetaMask, Kaikas, DOSI Vault and more. New services will also be implemented, including token swaps for users to transfer the converted Finschia tokens (FNSA) through the bridge. NEOPIN is the only DeFi protocol that simultaneously supports both the Finschia and Klaytn mainnets, who recently announced a joint proposal for the Dragon DeFi Initiative – a project to build a DeFi ecosystem active on both the Finschia and Klaytn mainnets. NEOPIN’s strengthsWith a record of zero incidents including stake slashing since 2018, along with a 99.99999% block generation rate, the protocol touts a clean track record in node validation across multiple blockchains, emphasizing its dedication to trust and stability. “NEOPIN is recognized for its robust security and reliability, serving as a role model for the Abu Dhabi DeFi regulatory framework. The launch of our self-developed NEOPIN Bridge is a significant stride towards encouraging the growth of the Finschia and Klaytn ecosystems,” said Ethan Kim, CEO of NEOPIN.