KOMSCO and KEPCO Cooperate on Blockchain Technology

Binance Headlines List of Japan FSA Warning Letter RecipientsJapan’s Financial Services Agency (FSA) issued a warning letter on Friday stating that several foreign cryptocurrency exchanges have been operating in the country without proper registration, thereby infringing Japan’s fund settlement laws. The regulatory authority specifically named Binance, Bybit, MEXC Global, and Bitget as the entities in question.The FSA indicated that these exchanges need to register with the agency to continue operating in Japan. Failure to comply with the registration requirements would result in enforcement actions by the FSA, which could include the suspension of their operations in the country.©Pexels/David DibertUnregistered digital asset exchangesThe FSA’s warning letter detailed that the cryptocurrency exchanges mentioned had contravened Japan’s fund settlement regulations by engaging in crypto asset exchange operations without proper registration. The regulatory body emphasized that the current list of unregistered traders may not accurately reflect the current state of unregistered businesses in the country.The FSA intends to continue monitoring the market and taking appropriate regulatory measures to protect consumers and the integrity of the financial system. The agency also encouraged all unregistered operators to register with the FSA to avoid any possible enforcement actions.Clamping down on unregistered exchangesThe FSA’s recent action against unregistered cryptocurrency exchanges is in line with the regulatory body’s ongoing efforts to clamp down on non-compliant operators in Japan. In 2020, the FSA introduced new regulations mandating that all crypto exchanges must register with the agency and obtain a license to operate in the country. These regulations were put in place to strengthen consumer protection and enhance the transparency of the cryptocurrency market. By taking these measures, the FSA aims to foster a more stable and secure environment for the burgeoning crypto industry in Japan.The FSA’s warning to Binance is indicative of the growing regulatory scrutiny that the cryptocurrency industry in Japan and other nations is currently facing. Regulators are increasingly concerned about the potential risks associated with unregulated cryptocurrency exchanges, such as fraud, money laundering, and market manipulation. As a result, many regulatory bodies are implementing stricter rules and guidelines to promote transparency, accountability, and consumer protection in the cryptocurrency market.These regulations aim to create a more secure and reliable environment for investors and industry participants. The FSA’s actions against Binance serve as a reminder to all market players that compliance with regulatory requirements is critical for the long-term success of the cryptocurrency industry.Global regulatory variationWhile Japan is taking steps to implement new regulations for the cryptocurrency and Web3 sectors, the country has not been as stringent in its approach as some other major economies, such as the United States. However, this does not mean that regulators in Japan are not actively monitoring the industry and taking appropriate action where necessary.One example of such action is the recent lawsuit filed by the US Commodity Futures Trading Commission against the popular crypto exchange firm, Binance, and its founder, Changpeng Zhao, over regulatory violations. This highlights the fact that regulatory bodies in different parts of the world are taking a more proactive approach to monitoring the cryptocurrency industry.Moreover, the FSA in Japan issued a formal warning letter to Binance in 2021 for operating without the necessary permissions. This is an indication that the regulatory landscape in Japan is evolving, and that crypto exchanges must comply with the relevant regulations to avoid potential legal repercussions. While the severity of regulatory measures may differ across different jurisdictions, the message is clear: compliance is crucial for the long-term viability of the cryptocurrency industry.

Bithumb Burrito Wallet teams up with Yooldo to expand blockchain gaming networkRotonda, the operator of the digital asset wallet platform Bithumb Burrito Wallet, and blockchain gaming platform Yooldo said Wednesday (local time) that they have jointly signed a memorandum of understanding (MOU) to expand their respective blockchain ecosystems and secure a global user base.Photo by Christian Wiediger on UnsplashService integrationUnder the new deal, Rotonda plans to integrate Burrito Wallet into Yooldo’s key decentralized applications (dApps), such as its first in-house developed game Trouble Punk, to build support for the expansion of its web game ecosystem. Users will also be able to use Yooldo’s governance token, YOOL, within Burrito Wallet, thus boosting its utility.Furthermore, they plan to actively collaborate on marketing endeavors such as events and campaigns to attract users.Rotonda mentioned its expectations for a successful collaboration with Yooldo as they share a common goal to make their respective services user-friendly. While Rotonda allows wallet holders to conveniently transfer assets and manage numerous cryptocurrencies and non-fungible tokens (NFTs) in one platform, Yooldo is dedicated to building a sustainable Web3 gaming ecosystem that leverages blockchain technology to offer content, rewards and user-friendly UI and UX designs, making the transition from Web2 to Web3 a seamless process for gamers.Burrito Wallet’s commitment to growing the communityMeanwhile, Burrito Wallet has been at the forefront of expanding the digital ecosystem by promoting the widespread adoption of blockchain and supporting promising startups. The platform recently hosted a hackathon at this year’s Global Blockchain Incheon Conference (GBIC 2023) and is a contributor to Bithumb’s tenth-anniversary project — an entrepreneurship support program that aims to foster young entrepreneurs and startups with groundbreaking ideas.

Regulatory breach sees Philippines initiate blockade on BinanceIt’s been a very challenging year for global crypto platform Binance — one that doesn’t appear to be improving with the latest move to block access to the platform in the Philippines.Photo by Alexes Gerard on UnsplashUnlicensed to tradeIn a noteworthy development, the Philippines Securities and Exchange Commission (SEC) declared on Tuesday its intention to block access to the Binance platform due to regulatory irregularities.The SEC asserted in a statement that Binance lacks the necessary license to operate in the Philippines, cautioning the public against engaging in investment products on the platform. The regulator stated:”BINANCE is NOT REGISTERED as a corporation in the Philippines and OPERATES WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY.”The regulatory body is actively working to have Binance blocked in the country, citing concerns about unregistered investment products. The impending ban is set to take effect within three months, allowing investors a window to exit their positions held through Binance.Pushback on advertisingIn addition to its attempts to block access to the platform, the SEC has also approached tech giants Google and Meta (Facebook’s parent company), requesting the blocking of Binance advertisements on their platforms within the country. This is a response to social media campaigns designed to attract Filipino investors to the embattled cryptocurrency exchange. While users can still download the Binance app from Google and Apple app stores in the Philippines, the extent of investor activity in the country remains uncertain.Follows U.S. regulatory actionThese actions in the Philippines come hot on the heels of Binance’s CEO Changpeng Zhao (CZ) stepping down and pleading guilty in a U.S. money-laundering case. The Philippines’ ban adds to Binance’s challenges as it aims to expand in Southeast Asia amid legal troubles in the U.S. and restrictions on operations in China.Over the course of a three-month period earlier this year, the world’s largest crypto exchange platform lost its ability to trade in Germany, Canada, Belgium, the Netherlands and Cyprus. Additionally, French authorities have been investigating the platform for alleged illegal provision of digital asset services and aggravated money laundering.Facing regulatory pushback in the U.S. and Europe, Binance appeared to be concentrating on making further in-roads in Asian markets over the course of this past year. It had recently pursued a joint venture with Gulf Energy in Thailand to launch a new digital assets exchange.Media reports previously suggested that Binance was considering acquiring a Philippine company to obtain operating licenses in the country. The SEC’s move to ban the platform follows a warning issued last year against using Binance, and it represents a broader effort to regulate the cryptocurrency sector and protect the public interest.The recent guilty plea by CZ for violating U.S. money laundering laws has added to the legal woes of the cryptocurrency giant. CZ agreed to personally pay $50 million in penalties as part of a $4.3 billion settlement to resolve investigations into Binance’s practices. He may also still face prison time in the U.S. In the Philippines, the SEC warns that Section 28 of the Securities Regulation Code (SRC) allows the application of a fine of up to five million pesos ($90,000) and a maximum prison term of 21 years.