Banxa's UK arm makes regulatory strides with FCA approval

SafePal Delves Into Korean Market Through Klaytn PartnershipThe Seychelles-based team behind non-custodial digital asset wallet provider, SafePal, has made its first attempt at conquering the Korean market through a partnership with South Korean enterprise blockchain, Klaytn.The collaboration will see the wallet provider support digital assets native to the Klaytn blockchain network. For Klaytn ecosystem users, it also means that they can access in excess of one hundred blockchains, which are already supported by SafePal’s non-custodial wallet. Both entities articulated their thoughts relative to the partnership, with SafePal doing so via a blog post published late last week. Meanwhile, the Klaytn project team expanded on the development in a post to its website on Tuesday.Photo by Mathew Schwartz on UnsplashKorean expansionKlaytn-native digital assets will be supported via SafePal’s mobile app, hardware wallet and its browser extension-based wallet. SafePal acknowledges the leading position that the Klaytn network takes in Korea, relative to the metaverse, blockchain gaming and other Web3 verticals. While SafePal already has 10 million users, this move demonstrates that it has plans on expanding that user-base to incorporate millions more, in this case Korea-based Klaytn network users.Alluding to that Korean expansion, Veronica Wong, Co-Founder and CEO of SafePal stated: “Klaytn is a leading blockchain in Korea for Web3 and DeFi, so this partnership made perfect sense, as we want users to access exciting opportunities in all established ecosystems globally.”Bringing Klaytn dApps to SafePal usersThe Klaytn project team is viewing the hook-up in the same manner. In its announcement it outlines that the collaboration can serve its purpose in “bringing in Klaytn’s next 10 million users with SafePal.” The partnership also serves to bring leading Klaytn dApps to that new user-base of 10 million. That includes on-chain instant swap protocol, Klayswap, blockchain play-to-earn game DeFi Kingdoms, Korean NFT marketplace Pala, leveraged yield farming project, Kleva Protocol and DEX aggregator Swapscanner.Conceived by the dominant messaging app provider in Korea, KAKAO, in 2018, the development of the Klaytn blockchain is now guided by the Klaytn Foundation. The project has set out a governance roadmap that will see the project achieve decentralization later this year.SafePal growth trajectorySafePal has been hitting its numbers when it comes to expanding its user base. Over the course of the past year, it has grown its user-base from 8 to 10 million. Its support for 100 blockchains results in overall support for in excess of 200,000 token types, including NFTs. That growth strategy belies further comments that Wong made relative to this latest collaboration:“While the self-custody offered by Web3 and DeFi is increasingly important amidst growing concerns about traditional financial systems, adoption is still hindered by language and geographical barriers. Klaytn is a leading blockchain in Korea for Web3 and DeFi, so this partnership made perfect sense, as we want users to access exciting opportunities in all established ecosystems globally.”With no let up in its growth strategy, SafePal followed up on Friday with an announcement that it had integrated the recently launched low latency, high throughput layer one SUI network and its native token, $SUI.

Binance Behind New Hong Kong Crypto Exchange Pursuing LicenseThe launch of a crypto exchange named HKVAEX in Hong Kong has raised eyebrows as it appears to be closely connected to the global cryptocurrency giant, Binance.Photo by Florian Wehde on UnsplashResource sharingWhile the two entities do not officially acknowledge any affiliation, they share resources and have some commonalities that suggest a deeper connection, according to a report published by the South China Morning Post (SCMP) on Wednesday.HKVAEX was established in Hong Kong as an independent entity under BX Services Limited. Despite the absence of shared names, official affiliations, or public statements, several clues point to a connection. The logos of Binance and HKVAEX bear a resemblance, and Binance’s official accounts, as well as CEO Changpeng Zhao (CZ), are among HKVAEX’s followers on social media platform X (formerly Twitter).Gaining a foothold in Hong KongIt’s worth noting that Binance’s services are not available in Hong Kong, which raises questions about the motivation behind establishing an independent entity within the city. While HKVAEX appears to be actively pursuing a virtual asset license in Hong Kong, Binance has been relatively silent about its own licensing plans within the Chinese autonomous territory. This move could potentially provide Binance with a strategic foothold in a market that is becoming increasingly significant for digital asset entities.Hong Kong has recently introduced a licensing scheme for digital asset entities, and this development has spurred enthusiasm among such entities to establish operations in the region. Alvin Kan, the Head of Asia at Sei Labs, has noted that Asia is poised to become a major expansion zone for the Web3 sector, with regulatory developments in the US creating opportunities for expansion beyond American borders.Stanley Fung, who currently heads up HKVAEX, previously served as the chief of Huobi’s Hong Kong operations until November 2022, according to his LinkedIn profile. His departure from Huobi coincided with the entrance of crypto entrepreneur Justin Sun into Huobi’s management.In a company-managed Telegram group, HKVAEX has emphasized its status as an “independent crypto exchange” in Hong Kong, separate from Binance. However, it also revealed that it sources liquidity from Binance. Despite asserting its independence and having its own technical team, there have been instances of collaboration between the two entities in Hong Kong, such as a promotional campaign where Binance was referred to as a “partner” in incentivizing the opening of an HKVAEX account.Changing strategyBinance has faced a series of regulatory challenges in recent times. In May, Binance exited the Canadian market due to new regulations related to stablecoins and restrictions on crypto exchanges. In the US, the two leading regulators have filed lawsuits against Binance, CZ, and related entities, leading to the departure of several top officials from the company.The leading global exchange appears to be pursuing a different strategy more recently. It has entered the Japanese and Thai markets through the acquisition of a local entity and a joint venture with a local company. While forced out of the Netherlands, its Dutch customers were moved to rival Coinmerce, which connects to the Binance trading engine and order books.The evolving regulatory landscape is reshaping the cryptocurrency industry, and the relationship between Binance and HKVAEX highlights the complexities and strategies adopted by major players in this evolving space.

Korbit CEO partakes in anti-drug relay campaignSouth Korean cryptocurrency exchange Korbit’s CEO, Oh Se-jin, has joined the No Exit anti-drug campaign — a nationwide relay campaign launched in April by the National Police Agency, the Korean Association Against Drug Abuse and other relevant institutions to raise public awareness about the dangers of drug addiction and promote a collective effort to prevent drug-related crimes, according to local news outlet ET News on Wednesday (local time). So far, numerous figures across various sectors and industries have participated, including actor Choi Bool-am and the president of the Korean Nursing Association Kim Young-kyung.Photo by Hal Gatewood on UnsplashEncouraging collective vigilanceThe campaign’s slogan draws a metaphor between drugs and a maze that cannot be escaped once it has been entered. Participants in the campaign are obligated to share photos with a message that reads, “Do not start drugs — it is a maze with no exit”, and nominate the next participants.“I hope that all citizens will realize the seriousness of drugs through the No Exit campaign, and I aspire to contribute to creating a safer society. Korbit will fulfill its social responsibility in the cryptocurrency industry and contribute to building a healthier society,” Oh said.Next participantsOh was tagged in the campaign by Lee Hyo-jin, CEO of the peer-to-peer (P2P) financial services company 8Percent. In turn, he nominated Lee Sang-ho, CEO of HSBC’s Korea office, and Kim Ji-yun, CEO and Co-founder of DSRV Labs, as the next participants.