Kategorie: Crypto News

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Crypto.com delays South Korea launch amid regulatory hurdles

  • Crypto.com planned to launch its trading services in South Korea on April 29,
  • The company had acquired OK-BIT and PnLink for regulatory compliance.
  • Despite the temporary halt, the company remains committed to navigating challenges to eventually enter the country.

Crypto.com has decided to halt its plans to enter the South Korean market temporarily.

The move comes as the company faces regulatory challenges in one of the world’s most vibrant cryptocurrency hubs.

Crypto.com facing regulatory hurdles despite acquisitions

Earlier this month, Crypto.com announced its plans to enter the South Korean market, to offer South Korean customers access to a wide range of cryptocurrencies and exclusive non-fungible token (NFT) projects.

The company had made significant strides towards establishing its presence in South Korea by acquiring two local cryptocurrency firms, OK-BIT and PnLink in August 2022. However, the operating license acquired through the acquisition of OK-BIT will be expiring in November and Crypto.com intended to launch on April 29 so as to be operational by the time the OK-BIT license expires.

However, despite initial enthusiasm, Crypto.com has encountered regulatory challenges that have forced it to put its South Korean expansion on hold. To start with, OK-BIT was not qualified to offer fiat-to-crypto services meaning Crypto.com requires to meet more stringent compliance requirements to become fully compliant in the country.

In addition, local sources are reporting that South Korea’s Financial Intelligence Unit (FIU), which operates under the Financial Services Commission, found issues with the anti-money laundering data submitted by Crypto.com thus prompting the FIU to start an on-site inspection immediately.

There are also reports that the FIU did not approve a key leadership change at Foris DAX Korea Limited, the entity behind Crypto.com’s operations in South Korea. However, a company spokesperson has cleared the air saying that te company was working to update some of its directors of its local entity, as a procedural formality, and it has no impact on the exchange’s ability to launch its app in South Korea on April 29th.

In a recent email, the company acknowledged the difficulties faced by foreign exchanges in breaking into the South Korean market but reiterated its commitment to collaborating with local regulatory authorities to navigate through the complexities.

Crypto.com remains optimistic about its prospects in South Korea and recognizes the market’s tremendous potential and the opportunities it presents for growth. It aims to eventually make its mark in one of the world’s most dynamic cryptocurrency markets after addressing regulatory concerns and fostering cooperation with local authorities.

The post Crypto.com delays South Korea launch amid regulatory hurdles appeared first on CoinJournal.

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Injective’s INJ 3.0 upgrade goes live after community passes proposal

  • INJ 3.0 went live on the mainnet today, Injective announced.
  • Injective price rose slightly after the vote, hitting highs of $29.15.

Injective (INJ) has announced that the INJ 3.0 upgrade is now live on the mainnet following a historic on-chain vote.

According to the layer-one blockchain’s team, IIP-392 passed with the highest percentage of approval for such an upgrade, and Injective is now in a new era.

“INJ 3.0 is officially live on mainnet, allowing $INJ to become one of the most deflationary assets in all of crypto. Over the next two years, the supply of INJ will be decreased on an accelerated pace,” the L1 blockchain posted on X.

Injective upgrade INJ 3.0 key to network

Injective’s tokenomics system changes as a result of the vote, with the inflation parameters changed to 4% for the lower inflation bound and 7% for the upper inflation bound.

The new parameters ranks Injective among the most deflationary assets in the industry, with INJ deflation jumping 400% over the next two years.

IIP-392 was introduced on April 19 and featured a governance proposal that sought to bring controlled reduction in Injective’s inflation rate via incentives and token scarcity. The changes, which went live after voting ended today April 23, put the network in a position where the network can swiftly react to fluctuations in staking.

These changes come after Injective launched its Vulcan upgrade in January this year. Today’s deployment of INJ 3.0 saw the token’s price rise slightly to hit $29.15 before retreating to $27.63.

INJ traded around $28.58 at the time of writing, with a 24-hour volume of $98.3 million.

The post Injective’s INJ 3.0 upgrade goes live after community passes proposal appeared first on CoinJournal.

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Akash Network’s AKT rallies by 54% today as Algotech’s presale approaches $4m

TL;DR

  • AKT is the best performer amongst the top 100 cryptocurrencies by market cap today, adding 54% to its value.
  • Algotech’s presale is approaching the $4 million mark as more investors troop into the project.

AKT leads the market charge

The cryptocurrency market has been performing well since the Bitcoin halving on Friday. However, Akash Network’s AKT token leads the charge after performing excellently over the last few days.

AKT is up by 54% in the last 24 hours, outperforming the other major cryptocurrencies by market cap. At press time, AKT is trading at $6.24, up by 75% over the last seven days. 

Akash Network’s rally comes after the token was listed on Upbit, a leading South Korean cryptocurrency exchange. The crypto exchange added USDT and Korean won trading pairs for AKT.

What is Algotech?

Algotech continues to generate steam amongst investors as its presale is approaching a key milestone. The project is developing a cutting-edge decentralized algorithmic trading platform designed specifically for the fast-paced world of cryptocurrency trading.

Algotech targets retail traders and will provide them with advanced algorithms and machine-learning features. The project is bringing AI features to retail traders with the intention of eliminating the limitations and challenges associated with manual trading.

Algotech’s unique AI features

Algotech seeks to take advantage of the growing volume in the cryptocurrency market to help traders achieve their trading goals. Thanks to the launch of Bitcoin ETFs, large institutions are coming into the market, which means there is more liquidity now than in the past. 

As the trading volumes increase, crypto traders need to develop their edge to make a profit. Algotech will help traders build their edge in the market. Its advanced algorithms analyze assets across over 1000 unique data points to identify the next breakout opportunities. 

The platform’s algorithms also enable traders to make split-second entry decisions for high-precision trading. The platform monitors market funding levels, availability, liquidity and spread. This helps reduce risk for traders. 

Algotech also comes with an AI-based trailing stop feature, which allows traders to manage risk and protect their trading capital. Its AI tools also present traders with arbitrage opportunities. In addition to that, Algotech provides access to trading strategies, community resources, and trading education.

Will Algotech be a strong project?

Algotech is still in its presale but it could become a very strong project in the cryptocurrency space. If the development team rolls out its features and products, it could attract thousands or even millions of traders in the crypto space. 

Their whitepaper indicates that only 30 million ALGT tokens will be issued. Of this amount, 10% of the tokens have been allocated to R&D and funding for testing, durability and performance on the current and new algorithms.

Furthermore, another 10% has been allocated to the support in promotion and bounty to partners. The founders will hold on to only 7% of the total supply while the team gets a 3% allocation. Finally, 70% of the total token supply is available for public sale (including marketing).

Token holders will enjoy certain incentives such as a percentage of trading fees on the platform. They would also participate in governance decisions within the Algotech ecosystem. 

Should you purchase ALGT tokens?

The Algotech presale is moving swiftly and is currently in its third stage. It has raised nearly $4 million so far and could go higher in the coming days and weeks. In this stage, the ALGT token is going for $0.08, with more than 98,000 tokens sold so far.

With the right level of adoption, Algotech’s ALGT token could record massive gains in the medium to long term. In addition to Algotech’s features, token holders will receive a certain percentage of platform trading fees.

The post Akash Network’s AKT rallies by 54% today as Algotech’s presale approaches $4m appeared first on CoinJournal.

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SEC seeks $5.3 billion from Terraform Labs and Do Kwon

  • The US Securities and Exchange Commission (SEC) seeks a $5.3 billion judgement against Terraform Labs and co-founder & CEO Do Kwon.
  • Terraform Labs filed a motion for settlement at $3.5 million; dO Kwon offered $800,000.

The US Securities and Exchange Commission (SEC) is after a $5.3 billion judgement against Terraform Labs and its co-founder and CEO Do Kwon.

SEC recently filed a motion in the US District Court for the Southern District of New York, outlining the disgorgement and civil penalties it wants imposed against Terraform Labs and Kwon.

The $5.3 billion amount includes $4.7 billion in disgorgement and prejudgment interest following the recent fraud verdict against the crypto company.

Terraform Labs offers $3.5 million, Do Kwon $800,000

SEC also seeks $520 million in civil penalties, of which the SEC wants $420 million imposed against Terraform Labs and $100 million against Kwon. The securities watchdog has also filed for injunctions against Kwon, seeking a ban against him taking any executive roles in the market.

The regulator also wants Kwon to comply with full financial disclosures requirements.

SEC’s filing and suggested charges contrast massively to that of the Terraform Labs and Kwon. In their brief, the company and the detained Kwon proposed civil remedies of $3.5 million, while Kwon offered just $800,000.

The proposed penalties and civil remedies await judicial approval, with this the next step after the jury’s verdict on April 5, 2024. The verdict was that Do Kwon and his company was liable for defrauding investors, particularly offering misleading statements about the stablecoin TerraUSD (UST), crypto token Luna (LUNA) and wLUNA.

LUNA and UST’s collapse in 2022 saw a massive contagion across crypto. Do Kwon went on the run before being arrested in Montenegro in May 2023. He remains in custody amid potential extradition – Kwon is wanted by both the US and South Korea.

The post SEC seeks $5.3 billion from Terraform Labs and Do Kwon appeared first on CoinJournal.

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BTCC Exchange’s Renaissance art and Bitcoin fusion fascinated Paris Blockchain Week attendees

  • Over 9,000 people showed up for the Paris Blockchain Week attendees.
  • The event was held at the Carrousel du Louvre.
  • The fusion of classical art and modern cryptocurrency served as a focal point of the event

BTCC Exchange made waves at Paris Blockchain Week with its innovative blend of Renaissance art and Bitcoin, captivating over 9,000 attendees at the prestigious event held at the Carrousel du Louvre from April 9 to 11.

Artistic fusion at Paris Blockchain Week

Paris Blockchain Week attendees were greeted by BTCC Exchange’s Renaissance-themed booth, adorned with a vibrant Mona Lisa backdrop and quirky reinterpretations of famous paintings from the era.

The fusion of classical art and modern cryptocurrency served as a focal point of the event, sparking conversations and garnering attention from industry professionals and enthusiasts alike.

Alex, Head of Operations at BTCC Exchange, emphasized the significance of intertwining historical art with the revolutionary concept of Bitcoin.

Drawing parallels between the enduring legacy of Renaissance masterpieces and the disruptive nature of cryptocurrency, Alex highlighted Bitcoin’s role in challenging traditional financial paradigms and reshaping global economic landscapes.

Alex further reiterated the exchange’s commitment to creativity and innovation, likening Bitcoin to the timeless artworks they paid tribute to. He said that just as Renaissance paintings have outlasted their contemporaries due to their innovative approaches, BTCC Exchange aims to leave a lasting impact by pushing the boundaries of conventional thinking in the crypto space.

BTCC Exchange not only showcased its creative prowess at the Paris Blockchain Week but also underscored its longevity and resilience in the competitive crypto industry. With a track record spanning over a decade and boasting an impressive zero security incidents record since its inception in 2011, BTCC Exchange continues to be a key player in the crypto exchange landscape.

BTCC Exchange anniversary in June

Following the success of its presence at Paris Blockchain Week, BTCC Exchange looks ahead to celebrating its 13th anniversary in June with promising partnerships and exciting news on the horizon.

With features catering to both beginners and experienced traders, including copy trading and up to 225x leverage for perpetual futures, BTCC Exchange remains at the forefront of the industry’s evolution.

As the world’s longest-serving crypto exchange, BTCC Exchange continues to demonstrate its creative and innovative spirit while staying true to its mission of providing a secure and user-friendly platform for cryptocurrency enthusiasts worldwide.

The post BTCC Exchange’s Renaissance art and Bitcoin fusion fascinated Paris Blockchain Week attendees appeared first on CoinJournal.