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Crypto.com postpones South Korea entry. 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. With South Korea being the 14th largest economy globally, the move was deemed as a strategic one. However, despite initial enthusiasm, Crypto.com encountered regulatory challenges that have forced it to put its South Korean expansion on hold. In a recent email, the ...

Decentralized exchange Mango Markets is responding to scrutiny from U.S. regulatory bodies by allocating $250,000 worth of USD Coin (USDC) to its course. This move comes on the heels of recent woes, including a hack and ongoing legal proceedings that have led the DAO, or decentralized autonomous organization, to hire an intermediary who will guide the project through its regulatory battles. Allocating resources for a solution Mango Market’s DAO is responding to regulatory inquiries by approving a budget of $250,000 in USD Coin (USDC). This allocation, set for approval on Jan. 6, aims to hire a representative who will assist in addressing concerns raised by U.S. regulators. If approved, Poland-based company Cyberbyte, owned by Mango Markets contributor Adrian Brzeziński, will represent MangoDAO for a one-year term. Responsibilities include engaging legal counsel and working towards resolutions to regulatory matters. The hack and its aftermath Over a year ago, Mango Market...

On November 14, 2023, Crypto.com revealed that its Dubai entity, CRO DAX Middle East FZE, received a Virtual Assets Service Provider (VASP) Licence from Dubai’s Virtual Assets Regulatory Authority (VARA).  The license is contingent upon meeting specified conditions and localization requirements outlined by VARA. Operations can commence upon receiving an operational approval notice from the regulator, as per the latest information shared with Finbold. https://t.co/vCNztATkNg is proud to announce that we have been granted a Virtual Asset Service Provider Licence pending operational approval from Dubai's Virtual Assets Regulatory Authority, building on our position in the #UAE market. Learn more:https://t.co/0anXDLsxTv pic.twitter.com/SgcqSTSqux — Crypto.com (@cryptocom) November 14, 2023 Upon operational approval, the VASP Licence will enable Crypto.com to provide regulated virtual asset services, encompassing exchange, broker-dealer, management, investment, and lending ...

Solana DeFi platforms Marinade Finance and Orca Finance restrict access for UK users due to FCA regulatory guidelines. Marinade Finance and Orca Finance, leading platforms in Solana’s decentralized finance (DeFi) ecosystem, have implemented geo-restrictions for users in the United Kingdom, citing the need for regulatory compliance. According to the site, the restrictions are related to the latest Financial Conduct Authority (FCA) mandates. While the platform’s landing page for UK visitors displays an advisory notice, it also assures users that existing assets can be withdrawn and managed via their software development kit (SDK). Marinade Finance currently dominates Solana’s total value locked (TVL), boasting approximately $248 million in assets across its native and liquid staking offerings. When considering the broader Solana ecosystem, total assets amount to an estimated $350 million, as reported by DefiLlama. You might also like: Blockaid secures...

The Blockchain Association, a prominent US crypto lobbying group, has lodged a formal inquiry with the US Securities and Exchange Commission (SEC) to acquire information about the relatively unknown crypto firm, Prometheum. This move comes after Prometheum’s CEO, Aaron Kaplan, recently testified at a House hearing, expressing support for regulating cryptocurrencies under securities laws, in contrast to other industry proponents. On June 15, Marissa Coppel, counsel for the Blockchain Association, expressed skepticism about Prometheum’s regulatory approval as a special purpose broker-dealer (SPBD) for digital assets, especially given the SEC’s ongoing strict enforcement measures. Coppel further questioned how Kaplan could testify at a Congressional hearing on crypto regulations. 2/ The CEO somehow gets a seat in front of Congress and argues that Prometheum represents the compliant path for digital assets. And they've paid $1.5+ million in sales commissions to ...

BTC margin and options markets are steady, even as investors run for cover as crypto and stock prices fall. Bitcoin (BTC) traders saw continued downward pressure after the 5.5% decline in BTC price on March 7. Increased odds of further interest rate increases by the Federal Reserve and regulatory pressure in cryptocurrencies explain some of the movement. Financial markets showed signs of stress as the inverted bond curve reached its highest level since the 1980s. Longer-term dated yields have stalled at 4%, while two-year treasury notes traded above 5% yield in March. Since July, longer-dated treasury yields have failed to keep pace with the surging two-year benchmark, resulting in the inverted curve distortion that typically precedes economic downturns. According to Bloomberg, the indicator reached a full percentage point on March 7, the highest level since 1981, when Fed Chair Paul Volcker faced double-digit inflation. This week, BlackRock, the world's largest asset manager, in...