CoinCodeCap WeekInFocus: September 24, 2023

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WeekInFocus is your ally in plugging in the gaps in the news you might have missed during the course of the previous week. Beyond that, it serves as a catalyst for your professional and personal development by introducing you to new ideas and exciting job opportunities. Join us in accepting both what is occurring and what is conceivable.



Hong Kong Central Bank Cautions Crypto Firms on Banking Terminology Use

  • HKMA warns crypto firms against misleading terminology usage.
  • Only HKMA-licensed institutions can legally offer banking services in Hong Kong.

Kazakhstan Launches National Payment Corp, CBDC implementation in agenda

  • National Payment Corporation will look into interbank clearing services, money transfers and digital identification.
  • Launch deadline for digital tenge is 2025.

South Korea Intensifies OTC Crypto Regulations Amid $4B Unlawful Deal Concerns

  • South Korean officials have shifted their attention to over-the-counter (OTC) cryptocurrency exchanges.
  • The phrase “OTC crypto market” refers to exchanges the government does not recognize.

Kansas Pushes Back Crypto Bill Impacting Political Donations to January 2024

  • The Kansas state legislature has postponed consideration of a bill that would have restricted and outlawed cryptocurrency contributions to political elections until January 2024. 
  • The bill was removed from the schedule for failing to adhere to the state’s Rule 1507.

South Korean Taxpayers Declare $98.5 Billion in Overseas Crypto Assets 

  • South Korean taxpayers report $98.5 billion in overseas cryptocurrency assets.
  • 1,432 individuals and companies comply with reporting requirements. Crypto holdings make up 70.2% of the total reported foreign holdings value.

ASIC Cracks Down on Bit Trade for Margin Trading Product Shortcomings

  • The ASIC has sued Bit Trade for violating the design and distribution requirements for one of its trading products.
  • Kraken’s Australian operations manager, Jonathon Miller, expressed astonishment and dismay at the action taken by ASIC.

Busan City Invests $75 Million to Develop Public Blockchain network

  • The city plans to launch the Busan Digital Asset Exchange in 2024.
  • Busan is investing $75 million to create a public blockchain network, aiming to become a global blockchain hub.

Platform and Tokens

Hong Kong Arrests Crypto Influencer Joseph Lam in JPEX Association Probe

  • Investigations into the liquidity crisis of the cryptocurrency exchange JPEX led to the arrest of a social media influencer with a base in Hong Kong.
  • Miss Chen, one of the alleged victims, was persuaded to invest $12,800 in cryptocurrency.

Malta Launches Public Consultation for MiCA-Aligned Crypto Rules

  • Malta is proactively adapting its crypto regulations to align with MiCA’s impending implementation.
  • The revised rulebook proposes changes to the rules for exchanges, custodians and portfolio managers in order to align with MiCA. 

OneCoin Scam Lawyer Denied New Trial in $400M Laundering Case

  • Despite a prosecution witness lying under oath during his 2019 trial, the lawyer accused of laundering $400 million from the OneCoin scheme was refused a plea for a new trial.
  • Ignatov, an official witness, acknowledged helping his sister Ruja commit the OneCoin fraud.

Court denies Binance.US Software Access Request : SEC Faces Setback

  • SEC’s Bid to Probe Binance.US Software Hits a Roadblock as Judge Seeks Clarity
  • Federal Magistrate Judge Zia Faruqui expressed his reluctance to grant permission for the inspection at this moment.

DeFi Protocol Balancer Under Attack: $238K Crypto Theft in Progress

  • After being attacked on its front end, the Ethereum-based DeFi protocol Balancer advises users not to visit its website.
  • Blockchain security companies like PeckShield and blockchain researcher ZachXBT have lost at least $238,000 in cryptocurrencies.

Stanford University to Return Millions in FTX-Linked Donations Amid Lawsuit

  • The lawsuit accuses parents of SBF of misappropriating funds, including the $5.5 million in donations to Stanford.
  • Allegedly, Allan and Barbara exploited their influence over their son to divert millions of dollars from FTX.

Mt. Gox Trustee Extends Repayment Deadline by One Year

  • Nobuaki Kobayashi has formally extended the deadline for repaying the exchange’s creditors from October 31, 2023, to October 31, 2024.
  • For rehabilitation creditors who have submitted the relevant information, repayments will also be made in sequence as early as the end of this year.

Appeal for Early Release Denied: Sam Bankman-Fried’s Jail Time Continues

  • Sam Bankman-Fried had filed a motion for early release; however, the application was rejected by a three-judge panel of the United States Court.
  • The judge presiding over SBF’s criminal case was found to have “correctly determined” that SBF’s remarks constituted witness tampering.

Nansen Suffers Security Breach: Nearly 7% of User Data Compromised in Third-Party Vendor Incident

  • Nansen announced on social media platform X that a security issue at one of its third-party vendors affected 6.8% of its members. 
  • It stated that this vendor is “an established company that is used by many Fortune 500 companies,” in addition to other companies in the industry.

Project Updates

Nomura’s Laser Digital Unveils Bitcoin Adoption Fund

The largest investment bank in Japan has introduced a Bitcoin Adoption Fund for institutional investors through its digital asset division. The Bitcoin Fund is a component of Laser Digital Funds Segregated Portfolio Company, registered as a mutual fund.

Bybit Exits UK Market Due to Regulatory Shifts

Bybit Halts UK Operations Due to New FCA Regulations on Crypto Marketing. This suspension period will enable Bybit to realign its services in accordance with the new FCA guidelines.

Canto Prepares to Migrate to Ethereum L2 Supported by ZK through Polygon CDK

Canto, a Cosmos-based L1 blockchain, is working with Polygon on September 19 to transition to an Ethereum Layer2 solution powered by ZK technology. Establishing a blockchain network specifically for physical assets and facilitating access to Ethereum via a shared ZK bridge within the unified Polygon ecosystem are the objectives.

Podcasts and Interviews

  • Interview with Ruud Feltkamp, founder of Cryptohopper
  • “The Economic Crisis and How Digital Currency is Their Solution” podcast by The Rich Dad Channel
  • “The CFTC’s Attack On Crypto” podcast by BankLess

Job Listings

Looking for an internship? Don’t worry; we’ve got you covered this week.

2k23 Events

  • Huffathon challenges & hackathon (virtual) from September 28 to October 3
  • ETHMilan Conference from October 5 to October 6
  • ETHOnline/ETHGlobal virtual from October 6 to October 27
  • ETHRome hackathon from October 6 to October 8
  • Ethereum Kuala Lumpur conference and hackathon from October 13 to October 15

As we wrap up another week of insights and discoveries, remember that staying informed and motivated is an ongoing journey. WeekInFocus by CoinCodeCap is here to accompany you on this path, bringing you a fresh perspective on the news, a doorway to exciting job possibilities, and a collection of thought-provoking podcasts. Let’s embrace the coming week with curiosity and determination. Until next time, keep focused and keep thriving!

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