In recent weeks, major South Korean financial institutions have rolled out a number of services incorporating blockchain technology, especially in the areas of Know Your Customer (KYC) procedures and security. Fintech has become a buzzword for local banks trying to keep up with the change of the times. The banks, however, are not looking into an important part of blockchain, which is digital assets, says one influential Korean advocate of alternative currency. In order to assess the Korean blockchain space, it is important to understand how the trend affects existing players and the cryptocurrency market. Blockchain as a ledger Shinhan …

At the start of June 2019, reports emerged that Binance DEX’s website was blocking users with IP addresses from 29 countries. This news immediately caused confusion with some commentators, using it as an opportunity to reaffirm their stance that Binance DEX is not truly a decentralized exchange (DEX). However, as it turned out, the initial reports were somewhat inaccurate, as the geoblocking only applied to Binance.org — the website for the DEX platform. Traders could still access the DEX via some supported wallet apps, bypassing the need to go through the website to reach the DEX service. Responding to the …

This article previously contained statements implying that Binance DEX itself — rather than its website — was geoblocking users. It has been updated for accuracy. The decentralized exchange (DEX) developed by major cryptocurrency exchange Binance will block website access to users based in 29 countries. The Binance DEX website informs potential users of the restriction via a message that appears when accessing the platform from one of the regions. The message appearing on the platform states that accessing the website from certain countries will be restricted starting on July 1: “It seems you are accessing www.binance.org from an IP address …

The Australian Securities and Investment Commission (ASIC) published new initial coin offering (ICO) and cryptocurrency guidelines on its official website on May 30. The regulator detailed the prerequisites that a cryptocurrency business needs to follow in order to comply with both the Australian Corporations and ASIC Acts, but did not cover regulations enforced by other national institutions. Notably, the guideline specified that if a crypto asset is a financial product, then the issuer and firms dealing with it are required to hold an Australian financial services license. The report also notes that miners will be considered part of the clearing …

Compliant tokenization startup Standard Tokenization Protocol (STP) announced that it secured $7 million in funding in a press release shared with Cointelegraph on May 29. Per the release, STP raised the funds in two separate private funding rounds from multiple venture capitalists by selling its STPT token, with $5 million in the first round and $2 million in the second. The investors cited by the company are Neo Global Capital, BlockVC and AlphaBit. The announcement explains that STP’s service is designed to allow for the compliant and transparent tokenization of assets, as well as provide fractional ownership and improve returns …

While it’s possible to buy top cryptocurrencies like bitcoin (BTC) and ether (ETH) in the over-the-counter (OTC) market, most people will need an exchange in order to buy other altcoins. Exchanges are simply an important component of the system that makes the crypto market tick. Regulators around the world have identified this, which is why regulatory moves have primarily targeted exchanges. Regulators want to be sure that exchanges employ the best security practices as well as measures — Know Your Customer (KYC), Anti-Money Laundering (AML), and Combating the Financing of Terrorism (CFT), for instance — that discourage illicit transactions and …

State-backed venture capital (VC) firm Ben Franklin Technology Partners has rolled out a blockchain-based onboarding and tokenization platform. The development was revealed in a blog post on Thursday, April 11. Ben Franklin Technology Partners is an initiative of the Pennsylvania Department of Community and Economic Development, that has reportedly invested over $200 million into more than 2,000 emerging technology projects in the Philadelphia region. Today, the organization released a blockchain platform for issuing and managing digital securities on the Ethereum (ETH) blockchain, specifically “GO Philly Tokens.” Per the release, the new platform enables limited partnership interests in the Global Opportunity …

Almost a year after a blanket ban on cryptocurrencies, Pakistan has come a long way in its attitude toward the space. A recent notice by the State Bank of Pakistan (SBP) declared that institutions willing to work in the sphere of “electronic money” can now get licenced by the SBP to “issue e-money for the purpose of digital payments.” As reported by a Pakistani news association, The Express Tribune, the government hosted a meeting at the Islamabad office of the State Bank of Pakistan on April 1 for the discussion and formation of crypto regulations, termed Electronic Money Institutions (EMI) …

Dozens of central banks around the world are currently or soon will be experimenting with central bank digital currencies (CBDCs), according to a recent report from the World Economic Forum. Citing a January 2019 report by the Bank for International Settlements (BIS), the WEF states that at least 40 central banks across globally are conducting research projects and pilots with blockchain technology that aim to address such issues as financial inclusion, payments efficiency and cybersecurity. The report states that CBDCs, which are issued on distributed ledgers and can be transacted in a peer-to-peer manner, will purportedly enable faster and more …

The world’s largest crypto exchange, Binance, has partnered with risk management and compliance firm IdentityMind, Binance announced in a blog post on March 26. The companies have teamed up to address data security and compliance measures for Binance’s global operations by enabling IdentityMind’s tools for Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. Samuel Lim, chief compliance officer at Binance, said that the ultimate mission of the partnership is to foster greater trust among financial institutions worldwide, while also to evolve security systems in accordance with regulatory policies in countries operated by Binance. Garrett Gafke, president and CEO of …

Binance-backed over-the-counter (OTC) desk Koi Trading has partnered with IdentityMind, a platform for online risk management, to develop an Anti-Money Laundering (AML) compliance-as-a-service product. The development was announced in a press release published on March 12. The parties have reportedly released an AML compliance-as-a-service product dubbed “Koi Compliance,” supporting digital currency and targeting money services businesses. The new platform will purportedly enable companies to focus on conducting their business, letting Koi Compliance to perform Know Your Customer (KYC) procedures, monitor transactions, conduct sanctions screening, and keep records. Last November, Koi Trading received $3 million in investment from Binance Labs, an …

New York-based blockchain analytics firm Chainalysis has published an official statement clarifying that it does not collect or sell users’ personal data when it provides its services to cryptocurrency exchanges. The statement was published in a company blog post on March 5. Chainalysis is one of the highest-profile firms in the blockchain intelligence industry, providing technology — such as its proprietary KYT (Know Your Transaction) tool — that enables firms, governments and law enforcement agencies to monitor blockchain transactions and track suspected illicit activities, such as money laundering or terrorist financing. As reported, allegations that such firms may be circulating …