News Bytes – 2

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Binance’s New Tool Empowers Wealth Managers With Enhanced Crypto Options

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Crypto exchange Binance has launched Binance Wealth, a crypto exchange solution specifically designed for wealth managers serving high-net-worth individuals. This innovative platform enables wealth managers to facilitate client investments in cryptocurrencies seamlessly. Binance Wealth integrates directly with the Binance platform, allowing wealth managers to handle client onboarding, including Know Your Customer (KYC) and Know Your … Read more

Korea to Regulate Crypto Cross-Border Trade Next Year

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On Friday, South Korea’s finance ministry announced plans to regulate cross-border transactions of virtual assets, including cryptocurrency, starting in the second half of 2025. The new regulations will mandate that businesses engaged in cross-border virtual asset trade register with authorities and submit monthly transaction reports to the Bank of Korea. The move follows significant concerns … Read more

US Senator Sounds Alarm on 3 Major Crypto Threats — Could Digital Assets Be in Danger?

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Utah Republican senator Mike Lee outlined three major regulatory risks to the cryptocurrency industry at the recent Permissionless III crypto conference. They are the creation of a central bank digital currency (CBDC), fragmented state regulations, and heavy federal oversight. He warned these could threaten the digital assets sector, saying, “Cryptocurrency is not a security. Cryptocurrency … Read more

Metaplanet Boosts Bitcoin Holdings With $6.7 Million Investment

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Metaplanet Inc., a company publicly listed on the Tokyo Stock Exchange, announced on Monday an additional purchase of 108.786 bitcoin for a total investment of 1 billion yen (approximately $6.7 million). The average purchase price was 9,192,359 yen per BTC. With this acquisition, Metaplanet’s total bitcoin holdings now stand at 639.503 bitcoin. The cumulative amount … Read more

New York Man Pleads Guilty in Crypto-Fueled $25M Money Laundering Case

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The U.S. Attorney’s Office and the FBI announced on Friday that Yanbing Chen, a 30-year-old from Brooklyn, N.Y., pleaded guilty to his involvement in an international money laundering and drug trafficking conspiracy. The organization, led by Jin Hua Zhang of Staten Island, laundered over $25 million in drug proceeds and illegal funds. Chen delivered $50,000 … Read more

Japan to Review Crypto Regulations, Potentially Easing Tax Burden

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Japan is reportedly set to review its cryptocurrency regulations, potentially reducing taxes on digital assets. The Financial Services Agency (FSA) plans to assess whether current crypto regulations under the payments act provide sufficient investor protection. The review may lead to reclassifying crypto as financial instruments under Japan’s investment law, which could enhance safeguards and bring … Read more

Police Warn of Bitcoin Scam Threatening to Expose Private Information

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Hillsborough and Campbell, California, residents have been alerted to a new email scam, according to local police departments. Scammers are sending emails containing personal details and photos of victims’ homes, threatening to release private information unless they pay $2,000 in bitcoin. The email warns recipients to pay “confidentiality charges” or risk having personal footage shared … Read more

Two-Year Investigation Yields Partial Recovery in Crypto Scam

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San Luis Obispo County Sheriff’s detectives in California, United States, have recovered nearly $5,000 of the $17,000 stolen in a cryptocurrency scam targeting victims in Los Osos two years ago. On Sept. 12, 2022, the victims informed authorities that they were deceived by a scammer posing as a relative in legal trouble, leading them to … Read more

Bitcoin Extortion Emails Demand Ransom, Show Google Maps of Victims’ Homes

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The Douglas County Sheriff’s Office has alerted Minden, Nevada, residents to a scam involving threatening emails aimed at extorting money through bitcoin. The emails claim to possess personal details such as the victim’s home address, phone number, and internet browsing history. The scammer threatens to expose the victim’s browsing history unless a ransom is paid … Read more

Indian Police Investigate Cryptocurrency Fraud Targeting Ex-Servicemen

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Three former servicemen in India have lodged a complaint with the Chandannagar police, Pune, accusing eight officials from a trading firm of defrauding them of over Rs. 79.81 lakh (approximately $96,000) through a cryptocurrency scam since 2022. The ex-servicemen had invested their retirement savings in cryptocurrency, lured by promises of doubling their investment within 20 … Read more