Bitso Unveils MXNB Peso Stablecoin, S. Korea Bans Crypto Apps, Revolut Grows

Crypto Exchange Bitso Enters Stablecoin Market with Juno

Latin American crypto exchange Bitso has launched a new subsidiary, Juno, to enter the stablecoin market. Juno's first offering is a fully-backed Mexican peso stablecoin (MXNB), which is deployed on Ethereum layer-2 Arbitrum. This stablecoin aims to facilitate cross-border payments and financial transactions in the region.

To support the adoption of MXNB, Juno has introduced the Juno Mint Platform. This platform provides APIs and tools for businesses to issue, redeem, and convert MXNB, while also enabling fiat on- and off-ramps with Mexico’s SPEI banking system. Ben Reid, the newly appointed head of stablecoins at Bitso Business, emphasized the importance of stablecoins in reducing intermediary costs and improving transaction efficiency for global companies operating in Latin America.

"Stablecoins provide a fast, cost-effective and transparent fiat-pegged alternative and have been instrumental in expanding access to foreign markets and transforming payments worldwide," said Reid.

Stablecoins, now a $230 billion asset class, are particularly popular in developing countries with unbanked populations or unstable local currencies. Bitso's move into this market reflects the growing global adoption of stablecoins.

Key Features	Details
First Stablecoin	MXNB (Mexican peso stablecoin)
Blockchain	Ethereum layer-2 Arbitrum
Platform	Juno Mint Platform

Summary: Bitso's Juno subsidiary launches MXNB stablecoin to enhance cross-border payments in Latin America, supported by the Juno Mint Platform.

South Korea Blocks 17 Overseas Crypto Exchange Apps

South Korea’s Financial Intelligence Unit (FIU) has blocked 17 overseas crypto exchange apps, including major platforms like KuCoin, MEXC, and Poloniex, for operating without proper registration. This move is part of a broader effort to reduce money laundering risks and protect users from unregulated platforms.

Under South Korean law, all crypto exchanges must register with regulators if they provide services targeting Korean users, such as offering Korean-language interfaces or processing transactions in Korean won. Unregistered operators face penalties of up to five years in prison or fines of 50 million won (approximately $34,150). The FIU is also collaborating with Apple Korea and the Korea Communications Standards Commission to restrict access to these apps on the Apple App Store and associated websites.

17 apps blocked, including KuCoin, MEXC, and Poloniex.
Penalties for unregistered operators include up to five years in prison or fines of 50 million won.
FIU advises users to withdraw assets from unregistered platforms immediately.

Summary: South Korea intensifies crypto regulation by blocking 17 unregistered exchange apps, aiming to curb money laundering and protect users.

Revolut Expands Crypto Services with New Mobile App

British fintech company Revolut has launched a new mobile application for its stand-alone crypto exchange platform, Revolut X. Initially introduced in 2024 for professional traders in the U.K., the platform has now expanded to 30 countries in the European Economic Area (EEA) and is targeting retail traders with its latest app.

The Revolut X app allows users to trade over 220 tokens against major currencies like the U.S. dollar, British pound, and Euro. The platform offers flat fees on trades, with rates as low as 0%. Leonid Bashlykov, Head of Product – Crypto at Revolut, stated that the app fulfills customer demand for a mobile trading experience.

Revolut is also planning to reintroduce its crypto services in the U.S., which were suspended in 2023 due to regulatory uncertainty. The company is awaiting clearer regulations before making its move.

Over 220 tokens available for trading.
Flat fees on trades, with rates as low as 0%.
Expansion to 30 countries in the EEA.

Summary: Revolut launches a mobile app for its crypto exchange platform, expanding services to retail traders in the EEA and planning a U.S. return.

Sources: