Crypto Investors Face Losses Amid Legal Challenges
The Korea Times reports that cryptocurrency investors in South Korea are facing significant challenges due to a lack of legal frameworks for compensation following service disruptions. On January 3, Upbit, the largest crypto exchange in Korea, experienced an unexpected trading suspension lasting over two hours due to emergency server inspections. This incident highlights ongoing issues with system errors across various exchanges like Bithumb and Coinone since early 2020. Despite these frequent interruptions affecting investor confidence, there remains no established legal recourse for affected users under current regulations.
An Insightful Interview with Bybit’s Robert MacDonald
Bitcoinist.com recently featured an interview with Robert MacDonald, Chief Legal & Compliance Officer at Bybit. In this discussion, MacDonald emphasized the evolving landscape of financial crime within the crypto industry compared to traditional finance (TradFi). He noted that while TradFi fraud is larger by volume due to its scale, emerging technologies such as blockchain offer transparency which aids in combating illicit activities more effectively than ever before. Additionally, advancements in AI have introduced both new threats and defensive capabilities concerning KYC/AML processes.
NFT Market Ends Strongly; Morgan Stanley Eyes Crypto Integration
According to NFTevening.com’s weekly recap from December 30 through January 5, NFTs concluded 2023 on a high note despite lower activity levels compared to previous years' peaks. The digital collectibles market achieved $8.83 billion in sales last year—surpassing expectations amidst macroeconomic uncertainties—and continues showing promise into 2024 alongside growing institutional interest led by firms like BlackRock anticipating Bitcoin prices exceeding $200K soon after regulatory shifts favoring cryptocurrencies emerge globally.
Binance Secures Broker-Dealer License in Brazil
A recent report from Substack's Brazil Crypto Report reveals Binance has become Brazil's first crypto exchange granted broker-dealer status via acquiring Sim;paul brokerage firm approved by Central Bank authorities late last month—a move marking their commitment towards compliance amid increasing scrutiny worldwide regarding regulation standards surrounding virtual asset service providers (VASPs) operating locally or internationally alike today!
Sources:
- Crypto investors face losses as legal void blocks compensation for service disruptions
- An Interview with Bybit’s Chief Legal & Compliance Officer, Robert MacDonald | Bitcoinist.com
- Weekly Crypto and NFT Market Recap (30 Dec – 5 Jan): Trends & Developments
- #172: Binance becomes Brazil's first exchange to secure broker-dealer license
- Coinbase and MicroStrategy Execs Rank Among the Top Insider Stock Sellers of 2024
- The 10 Largest Crypto Acquisitions
