Cryptocurrency Industry Highlights Shifts and Advancements

In this week, several notable developments in the cryptocurrency industry have emerged, each highlighting significant shifts and advancements within the sector. Firstly, South Korean police arrested Terraform Labs’ former CFO, Han Chang-joon, for false promotion of Terra’s stablecoin. Since Terraform Labs is under investigation, the arrest raises concerns about privacy and regulation.  Secondly, users must transfer their assets to other blockchain systems before the BNB Beacon Chain ends in June 2024. This deliberate move optimizes BNB ecosystem efficiency and ensures user transfer. Furthermore, OKX, a popular cryptocurrency exchange, has also expanded to Argentina’s growing crypto sector and regulatory environment. Moreover, Alchemy Pay now allows PayBy and BOTIM Pay users to buy AED coins, making UAE cryptocurrency transactions easier and more accessible. Recently, Bitrue expanded its services by adding Tether Gold (XAU₮) and Euro Tether (EUR₮) stablecoins. This expansion gives users more crypto trading and investment options.

South Korea Arrests Terraform Labs Ex-CFO for False Marketing

South Korean authorities arrested Terraform Labs’ former CFO Han Chang-joon for false marketing. Deceptive promotion of Terra’s stablecoin allegedly netted him 53.6 billion Korean won ($40 million). This arrest illuminates Terraform Labs’ investigations.  Last year, Han Chang-joon and Terraform Labs co-founder Kwon Do-hyeong faced expulsion from Montenegro for using fake passports. Apprehension triggered further probes into their activities. Seoul prosecutors accuse Han of falsely promoting Terra as a payment system despite regulatory issues.

New evidence showed that Terra’s leadership knew about the transaction limits at a Seoul court session, contradicting their previous claims. This implicates top authorities in fraud. Han is also charged with illegal Luna cryptocurrency transactions and revealing Chai Pay clients’ personal data to the Terra blockchain, indicating a pattern of evading regulation and violating privacy.  Kwon’s extradition to Montenegro is uncertain while Han is in South Korea. His arrest to the US or South Korea is scheduled on February 15.

BNB Beacon Chain to Shut Down in June 2024

The BNB Beacon Chain will close in June 2024, forcing users to move their BEP2 and BEP8 assets to the BNB Smart Chain or other blockchain platforms. This strategic move improves BNB ecosystem efficiency and consumer pleasure. To avoid delays, consumers should transfer their assets before May 2024.

Customers must use the Binance BEP2 deposit site to migrate their tokens to Binance. After depositing, consumers can withdraw TRC20/BEP20 TRX to complete the exchange. The transfer is necessary to secure users’ assets in the developing blockchain ecosystem. The official BNB Beacon Chain Explorer provides detailed migration instructions for affected users. Customers should follow the guidelines and finish the migration before the deadline to transfer their assets to the selected blockchain platforms smoothly.

OKX Cryptocurrency Exchange Expands into Argentina’s Thriving Crypto Market

OKX, a renowned cryptocurrency exchange, expanded entered Argentina, a fast-growing Latin American market. This move supports OKX’s goal of increasing global digital asset availability and security. Argentina’s growing crypto ecosystem and favorable regulatory climate make it ideal for OKX’s expansion. OKX, with over 50 million users, is known for its reliable crypto trading platform. The platform’s extensive features meet traders’ needs while providing solid security and fast support.

OKX offers cryptocurrency trading, staking, and multi-asset liquidity in Argentina. The platform allows peer-to-peer trading with locally verified users and non-custodial wallets for decentralized finance, NFTs, and dApps. OKX’s monthly proof of reserves reports demonstrate its commitment to transparency and security, ensuring user asset safety. OKX prioritizes user security and trust to build long-term connections with Argentine users. The platform aims to make crypto trading and investing safe.

Alchemy Pay Introduces AED Crypto Buying Through PayBy and BOTIM Pay

Alchemy Pay, a renowned crypto payment operator in the UAE, added On-Ramp to its services. PayBy and BOTIM Pay allow users to buy cryptocurrencies in AED, the UAE’s local currency. UAE residents may buy cryptocurrencies more easily with this improvement. On-Ramp allows consumers make 10–10,000 AED purchases with Alchemy Pay. KYC verification is not required for orders under 500 USD (approximately 1,800 AED), making the process more accessible. Alchemy Pay is renewing its commitment to improving its payment solutions to meet user needs.

PayBy, a leading UAE mobile payment provider, works with First Abu Dhabi Bank (FAB) to offer secure and convenient digital payments. The BOTIM platform’s BOTIM Pay streamlines local and international money transfers and offers financial services. BOTIM processed over AED 1.30 billion in transactions in four months in 2023, proving its popularity and reliability.

Bitrue Expands Offerings with Tether Gold (XAU₮) and Euro Tether (EUR₮) Stablecoins

Bitrue, a popular cryptocurrency exchange, added two stablecoins: Tether Gold (XAU₮) and Euro Tether (EUR₮). This move gives Bitrue users more crypto trading and investing options. Moreover, it shows the company’s commitment to innovation and community engagement. Bitrue offers several digital assets and services, including spot, futures, over-the-counter, staking, automatic investment, and copy trading. Bitrue, a flexible platform, offers trading for over 700 cryptocurrencies to meet a variety of users needs.

Tether Gold (XAU₮) is a stablecoin backed by gold, offering investors a secure connection to the precious metal market without physical gold possession. Euro Tether (EUR₮) is a digital representation of the Euro currency that facilitates integration between traditional and digital currency exchanges. The addition of Tether Gold (XAU₮) and Euro Tether (EUR₮) on Bitrue’s platform is a significant achievement for the exchange and Tether Operations Limited, the stablecoin developers. Bitrue’s commitment to innovative solutions and digital asset exchange is evident.