Tag: web3

Google Play Blocks 17 Crypto Exchanges in South Korea

South Korea’s Financial Services Commission (FSC) has successfully pushed Google Play to restrict 17 unregistered overseas crypto exchanges operating in the country. This move aims to prevent money laundering and protect local users from potential financial risks.

Regulators Tighten Crypto Oversight

On March 21, the Financial Intelligence Unit (FIU) of the FSC signaled possible sanctions against exchanges that failed to register under the Specified Financial Information Act. By March 26, Google Play had blocked 17 platforms, including KuCoin, MEXC, and Phemex, restricting new downloads and updates.

More Restrictions on the Way?

The FSC is now coordinating with Apple Korea and internet regulators to extend access restrictions to the App Store and web platforms. Meanwhile, South Korea’s broader crypto crackdown continues, with authorities recently raiding Bithumb over financial misconduct allegations.

As regulatory scrutiny intensifies, the future of unregistered crypto exchanges in South Korea remains uncertain.

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North Carolina Lawmakers Push Bills for Crypto Pension Investments

Crypto Bills considered by North Carolina as investments for public pension funds. Lawmakers recently introduced two bills that would allow up to 5% of certain funds to be allocated to digital assets, including cryptocurrencies, stablecoins, and NFTs.

Two Bills to Boost Crypto Exposure

House Bill 506, filed by Representative Brenden Jones, and Senate Bill 709 aim to create an independent “Investment Authority” to manage pension fund allocations. This authority would operate separately from the State Treasurer and ensure secure custody of digital assets.

Growing Trend Across U.S. and Beyond

North Carolina follows Indiana, Kansas, and Florida in exploring crypto-based pension fund investments. Globally, pension funds in Australia and Norway have also increased their crypto exposure, reflecting a shift toward digital asset adoption.

If passed, these bills could position the state at the forefront of crypto adoption in public finance.

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BitBoy’s Arrested: The Warrant Reveal

BitBoy Arrested: On March 25, crypto influencer Ben Armstrong, also known as “BitBoy,” was arrested in Florida after disclosing on X (formerly Twitter) that a warrant had been issued for his arrest. He claimed the warrants stemmed from emails he sent to Judge Kimberly Childs of Cobb County, Georgia, while handling his legal matters.

Legal Troubles and Past Arrests

BitBoy arrested case isn’t his first encounter with the law. In September 2023, he was arrested while livestreaming outside the home of a former associate, accusing them of holding his Lamborghini.

Current Situation

Armstrong was taken into custody by the Volusia County Division of Corrections at 7:18 pm local time. It’s unclear if Armstrong has legal representation at this time, and he has not commented on the situation.

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As his legal battles continue, the crypto community watches closely to see how this will unfold for the controversial figure.

Binance Employee Under Investigation

Binance has suspended a staff member following an internal investigation into insider trading allegations. The employee allegedly leveraged privileged information from a previous role to front-run trades before a token launch.

Suspicious Trading Activity Triggers Probe

On March 23, Binance received a complaint about unusual trading activity linked to a newly launched token. By March 25, the exchange confirmed that an employee from its Wallet team had used insider knowledge gained from their prior position at BNB Chain.

Front-Running a Token Generation Event

Reports indicate the staffer purchased a large amount of the project’s tokens via multiple connected wallets before the public launch. Once the announcement went live, they partially liquidated their holdings, securing a significant profit.

“The employee has been suspended immediately, and further disciplinary action is underway,” Binance stated, adding that it will cooperate with authorities and handle assets per regulatory guidelines.

Allegations Point to a Former BNB Chain Manager

Although Binance did not name the individual, speculation quickly spread on social media. Users on X linked the suspicious activity to Freddie Ng, a former BNB Chain operations manager who recently joined Binance’s Wallet business development team.

Blockchain journalist Colin Wu reported that a wallet allegedly tied to Ng spent $6,200 to acquire 24.1 million UUU tokens (2.4% of the total supply) before the public launch. Around 6 million tokens were later sold, generating $113,000 in profits.

Crypto’s Persistent Insider Trading Problem

Insider trading has long plagued the crypto industry, disadvantaging retail investors and eroding trust in digital assets.

Notable Insider Trading Cases in Crypto

• Coinbase Scandal (2022) – Ex-manager Ishan Wahi leaked token listing details to his brother and friend, leading to insider profits.
• Binance’s BOME Investigation (2023) – The exchange investigated internal trading tied to the launch of Solana-based meme coin Book of Meme (BOME).
• Aerodrome Finance (2024) – Suspended contributors following suspicious trades before the launch of Venice’s VVV token.
• Mystiko Network Airdrop Scandal (2023) – On-chain data exposed insider transactions funneling tokens into newly created wallets.
• LIBRA Meme Coin Controversy (2024) – Allegedly gave insiders early access, allowing them to profit $110 million post-launch.

Despite strict regulations and potential legal consequences, insider trading remains rampant in crypto markets. Binance’s latest case reinforces the urgent need for greater transparency and regulatory oversight in the industry.

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