news updates February 21, 2022
1. KB Bank to launch South Korea’s first crypto investment fund
Kookmin Bank is preparing to become the first bank in South Korea to offer crypto investment products to retail investors.
KB announced on Feb. 21 that it had formed a Digital Asset Management Preparatory Committee to determine product and strategy capabilities regarding digital assets and artificial intelligence investment funds. The bank expects to launch crypto exchange-traded funds (ETFs) and futures products. The committee will also assess risk and compliance issues for the investment funds.
The plans were confirmed by KB’s Head of Index Quant Management Honggun Kim in the official release from the bank. He said, “We will launch a virtual asset-themed equity fund, etc. We plan to publish periodicals as well.”
2. Crypto Lender Nexo Terminates Interest Payments on New Deposits From US Clients
Following the U.S. Securities and Exchange Commission (SEC) charging the crypto lending platform Blockfi with failing to register its retail crypto lending product and fining the firm $100 million, the crypto lender Nexo has announced it will no longer allow U.S. citizens to earn interest on new savings wallet top-ups. However, Nexo customers from the U.S. will continue to earn interest on their current savings wallet balances held prior to the announcement.
3. OpenSea Confirms Under Phishing Attack, after Urging Users to Migrate NFTs New Addresses
Hours after OpenSea announced an upgrade to delist inactive Non-Fungible Tokens (NFTs) on its platform. Some users have been targeted explicitly through a phishing attack disguised as a legitimate email concerning the planned upgrade.
Per the original OpenSea update, the platform advised its customers to move their Ethereum-based NFTs to a new smart contract address, a move that will cost no cent per gas fee. Users who do not complete the migration as instructed stand the chance of losing their old and inactive tokens. Drawing on this detail, PeckShield, a blockchain security and data analytics company, said that the platform’s “Users authorize the “migration” as instructed in the phishing email and the authorization, unfortunately, allows the hacker to steal the valuable NFTs.”
4. Bitcoin Plunges Below $40 As Russia Has Reportedly Given Its Forces Order To Attack Ukraine
Bitcoin plunges below $40,000 in the early hours of the weekend and proceeded to backpedal in the face of escalating tensions on the Ukraine-Russia border, not to mention ongoing inflationary unease.
5. Russia Inches Closer to Crypto Regulation as Ministry Hands Gov’t its Draft Bill
Russia’s Ministry of Finance says it has formally submitted its draft bill on crypto regulation to the government – a move that could finally put an end to the political in-fighting that has dogged politicians in their bid to police the industry.
In a press release, the ministry said that the government had “also received proposals from the Central Bank,” noting the latter’s wish “to impose a ban on the organization of the issuance and circulation of digital currencies, as well as the introduction of liability for relevant offenses.”
6. Binance Joins Association of Russian Banks, Strengthening Strategic Relations
Binance cryptocurrency exchange has joined the Association of Russian Banks (ARB), which arguably bolsters its relationship with top financial institutions in the country.
As reported by a local media outlet, Prime, the onboarding of the trading platform into the banking organization was accompanied by establishing a new department within the body.
The department is called the Expert Center for Digital Financial Assets and Digital Currencies. Per the report, it will be led by Olga Goncharova, the Binance Exchange’s Russia and CIS head. As a frontline expert in the digital currency ecosystem, Binance, through the expert Center, will supply members of the association with technical insights related to digital currencies.
