Crypto.Com Suspends Withdrawals Due To Suspicious Activity

Primary crypto wallet and platform Crypto.com has temporarily suspended withdrawals. This came after a small number of users reported suspicious activity on their accounts. However, all funds are reportedly safe for now.

Crypto.com stopped withdrawals from its platform in response to several “thefts” reported by customers.

Dogecoin founder Billy Markus noticed a suspicious transaction pattern on Etherscan. It prompted the company to halt all transactions until it could figure out what happened to its platform.

Crypto enthusiast and jeweler Ben Baller claim his account was hacked, and lost 4.28 ether. He also said he used two-factor authentication, so the alleged perpetrator must have bypassed some of Crypto.com’s security features.

The cryptocurrency industry is no stranger to hacks, pulls, and protocol bugs. Earlier this month, decentralized financial security platform and bug bounty service Immunefi found that losses from hacking, scams, and other malicious activity exceed $10.2 billion in 2021.

In total, there were 120 crypto breaches or fraudulent pulls, with the highest-value hack being Poly Networks, worth $613 million.

Crypto.Com Capital Has Expanded $200M To $500M

Despite the recent unpleasant accidents, crypto.com is one of the leading crypto exchange platforms.

Crypto.com is a Singapore-based exchange. Today, the company has announced expanding their funds to $500 million from the $200 million announced in March 2021.

Jon Russell, its newly hired general partner in Bangkok, announced that the fund would conduct seed and Series A deals, typically offering up to $10 million in checks for the A round.

Crypto.com’s first fund so far has invested in money-making gaming guilds YGG SEA, Ledger, and Frax Finance.

The fund will focus on investing in DeFi, NFTs, and games. It will usually want to lead the round.

Russell said the fund would focus on growing the entire crypto ecosystem rather than investing in places where Crypto.com believes it can operate.

He said that the fund invests in companies that will not necessarily be listed on the Crypto.com exchange.

While Crypto.com’s capital is expanding, management wants to keep the fund lean and entrepreneurial.

Although the fund is headquartered in Singapore and Russell in Bangkok, it will have a global remit.

In 2021, crypto companies raised $30 billion from VCs, according to PitchBook. The trend shows no signs of slowing down despite the bear market, with Crypto.com Capital announcing that FTX is starting the year with a $2 billion venture fund to invest in crypto startups.

Spanish Government To Implement New Rules For Crypto Ads

Spain’s financial regulator, the Comisión Nacional del Mercado de Valores (CNMV), has announced new rules for advertising crypto-asset investments.

According to the further notice, which will go into effect on February 17, 2022, crypto advertising must be transparent, balanced and fair, while also providing adequate information about the risks involved in investing in crypto.

The new rules also require advertisers targeting 100,000 people or more to notify regulators ten days in advance. After the initial report, the remaining advertising campaigns will be overseen by the CNMV, but no advance reporting is required.

The CNMV also clarified that influencers are subject to new advertising regulations. These rules apply to crypto service providers that serve ads themselves or through third-party ad providers such as crypto influencers.

In addition to these rules, the CNMV requires crypto ads to include a snippet informing viewers that crypto investments are not regulated and warning that the total amount invested could be lost. Finally, the ad must also provide a link to more information.

While the regulator targets advertising, the new rules do not cover asset issuance and other cryptocurrency-related services.

The UK Advertising Standards Authority (ASA) is also cracking down on encrypted advertising. Last year, the advertising watchdog took down ads made by crypto firms Coinbase, Kraken, eToro, and others for breaching ads. Recently, the ASA banned two of Crypto.com’s mobile app ads.

Meanwhile, the Monetary Authority of Singapore has also issued crypto advertising restrictions. The guidelines prohibit digital payment tokens or DPT providers from promoting their products in public places, such as public transit public websites, social media, broadcast, and print media.

However, DPT providers can still advertise their products and services on their local website and mobile app.

Binance Eyes Thailand For Latest Crypto Exchange Expansion

Binance is looking to re-establish its crypto exchange service. The world’s leading crypto exchange might open a new branch in Thailand after signing an agreement with Gulf Energy Development PCL.

Gulf Energy Development PCL is a Thai holding company run by billionaire Sarath Ratanavadi focused on the energy sector.

Gulf Energy’s agreement with the world’s largest cryptocurrency exchange is reportedly based on the solid assumption that Thailand’s digital economy infrastructure will experience rapid growth in the next few years.

The collaboration between Gulf Energy, Binance, and the Thai government will focus on exploring options for Binance in the Thai market. It may include opening exchanges and related operations in Thailand.

A Binance spokesperson said their goal is to work with the government, regulators, and innovative companies. They want to develop Thailand’s cryptocurrency and blockchain ecosystem.

Thailand’s digital economy will likely provide more precise regulation for digital asset traders.

The head of the Thai government’s tax bureau made regulatory transparency a top priority this month after announcing plans on January 6 to impose a 15 percent capital gains tax on cryptocurrency transactions.

On January 9, the Digital Assets Association of Thailand asked for clarification on the exact details of the tax, as domestic traders fear they may have inadvertently violated tax laws.

The Central Bank of Thailand has repeatedly warned commercial banks and local businesses to accept cryptocurrencies as payment methods despite the positive progress.

In July 2021, Binance received a criminal complaint from Thailand’s Securities and Exchange Commission (SEC). The lawsuit accuses Binance of operating a digital asset business without a license and investigating the exchange.

The SEC said Binance ignored warnings as early as April 2021 and falsely granted Thai citizens permission to conduct crypto transactions on its website by matching orders, arranging counterparties, providing systems, or facilitating agreements.