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Upbit gets initial license nod from Singapore

The Singapore entity for Upbit, South Korea’s largest exchange by volume, has been given in-principal approval for a Major Payment Institution license in Singapore.

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The Singapore entity for Upbit, South Korea’s largest exchange by volume, has been given in-principal approval for a Major Payment Institution license in Singapore.

On Oct. 16, Upbit Singapore said the Monetary Authority of Singapore (MAS) gave the in-principle license nod, allowing it to continue with digital payment token services to institutional investors while awaiting its full license.

“We have been here and operating in Singapore since 2018. We have been building out the team,” Sondhi said, adding it had made additional hires since April.

Azman Hamid, the firm’s compliance chief, said the approval reflects its commitment to building its businesses in Singapore. “We will contribute to further establish Singapore as the leading hub for the next generation of financial businesses,” he added.

A potential full approval for Upbit would see the exchange join 15 crypto firms with full MPI digital payment token serve licenses from MAS.

In October alone, the Singaporean entities for Coinbase, Ripple and Sygnum Bank all received license approvals from MAS — pushing the number of MAS-licensed digital payment token service firms to 15.

On Oct. 2,  Coinbase received full approval for its MPI license, with crypto trading firm GSR scoring in-principal approval on the same day. Swiss crypto bank subsidiary Sygnum Singapore scored its full MPI license a day later, and Ripple received its full MPI on Oct. 4.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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