Elon Musk’s ‘government efficiency’ team turns its sights to SEC: Report
Elon Musk, the CEO of Tesla, is known for his innovative ideas and unconventional approach to business. His latest venture, the Department of Government Efficiency team (DOGE), has caught the attention of the media and the public alike. This team, which is not an official US government department, is focused on cutting costs and improving efficiency in government agencies.
Recently, it was reported that the DOGE team has set its sights on the Securities and Exchange Commission (SEC). According to a Reuters report, the team reached out to the SEC and was granted access to the commission’s systems and data. The SEC also plans to establish a liaison team to work with the DOGE representatives.
The intentions of the DOGE team are not immediately clear, but it seems that they are looking to streamline processes and save taxpayers’ money. This aligns with the executive order signed by former US President Donald Trump, allowing DOGE to implement cost-cutting measures. However, some of Musk’s efforts, such as attempting to fire staff at the US Agency for International Development and shutting down the Consumer Financial Protection Bureau, have faced legal challenges.
Despite the controversy surrounding the DOGE team’s actions, their approach to government efficiency has garnered attention and sparked discussions about the role of private companies in government operations. This is a developing story, and more information will be added as it becomes available.
Musk’s involvement in government affairs has been met with both praise and criticism. While some see his efforts as a way to bring fresh perspectives and innovative solutions to government operations, others question the legality and ethics of his actions. Only time will tell the impact of the DOGE team’s involvement with the SEC and other government agencies.
In the meantime, the public will continue to closely follow the developments of this unconventional team and their efforts to improve government efficiency. Stay tuned for updates on this intriguing story.
NFT sales plunge 63% in Q1, but Pudgy Penguins, Doodles buck trend
Sales of non-fungible tokens (NFTs) dropped sharply in the first quarter of 2025, plunging 63% year-over-year. Still, a few standout collections defied the downturn and posted gains.NFTs recorded $1.5 billion in total sales from January to March 2025, down from $4.1 billion during the same period in 2024, according to data from aggregator CryptoSlam. March accounted for the steepest decline, with sales falling 76% to $373 million compared with $1.6 billion last year.Despite the slowdown, collections including Doodles, Milady Maker and Pudgy Penguins outperformed expectations, showing strength amid the downturn.Pudgy Penguins, Doodles, Milady defy NFT downturn in Q1Among the largest NFT collections, CryptoPunks recorded $60 million in Q1 2025 sales, down 47% from $114 million in the first quarter of 2024.The Bored Ape Yacht Club (BAYC) had an even bigger drop of 61%. The monkey-themed NFT collection had a sales volume of only $29.8 million in Q1 2025, down from $78 million in Q1 2024. Among the popular collections reviewed by Cointelegraph, Pudgy Penguins recorded the highest sales volume in Q1 2025. The collection recorded $72 million for the quarter, a 13% increase on its $63.5 million in Q1 2024. Doodles also defied the broader market downturn, with sales jumping to $32 million in Q1 2025 from $22.6 million in Q1 2024, possibly driven by its growing mainstream presence and a recent partnership with McDonald’s.Meanwhile, Milady Maker recorded the highest percentage increase among top collections. The Ethereum-based NFT collection had a sales volume increase of 58%. The anime-themed project, endorsed by Ethereum co-founder Vitalik Buterin, has continued to gain attention across social media platforms.The collection includes 10,000 anime-inspired avatars and it has gained traction from promotion by controversial Three Arrows Capital co-founder Su Zhu. Related: Sony’s Soneium blockchain, Animoca Brands bring anime to Web3Bitcoin NFTs average price increased in Q1 2025While the overall NFT market declined, NFTs built on Bitcoin saw a rise in average price, even as total sales volume shrank significantly.In the first quarter of 2025, NFTs on Bitcoin saw their average value increase to $633.24. According to data aggregator DappRadar, the average price of Bitcoin NFTs climbed from $63.45 in 2023 to $559.05 in 2024 before reaching its current average. However, Bitcoin-based NFT sales declined sharply to $291 million in 2025, a 79% drop. In the first quarter of 2024, Bitcoin NFTs had a sales volume of $1.4 billion.In a previous interview with Cointelegraph, Bitlayer co-founder Charlie Hu said that Bitcoin Ordinals are one of the most overhyped narratives in the Bitcoin ecosystem. The executive told Cointelegraph that while the asset class went to the moon, that era is “completely gone.”Magazine: Trump-Biden bet led to obsession with ‘idiotic’ NFTs —Batsoupyum, NFT Collector
South Carolina dismisses its staking lawsuit against Coinbase, joining Vermont
South Carolina has become the latest US state to dismiss its lawsuit against crypto exchange Coinbase over its staking services, which had accused the crypto exchange of offering unregistered securities.The lawsuit was officially dismissed in a joint stipulation between the crypto exchange and the South Carolina Attorney General’s securities division on March 27.“South Carolina just joined Vermont to dismiss its unfounded staking lawsuit against Coinbase,” the firm’s chief legal officer, Paul Grewal, said in a March 27 X post.“This is not just a victory for us, but for American consumers and we hope it’s a sign of things to come in the few states left that restrict staking.”South Carolina Attorney General and Coinbase’s joint stipulation. Source: South Carolina Attorney GeneralSouth Carolina and Vermont were two of 10 US states that took legal action against Coinbase’s staking services on June 6, 2023 — the same day that the federal securities regulator filed its lawsuit against the crypto exchange.The Securities and Exchange Commission officially dismissed that lawsuit on Feb. 27, 2025.The other eight US states that filed enforcement action similar to South Carolina were Alabama, California, Illinois, Kentucky, Maryland, New Jersey, Washington and Wisconsin. Grewal said he hoped to see other states follow suit, and that South Carolina residents lost an estimated $2 million in staking rewards as a result of the lawsuit.“The 52 million Americans who own crypto deserve commonsense consumer protections and clear rules,” he said. “We applaud South Carolina for standing up for justice and hope the remaining states with bans on staking will take notice.”South Carolina introduces Bitcoin reserve billMeanwhile, a state lawmaker has just introduced the “Strategic Digital Assets Reserve Act of South Carolina” on March 27, which could see the state treasurer allocate up to 10% of certain state funds to cryptocurrencies such as Bitcoin (BTC).Unlike most US state crypto reserve bills, North Carolina’s House Bill 4256, introduced by Rep. Jordan Pace, mentioned Bitcoin on several occasions for the Strategic Digital Assets Reserve that the bill seeks to establish.Source: Jordan PaceThe bill allows South Carolina’s treasurer, currently Curtis Loftis, to establish a Bitcoin reserve that exceeds no more than 1 million Bitcoin — a high ceiling that the US federal government is also looking to reach or exceed with its recently established Strategic Bitcoin Reserve.The treasurer would be able to add Bitcoin to South Carolina’s General Fund, the Budget Stabilization Reserve Fund any other investment fund that they manage.Related: Coinbase files FOIA to see how much the SEC’s ‘war on crypto’ costWhile no mention of stablecoins, non-fungible tokens, Ether (ETH) or any other crypto tokens was made, the House bill said the Strategic Digital Assets Reserve wouldn’t be limited to Bitcoin.According to Bitcoin Law, 42 Bitcoin reserve bills have been introduced at the state level in 19 states, and 36 of those 42 bills remain live.Earlier this month, US President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve and a Digital Asset Stockpile, both of which will initially use cryptocurrency forfeited in government criminal cases.Magazine: Comeback 2025: Is Ethereum poised to catch up with Bitcoin and Solana?
EU watchdog wants insurers’ crypto holdings 100% covered, citing volatility
The European Union’s insurance authority has proposed a new rule that would require insurance firms to hold capital equal to the value of their cryptocurrency holdings. This measure aims to mitigate risks for policyholders and is part of a broader effort to regulate the growing use of cryptocurrencies in the insurance industry.
The proposal, put forth by the European Insurance and Occupational Pensions Authority (EIOPA), would set a much stricter standard for crypto assets compared to other traditional assets like stocks and real estate. While these assets only require a fraction of their value to be backed by capital, the proposed rule would mandate a 100% coverage for crypto assets due to their high volatility and inherent risks.
This move comes as the EU’s regulatory framework for insurers currently lacks specific provisions for crypto assets. The proposed rule would fill this gap and align with the Capital Requirements Regulation and Markets in Crypto-Assets Regulation (MiCA).
EIOPA has outlined four options for the European Commission to consider, with the third option of a 100% stress level being the most appropriate according to the authority. This means that insurers would need to hold enough capital to cover a 100% drop in the value of their crypto assets, which is a far stricter approach compared to other assets.
The proposed rule would have the most significant impact on insurers in Luxembourg and Sweden, which account for the majority of crypto asset-related exposures among (re)insurance undertakings. However, EIOPA has acknowledged that the current use of crypto assets in the insurance industry is relatively small, but a broader adoption in the future may require a more differentiated approach.
Overall, the proposed rule aims to protect policyholders and ensure that insurers have enough capital to cover potential losses from their crypto asset holdings. While some may argue that the 100% stress level is too strict, EIOPA believes it is necessary to account for the high risks and volatility of these assets. As the use of cryptocurrencies continues to grow, it is crucial for regulators to establish clear guidelines to protect both insurers and policyholders.
‘Our GPUs are melting’ — OpenAI puts limiter in after Ghibli-tsunami
ChatGPT creators OpenAI have introduced rate limits after a viral social media trend that saw nearly everything “Ghiblifyied” — turned into AI art in the style of the famous Japanese animation studio. OpenAI CEO Sam Altman was one of the first to take part in the trend, posting a portrait of himself generated by the model on March 25 but said in a subsequent post two days later that all image requests have started to tax the firm’s infrastructure.“It’s super fun seeing people love images in ChatGPT but our GPUs are melting. We are going to temporarily introduce some rate limits while we work on making it more efficient,” he said.Source: Sam Altman“Also, we are refusing some generations that should be allowed; we are fixing these as fast we can,” he added.OpenAI launched the upgraded image generation offering in ChatGPT-4o on March 25, resulting in users splashing images across social media in the art style of Studio Ghibli — known for its anime films Spirited Away and My Neighbor Totoro.Altman didn’t give a definitive timeline on how long the rate limits would last but said, “Hopefully, it won’t be long! ChatGPT free tier will get three generations per day soon.”Rate limits are generally applied to help OpenAI manage the aggregate load on its infrastructure, according to OpenAI. Related: Ghibli memecoins surge as internet flooded with Studio Ghibli-style AI images“If requests to the API increase dramatically, it could tax the servers and cause performance issues. By setting rate limits, OpenAI can help maintain a smooth and consistent experience for all users,” OpenAI says on its rate limit explanation page.Along with the legions of others getting in on the trend, X and Tesla CEO Elon Musk shared an image mimicking King Mufasa from Disney’s The Lion King holding up a Shiba Inu. White House AI and crypto czar David Sacks also joined in, using the Studio Ghibli-art style on an image of himself at an event.Source: David SacksMeanwhile, Bloomberg reported on March 26 that OpenAI expects to more than triple its revenue this year to $12.7 billion, citing a person familiar with the matter.Altman said on Feb. 12 his firm wants to ship GPT-4.5 and GPT-5 in the coming weeks or months.Magazine: ‘Chernobyl’ needed to wake people to AI risks, Studio Ghibli memes: AI Eye
Ripple, Chipper Cash partner for faster and cheaper African remittances
Ripple has partnered with African payment infrastructure provider Chipper Cash to support crypto-enabled cross-border payments.According to a March 27 announcement, Chipper Cash will use Ripple Payments for its cross-border transactions as part of the deal. The companies said the partnership is designed to offer faster, cheaper and more efficient settlements.Chipper Cash. Source: Chipper Cash official websiteReece Merrick, Ripple’s managing director for Middle East and Africa, said that the partnership is an important step in the firm’s expansion in the region. He also highlighted that African consumers and businesses “are increasingly recognizing the potential of blockchain technology.”Related: XRP ETF ‘obvious’ as Polymarket bettors up approval odds to 85%The collaboration comes as blockchain adoption continues to grow across Africa, particularly in the remittance and payments sectors. A recent report from Chainalysis found that stablecoins now make up nearly half of all transaction volume in Sub-Saharan Africa.Similarly, a late 2024 report suggested that a number of emerging economies across Africa have the potential to become digital asset hubs. Merrick said:“By integrating our technology into Chipper Cash’s platform, we’re enabling faster, more affordable cross-border payments while driving economic growth and innovation across the markets they serve.”Growing blockchain adoption in remittancesThe Ripple executive further highlighted that as the remittance market grows, many companies decide to adopt blockchain technology for the increased operational efficiency that it allows. Chipper Cash co-founder and CEO Ham Serunjogi said the implementation of crypto in the industry has far-reaching consequences in Africa.“Crypto-enabled payments have the potential to enable greater financial inclusion, accelerate access to global markets, and empower businesses and individuals across Africa,” he said.Serunjogi further explained that, by integrating Ripple, Chipper Cash was able to allow its customers “to receive payments faster and at lower cost.” The partnership also expands on Ripple’s 2023 Onafriq deal, using the firm’s infrastructure to process payments between 27 African countries and Australia, the United Kingdom and the Gulf Cooperation Council.Ripple moves forwardIn March, Ripple also secured a Dubai license to offer cryptocurrency-powered payments in the United Arab Emirates. The company will also likely step up its activities following its recent win against the United States Securities and Exchange Commission. Ripple CEO Brad Garlinghouse said at the time that the decision “provides a lot of certainty for Ripple.” He added:“We now are in the driver’s seat to determine how we want to proceed.”Ripple and Chipper Cash had not responded to Cointelegraph’s inquiry by publication time.Magazine: Real life yield farming: How tokenization is transforming lives in Africa
MahaKumbh signaled India’s readiness for the metaverse
Opinion by: Shubham Kukrety, co-founder and CEO at QuoteIt Strange sights were seen as India recently concluded MahaKumbh, a Hindu congregation that occurs once every 144 years.Every day, a man took dips at Sangam — the triple confluence of rivers Ganga, Yamuna and Sarasvati — with several passport-sized photographs offering “Digital Snan,” symbolizing digital nectar baths. A nine-acre camp offered people a glimpse of the Hindu religion since the beginning of time. Several families received a 360-degree live virtual MahaKumbh tour with a VR box and packaged pure Sangam water at their homes.These are some of the sights that were seen for the first time in MahaKumbh’s known history. But all of it brings us to a fascinating question: Does the fusion of tech and tradition help us peek into India’s future of the metaverse? Indeed.Adopting technology religiouslyIndia’s approach to technology has always been unique. The country has previously leapfrogged many traditional technology adoption cycles. For example, it moved directly to mobile-first digital experiences without many households ever seeing a landline. As immersive technologies gain traction, the country shows signs of its distinctive adoption pattern.Over the past few years, digitization of religious experiences has surged in India. The VR Devotee app, launched in 2016, streamed rituals and festivals from over 150 temples, allowing devotees to participate virtually. During COVID-19, the platform saw a remarkable 40% jump in user engagement.The Indian government, recognizing this potential, launched “Temple 360” in 2022 — a web portal providing virtual darshan (viewing of deities) from significant pilgrimage sites. When the famous Puri Jagannath Rath Yatra was held without public attendance for the first time in 2020, millions watched live. The same holds for nearly all pilgrimages in India.What’s particularly striking about MahaKumbh?Immersive technologies were embraced at one of Hinduism’s most sacred gatherings, which saw over 663 million people make pilgrimages. If deep spiritual traditions can incorporate digital experiences, it signals a profound cultural readiness for adoption.From skepticism to frontier techUnder the Digital India initiative, AR/VR is explicitly identified as an emerging technology alongside AI, blockchain and 5G networks. And this isn’t mere lip service.The government has backed its words with concrete actions, establishing Centers of Excellence like VARCoE at the Indian Institute of Technology Bhubaneswar and launching initiatives such as IMAGE to incubate extended reality (XR) startups. In 2022, the MeitY Startup Hub partnered with Meta to launch the XR Startup Program, extending grants worth 20 lakh Indian rupees (~$23,000) to 16 startups.Recent: Indian town adopts Avalanche blockchain for tamper-proof land recordsThe Uttar Pradesh government recently launched a 3D VR experience center in Ayodhya. Multiple Hindu religious places, including Kashi Vishwanath Dham and Maa Vaishno Devi Bhawan, have already extended such immersive experiences.This deliberate strategy can prove to be a catalyst in India’s XR adoption, tapping the nation’s rich cultural heritage.Corporate giants embrace the immersive futurePerhaps the most telling sign of India’s metaverse readiness comes from its corporate landscape. Reliance leads the charge, headed by Asia’s richest person, Mukesh Ambani. In a landmark development, Jio Platforms recently partnered with Polygon Labs to integrate Web3 and blockchain capabilities into its existing digital ecosystem.The partnership is no small feat. It potentially brings Web3 functionality to Jio’s vast user base of over 482 million customers. Jio had previously demonstrated its commitment to immersive technologies by unveiling “Jio Glass,” an affordable mixed-reality device designed for the Indian market. Reliance’s acquisition of Tesseract in 2019 and recent discussions with Meta underscore its long-term bet on immersive futures.The country’s largest telecom provider is strategically investing in metaverse-enabling technologies. This speaks volumes about the future of digital experiences in the country.This year, after announcing its partnership with Polygon, Jio also launched its mystery JioCoin, a significant development for the Indian Web3 community. Meanwhile, the Indian Railway Catering and Tourism Corporation also issued non-fungible (NFT) train tickets on the Polygon blockchain to passengers traveling to the MahaKumbh festival.These initiatives tapped Polygon specifically for its faster throughput and low gas fees — practical considerations that signal maturity in blockchain implementation in India.Differing perspectives and the elusive mainstream momentNot everyone is convinced that digitizing sacred experiences represents progress. The “Digital Snan” service for 1,100 rupees in Sangam triggered a significant backlash on social media. Critics viewed such services as commercializing spirituality and reducing sacred rituals to transactional experiences.Furthermore, it’s been over eight years since Pokémon Go took the world by storm, demonstrating AR’s potential to create cultural phenomena that transcend demographic boundaries. The world hasn’t seen anything of that magnitude ever since.This absence of a defining moment also raises questions about whether immersive technologies will achieve the ubiquity that smartphones have at present. Mall VR arcades attract curious teens for one-off experiences, but habitual usage patterns haven’t materialized outside specific professional contexts.Green shoots of adoption?What distinguishes India’s potential metaverse from Western models is its grounding in cultural contexts with profound meaning for millions. While Silicon Valley envisions virtual offices and digital asset speculation, India’s early applications focus on democratizing experiences of profound cultural significance.This culturally rooted approach could ultimately prove more sustainable. By addressing genuine human needs — connection to heritage, participation in community rituals, access to experiences otherwise impossible due to distance or disability — India’s metaverse initiatives may find the elusive “why” that has hampered mainstream adoption elsewhere.Opinion by: Shubham Kukrety, co-founder and CEO at QuoteIt.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Wyoming's Mark Gordon says state should issue stablecoin by July
Wyoming Governor Mark Gordon said the state’s proposed stablecoin might be ready to launch by July, with the Wyoming Stable Token Commission announcing interoperability protocol LayerZero as a partner for the token launch.Speaking at the DC Blockchain Summit on March 26, Gordon praised the speed and efficiency of the Wyoming state government in embracing blockchain technology. Anthony Apollo, the executive director of the Wyoming Stable Token Commission, also confirmed:”The Stable Token Commission has formally engaged LayerZero as our token development and distribution partner, and we have stable tokens — Wyoming stable tokens — on several test networks.”Wyoming, which is represented by pro-crypto Senator Cynthia Lummis, has been planning a state-issued stablecoin for years and has a history of embracing innovation in digital assets.Governor Mark Gordon of Wyoming speaking at the 2025 DC Blockchain Summit. Source: SeiRelated: Yield-bearing stablecoins could kill banking — US Senator GillibrandWyoming Stable Token CommissionWyoming lawmakers introduced the “Wyoming Stable Token Act” in February 2022 to establish a state-issued stablecoin pegged to the value of the US dollar and redeemable for fiat.The bill was signed into law in March 2023, enabling the state treasury to develop a team of professional accountants, auditors, and technical experts to issue and manage the state’s stablecoin supply.Following the passage of the Stable Token Act, the state began staffing its Stable Token Commission with officers and executives to research and develop the state’s stablecoin.The Wyoming Stable Token Act. Source: Wyoming LegislatureIn August 2024, Governor Mark Gordon told an audience at the Wyoming Blockchain Symposium that the state was eyeing a Q1 2025 launch window for the stablecoin, which would be backed by short-term US Treasury Bills and repurchase agreements.At the time, Gordon slammed the “too big to fail” ethos of US economics post-2008 financial crisis and called the Federal Reserve Bank a “drag on innovation.”More recently, Anthony Apollo, the executive director of the Wyoming Stable Token Commission, told Cointelegraph that the state’s public budget should be onchain to ensure transparency, accountability, and efficiency in government spending.Magazine: Bitcoin payments are being undermined by centralized stablecoins
Rumble wallet rolls out with Tether’s USDT for creator payments
Canadian YouTube alternative Rumble announced the launch of its wallet with support for Tether’s USDT stablecoin.In a March 26 X post, Rumble CEO Chris Pavlovski said Rumble Wallet will be used for content creator monetization. He promised it would work better than most advertisers and that it would use Tether’s USDt (USDT). Tether CEO Paolo Ardoino showed his appreciation for the initiative, referring to it as “A wallet for the people” in an X post.Related: Tether seeks Big Four firm for its first full financial audit — ReportA flurry of investmentsThe announcement follows Tether investing $775 million in Rumble in late 2024. Ardoino wrote at the time that the company “deeply believes in the fundamental values of freedom of speech and financial freedom.”Source: Paolo ArdoinoIt is one of several major investments recently made by the $143 billion stablecoin issuer. Reports from 2024 indicated that Tether was the seventh-largest holder of US Treasury securities globally, surpassing many nation-states.In February, Tether acquired a majority stake in Juventus FC, a major Series A football club based in Turin, Italy. During the same month, the stablecoin operator sought to acquire a majority stake in South American agribusiness firm Adecoagro.Rumble also recently began investing its capital, acquiring over $17 million worth of Bitcoin (BTC) earlier this month. The firm announced its new strategy in late November 2024, when it voiced its intention to spend up to $20 million adding Bitcoin to its balance sheet.Rumble was founded in late 2013 as a YouTube alternative for small content creators. The platform saw a significant influx of users from 2020 onward, at the start of the COVID-19 pandemic. Viewership increased from 1.6 million users in 2020 around the US election time to 31.9 million by the end of the first quarter of 2021.Related: Trump Media looks to partner with Crypto.com to launch ETFsRumble’s foray into the USVenture capitalists backed the platform, including current US Vice President J.D. Vance and former PayPal CEO Peter Thiel. At the end of 2021, US President Donald Trump-linked Trump Media and Technology Group announced a partnership with Rumble, which would “deliver video and streaming for TRUTH Social.” Trump wrote in the announcement:“TMTG continues to align with service providers who do not discriminate against political ideology. Therefore, I have selected the Rumble Cloud to serve as a critical backbone for TMTG infrastructure.”In 2022, Trump’s social media platform Truth Social also migrated to Rumble’s cloud platform. TMTG CEO Devin Nunes said at the time that “Truth Social and Rumble took a major stride toward rescuing the internet from the grip of the Big Tech tyrants.”The partnership between the two companies grew stronger as time went on. Also in 2022, Truth Social joined Rumble’s ad platform as its first publisher. This year, TMTG joined Rumble in a lawsuit to halt alleged censorship in Brazil.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Google Play blocks access to 17 unregistered exchanges in South Korea
Google Play implemented access restrictions to 17 unregistered overseas crypto exchanges catering to local users in South Korea at the request of the country’s regulators. On March 21, the Financial Intelligence Unit (FIU) of the South Korean Financial Services Commission (FSC) said it was considering sanctions against operators that did not report to the relevant authorities. Authorities require virtual asset service providers (VASPs) to report to regulators under the country’s Specified Financial Information Act. At the time, the FIU said it was coordinating with the Korea Communications Standards Commission (KCSC), the regulator in charge of the internet, on how they could block access to the exchanges. By March 26, the FSC published a list of 22 unregistered platforms, highlighting 17 that had been blocked from the Google Play store. The move restricts new downloads and updates for affected apps, effectively limiting user access.A list of 22 overseas operators, highlighting the 17 blocked exchanges. Source: FSCGoogle Play restricts access to 17 unregistered exchangesThe FSC said the 17 exchanges highlighted on the list were now restricted in the Google Play Store. This means their applications will not be available for new users to download and install. In addition, existing users will be unable to access updates from the apps. Exchanges in the access restriction list include: KuCoin, MEXC, Phemex, XT.com, Biture, CoinW, CoinEX, ZoomEX, Poloniex, BTCC, DigiFinex, Pionex, Blofin, Apex Pro, CoinCatch, WEEX and BitMart.The FSC expects the move to help prevent money laundering acts using crypto assets and potential future damages to local users. The FIU said it is also coordinating with Apple Korea and the KCSC to block internet and App Store access to the exchange platforms. KuCoin previously told Cointelegraph that it was monitoring regulatory developments in all jurisdictions, including South Korea. The exchange said compliance was essential for crypto’s sustainable growth. However, the exchange did not provide detailed information on its plans for South Korea. Related: Wemix denies cover-up amid delayed $6.2M bridge hack announcementSouth Korean exchanges face controversiesSouth Korean regulators’ actions against unregistered exchanges follow the country’s increased scrutiny of crypto trading platforms. On March 20, Seoul’s Southern District Prosecutors’ Office raided Bithumb offices in the country, as prosecutors suspected financial misconduct involving the exchange’s former CEO. Prosecutors suspected Bithumb board member Kim Dae-sik of using company funds to purchase a personal apartment. In addition, a Wu Blockchain report of intermediaries being paid to list token projects on Bithumb and Upbit surfaced. In response to the report, Upbit demanded the release of the identities of crypto projects that claimed to have paid intermediaries to be listed. Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express