Web3 Game

<a href="https://bitcoinworld.co.in/south-korean-web3-game-developer-wemade-under-investigations-for-allegedly-evading-registration/" title="South Korean Web3 Game Developer Wemade Under Investigations for Allegedly Evading Registration" rel="noopener noreferrer nofollow"></a>
South Korean web3 gaming giant Wemade, valued at $1.2 billion, is currently facing an investigation by local authorities for potentially evading registration governing governing virtual asset service providers.&nbsp;
The probe stems <a href="https://www.munhwa.com/news/view.html?no=2024020801071230020001" rel="noopener noreferrer nofollow">from</a> accusations that Wemade, through its affiliated decentralized exchange (DEX) PNIX and digital wallet Play Wallet, evaded mandatory registration requirements by withholding private keys from users.
South Korean regulations generally require crypto service platforms to register, but some decentralized offerings are exempt if users retain control of their private keys.&nbsp;
See Also: <a class="row-title" href="https://bitcoinworld.co.in/south-korea-financial-authorities-probes-crypto-exchange-okx-for-alleged-illegal-operations/" aria-label="“South Korea Financial Authorities Probes Crypto Exchange OKX for Alleged Illegal Operations” (Edit)" rel="noopener noreferrer nofollow">South Korea Financial Authorities Probes Crypto Exchange OKX for Alleged Illegal Operations</a>
Wemade argues that both PNIX and Play Wallet fall under this exemption, but prosecutors are skeptical.
They are investigating whether these services actually deny users access to their private keys, effectively contradicting Wemade’s claim and violating reporting obligations.&nbsp;
The Financial Intelligence Unit, overseeing the financial sector, is also probing Wemade based on similar complaints.
Wemade, on the other hand, insists both PNIX and Play Wallet operate as truly decentralized entities, with users holding their own keys and the team has no central control over users’ assets.&nbsp;
The statement further explains that transactions that are being processed are held in smart contracts, and not by the team.
This comes as South Korean authorities recently launched a probe into global crypto exchange OKX, accusing it of operating without license and promoting its services to South Korean users&nbsp;
#Binance #WRITE2EARN
The post <a href="https://bitcoinworld.co.in/south-korean-web3-game-developer-wemade-under-investigations-for-allegedly-evading-registration/" rel="noopener noreferrer nofollow">South Korean Web3 Game Developer Wemade Under Investigations for Allegedly Evading Registration</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

South Korean Web3 Game Developer Wemade Under Investigations for Allegedly Evading Registration

ItsBitcoinWorld

Other articles published on Feb 10, 2024

Starknet Launches STRK Airdrop Tracker on Voyager

Key Factors Driving Bitcoin’s Rally Before the Halving Event

Rabbit Swap Introduces Innovative Cross-Chain Swap Solution (10 Feb)

XRP Whale Shifts Millions of XRP Tokens to Binance, Here's Why

Blowfish Unveils Two New Solana Drainers, Aqua and Vanish, Capable of Stealthy Bit-Flip Attacks

Grayscale's Spot Bitcoin ETF GBTC: Witness the Surge in Outflows! 💥💥💥

Join our free newsletter for daily crypto updates!