Huobi Korea, a South Korean cryptocurrency exchange, is closing down due to business challenges, reflecting the difficulties faced by smaller exchanges in a market dominated by larger players and stringent regulations. Meanwhile, the European Banking Authority, alongside other financial bodies, is investigating the relationship between traditional banks and non-bank financial institutions, including crypto platforms, to assess potential risks in stress situations. In South Korea, there's a move to ban credit card purchases of cryptocurrencies to mitigate risks like money laundering, a decision currently open for public feedback. On a more innovative front, Visa has introduced a web3 loyalty platform that allows brands to create custom crypto wallets and offer novel rewards, marking a shift towards more interactive and experience-based customer engagement in the loyalty sector.
