Unveiling the Hidden Gems of Asia: A Thrilling Journey with Asia Express

Largest Money Laundering Scandal Unravels in Australia

Australia has been rocked by a massive money laundering scandal involving Changjiang Currency Exchange. The business, operating under the guise of a legitimate currency exchange, has been accused of helping launder dirty funds and tainted cryptocurrency from investment scams and unregistered crypto exchanges. The scandal came to light after a 14-month investigation that resulted in the arrest of seven individuals, including four Chinese citizens and three Australian nationals. The investigation is ongoing, and authorities have seized millions of dollars in cash and luxury items believed to be purchased using proceeds of crime.

Bitget Emerges as a Top Crypto Derivatives Exchange

In the world of cryptocurrency derivatives exchanges, Bitget is making waves. The exchange has risen to become the fourth-largest by volume, trailing only behind Binance, OKX, and Bybit. Bitget reported a market share of 9.43% in its transparency report for Q3 2023, a significant increase compared to just two years ago. The exchange onboarded over 9,000 traders and 85,000 followers or copy-traders during the quarter, achieving a net trading profit of $6.7 million. Despite a 23% decline in industry trading activity, Bitget’s user protection fund reached $368 million and now stands at $350 million, with no debt and a proof-of-reserves ratio exceeding 200%.

China Partially Lifts Bans on NFTs

China appears to be softening its stance on non-fungible tokens (NFTs) after a year of harsh crackdowns on private blockchain enterprises. Xianyu, Alibaba’s flagship peer-to-peer marketplace, has removed its censorship of NFT-related keywords in its search tool and relisted Topnod NFT collectibles minted on Alibaba’s Ant Blockchain. This move comes after the Chinese government announced plans to launch an official NFT trading platform. While the ban on most crypto-related activities remains in place, this development suggests a more lenient approach towards NFTs in China.

Blockchain Revolutionizes Health Insurance Claims in China

In a partnership with Alibaba’s Ant Insurance, residents of Shanghai, Zhejiang, Jiangsu, and Anhui provinces can now submit and validate their health insurance claims using blockchain technology. The blockchain verification process ensures the authenticity of claims, allowing users to receive their reimbursement within hours. This innovative approach has significantly improved the efficiency of insurance claims in the Yangtze River Delta region, preventing moral hazard and providing convenience to policyholders.

Huaian Implements AI and Blockchain for Surveillance

The Jianpu People’s Court in Huaian, China, is utilizing AI recognition, big data, and blockchain technology to enhance law enforcement surveillance. Through an “all-purpose” system, the court can monitor visitors entering and leaving court premises, alerting court bailiffs of any unauthorized trespassing. The system also employs intelligent behavior analysis technology to detect potential dangerous behaviors and provide early warnings to judicial staff. This advanced surveillance system aims to improve security and reduce the need for manual patrolling.

As East Asia continues to make significant strides in the blockchain and cryptocurrency industry, these developments highlight the region’s growing influence and adoption of innovative technologies.

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