Why Is KB Kookmin Bank Using Blockchain Payments? South Korea’s KB Kookmin Bank plans to launch a blockchain-based cross-border payment service for import and export businesses in August, using JPMorgan’s Kinexys network to reduce settlement delays and improve payment visibility. The service will initially support US dollar transfers across 10 countries, including the US, Singapore, Saudi Arabia and the United Arab Emirates. The target market is companies making international payments linked to trade, where transactions can pass through several banks before reaching the final recipient. Traditional cross-border transfers can involve multiple intermediaries, separate messaging and settlement systems, foreign exchange processing and different banking hours. These steps may slow payments and make it harder for companies to know exactly when funds will arrive. KB Kookmin Bank plans to combine blockchain infrastructure with the existing SWIFT payment network. The model is designed to support near-instant cross-border payments and foreign exchange settlement without requiring businesses to abandon the banking systems they already use. The launch gives KB Kookmin Bank a way to introduce blockchain technology through a regulated institutional platform rather than relying on public cryptocurrencies or consumer-facing digital assets. That approach may be easier for corporate treasury departments that require predictable settlement, bank-level controls and clear transaction records. How Does JPMorgan’s Kinexys Network Work? Kinexys, previously known as Onyx, is JPMorgan’s blockchain platform for institutional payments, tokenization and digital asset services. It is designed to allow participating financial institutions and corporate clients to move value through shared digital infrastructure. For KB Kookmin Bank, joining the network provides access to an established institutional system rather than requiring the lender to build a separate international blockchain network from the ground up. The bank can connect its clients to overseas payment routes while continuing to manage customer onboarding, compliance and foreign exchange services. The integration with SWIFT is important because the global banking industry still relies heavily on the messaging network for payment instructions. Instead of attempting to replace SWIFT entirely, the planned service appears to use blockchain to improve the movement and settlement of funds alongside the existing communication system. This hybrid structure may support faster adoption. Banks can add new settlement technology while retaining familiar compliance procedures, correspondent relationships and operational controls. Corporate customers may also benefit from a simpler transition because their payment process remains connected to a regulated banking provider. Investor Takeaway The project shows that institutional blockchain adoption is moving toward practical banking functions such as trade payments and foreign exchange settlement. The main value is faster movement of money and fewer operational delays, rather than exposure to cryptocurrency prices. Why Does The Trade Finance Market Matter? Importers and exporters depend on reliable payment timing because delays can affect inventory releases, shipping schedules and relationships with overseas suppliers. A company may need confirmation that funds have settled before goods are dispatched, documents are released or a foreign counterparty completes its side of a transaction. Near-instant settlement could reduce the time between sending a payment and receiving confirmation. It may also lower the amount of working capital companies need to keep available while waiting for international transfers to clear. The inclusion of the US, Singapore, Saudi Arabia and the UAE gives the initial service access to several major financial and trade centers. These markets connect South Korean businesses with global technology, energy, manufacturing and logistics networks. The initial focus on US dollar payments also reflects the currency’s central role in international trade. Supporting one settlement currency may allow KB Kookmin Bank to simplify the first stage of the launch before considering additional currencies or payment routes. What Does The Launch Mean For KB Financial Group? KB Kookmin Bank is part of KB Financial Group, which was ranked as South Korea’s largest lender by assets in an April S&P Global report. The group was also listed as the 28th-largest bank in the Asia-Pacific region, with $552.76 billion in total assets. That scale gives the bank an established corporate customer base and the resources needed to integrate new payment infrastructure into existing services. It also means the Kinexys launch could provide a meaningful test of whether blockchain settlement can operate across a large commercial banking network. The immediate measure of success will be whether businesses use the service for regular trade payments rather than limited pilot transactions. Companies will assess transaction speed, foreign exchange pricing, payment reliability and access across the supported countries. If the August rollout performs as planned, KB Kookmin Bank could expand the number of payment corridors, currencies or corporate services available through Kinexys. The launch would then serve as another example of blockchain being used inside traditional banking infrastructure, with regulated institutions adopting the technology for settlement rather than speculative trading.

How Did The Hackers Target State Banks? North Korean authorities have arrested a group of former military hackers accused of stealing state funds from two government-controlled banks and laundering the proceeds through cryptocurrency, according to a report citing an anonymous source in Pyongyang. The suspects allegedly breached internal systems belonging to the Central Bank of the Democratic People’s Republic of Korea and the Foreign Trade Bank. The group is accused of diverting foreign currency and funds connected to state trade before transferring the money through overseas crypto wallets. The Central Bank manages the country’s currency and state funds, while the Foreign Trade Bank handles foreign exchange and international transactions. Access to both institutions could have allowed the group to manipulate payment approvals and move funds intended for government-controlled trade. The report could not be independently verified, and North Korean authorities have not publicly confirmed the arrests. The country’s tightly controlled information system makes it difficult to assess the scale of the alleged theft or determine whether the investigation has identified all participants. The organizers were reportedly former members of military cyber intelligence units who recruited graduates from Kim Chaek University of Technology and Pyongyang University of Science and Technology. They allegedly used their technical training and knowledge of government networks to bypass internal controls. How Was Cryptocurrency Used To Move The Funds? The group reportedly divided the stolen money into small transfers and moved it to overseas crypto wallets to reduce the risk of detection. The suspects allegedly communicated through encrypted messaging applications, unregistered mobile phones and Chinese wireless equipment. Chinese brokers then helped convert the crypto assets into U.S. dollars and yuan, while contacts in the North Korean border cities of Sinuiju and Hyesan arranged cash settlements. The transactions were reportedly completed in real time, allowing the group to move value across borders without relying on conventional banking channels. This structure resembles laundering routes previously linked to North Korean cyber operations. Stolen digital assets are often transferred across several wallets, exchanged through intermediaries and converted into fiat currency through over-the-counter traders operating outside regulated exchanges. A multinational sanctions-monitoring report previously found that Chinese over-the-counter traders and financial institutions play a central role in converting cryptocurrency linked to North Korean operators into usable currency. These networks provide access to yuan and U.S. dollars while making it harder for investigators to trace the final recipients. Investor Takeaway The case shows that crypto laundering networks linked to North Korea may be used not only to monetize overseas hacks but also to move funds stolen from within the country. Exchanges and compliance teams face growing pressure to identify small, fragmented transfers before they reach cash-out brokers. How Did North Korean Authorities Find The Group? Officials reportedly became suspicious after detecting discrepancies in foreign-currency payment approvals in Pyongyang and attempts to access banking systems through overseas IP addresses. The State Information Bureau then opened an internal investigation into the irregular transactions. Investigators allegedly traced encrypted communications and cryptocurrency activity to a safe house in Pyongyang. The property was raided on July 12, and all members of the group were arrested, according to the report. Authorities reportedly seized computer equipment valued at hundreds of thousands of dollars, along with mobile phones registered under false identities. Armed guards were later deployed at both banks, while radio interception vehicles were stationed in parts of the capital. The source said the suspects are expected to receive severe sentences. “They were taught technology to protect the country, but they looted the state treasury,” the person said. The arrests are unusual because North Korea is better known for directing cyber units to steal cryptocurrency from foreign exchanges, bridges and financial companies. In this case, former state-trained specialists allegedly turned the same methods against domestic institutions. What Does The Case Mean For Crypto Crime Monitoring? North Korean hacking groups stole a record $2 billion in cryptocurrency last year, according to blockchain analytics data. TRM Labs estimated that groups linked to the country accounted for about 66% of stolen crypto funds in the first half of 2026, equal to roughly $643 million. The bank case suggests that the techniques developed by state-backed operators may spread beyond officially directed campaigns. Former personnel with access to technical training, trusted contacts and laundering networks can potentially use the same infrastructure for private theft. For crypto platforms, the main challenge is identifying transactions before stolen assets reach brokers capable of converting them into cash. Transfers divided across multiple wallets may appear too small to trigger basic monitoring systems, particularly when intermediaries use several exchanges and blockchains. The alleged use of Chinese brokers also reinforces the importance of monitoring off-platform cash-out networks. Even when exchanges freeze suspicious wallets, over-the-counter traders can provide alternative routes into fiat currency. North Korea’s response may focus on tightening access to bank networks and increasing surveillance of communications equipment. The wider crypto market, however, will remain exposed as long as brokers and informal settlement networks continue providing liquidity for stolen assets.

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BitMart is shutting down its trading operations. The exchange suspended new registrations, deposits, and new orders on July 26, 2026, and plans to stop all spot and futures trading at 01:00 UTC on August 26. Withdrawals will stay open until January 31, 2027, though the company said requests may face extra compliance and identity checks. Important NoticeAfter a careful evaluation of the Company's operating conditions, market environment, and future strategic direction, BitMart has made the difficult decision to commence an orderly wind-down of its trading platform operations. We deeply regret having to make… pic.twitter.com/KX3zczIrAh— BitMart (@BitMartExchange) July 26, 2026BitMart users have a month to close open positions before trading halts on August 26. Futures accounts are already restricted to reduce-only mode. Copy trading, staking, lending, and the platform's Launchpad will be discontinued in phases, each on its own schedule.BMX, the exchange's native token, dropped as much as 60% within 24 hours of the announcement.A String of Exchange Exits BitMart is the third established crypto trading venue to exit in recent weeks. BitMEX, the exchange credited with inventing the perpetual swap, said days earlier it will close on September 23, 2026, ending an 11-year run; the company pointed to a strategic business review. EXMO.com began winding down earlier this month after the UK government added it to its Russia-related sanctions list and is now cooperating with authorities on an orderly exit.Outside crypto, multi-asset broker BDSwiss has also stopped onboarding new clients for its offshore retail business, and its global website is no longer functioning. While each closure reflects different circumstances, the concentration of announcements within a single quarter highlights how difficult it has become for offshore trading venues to compete in a market increasingly dominated by the largest exchanges and tighter regulatory requirements. This article was written by Tanya Chepkova at www.financemagnates.com.

Which experienced industry executives are behind the launch of new online retail broker Epic Markets? Which investor has put $10M into Epic? The post FX week in review: Epic Markets launch, Trading.com CEO leaves, BitDelta UAE license (and hires), Brendan Gunn sentenced appeared first on FX News Group.

A Financial Times investigation says Algbra founder Zeiad Idris offered to help the fugitive Wirecard executive raise a $2.75 billion fund for Russian military technology — while Marsalek’s network was simultaneously being courted as an early investor in the future “ethical finance” platform. Few corporate origin stories could produce a more brutal collision of branding and biography. Algbra presents itself as a “people and planet first” fintech built around ethical finance, sustainability and Shariah principles. Its own website promises customers that their money will be protected from “unethical or high-risk investments.” Now, a Financial Times investigation has placed Algbra founder and CEO Zeiad Idris in a previously undisclosed relationship with Jan Marsalek, the fugitive former Wirecard executive who later emerged as an alleged Russian intelligence operative. According to WhatsApp messages, presentations and contracts reviewed by the FT, Idris discussed helping Marsalek establish a $2.75 billion investment vehicle for Russian military technology. The $2.75 Billion Weapons Pitch According to the FT, Marsalek sent Idris a detailed presentation describing a fund that would acquire intellectual property connected to Russian weapons systems and commercialise the technology abroad. The apparent objective was to sell Russian military equipment to Qatar and help the Gulf state achieve military parity with Saudi Arabia. The presentation reportedly ran to dozens of pages and included technical descriptions of weapons and their battlefield performance. Idris allegedly told Marsalek that he could market the proposed vehicle through his London business and raise capital from his own investor network. He subsequently prepared a presentation for a so-called Global Strategic Technology Fund, referring more discreetly to a Munich team with access to key decision-makers and technology opportunities in Eurasia. The weapons fund was never launched. The FT reports that Idris’s associates at New World Capital Advisors and its parent, New World Group, were uncomfortable with Marsalek and did not want to become involved. But the relationship was hardly a passing encounter. In October 2018, Idris travelled to Marsalek’s lavish Munich villa, where the Wirecard executive reportedly displayed a private collection of military memorabilia. Among the exhibits was an evidence bag that Marsalek claimed contained prayer beads held by Osama bin Laden and fabric used to wipe his face after the US operation that killed him. The evening ended at Oktoberfest, with Marsalek buying Idris traditional Bavarian clothing. Marsalek In Algbra’s Prehistory The more consequential revelation concerns the origins of the business that later became Algbra. The FT reports that Wirecard began paying New World Capital Advisors in 2019 to develop a business plan for a “global Islamic digital bank.” The total retainer eventually reached approximately £490,000, with Idris personally leading the project and acting as the principal contact with Marsalek. Marsalek’s self-described family office, IMS Capital Partners, was then approached as a potential anchor investor. In March 2020, IMS reportedly discussed using a complicated offshore trust structure for an investment in order to avoid what it called burdensome KYC questions. Idris allegedly renewed efforts to secure the investment in early June 2020 — only weeks before Wirecard imploded and Marsalek disappeared. Official UK filings add an important piece to the chronology. The company now operating as Algbra FS UK Limited was incorporated by Idris on 28 May 2020. New World Capital Advisors was installed as its corporate secretary at incorporation and remained in that position until August 2021. The documents do not establish that Marsalek or IMS ultimately invested in Algbra. They do, however, support the FT’s central finding that the future fintech emerged from the same advisory environment in which Idris had been working directly with Marsalek on the Islamic digital bank project. A Message From A Fugitive Wirecard collapsed in June 2020 after admitting that €1.9 billion supposedly held in Asian trust accounts probably did not exist. Marsalek fled Germany and remains internationally wanted in connection with suspected fraud and other offences. German authorities say he served on Wirecard’s management board from 2010 until June 2020. One of the most extraordinary details in the FT investigation is reportedly Marsalek’s final message to Idris. On 22 June 2020, while already in Minsk and travelling towards his new life under Russian protection, Marsalek allegedly wrote: “Please make Algbra a truly great company in my absence.” The sentence does not prove that Marsalek owned, controlled or financed Algbra. It does, however, suggest that he regarded himself as more than an incidental acquaintance watching the project from a distance. From The Marsalek Circle To The Ethical-Finance Establishment Algbra subsequently developed into one of Britain’s most highly connected ethical-finance ventures. It is authorised by the Financial Conduct Authority as an electronic money institution, is a principal member of Mastercard and promotes financial products linked to Standard Chartered. In April 2024, SC Ventures, Standard Chartered’s investment and venture arm, announced a strategic investment in Algbra and a partnership involving the sustainable-finance platform Shoal. Algbra also lists former UK chancellor Lord Philip Hammond among a large group of prominent advisers. The company maintains a dedicated Values and Ethics Committee and a Board Risk and Compliance Committee. Its public messaging says it is committed to fairness, social welfare, shared prosperity and protecting customers’ money from unethical or high-risk investments. Against that immaculate ethical façade, the Marsalek revelations could hardly be more awkward. Idris And Algbra Reject Any Continuing Connection Idris told the FT that he has had zero contact with Marsalek since the former Wirecard executive disappeared. He said he had been younger when he first encountered Marsalek and had since changed. Algbra stated that it has had no relationship with either Marsalek or Wirecard since it began trading. The company only launched its consumer operations after Wirecard had collapsed, and the proposed Russian technology fund never became operational. There is currently no suggestion that Idris has been charged with a criminal offence arising from the reported discussions. FinTelegram Comment This is not primarily a story about a technical regulatory violation. It is a story about judgment, networks and the selective editing of fintech origin myths. Marsalek repeatedly appeared at the intersection of respectable finance, geopolitical influence, private intelligence, opaque investment structures and extraordinary personal relationships. The FT investigation suggests that the future founder of a leading ethical-finance platform did not merely cross Marsalek’s path. He reportedly visited his home, discussed fundraising for a multibillion-dollar Russian weapons vehicle, worked on a Wirecard-financed Islamic bank project and sought money from Marsalek’s family-office network until shortly before Wirecard collapsed. The weapons fund went nowhere. Algbra says Marsalek has never been part of its operating business. Both points matter. But so does the question now confronting Algbra, its investors and its influential advisers: How much of the company’s early development was shaped by Europe’s most notorious financial fugitive — and how thoroughly was that history examined before the ethical-finance establishment embraced it? Share Information via Whistle42