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Crypto

X Money\'s key perk of 6 percent annual interest hit as New York rate drops to 0 percent from October

X Money, a payments service launched by Elon Musk\'s X, will no longer be able to pay interest on stored balances in New York after the state financial regulator set the yield on New York customer accounts at 0.00 percent from Oct. 1. The change removes a benefit X promoted during its U.S. rollout, including a 6 percent annual yield for Premium Plus subscribers, and highlights how state-by-state licensing affects service terms.

Crypto

DAXA flags four unreported overseas crypto exchanges, seeks police investigation

The Digital Asset eXchange Alliance, known as DAXA, said it had identified four overseas digital asset exchanges operating for South Korean users without making the required report under the Act on Reporting and Using Specified Financial Transaction Information. It said it requested a police investigation after confirming signs of targeting domestic users through Korean-language services, won conversion displays and reward programmes. DAXA warned users of weak safeguards and difficult remedies if incidents occur.

Finance

MyData market expands as Korea faces impact of consecutive base rate hikes

Korea\'s financial MyData service is set to expand beyond individuals to sole proprietors and small merchants, evolving from simple data checks to executing financial tasks. The Financial Services Commission plans to broaden the right to request transmission of credit information and to introduce a \"My AI agent\". Separately, the Bank of Korea has raised its base rate for a second straight month, adding to upward pressure on loan rates and borrowers\' interest burdens.