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Asia-Pacific Crypto Enforcement Trends for 2023

Solidus Labs Research
APAC regulators have been intensifying their crypto enforcement. Learn more about the latest developments.

Summary 

Financial regulators in jurisdictions throughout Asia and the Pacific have been intensifying their enforcement against crypto market participants in 2023. These enforcement actions have spanned from warnings to suspensions, fines, arrests, and prison sentences. 

Unregistered token offerings, unlicensed exchange operations, and various forms of DeFi fraud and money laundering remain the most common justifications for these actions. However, violations of anti-market manipulation rules have become an increasingly frequent explanation. This is especially true of South Korea and Thailand, whose regulators have announced multiple enforcement actions against entities accused of crypto market abuse.

Crypto Regulations by Jurisdiction

Jurisdiction
Dedicated Crypto Framework
Licensing & Registration
KYC, AML, and CFT
Market Surveillance
Singapore
 1
Thailand
Hong Kong
 2
 3
South Korea
 4
 5
Japan
Malaysia
Indonesia
Philipines
Australia
 6

1 Only for tokens that are classified as “securities” (MAS)
2 Optional unless the platform offers a “security token” that is considered a “security”) (GovHK)
3 Only for tokens that are classified as “securities” or “futures contracts” (HK SFC)
4 For AML purposes (SK FSC)
5 Only for cryptocurrencies classified as “security tokens” (SK FSC)
6 If offering what is considered to be a financial products (ASIC)

Singapore

Singapore’s primary method of enforcement against crypto market participants has been through the Monetary Authority of Singapore’s (MAS) Investor Alert List (IAL). The list includes unregulated entities who “may have been wrongly perceived as being licensed or regulated by MAS.” The MAS has added multiple notable exchanges to its investor alert list, including Binance, PlexCorps and Coinex.

Singaporean crypto regulation highlights

Dedicated Regulatory Framework for Crypto:
Anti-Market Abuse Regulations:
*
Registration / Licensing Process:
Anti-Money Laundering Requirements:

*Only if the digital token is considered a “capital market product"(source)

Singapore crypto enforcement activity 

November 2022:

Singapore’s Commercial Affairs Department (CAD) launched an investigation into Hodlnaut and its directors for possible violations of the Penal Code 1871. Between August and November 2022, the Police received multiple reports alleging that Hodlnaut and/or its directors made false representations relating to the company’s exposure to a certain digital token, the announcement said.

July 2022:

Virtual currency exchange operator Quoine was fined $67,000 for failing to protect the personal data of more than 650,000 customers, in what is believed to be the first breach of the Personal Data Protection Act (PDPA) involving a cryptocurrency firm here.

June 2022:

MAS reprimanded Three Arrows Capital Pte. Ltd. (TAC) for providing false information to MAS and exceeding the assets under management (AUM) threshold allowed for a registered fund management company (RFMC). The contraventions, under the Securities and Futures Act 2001 (SFA) and the Securities and Futures (Licensing and Conduct of Business) Regulations (SFR), are as follows:

  • Failure to ensure that information provided to MAS is not false or misleading. 
  • Failure to notify MAS of changes to directorships and shareholdings.
  • Prolonged breach of the AUM threshold.

March 2022:

Defiance Capital was added to MAS’s investor alert list. 

December 2021:

Bitget’s license was suspended by the MAS following the controversial listing of a new K-pop-related cryptocurrency called Army Coin (ARMY). 

September 2021:

Binance was added to the MAS’s investor alert list. 

May 24, 2018:

The MAS warned eight digital token exchanges in Singapore not to facilitate trading in digital tokens that are securities or futures contracts without MAS’ authorization. The MAS also ordered an ICO issuer to stop offering digital tokens.

Investor Alert List

The Monetary Authority of Singapore maintains an Investor Alert List (IAL) that includes unregulated crypto platforms who “may have been wrongly perceived as being licensed or regulated by MAS.” As of February 9th, 2023, this includes:

  • Binance.com
  • BiteBTC
  • Coinex.com
  • Cryptoexp
  • CoinPro Exchange
  • OneCoin
  • PlexCorps

Thailand

Thailand has been the most active country in Asia when it comes to enforcing market manipulation regulations. Bitkub and Satang have both been victims of cryptocurrency market manipulation on their platforms and each resulted in fines from the Thai SEC against the individuals involved.

Thai crypto regulation highlights

Dedicated Regulatory Framework for Crypto:
Anti-Market Abuse Regulations:
Registration / Licensing Process:
Anti-Money Laundering Requirements:


Thai crypto enforcement highlights

At least four digital asset exchanges have been targeted for enforcement actions by Thai regulators.
At least three enforcement actions for market manipulation (two for wash trading, one for insider trading)
At least six have been arrested over crypto crimes.


Thailand crypto enforcement activity 

September 2022:

Thailand’s SEC issued civil sanctions against two individuals and Bitkub for creating fake trading volume (wash trading). The three offenders in this case have been ordered to pay 24.2 million Thai baht ($636,000) to reimburse the SEC for its investigation expenses.

September 2022:

Thailand’s SEC issued civil sanctions against LLC Fair Expo and one individual for creating fake trading volume (wash trading). They were requested to pay 12.1 million Thai baht ($318,000).

September 2022:

Thailand’s SEC alleged that Zipmex had not provided information on digital wallets and crypto transactions in compliance with the country’s Digital Assets Act, claiming that it’s co-founder Akalarp Yimwilai and the exchange forwarded incomplete information outside of an approved timeframe without providing a “reasonable cause” or excuse. The Thai SEC referred the matter to the ​​Cyber Crime Investigation Bureau. 

August 2022:

Thailand’s SEC ordered Bitkub Chief Technology Officer Samret Wajanasathian to pay a fine of 8.5 million Thai baht (around $235,000) and barred him from holding an executive position for 12 months over charges of insider trading.

  • He was charged with buying KUB coins while being a person who knows or possesses inside information under Section 42(1) and Section 43(1) of the Decree on Digital Assets 2018. 
  • The penalties fall under Section 70 and Section 72 of the Decree on Digital Assets 2018.

May 2022:

Six Taiwanese men were arrested by Thai police after being accused of being involved in fraudulent cryptocurrency schemes that affected more than 500 people.

September 2021:

Thailand’s SEC temporarily suspended the services of the local branch of the cryptocurrency exchange Houbi (named DSDAQ) and recommended revoking its operating license with the Ministry of Finance. 

  • Citing Section 35 Paragraph 2 of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) (Emergency Decree), the SEC passed a resolution ordering Huobi to suspend its services temporarily and rectify the deficiencies of its work systems within deadline, and ordering Huobi to return assets to clients as per their request. 
  • The reasons the SEC cited for the suspension were “deficiencies and insufficiency in Huobi’s management structure and work systems, causing the company to fail to operate its business in compliance with the governing regulations.”

Hong Kong

Hong Kong’s government has undertaken multiple notable enforcement actions against crypto market participants over the last several years. At least six people have been arrested for allegations of money laundering involving digital assets, and at least two enforcement actions have impacted prominent digital asset exchanges (AAX and Huobi).

Hong Kong crypto regulation highlights

Dedicated Regulatory Framework for Crypto:
Anti-Market Abuse Regulations:
Registration / Licensing Process:
*
Anti-Money Laundering Requirements:

Optional Only (unless the platform offers a “security token” that is considered a “security”)

Hong Kong crypto enforcement activity 

10 
At least 10 people have been arrested in Hong Kong in relation to fraudulent crypto activities

Hong Kong crypto enforcement activity 

December 2022:

Hong Kong’s Commercial Crime Bureau arrested two men over their alleged involvement in digital asset fraud on the crypto exchange Atom Asset Exchange (AAX). Other arrests could follow.

June 2022:

A former senior manager at Huobi, Chen Boliang, was charged in Hong Kong over accusations that he made $5 million by secretly trading against a company account he controlled. According to Hong Kong court records, Chen was arrested in May 2020 and has been charged with accessing Huobi’s computer systems with criminal or dishonest intent and dealing with the proceeds of a crime in the form of $5 million worth of USDT.

December 2021:

Hong Kong Customs arrested two persons suspected of engaging in money laundering activities involving about $384 million. They are suspected of using personal bank accounts and a cryptocurrency exchange trading platform in dealing with money from unknown sources and participating in money laundering activities.

July 2021:

Hong Kong customs authorities arrested four men suspected of involvement in a money-laundering syndicate that involved HK$1.2 billion (US$155 million). They allegedly used a platform to trade in "privacy coins" issued by Tether. According to the report, it is the first money-laundering case involving cryptocurrency detected by the city's customs authorities.

March 2019:

Officers from the police’s Commercial Crime Bureau arrested Wong Ching-kit, 25, better known as “Coin Young Master”, and a 20-year-old man for conspiracy to defraud after allegedly selling “mining machines” to investors.

South Korea

South Korean regulators were the most active crypto enforcers in all of Asia-Pacific in 2022. In 2023, the country’s regulators have also been particularly focused on enforcement against Terraform Labs, Bithumb, and other entities engaged in crypto market manipulation.

South Korean crypto regulation highlights

Dedicated Regulatory Framework for Crypto:
Anti-Market Abuse Regulations:
Registration / Licensing Process:
Anti-Money Laundering Requirements:


South Korean crypto enforcement activity 

February 2023:

South Korean prosecutors arrested Kang Jong-Hyun, the de-facto owner of local cryptocurrency exchange Bithumb, for alleged embezzlement and stock manipulation.

January 2023:

South Korean prosecutors are seeking the arrest of Kang Jong-Hyun, the chairman and owner of cryptocurrency exchange Bithumb. Kang and two other executives – including his younger sister, Kang Ji-Yeon, the CEO of two publicly traded Bithumb affiliates, Inbiogen and Bucket Studio – were charged by the Seoul Southern District Prosecutor’s Office with embezzlement, breach of trust and fraudulent illegal transactions.

The offices of Bithumb were raided as part of an investigation into price manipulation of a coin listed on its exchange. Prosecutors were investigating transactions related to a specific person or entity moving the price of the coin to make a profit. "This is a search and seizure to secure the transaction details of a specific coin, and it has nothing to do with Bithumb," an official for the Seoul Southern District Prosecutor’s Office said. 

South Korea’s Supreme Court ordered Bithumb to pay damages  totaling 251.4 million won (US$202,400) to more than 100 investors over a service outage that occurred on November 12, 2017.

The National Tax Service is reportedly investigating possible tax evasion via domestic and international transactions of Bithumb Korea, Bithumb Holdings and affiliates.

Former chairman of Bithumb Holdings, the parent company of crypto exchange Bithumb Korea, was acquitted of charges that he committed $100 million in fraud.

Prosecutors indicted 20 people on charges of illegally remitting about 4 trillion won ($3.2 billion) worth of funds overseas to buy cryptocurrencies abroad and sell them back in Korea at a premium. The Seoul Central District Prosecutors Office, in collaboration with the Seoul branch of the Korea Customs Service, indicted 11 of them with detention and the nine others without detention, the officials said.

December 2022:

Six executives involved in the $1.5 billion (2 trillion won) crypto exchange fraud V Global received prison sentences ranging from three to eight years.

Seoul Southern District Court approved an order to freeze 120 billion won ($92 million) in assets of former and incumbent CEOs of Terraform Labs’ affiliate firm Kernel Labs. 

November 2022:

Seoul Southern District Court approved an order to freeze approximately $104.4 million (140 billion won) from Terraform Labs co-founder Shin Hyun-seong based on suspicion of unfair profits for selling pre-issued Terra tokens to investors.

South Korea’s Seoul Southern District Prosecutors’ Office raided Chai Corporation, the local payments technology company founded by Terraform Labs Pte. Ltd. cofounder Daniel Shin or Shin Hyun-seung. Prosecutors are investigating Shin and Chai under allegations that the company used customers’ personal information in launching Chai’s Terra payment services without consent.

October 2022:

South Korean prosecutors arrested a Terraform Labs employee. This was their first arrest under the investigation of the Terra-LUNA collapse. 

September 2022:

South Korean prosecutors asked Interpol to issue a red notice against Do Kwon, the co-founder of Terraform Labs, alleging that he is refusing to co-operate with an investigation into the $40bn implosion of the terraUSD and luna tokens.

A South Korean court issued an arrest warrant against Do Kwon, the co-founder of the now defunct stablecoin issuer Terraform Labs and five additional individuals.

August 2022:

The Korea Financial Intelligence Unit (KoFIU) announced that it notified illegal business activities of 16 unregistered Virtual Asset Service Providers (VASPs) to the investigative authority. The 16 VASPs: KuCoin, MEXC, Phemex, XT.com, Bitrue, ZB.com, Bitglobal, CoinW, CoinEX, AAX, ZoomEX, Poloniex, NTCEX, BTCC, DigiFinex, Pionex. 

  • The 16 foreign-based VASPs were found to have been engaged in business activities targeting domestic consumers by offering Korean-language websites, having promotional events targeting Korean consumers and providing a payment option that supports the purchase of virtual assets using credit cards. 
  • The 16 aforementioned entities were found to have business operations targeting Koreans without obtaining a registration.
  • (Note on regulations: On July 22, 2021, the KoFIU notified foreign-based VASPs that have business operations targeting Koreans about their obligation to register their business with the authority pursuant to the Act.)
  • The KoFIU has requested the Korea Communications Commission and the Korea Communications Standards Commission to block domestic access to the websites of unregistered VASPs to prevent the use of virtual asset services provided by unregistered entities.
  • Credit card companies will inspect and block credit card-based virtual asset purchase and payment services offered by foreign-based VASPs to disable their use in domestic market.

July 2022:

The Seoul Southern District Prosecutors Office reportedly raided the offices of crypto exchanges Upbit, Bithumb, Coinone, Korbit and Gopax, among others over their connection to Terraform Labs.

May 2022:

South Korean police arrested four people for scamming 1.7 billion won ($1.3 million) out of investors who transferred money on a fake cryptocurrency exchange that they operated.

May 2022:

South Korean authorities subpoenaed all Terraform Labs employees to investigate any internal role in market manipulation. Authorities also requested crypto exchanges to freeze funds associated with the LFG.

February 2022:

Former V Global CEO Lee Byung-gul was sentenced to prison for 22 years and ordered to pay a 106.4 billion-won fine by a court in Suwon. 

July 2021:

Thirty-three people were investigated in South Korea for engaging in illicit crypto transactions worth 1.69 trillion won (US$1.48 billion). Fourteen of the people were referred for prosecution, 15 were fined and four remain under investigation. 

January 2019:

Two executives from South Korean crypto exchange Komid were sentenced to jail time for faking trading volume and deceiving investors. CEO Hyunsuk Choi, the court found, made a number of fake accounts on the exchange in January 2018 and, using a trading bot, made millions of false transactions. (Market manipulation)

January 2018:

The Korea Communications Commission (KCC) issued fines totaling 141 million won ($130,000) to eight domestic cryptocurrency exchanges for providing insufficient user data protection. The exchanges were found to be violating the Information and Communication Network Act, which mandates user privacy protection methods. The exchanges fined were: Upbit, Ripple4y, Coinpia, Youbit, Korbit, Coinone and Coinplug, as well as Eyalabs, a cryptocurrency wallet service. The fines ranged from $9,000 to $14,000 each.

Japan

The reasons for Japan’s enforcement action against crypto market participants have varied considerably. These actions have ranged from administrative actions against digital asset firms for  inadequate corporate governance to more severe actions, like arresting individuals for crypto-enabled fraud.

Japanese regulatory highlights

Dedicated Regulatory Framework for Crypto:
Anti-Market Abuse Regulations:
Registration / Licensing Process:
Anti-Money Laundering Requirements:

Japanese crypto enforcement activity 

At least eight Japanese citizens have been arrested in connection with crypto scams, fraud, and other financial crimes.


Japan crypto enforcement activity 

December 27, 2022:

The Financial Services Agency (FSA) took administrative action against EXIA Digital Asset, a crypto-asset exchange service provider, pursuant to the "Payment Services Act," ordering further suspension of the entity's business operations to January 31, 2023. This administrative action is based on EXIA Digital Asset’s business management being deemed insufficient for a reliable crypto-asset exchange business.

November 10, 2022:

The FSA announced that it issued an administrative action to suspend FTX Japan operations in the country.

October 2022:

Japanese police reported that they arrested an 18-year-old on suspicion of attempting to dupe a man out of over $17,000 through a crypto scam.

July 2021:

Japanese police arrested four men for allegedly running a fraudulent crypto investment scheme that persuaded investors they could get returns through an AI-led trading system. The scheme raised an estimated 6 billion yen ($55 million). The alleged scam was dubbed the "Oz Project."

March 2020:

Two men were arrested for obtaining cryptocurrency linked to the hack of Japan’s Coincheck exchange in 2018. The arrests were the first related to the Coincheck hack.

June 2019:

The FSA took an administrative action against Fisco Cryptocurrency Exchange, ordering the improvement of its business operations pursuant to the “Payment Services Act.”

August  2015:

Japanese police arrested Mark Karpeles, head of the MtGox Bitcoin exchange, after a series of fraud allegations led to its collapse. Tokyo Police said Karpeles was suspected of manipulating data on the exchange's computer system in 2013 to artificially create about $1.0 million.

Malaysia

Malaysia’s primary enforcement tool against crypto market participants has been adding them to its Investor Alert system. The list is 49 companies long and includes multiple notable exchanges (e.g. Simplex, Bybit). Entities are added to the list for violations including engaging in regulated activities without registration, offering securities without authorization, or operating illegal investment schemes.

Malaysian crypto regulatory highlights

Dedicated Regulatory Framework for Crypto:
Anti-Market Abuse Regulations:
Registration / Licensing Process:
Anti-Money Laundering Requirements:

Malaysia crypto enforcement activity 

January 2023:

The Securities Commission Malaysia (SC) added crypto payment firm Simplex to its investor alert list for “operating a digital asset exchange (DAX) without registration.” 

August 2022:

The SC added Huobi Global to its Investor Alert List that contains the list of unauthorized websites, investment products, companies and individuals.

July 2021:

The SC announced enforcement actions against Binance for illegally operating a Digital Asset Exchange (DAX). The SC issued a public reprimand against Binance for continuing to operate illegally in Malaysia despite being included in the SC’s Investor Alert List in July 2020. The SC cited Sections 7(1) and 34(1) of the Capital Markets and Services Act 2007, that all DAX operators must be registered as Recognized Market Operators (RMO) by the SC. The SC ordered Binance and three of its entities to: 

  • disable the Binance website and its mobile app in Malaysia within 14 days;
  • immediately cease all media and marketing activities, including circulating, publishing or sending any advertisements and/or other marketing material, whether via emails or otherwise, to Malaysian investors; and
  • immediately restrict Malaysian investors from accessing Binance’s Telegram group.


February 2021
:

Two men, Reduan Ismail and Adan Ibrahim, were accused of defrauding three women of more than 150,000 Malaysian ringgits (around $37,000). If convicted the pair face a maximum of 10 years in prison, caning and fines.

Indonesia

News about Indonesia’s enforcement activity against crypto market participants has been limited, but has arrested individuals for committing fraud in the space. Regulatory authority over the digital asset space was recently transferred to the Financial Securities Authority (OJK), whose chairman, Wimboh Santoso, said last year that financial institutions are strictly prohibited from offering crypto sale services.

Indonesian crypto regulation highlights

Dedicated Regulatory Framework for Crypto:
Anti-Market Abuse Regulations:
Registration / Licensing Process:
Anti-Money Laundering Requirements:


Indonesia crypto enforcement activity 

November 2022:

Indonesia’s Commodity Futures Trading Regulatory Agency (CoFTRA or Bappebti) ordered domestic exchanges to stop trading FTX tokens.

April 2021:

The Indonesian National Police (Polri) arrested the CEO of the cryptocurrency investment platform EDCCash and named six individuals from the company as suspects of fraud, money laundering, and embezzlement. Investigators also raided the homes of a number of the suspects and confiscated cash, vehicles and more.

Philippines

Despite bringing only three enforcement actions to date, Philippines’ crypto regulators have already arrested more than 300 individuals connected to crypto scams. Philippines crypto enforcement is likely to increase in the near term, with the SEC of the Philippines publishing draft enforcement rules that would make crypto companies subject to existing consumer protection laws. 

Filipino crypto regulation highlights

Dedicated Regulatory Framework for Crypto:
Anti-Market Abuse Regulations:
Registration / Licensing Process:
Anti-Money Laundering Requirements:

Philippines crypto enforcement activity 

February 2023:

The Criminal Investigation and Detection Group (CIDG) raided Hongsheng Gaming Technology, Inc. for an allegedly fraudulent cryptocurrency investment operation and arrested one individual. The agency said the raid was based on a warrant to search, seize and examine computer data for alleged violations of the Securities Regulations Code of the Philippines’ provisions on fraudulent transactions and of the Cybercrime Prevention Act of 2012.

January 2023:

The CIDG raided the offices of Oasis Hub and arrested 93 officials and employees for alleged involvement in a cryptocurrency scam. 

September 2019:

Philippine police reportedly raided the offices of Grapefruit Services Inc., over an alleged cryptocurrency scam and arrested 277 people following a tip from the Chinese government that claimed the firm had defrauded thousands of investors in mainland China.

Australia

Australia’s financial regulator, the Australian Securities & Investments Commission (ASIC), has taken consistent action to enforce existing regulations and laws that crypto market participants violate. The reasons for the enforcement actions include misleading investors, offering unlicensed financial services and outright fraud. Enforcement actions against digital asset firms are likely to increase moving forward as the Office of the Treasurer of Australia announced in February 2023 that it is strengthening its crypto enforcement by increasing the size of the ASIC’s crypto team and ‘upping enforcement measures’.

Australian regulatory highlights

Dedicated Regulatory Framework for Crypto:
Anti-Market Abuse Regulations:
Registration / Licensing Process:
*
Anti-Money Laundering Requirements:

* for AML purposes or if offering considered financial products. (ASIC)


Australian crypto enforcement highlights

11 
At least 11 enforcement actions have been taken against entities/individuals involved in fraudulent or unlicensed crypto activities.

Australia crypto enforcement activity

November 2022:

The Australian Securities & Investments Commission (ASIC) commenced civil penalty proceedings against Block Earner, alleging it provided unlicensed financial services in relation to its crypto-asset based products and that it operated an unregistered managed investment scheme.

The ASIC suspended FTX Australia’s AFS license until May 2023. 

October 2022:

The ASIC commenced civil penalty proceedings against BPS Financial Pty Ltd, the operator of cryptocurrency Qoin, for allegedly making false, misleading or deceptive representations and engaging in unlicensed conduct in relation to a non-cash payment facility involving a crypto-asset token called Qoin.

June 2022:

The ASIC obtained urgent interim orders from the Federal Court to freeze the assets of Ashley Vincent Arandez and four companies he is the director for (HLK Advisers, NCAA Holdings, Mindenergetix, AWM Australia). Among the reasons the ASIC sought these orders was because they obtained approximately $2.5 million from Australian investors based on false and misleading statements, including by suggesting their funds would be invested in cryptocurrency.

The ASIC obtained interim orders from the Federal Court to freeze the assets of company director Sasha Hopkins and two of his companies, The A Team Property Group Pty Ltd and Sash Investment Holdings Pty Ltd. Among the reasons for this order is for allegedly misusing investor funds, including converting investor funds into crypto assets.

April 2022:

The ASIC charged cryptocurrency lender Helio Lending Pty Ltd with falsely claiming that it held an Australian credit license (ACL) when it did not.

October 2021:

The ASIC obtained interim orders and injunctions against A One Multi and its directors Aryn Hala and Heidi Walters to protect investors over allegations that included transferring more than $2.4 million to crypto-assets. Among the orders the Court made required Mr Hala to transfer crypto-assets in his name to the receivers. 

January 2021: The ASIC issued a crypto scam alert for Alliance Limited and claimed it is misleading crypto-asset investors.

November 2020:

The ASIC charged former BitConnect promoter, John Louis Anthony Bigatton, with one count of operating an unregistered managed investment scheme, one count of providing unlicensed financial services on behalf of another person, and four counts of making a false or misleading statement affecting market participation. The trial is scheduled for July 31, 2023.

September 2020:

The ASIC banned John Louis Anthony Bigatton from providing financial services for seven years for providing unlicensed financial product advice and engaging in conduct which was misleading or deceptive or was likely to mislead or deceive in connection to his promotion of BitConnect and the BitConnect Lending Platform. 

September 2018:

The ASIC issued a final order on a product disclosure statement (PDS) issued by Investors Exchange Limited (IEL) for units in the New Dawn Fund. The Fund was proposing to invest in a range of cryptocurrency assets. Following ASIC raising concerns about the PDS, IEL consented to a final stop order so that no units could be obtained under the PDS. 

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