‘When FTX collapsed, we saw the opportunity,’ says Ben Zhou, co-founder and CEO of Bybit.
DeFi and metaverse will open up opportunities for the financial services industry, Hong Kong Institute for Monetary and Financial Research executive says.
Tether Gold, backed by physical gold stored in Switzerland, highlights the company’s ambitions to expand beyond its USDT stablecoin.
The outpost will enable Chinese firms to acquire know-how from overseas entities and raise funds, chairman Xie Jihua said.
Founder Zhao Changpeng is worth an estimated US$38.5 billion after the BNB token reached a market cap of US$109 billion during his first week of in prison.
A surging crypto market is improving the outlook for deal flow, highlighted by recent acquisitions, following the approval of bitcoin and ether ETFs.
The platform now lets Chinese citizens living abroad sign up for an account, even as the mainland imposes a strict ban on crypto trading.
Despite recent withdrawals, recently ‘deemed to be licensed’ exchanges spur some optimism about the future of Hong Kong’s virtual asset market.
The SFC updated the exchanges’ status on its website, while the situation of six operators remains unknown, after several China-linked exchanges pulled out.
Cryptocurrency investor Brock Pierce said he is in conversations to bring a new venture to Hong Kong while a ban on selling to mainland residents pushes some exchanges out.
Some NFT firms and platforms do not have the right controls to counter money laundering, terrorist financing and sanctions evasion, according to the department’s assessment.
BlackRock’s iShares Bitcoin Trust has attracted the greatest inflow, totalling US$16.5 billion, since nine spot bitcoin exchange-traded funds went live in the United States in January.
Amid high compliance costs, the SFC’s notice that crypto exchanges should not serve mainland investors is prompting some firms to leave the city.
Gate.HK, the Hong Kong arm of cryptocurrency exchange Gate.io, says it took ‘a proactive step’ to withdraw its application.
Trading could begin later this year, as the ETF issuers sill have to get the green light before launching the products.
The prices of Hong Kong’s three spot ether ETFs jumped by more than 18 per cent on Tuesday, as trading volume picked up this week.
HBGL, which operates Huobi HK, has withdrawn the licence application for unspecified reasons, requiring it to close the crypto exchange under the city’s virtual asset regulations.
Police in China’s northeastern Jilin province made the arrests in connection with a scheme that sent US$296 million to South Korea.
China has begun to test paying some state employees through its digital currency, but the trial is not making much impact in the e-CNY’s adoption as most quickly and automatically switch their salaries to cash.
A mix of mainlanders and international visitors showed up at Bitcoin Asia amid surging interest owing to a crypto bull market and recently launched ETFs.
The new machine is designed to help miners stay competitive after the rewards for mining bitcoin were reduced by 50 per cent after the recent “halving” event.
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