Animoca Brands reported $558 million in digital assets on its balance sheet, as per its latest unaudited financial disclosures. Since December 2023, the company has acquired an additional $266 million in digital assets through various recent investments and token launches. According to the official announcement released earlier this week, the Hong Kong-based Web3 giant disclosed...Read More
Hong Kong authorities have arrested over 70 individuals linked to the HK$1.6 billion JPEX cryptocurrency scandal that shook the city-state. According to the latest report by SCMP, approximately HK$230 million – worth around $29.37 million – in assets has been frozen, as disclosed by Police Commissioner Raymond Siu Chak-yee. Hong Kong Authorities Crack Down on...Read More
Hong Kong regulators recently approved spot Bitcoin and Ethereum exchange-traded fund applications, but Bloomberg ETF analyst Eric Balchunas predicts that the local ETF market may not perform as well as the US due to the current lack of big players and the possibility of high fees. According to Balchunas, the Hong Kong Bitcoin and Ether...Read More
The week started on a strong note, with Bitcoin rising above $66,000, a 3.02% increase over the past day owing to Hong Kong’s ETF development. With spot cryptocurrency ETFs being all the roar, Hong Kong has joined the trend by granting approval for several spot Bitcoin and Ethereum ETFs on Monday. Hong Kong Welcomes Spot...Read More
With increasing cryptocurrency-related crimes in Hong Kong, Bitrace has ramped up its efforts to tackle the problem. The prominent data analysis company has reportedly conducted training sessions on on-chain fund tracking for members of the Hong Kong Police Force. Bitrace Bolsters Efforts to Combat Crypto Crimes The latest initiative is part of the company’s Corporate...Read More
On April 10, the Hong Kong Securities and Futures Commission (SFC) updated its virtual asset management fund company list. According to Tencent News, the SFC will reveal Hong Kong’s first spot Bitcoin ETFs on April 15, and the Hong Kong Stock Exchange will need two weeks to prepare for their release. Harvest International and China...Read More
Hong Kong authorities captured three teenagers and rescued a 19-year-old who had fallen victim to a harrowing ordeal involving assault and unlawful detention last month. The police are actively hunting the remaining six individuals – comprising four males and two females – suspected to be involved. Hong Kong Teen Assaulted Over Crypto Profits According to...Read More
The Hong Kong-based crypto exchange HKVAEX, reportedly associated with Binance, withdrew its license application from the Securities and Futures Commission of Hong Kong (SFC) on March 28th. HKVAEX announced its intention to apply for a license in October last year while clarifying that it operates as a distinct entity from Binance under BX Services Limited...Read More
A 46-year-old housewife in Hong Kong has reported losses of 7.1 million Hong Kong dollars ($908,000) after investing in a fraudulent crypto investment platform. According to a report by the South China Morning Post, people familiar with the matter revealed that the woman did not realize she had been scammed until a year after the...Read More
With the ongoing frenzy surrounding spot Bitcoin ETFs propelling BTC to highs beyond $70K, Hong Kong-based entities are preparing to enter the fray with their own offerings. While the demand for ETFs offering exposure to Bitcoin for the retail crowd is soaring, a similar vehicle for Ethereum has also gained significant traction. Recent reports indicate...Read More
CSOP Asset Management, a capital market firm in Hong Kong, disclosed in an interview with Reuters that its exchange-traded product, the CSOP Bitcoin Futures ETF (3066.HK), has witnessed a surge in assets under management (AUM) over the past five months. The ETF’s Assets Under Management (AUM) has soared five-fold to over $100 million. Rising Trading...Read More
The Virtual Asset Trading Platform (VATP) is a license provided by the government of Hong Kong that allows crypto exchanges to operate within the bounds of the region. Although the license has been available for several years now, only two exchanges – HashKey and OSL – are currently in possession of one. A number of...Read More
Hong Kong-based cryptocurrency exchange BitForex has stopped all withdrawals for at least three days, leaving users puzzled and worried about the safety of their assets. This incident was revealed when blockchain sleuth ZachXBT flagged suspicious activity on the platform, sparking fears of a potential exit scam. Exit Scam Suspicions and Halted Withdrawals ZachXBT, in a...Read More
Over the past three years, the incidences of virtual asset-related crimes in Hong Kong have significantly increased. The cases reported amounted to 1,397, 2,336, and 3,415, involving HKD 824 million, HKD 1.704 billion, and HKD 4.398 billion, respectively, nearly tripling during this period. Law enforcement has gathered specific statistics for individual cases per the report...Read More
Worldcoin’s legal problems are far from over. Spearheaded by OpenAI, Sam Altman’s Worldcoin initiative continues to find itself embroiled in a privacy controversy as reports emerge of a probe launched by Hong Kong’s data protection authority. HKET, a local media outlet, disclosed that six Worldcoin booths were subjected to investigation under a court warrant, with...Read More
The primary focus continues to be on spot Bitcoin ETFs and Hong Kong players do not want to be left behind. Harvest Fund Management’s Hong Kong branch is the latest entity to apply for a spot Bitcoin exchange-traded fund (ETF) with local regulators. This move aligns with Hong Kong’s preparations for its first wave of...Read More
Following the JPEX fiasco, it appears that another crypto trading platform called Hounax reportedly scammed some Hong Kong investors, causing them to lose over $15 million. Meanwhile, some of the victims believe that the city-state regulator’s warning about the platform came after they already locked their money in Hounax. Hounax Crypto Exchange Allegedly Disappears With...Read More
BC Technology Group, the parent company of Hong Kong’s publicly listed crypto exchange platform OSL, noted that Hong Kong regulators were swiftly approving cryptocurrency products after the scandal that rocked the digital asset exchange JPEX. Another fintech provider stated that the participation of banks in the virtual assets sector in Hong Kong will facilitate mass...Read More
Nearly two months ago, Dubai-based crypto exchange platform JPEX decided to “wind down operations” after Hong Kong regulators took notice of their activities. Immediate Fallout At the time, JPEX’s Earn program was singled out by authorities as a major point of contention with the platform. Things took a wild turn from there, as the exchange...Read More
Switzerland-based crypto-focused financial institution SEBA Bank has secured a regulatory license from Hong Kong regulators through its local wholly-owned subsidiary, enabling the entity to offer regulated cryptocurrency services to institutional investors in the city-state. The full license comes three months after SEBA received in-principle approval from the Hong Kong regulators and nearly a year after...Read More
Hong Kong, renowned for its position as a global financial hub, is contemplating the introduction of exchange-traded funds (ETFs) directly investing in cryptocurrencies. This initiative is part of Hong Kong’s broader efforts to establish itself as a prominent digital asset hub in the Asia-Pacific region while addressing the repercussions of the JPEX scandal. Race to...Read More
Visa, a global leader in payments technology, has marked a significant milestone by completing a pilot test in collaboration with HSBC and Hang Seng Bank. The program, a part of the “Digital Hong Kong Dollar” pilot organized by the Hong Kong Monetary Authority (HKMA), opens new horizons for secure and efficient financial transactions. Transforming Interbank...Read More
Crypto custody solution Zodia Custody, partly owned by the UK multinational banking institution Standard Chartered, is expanding its services to Hong Hong Kong as part of its latest push into the Asian market. Meanwhile, Hong Kong continues to serve as a major attraction for crypto companies looking to set up businesses in a cryptocurrency-friendly environment....Read More
The move follows the imbroglio at the JPEX crypto exchange last month, which resulted in multiple arrests and the platform shuttering services. The unlicensed exchange is alleged to have defrauded investors out of $204 million. The task force is comprised of the city’s Securities and Futures Commission (SFC) and law enforcement officials, including representatives from...Read More
Eastern Asia ranks as the fifth most active crypto market, contributing 8.8% of global digital asset activity between July 2022 and June 2023. Its decline over the last few years has been notable – largely propelled by the big blow to the Chinese trading activity and mining sector. Chainlysis’ latest analysis signals a potential tailwind...Read More
There appears to be no end to the JPEX saga. In the latest development, Hong Kong and Macau authorities have made fresh arrests of 18 suspects in the JPEX crypto exchange case. A total of $2.8 million has been seized in both cash and gold. Untangling JPEX Mess A report from local media revealed that...Read More
In the wake of the unfolding JPEX exchange saga, the Hong Kong Securities and Futures Commission (SFC) released a blacklist of cryptocurrency firms termed as unregulated and unlicensed. Hong Kong’s SFC pledges to intensify investor education and information dissemination initiatives, responding to growing public apprehensions concerning unregulated Virtual Asset Trading Platforms (VATPs). SFC Blacklists Crypto...Read More
Troubles for JPEX may not be over yet. The Hong Kong-based crypto platform – JPEX – has come under scrutiny as a potential hub for money laundering, according to Bitrace. The development emerged after JPEX came under suspicion for a potential rug pull. JPEX Money Laundering Accusations Bitrace’s report alleged that a recently flagged address...Read More
The Hong Kong police have apprehended six individuals in connection with the cryptocurrency trading platform JPEX, which shuttered its operations this week. According to a South China Morning Post report, the authorities arrested four men and two women, including influencer Joseph Lam Chok, following 1,408 complaints of fraud related to JPEX. Local news outlets additionally...Read More
JPEX, a Dubai-based crypto exchange and lending platform, shuttered operations overnight due to a sudden liquidity crisis on the 17th of September. According to a statement by the platform, the fault lies with institutions and JPEX’s partners in Hong Kong, who acted unfairly and maliciously, respectively. Earn Program Ended Definitively According to a spokesperson for...Read More
