Our weekly roundup of news from East Asia curates the industry’s most important developments. Yet another crypto scandal in Hong Kong  Scammers posing as investment experts allegedly enticed 145 victims to tip $18.9 million into the unlicensed Hong Kong crypto exchange Hounax. According to reports earlier this week, the police said investors were allegedly promised
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Kristin Johnson of the United States Commodity Futures Trading Commission (CFTC) said there are many ways of handling cryptocurrencies in the country, but legislating through courts could provide a solid, if slow, path. Speaking at the Blockchain Association’s Policy Summit in Washington, D.C. on Nov. 30, Johnson said the “best outcome” for corporate governance of
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Bitcoin (BTC) may hit $100,000 in one year’s time thanks to “earlier than expected” exchange-traded funds (ETF) launching, says Standard Chartered. In a research note issued on Nov. 28 quoted by sources including Business Insider, the banking giant doubled down on its bullish BTC price targets. Standard Chartered still expects six-figure BTC price Bitcoin is
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Crypto exchange Binance launched a pilot program that allows banks to store trading collateral off-exchange, according to a Nov. 30 announcement. Binance claimed that the program would help reduce counterparty risk. Binance trading interface. Source: Binance According to the announcement, the program allows institutions to hold collateral at a third-party bank instead of depositing it
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Business intelligence firm MicroStrategy purchased 16,130 Bitcoin (BTC) in November, bringing its total holdings to more than $6 billion. In a Nov. 30 announcement, MicroStrategy co-founder Michael Saylor said the company acquired the BTC for roughly $593.3 million — a price of $36,785 per Bitcoin. As of Nov. 29, MicroStrategy reported it held 174,530 BTC
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The suggestion that Hong Kong could make an “Initial Coin Offering” (ICO) appeared in a list of propositions formulated by the Hong Kong Securities and Futures Association to revitalize Hong Kong’s economy. The document, signed by association president Chen Zhihua, was published on Nov. 29 and included various measures, ranging from routine to bold. The
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Binance’s $4.3 billion settlement with the United States Department of Justice (DOJ) is being hailed as a positive move for the company and the wider cryptocurrency industry, according to Galaxy Digital’s Mike Novogratz. In an interview with Bloomberg on Nov. 29, the CEO of the cryptocurrency investment firm expressed his belief that the high-profile settlement should assuage
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The number of crypto hodlers in Canada dropped slightly in 2023, but the average value of their holdings rose significantly. However, 77% of respondents regret investing in crypto assets, according to a survey published by the Ontario Securities Commission (OSC). The OSC published a “Crypto Assets Survey 2023,” on Nov. 29, conducted in partnership with Ipsos
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An upcoming ‘scams code framework’ proposed by Australia’s Department of the Treasury considers applying sector-specific codes and standards to banking and cryptocurrency scams, among others. Adding to the efforts of the Australian Competition and Consumer Commission (ACCC), a regulator within the Treasury, to combat scams via the yearly Scams Awareness Week initiative, the Treasury issued
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