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
The Hong Kong Securities and Futures Commission (SFC) has issued a stern warning against the use of the crypto exchange known as JPEX. The commission has accused the platform of exhibiting “suspicious features” and promoting misleading information about its licensing status. The SFC has also denied that JPEX is regulated. SFC Issues Warning Against JPEX...Read More
The Switzerland-based financial institution that focuses on cryptocurrencies – SEBA Bank – has reportedly secured an approval-in-principle from Hong Kong’s securities regulator. The company now needs to comply with additional conditions for final approval before being eligible to provide digital asset services to local consumers. One Step Away From Offering Crypto Services Based on a...Read More
Prominent Hong Kong-based e-gaming player – Boyaa Interactive International Limited – announced that its board of directors has approved a budget of $5 million to purchase cryptocurrencies. Informing the company’s shareholders and future potential investors, Boyaa said it will buy mainly Bitcoin (BTC) and Ether (ETH) on regulated and licensed trading platforms in the coming...Read More
HashKey Exchange has become the recipient of Hong Kong’s first license for a cryptocurrency exchange dedicated to serving retail customers. The development comes as part of the city-state’s recently implemented crypto regulations, which are designed to establish Hong Kong as a prominent crypto hub. HashKey Exchange said that it is already an existing Type 1 and...Read More
On July 4, the Vice President of Hong Kong University of Science and Technology, Cai Wensheng, penned a proposal for an HKD stablecoin. The policy proposal was also made by Wang Yang, Lei Zhibin, and Wen Yizhou but was not endorsed by the Hong Kong government. The academics have a vision for a local currency...Read More
Hong Kong and Shanghai Banking Corporation (HSBC) – the largest bank in the region – has reportedly allowed customers to buy and sell Bitcoin and Ethereum ETFs, becoming the first local financial institution to do so. It also launched an educational program that investors need to read before hopping on the cryptocurrency bandwagon. As revealed...Read More
Hong Kong’s banking regulator is applying pressure on banks in the city-state, including HSBC and Standard Chartered, to take on crypto exchanges as clients, despite regulatory crackdowns in other parts of the world. At a meeting held last month, the Hong Kong Monetary Authority (HKMA) questioned the UK-based firms and Bank of China about their...Read More
Huobi Global announced gearing up for the launch of its Hong Kong division on June 1st for users in the city-state. The expansion comes in the backdrop of the Hong Kong securities regulator – Securities and Futures Commission’s (SFC) decision – to allow retail trading in cryptocurrencies has come after a year of turmoil in...Read More
As Hong Kong takes center stage in the regional crypto business, local firms are trying to expand their customer base. One such firm, HashKey Group, is reportedly raising up to $200 million in funding to tap new opportunities. HashKey Eyes $200 Million in Funding Targeting a more significant share of the Asian crypto market, Hong...Read More
In a landmark ruling, Hong Kong’s High Court declared crypto as property that can be held in trust. This marks the first time such a decision regarding asset class has been made in the city-state. The ruling, which was handed down in liquidation of a case involving the now-defunct crypto exchange Gatecoin, essentially puts crypto...Read More
A 55-year-old resident of Hong Kong has reportedly fallen victim to an online cryptocurrency investment scam and lost her entire savings worth nearly HK$7 million (almost $900,000). Such fraud cases have become quite frequent in the region lately. A study estimated that Hong Kong investors had lost around $50 million during the first half of...Read More
Government officials have confirmed the city’s crypto commitments at the Hong Kong Web3 Festival this week as it aims to become a fully regulated crypto hub attracting investment and Web3 startups. On April 12, Financial Secretary Paul Chan Mo-po reiterated that appropriate regulations and oversight were of paramount importance. “I believe that everybody has learned from...Read More
