Avalanche Blockchain Developer Expands into India

B. Riley Financial Agrees Strategic Bitdeer Share PurchaseBitdeer, the Singapore-based crypto mining firm that emerged as a spin-off from the renowned mining manufacturer Bitmain, has solidified a significant pact with financial services firm B. Riley Financial, through a share purchase deal. This accord entails the sale of up to $150 million worth of Bitdeer’s Class A ordinary shares.Photo by Kelly Sikkema on UnsplashOption to buyIn a filing dated August 9 with the United States Securities and Exchange Commission (SEC), the terms of the agreement unveil a strategic arrangement. B. Riley will possess the option, albeit not the obligation, to procure a designated quantity of Bitdeer’s shares over a span of three years. Parameters of this agreement include a maximum acquisition of either 1 million shares or 25% of the shares of Bitdeer traded on the Nasdaq throughout this stipulated purchase timeframe.The filing states: “Pursuant to the Purchase Agreement, the Company has the right to sell to B. Riley Principal Capital II, up to US$150,000,000 of its Class A ordinary shares, par value US$0.0000001 per share (the “Class A Ordinary Shares”), subject to certain limitations and conditions set forth in the Purchase Agreement.”Amplified voting privilegesIn essence, this arrangement affords B. Riley a distinct position within Bitdeer’s echelons. Class A shares, which typically elude public trading, grant shareholders amplified voting privileges in contrast to their Class B counterparts. Ergo, this deal furnishes B. Riley with a tangible stake in the domain of crypto mining.Underpinning this transaction, Bitdeer has committed to compensating B. Riley with 0.5% of the deal’s total value in acknowledgment of its commitment to procuring these shares. Additionally, B. Riley will be indemnified for legal expenses and outlays, extending up to a cap of $50,000.Broader mining interestIt’s not the first time that B. Riley has shown an interest in crypto mining. It signed a $100 million equity deal with Iris Energy last year. Additionally, it’s one of the largest creditors of Core Scientific.Noteworthy is the fact that Bitdeer embarked on its journey to public status via a Special Purpose Acquisition Company (SPAC) deal with Blue Safari Group back in April. This strategic maneuver enabled Bitdeer to become public without taking the conventional route of an initial public offering (IPO).Marking a departure from the throes of the crypto winter, this SPAC deal entailed the fusion of a special purpose acquisition company with a private entity. Bitdeer’s subsequent Nasdaq debut wasn’t without its problems. Investors were lukewarm in the interest shown in the Bitdeer proposition, resulting in an immediate 30% price drop.Bhutan mining collaborationNotably, Bitdeer made headlines when it inked a partnership with Druk Holding and Investments (DHI) in May, signifying a collective stride towards establishing an ecologically-conscious, carbon-neutral digital asset mining venture within the realm of the Kingdom of Bhutan.Rooted in the visionary pursuits of Jihan Wu, the former Co-Founder of Bitmain, Bitdeer is distinguished for its cloud-mining services, a pursuit realized through its data centers stationed in Tennessee, Washington, and Texas. The company’s most recent operations report attests to the mining of 220 Bitcoin (BTC) via its self-mining enterprise in July, constituting an impressive year-over-year escalation of 41%.

Hang Seng Ponders Crypto Product OfferingHang Seng Investment Management Co., the largest exchange-traded fund (ETF) manager in Hong Kong, is considering entering the decentralized ecosystem.According to a report in local news media in Hong Kong on Wednesday, Li Peishan, the firm’s Director and Executive President, stated that Hang Seng is paying close attention to the development of digital assets. She clarified that the company is examining the possibility of including digital assets within its existing investment product offering.Photo by Jonathan Borba on UnsplashCrypto ETF expansionThis news comes shortly after HSBC, one of the largest banks in Hong Kong, introduced Bitcoin (BTC) and Ethereum (ETH) ETFs to its customers, becoming the first bank in the region to do so. This development has opened up possibilities for greater cryptocurrency adoption in the area.While most people in the space recognize that the authorities in the US have gone too far in their clampdown on the digital assets space, it’s interesting to note that recent weeks have seen a plethora of established TradFi players filing Bitcoin spot ETF applications. That list includes the world’s largest asset manager, BlackRock, multinational financial services firm Fidelity Investments, WisdomTree, VanEck, and others.Assessing potentialPeishan stated that while the company does not have a specific plan to develop a crypto ETF, Hang Seng is actively assessing the potential of incorporating digital assets into their existing investment products. She highlighted the remarkable growth in the average daily asset management scale, which has surged by 80% since December and has surpassed HK$12 billion.On June 24, Leung Fung Yee, the CEO of the Securities and Futures Commission of Hong Kong (SFC), emphasized the importance of crypto service providers embracing the next generation of the web and finance. He expressed Hong Kong’s ambition to establish itself as the central hub for crypto companies, fostering innovation within the region.Responding to Yee’s statement, the Hong Kong Virtual Assets Consortium (HKVAC) announced the inclusion of XRP, SHIB, and ADA in its newly developed HKVAC index. The creation of the HKVAC index aims to assist investors in analyzing the potential of cryptocurrencies and gaining insights into their prospects.The digital assets landscape in Hong Kong is evolving rapidly, driven by increasing interest in the asset class and the recognition of their transformative potential. Hang Seng Investment Management’s exploration of the decentralized ecosystem signifies the growing demand for exposure to cryptocurrencies among traditional financial institutions.TradFi IntegrationThe introduction of Bitcoin and Ethereum ETFs by HSBC represents a significant milestone in the adoption of cryptocurrencies within the traditional banking sector. This recent indicator from Hang Seng suggests that we are likely to see more developments unfold within the ETF space in Hong Kong in the not-too-distant future where digital assets are concerned. That view is further endorsed by the findings of a recent report produced by the Hong Kong Stock Exchange, pointing to the yet-to-be-realized potential of crypto ETFs.As the industry continues to mature, the integration of digital assets into traditional investment products is likely to become increasingly common, leading to a more diversified and inclusive financial ecosystem.

Thailand’s Securities and Exchange Commission (SEC), an independent state agency responsible for the supervision of capital markets including the digital assets sector within the Southeast Asian nation, has moved to block five cryptocurrency exchange platforms. In a statement published by the agency to its website on Thursday, May 29, the SEC outlined that it deems the five exchanges, namely OKX, Bybit, CoinEx, XT.com and 1000X.Live, to be unauthorized crypto trading platforms.Photo by REY MELVIN CARAAN on UnsplashCountering money laundering activityIt is acting against these platforms “to protect investors” and to prevent their use for money laundering purposes. In offering services to Thai users on an unauthorized basis, the exchanges were found to be in breach of Thailand’s Digital Asset Business Act B.E. 2561 (2018). The agency has asked the Ministry of Digital Economy and Society (MDES) to take measures to block local access to these online platforms. That block will be put in place on June 28. On that basis, the SEC has advised Thai users of such platforms to proceed to remove their assets from them before that June 28 deadline.  An updated version of the Royal Decree on Measures to Prevent and Suppress Technology-related Crime, (No. 2) B.E. 2568 (2025), was introduced by the Thai government in April. It facilitated the establishment of the Committee for the Prevention and Suppression of Technological Crime.  Following practices overseasThe committee met with the MDES in April, with the parties setting out the process through which unauthorized digital asset platforms would be restricted and blocked. On that occasion, similar practices carried out in other jurisdictions within the Asian region were referred to.  In December 2023 India’s Financial Intelligence Unit (FIU) moved to block nine offshore crypto exchanges, having issued them with compliance show-cause notices.  In April 2024 the Philippines SEC requested that Google and Apple remove apps associated with global exchange Binance from the local versions of their application stores. Japan’s Financial Services Agency (FSA) similarly ordered both companies to remove apps belonging to unregistered crypto exchanges in February of this year. Back in March, the Thai SEC filed a lawsuit against Aux Cayes FinTech Co. Ltd., an OKX affiliate company. The complaint alleged that OKX had been running an unlicensed exchange in Thailand, and was filed with the Economic Crime Suppression Division of the Thai police force. The SEC outlined on March 21 that a similar criminal complaint had been filed against XT.com. It’s understood that Bybit, CoinEx and 1000X.Live have also been recipients of complaints on the same basis. Earlier this year, the Economic Crime Suppression Division considered taking action against Polymarket, a crypto-based prediction market, on the basis that the platform violated Thailand’s gambling laws, and in doing so, posing a risk to economic and social stability in Thailand. In April 2024, the SEC issued a warning to crypto exchange platforms against the use of misleading advertising, drawing their attention to the fact that advertising of that nature would potentially place those platforms in breach of regulatory guidelines.