Binance APAC Head Resigns Amid Regulatory Challenges

Andreessen Horowitz is deepening its bet on Asia’s retail crypto boom, even as trading on South Korea’s largest exchanges has cooled from last year’s peaks. The firm’s crypto arm, a16z crypto, said in a press release that it has opened its first Asia office in Seoul, citing South Korea’s high level of retail participation. Nearly one in three South Korean adults owns cryptocurrency, exceeding the share of stock investors, according to the firm. The move comes as the broader Asia-Pacific region cements its role as a hub of grassroots crypto activity, a trend highlighted in Chainalysis’ 2025 Global Crypto Adoption Index.Photo by Brady Bellini on UnsplashAltcoin-heavy retail marketSouth Korea has been a major contributor to that growth. Bloomberg reported in October that digital assets have increasingly become a long-term savings vehicle for many South Koreans, particularly those trying to purchase homes. Trading on local platforms remains heavily skewed toward higher-risk altcoins, which account for more than 80% of total volume across domestic exchanges. Still, overall activity has dropped sharply over the past year. A November report from Wu Blockchain said trading on Upbit, the country’s largest exchange, is down about 80% from a year earlier. The platform averaged $1.78 billion in daily volume in November 2025, compared with roughly $9 billion in December 2024. Bithumb, the second-largest exchange, saw a similar pullback, with average daily volume falling from $2.45 billion last December to about $890 million this November. Some of that retail liquidity appears to have rotated into equities, with the benchmark KOSPI index up more than 72% year-to-date. Asia’s wealthy to increase crypto exposureEven as spot volumes recede, higher–net–worth investors across the region are signaling longer-term interest. Sygnum’s APAC HNWI Report 2025, cited by Cointelegraph, found that 60% of surveyed high-net-worth individuals plan to increase their crypto exposure over the next two to five years. The report said 87% of respondents already hold digital assets; about half allocate more than 10% of their portfolios, and the average allocation is around 17%. The survey included 270 participants with more than $1 million in investable assets or extensive professional investing experience, drawn from ten Asia-Pacific markets led by Singapore and including Hong Kong, Indonesia, South Korea, and Thailand. Overall, 90% of respondents said they view digital assets as important for long-term wealth preservation and legacy planning, rather than primarily as a speculative trade. Anchored by the new Seoul office, a16z crypto said it plans to provide go-to-market support for portfolio companies seeking to expand in Asia, including help with distribution, partnerships and community building. The effort will be led by Park Sung-mo, whose previous roles include positions at Monad Foundation and Polygon Labs, as Head of APAC go-to-market. Pakistan looks to crypto for financial modernizationPolicy debates elsewhere in Asia also reflect growing interest in digital assets' economic role. At the Bitcoin MENA Conference on Dec. 9, Pakistan’s Virtual Asset Regulatory Authority chairman Bilal Bin Saqib said the country needs to move beyond conventional economic structures and leverage digital assets as a new source of momentum, according to Cointelegraph. He argued that digital assets and blockchain could form part of a new financial architecture for the Global South, not merely serve speculative use cases. The country’s youth-heavy population, about 70% under age 30, was central to his view that it could take a leading position in crypto adoption. Chainalysis’ 2025 index placed Pakistan third worldwide, pointing to how policymakers in emerging markets are increasingly factoring digital assets into long-term economic strategies. 

Huobi Co-Founder Acquires 10 Million CRV TokensJun Du, Chinese Co-Founder of Seychelles-headquartered global crypto exchange Huobi, has recently completed the purchase of 10 million curve tokens (CRV) from Curve founder Michael Egorov.Photo by Growtika on UnsplashCurve protocol loan exposureThe transaction amounted to $4 million and is part of Egorov’s ongoing efforts to mitigate his at-risk loan exposure, a further consequence of last week’s $52 million hack of the Curve DeFi protocol.Initially, Du expressed his interest in acquiring 10 million CRV tokens at the prevailing rate of $0.40. This price aligned with multiple over-the-counter (OTC) agreements between Egorov and various cryptocurrency individuals. According to a report by The Block, Du later confirmed the purchase through a Twitter direct message, revealing that he had chosen to lock up the acquired tokens as veCRV. This lock-up mechanism grants voting rights within the Curve platform while requiring the tokens to remain locked for a specified duration.“I intend to uphold this lock-up for at least a year, with optimism for continuous improvements within the Curve ecosystem,” Du stated, highlighting his commitment to the project’s long-term growth.On his Twitter account, Du emphasized his unwavering support for Curve, drawing parallels to his past backing of BendDAO during a liquidity crisis. He clarified: “Challenges faced now are transient, and collective support will foster a stronger industry.”Alongside being a Co-Founder at Huobi, Du holds the positions of CEO at New Huo Tech, a digital asset service platform, and Co-Founder and General Partner (GP) at the Web3 fund ABCDE.Ongoing token sell-offIn actively managing liquidation risk, Egorov is persistently offloading CRV tokens to bolster his loan position, given his significant exposure. He has utilized multiple DeFi lending platforms to secure loans, predominantly employing CRV tokens as collateral to borrow stablecoins. His borrowing activity on platforms like Aave alone has involved $56 million in stablecoins against $149 million worth of CRV collateral.Egorov’s health ratings on these platforms have improved recently, hovering around 1.67 or higher. Nonetheless, there remains a lingering risk associated with potential liquidation of his positions if CRV’s price were to dip substantially. This could potentially lead to bad debt scenarios for the platforms, particularly due to the substantial proportion of CRV supply involved.Sales of 72 million CRVEgorov’s token sales have amounted to 72 million CRV, according to Nansen analyst Sandra Leow. Notable recipients of these tokens include Tron Founder Justin Sun, crypto trader “DCFGod,” and Andrew Kang, Co-Founder of Mechanism Capital.Aave Chan Initiative, an entity tied to the Aave protocol, has proposed that the Aave treasury allocate funds to purchase up to $2 million worth of CRV tokens. The intention is to lock up these tokens as veCRV for an extended period, potentially up to four years. This move is aimed at further reinforcing the stability of CRV’s market dynamics.

Thailand Pushes Back Against Facebook-Enabled Crypto ScamsThai authorities are contemplating serious action against social media giant Meta (formerly Facebook), as Thailand battles against fraudulent cryptocurrency schemes and misleading investment advertisements propagated through Facebook, given a rise in the occurrence of such scams.Photo by Dan Freeman on Unsplash200,000 victimsThe Ministry of Digital Economy and Society (MDES) in Thailand has revealed that over 200,000 individuals in the country have fallen victim to fraudulent Facebook advertisements, which tout promises of massive returns through crypto-related investments and other financial opportunities. These deceitful ads have preyed on unsuspecting users, leading to growing concerns about online safety and consumer protection.The fraudulent adverts often make outrageous claims, guaranteeing daily profits as high as 30%. To add credibility, scammers even resort to using images of celebrities and renowned figures from the financial industry as fabricated endorsements. Some ads have gone to the extent of replicating the logos and symbols of the Thailand Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand to establish an appearance of legitimacy.Inadequate responseChaiwut Thanakamanusorn, Minister of MDES, acknowledged that the ministry has engaged in discussions with Facebook regarding the alarming prevalence of these fraudulent ads on its platform.Thanakamanusorn stated: “In the past, the ministry talked to Facebook all the time, but did not screen advertisers, causing damage to Thai people of more than 100,000 million baht.” Despite sending a letter to the platform requesting the removal of more than 5,301 misleading advertisements, Facebook’s response has been inadequate in addressing the issue effectively.In the face of Facebook’s reluctance to take appropriate action against these fraudulent ads and the substantial financial damage amounting to $2.8 million, MDES has issued a stern warning. Should Facebook fail to rectify the situation, MDES is prepared to pursue a court-issued shutdown order against the platform within a span of seven days.To protect the public from falling victim to these scams, MDES has advised individuals to exercise caution when encountering ads that promise exorbitant profits. Moreover, users are urged to be skeptical of endorsements from celebrities, as these images are often manipulated to deceive the public. The ministry also emphasized the importance of verifying the credentials of businesses and platforms before engaging with them.Safeguarding investorsThailand’s regulatory efforts in the cryptocurrency domain have taken a cautious trajectory. Thailand’s Securities and Exchange Commission (SEC) has stepped up its efforts to safeguard investors from crypto scams by instituting stringent guidelines against deceptive crypto marketing.As part of those guidelines, the SEC stated: “It is forbidden to advertise or persuade the general public or do any other act in the manner of supporting the deposit taking & lending service.” Acknowledging the inherent volatility of the crypto market, the SEC has mandated risk-related disclosures for all crypto trading platforms.With Facebook boasting around 48.1 million users in Thailand as of January 2023, the platform holds substantial influence, making the resolution of this issue even more critical. Striking a balance between innovation and regulatory measures is imperative to ensure that online spaces remain safe and conducive to a healthy crypto market.