Bitget Launches Blockchain4Youth Project

Wealthy investors in the United Arab Emirates (UAE) are warming to cryptocurrencies while largely bypassing traditional private banks, a new survey shows. The poll, conducted by Swiss wealth manager Avaloq and reported by CoinDesk, found that roughly four in 10 high-net-worth individuals in the country hold digital assets, though only about 20% used conventional wealth managers to make such allocations. The survey gathered responses from 3,851 investors and 456 wealth professionals.Photo by Atikah Akhtar on UnsplashA rising tide in crypto wealthThe findings land amid a broader run-up in crypto fortunes. Henley & Partners’ 2025 Crypto Wealth Report, published in September, estimates 241,700 crypto millionaires worldwide this year—about 40% more than in 2024. Even so, UAE respondents in Avaloq’s poll voiced caution, citing the market’s sharp swings as a primary deterrent. Operational hurdles compound that wariness. Managing wallets, safeguarding private keys, and arranging custody remain friction points for would-be buyers. Among those who remain on the sidelines, Avaloq found that volatility topped the list of deterrents (38%), followed by limited understanding (36%) and distrust of trading platforms (32%). Younger cohorts drive crypto uptake, advisor shiftsFamily dynamics are increasingly driving crypto adoption. Younger members of ultra-wealthy households are introducing parents and grandparents to digital assets, Avaloq’s UAE survey found. Meanwhile, 63% of investors have either changed wealth managers or are considering doing so, often because they feel their questions about crypto are not being adequately addressed. Akash Anand, head of Middle East and Africa at Avaloq, described the moment as one of growing client curiosity met by a slow institutional response, prompting private banks to accelerate work on digital asset services. Dubai’s growing role as a crypto hub will again be on display in December, when it hosts Binance Blockchain Week 2025. The two-day conference, slated for Dec. 3–4, features appearances by Binance co-founder Changpeng Zhao, Strategy Chairman Michael Saylor, Ripple CEO Brad Garlinghouse, and Solana Foundation President Lily Liu. A debate between Zhao and long-time crypto skeptic Peter Schiff on Bitcoin’s merits versus tokenized gold is also expected, after Zhao invited Schiff to participate via X. Combined, the survey data and recent developments depict a UAE wealth market in the early stages of engagement with digital assets. While enthusiasm is building among younger investors and high-profile initiatives continue to draw attention, concerns about volatility and management complexity remain barriers to entry. The extent to which established wealth firms and new entrants can address those concerns will shape the next phase of the market’s growth. 

Binance Introduces Dedicated Trading Platform in JapanGlobal cryptocurrency exchange Binance made an announcement on Friday regarding its plans to establish a new trading platform exclusively for residents of Japan.The move is in compliance with Japanese laws and regulations, and a demonstration of the company coming into line with Japan’s legal and regulatory framework relative to crypto assets and crypto asset trading. While specific details such as the platform’s launch date are yet to be disclosed, Binance has assured its Japanese customers that this information will be provided in the near future.Photo by Bagus Pangestu on PexelsPlatform transitionIn terms of scheduling, we do know that a new know your customer (KYC) verification process will be available after August 1, to migrate to the new local platform for existing Japanese users on the global platform. As part of the transition process, Binance will be sending out information to Japanese residents who currently utilize their global trading platform. This communication will include instructions on procedures including further information on identity verification.To facilitate a smooth transition, Binance’s global trading platform will cease providing services to Japanese residents on November 30, 2023. Additionally, there are plans to change the company name from Sakura Exchange Bitcoin to “Binance Japan Co., Ltd.”This development marks Binance’s initial foray into the Japanese market firmly under its own brand. In November 2022, the company entered the country by acquiring Sakura Exchange Bitcoin (SEBC). The forthcoming trading platform, dedicated exclusively to domestic residents, represents the first step in Binance’s strategic approach to the Japanese market.The new services on the platform are set to launch during the summer, with future expansion plans to broaden that offering further. Binance also intends to introduce initiatives in Japan that leverage its ecosystem, including the provision of free educational resources through “Binance Academy” to promote Web3 education.Service offeringThe newly created entity will offer crypto spot trading with fiat deposit and withdrawal facility to its Japanese customers. Crypto lending products will be provided through a digital asset earn program. For those who like to dollar cost average (DCA), an automated recurring purchase feature will be provided.In 2021, Binance introduced an NFT marketplace and that will be a service that it will also extend to its Japanese customers. Upon launch of the dedicated service, crypto derivative trading will not be offered although it is understood that it may be offered at a later stage. Derivatives are likely to be under much closer scrutiny by the Japanese regulator than Binance’s other products.It is worth noting that Binance had previously received a warning from the Financial Services Agency (FSA) for offering cryptocurrency trading services to Japanese residents without proper registration. With its full-fledged entry into the Japanese market, it remains to be seen what impact this move will have. Will it accelerate the regulatory landscape and the adoption of Web3 technology in Japan from a global perspective?Additionally, how smoothly will Binance be able to acquire new accounts while competing with domestic business operators? These developments warrant close attention as they unfold.

Bitget withdraws from Hong Kong crypto marketSeychelles-incorporated cryptocurrency derivatives platform Bitget has made a decision to permanently exit the Hong Kong market, discontinuing its efforts to obtain a virtual asset trading platform (VATP) license.Photo by SHUJA OFFICIAL on UnsplashBitgetX platform shutdownThe decision comes only months after it had introduced its BitgetX platform to comply with local regulations. The company, which bases its operations out of Singapore, is a well-known entity in the crypto space, renowned as the operator of the 12th-largest cryptocurrency exchange globally in terms of 24-hour trading volume. It made this revelation on Monday, citing what it referred to as “business and market-related considerations.”In a published statement, the company said:”With a heavy heart, we regret to inform you that due to business and market related considerations, we have decided not to pursue a Virtual Asset Trading Platform (VATP) license in Hong Kong. As a result of this decision, the BitgetX website (www.BitgetX.hk) will cease its operations effective December 13, 2023. At the same time, Bitgetx.hk will permanently exit the Hong Kong market.”While outlining that BitgetX will close its doors, the firm urged users to withdraw their assets beforehand. Bitget is among a handful of exchanges that had publicly expressed their intent to secure a license following Hong Kong’s proactive push over the course of the past year to embrace the virtual asset sector.Broader challengesThe decision to abandon the pursuit of a VATP license echoes the broader challenges faced by the cryptocurrency industry in Hong Kong. Despite the city’s recent enthusiastic regulatory embrace of the virtual asset sector, a number of stumbling blocks remain.High compliance costs and the lingering aftermath of the JPEX financial scandal have hindered Hong Kong’s aspirations to establish itself as a leading crypto hub. A report back in June identified the major cost implications of acquiring a license in Hong Kong. At the time, it was estimated that the required spend to obtain a VATP license could range from $2.55 million to $25.5 million.Banking crypto companies has also become a major bottleneck. In June, the Hong Kong Monetary Authority (HKMA) urged banks such as HSBC, Standard Chartered and the Bank of China to bank the crypto sector, having identified a reluctance amongst them to do so.Limited interestThe forthcoming closure of BitgetX adds to a growing trend of limited interest in Hong Kong’s new licensing scheme. Only five companies, all local, have submitted applications for virtual asset licenses to the Securities and Futures Commission (SFC). This list began publication in response to the JPEX scandal, which significantly damaged public trust in virtual assets.The challenges faced by the industry go beyond regulatory hurdles. The damaged public trust, coupled with the high-profile exit of JPEX, has contributed to the hesitancy of international crypto platforms in pursuing licenses in Hong Kong. The abrupt withdrawal of Bitget raises questions about the viability of Hong Kong as a central player in the cryptocurrency industry and underscores the complexities faced by exchanges navigating the evolving landscape of the digital asset sector.