Korbit relists blockchain gaming token WEMIX

HashKey Gears Up to Offer Trading Service to Retail TradersHashKey is gearing up to launch its services to retail traders in Hong Kong with the intention of offering them Bitcoin and Ether trading products initially.The Hong Kong-based digital asset management platform received full licensing approval from the local regulator, the Securities Futures Commission (SFC), earlier this month. It’s anticipated that the platform will launch to retail on August 28.That’s according to a report from a local media source earlier this week. Financial publication Investing.com stated: “General investors in the period can only trade Bitcoin (BTC) and Ethereum (ETH), because these two currencies currently account for most of the trading volume in the market.“It’s worth noting, however, that investors will be subject to a cap, permitted to allocate only up to 30% of their net worth into the realm of cryptocurrencies while utilizing the platform.Photo by Traxer on UnsplashServing retail clientsIt’s a significant milestone for both HashKey and the regulator, given that Hong Kong has been making huge efforts to further the development of digital asset innovation within the Chinese autonomous territory over the course of the past twelve months. Hashkey, alongside brokerage and exchange business OSL (also successful in obtaining a license), has been collaborating with regulators from an early stage in the lead-up to both receiving full licensing.HashKey got to this point by focusing on two pivotal licenses offered by the SFC. The first of these licenses, known as Type 1, paved the way for HashKey to initiate a virtual asset trading platform, aligning seamlessly with the regulatory framework laid out under Hong Kong’s securities laws. The second license, Type 7, empowers the crypto platform to furnish automated trading services to both institutional and retail clientele.Nurturing digital asset innovationHong Kong has maintained a resolute focus on cultivating a crypto-friendly environment within its borders in 2023. Echoing this sentiment, Financial Secretary Paul Chan asserted the government’s and regulatory bodies’ determination to incubate a robust crypto and fintech ecosystem throughout the year.By March, over 80 crypto enterprises signaled their intent to establish a presence in Hong Kong, with several major players in the crypto industry among them. In April, the Hong Kong Monetary Authority (HKMA) issued a call to banks, urging them to extend their services to cryptocurrency companies.Banking remains a difficulty in Hong Kong for crypto businesses despite the HKMA’s efforts. However, in the case of both HashKey and OSL, both are being banked by Hong Kong’s largest virtual bank, ZA Bank.In May, the HKMA unveiled a comprehensive licensing framework tailored for crypto platforms, imposing a deadline of June 1 for compliance. As August rolled in, a select few crypto platforms clinched the green light to offer crypto trading services to an eclectic client base encompassing both retail and institutional participants.This regulatory framework, designed to safeguard the interests of investors, is playing a large part in Hong Kong’s recent success in developing the sector. In this particular instance, it will mean that retail traders will be granted access to Bitcoin and Ethereum exclusively. This curtailed selection provides a good starting point for retail trading, and it’s likely that we will see HashKey’s trading offering being extended to cover additional digital assets as soon as local regulators permit it.

Binance withdraws Abu Dhabi bid amid global licensing reevaluationLeading global crypto exchange Binance has chosen to withdraw its bid for a trading license in Abu Dhabi, according to information gleaned from the Abu Dhabi Global Market (ADGM) register and a report published by Reuters on Thursday.Photo by Demid Druz on UnsplashChange of directionThe local subsidiary company responsible for the application, BV Investment Management Limited, initially submitted its licensing bid on Nov. 15, 2022. Much has changed in the crypto space and in the fortunes of Binance over the course of the past year, leading the firm to withdraw its application on Nov. 7.This proposed license would have granted Binance the authority to pool and invest funds from professional investors. The decision to retract the bid is part of Binance’s broader reevaluation of its overall strategy going forward. “When assessing our global licensing needs, we decided this application was not necessary,” a spokesperson from the company told Reuters.Adapting to new circumstancesMuch has changed for Binance in 2023. The company has been combating regulatory pushback in multiple jurisdictions worldwide, not least in the United States, where Binance founder Changpeng Zhao (CZ) recently reached a plea agreement with U.S. prosecutors and agreed to pay $4.3 billion for violations related to money laundering and sanctions laws.As part of that process, CZ stepped down as CEO, passing the leadership to Singaporean Richard Teng. Teng is a former regulatory executive who previously oversaw the exchange’s regional operations. A spokesperson for the company maintained that this recent decision relative to licensing in Abu Dhabi is entirely unrelated to the recently agreed-upon settlement in the United States.UAE tiesWhile Binance may be dropping its attempts to gain licensing in Abu Dhabi, in July the company acquired a Minimum Viable Product (MVP) license from the Virtual Assets Regulatory Authority in the United Arab Emirates’ (UAE) other major center, Dubai. The UAE is also the location where CZ has established his home.Some had speculated that the company had also established its headquarters within the UAE. However, CZ has always refused to disclose the firm’s global headquarters, instead suggesting that the firm has no global headquarters. Teng has taken a similar approach.Binance was originally founded in China in 2017. It then shifted its headquarters to Japan and later established a base in Malta to circumvent regulatory challenges in China. Similarly, it’s thought that regulatory scrutiny provides the rationale for the company’s ongoing stance in refusing to confirm the location of its corporate headquarters.Despite regulatory challenges, Binance had previously expressed a focus on expanding its operations in the Middle East, known for its crypto-friendly environment and specific regulatory frameworks. Binance holds various crypto licenses from regulators in the region. In May of last year, it acquired a Category 4 crypto-asset service provider (CASP) license from the Central Bank of Bahrain.The exchange maintains registrations and licenses across Europe, Asia and other regions. It’s had mixed fortunes in its endeavors over recent months, driven out of some markets while making in-roads in others. Earlier this week, its Binance Japan subsidiary became fully operational. Last week, regulators in the Philippines moved against the company due to regulatory irregularities.

Singapore-headquartered Bitcoin mining company Bitdeer has outlined a roadmap of chip development which will culminate in the introduction of its most energy efficient mining chip to date, the “SEAL04” chip. According to a press release published by the company on June 6, the company outlined that it wanted to be transparent in demonstrating its plans over the short to medium term in terms of research and development and technological advancement.Photo by Michael Förtsch on UnsplashIterative progressionThe starting point for its roadmap is the SEAL01 chip, which the company introduced in Q1 2024. That mining chip was engineered using a four-nanometer process technology. It was developed in collaboration with a semiconductor fabricator albeit that the company has not disclosed the identity of that fabricator. That chip weighed in at 18.1 Joules/Terahash (J/TH). The SEAL01 represents the company’s first release relative to its SEALMINER technology.  Bitdeer feels that providing guidelines for technology releases will better inform market participants, and that’s important given that uncertainty creates a major difficulty for those operating in the Bitcoin mining space.  With that, Bitdeer is projecting a Q3 2024 release for its SEAL02 miner, which will clock up between 15 and 16.5J/TH. SEAL03 is scheduled for Q4 2024, with an efficiency boost taking it to between 11 and 12J/TH. Finally, the SEAL04 is scheduled for release in Q2 2025. That chip is expected to have an energy efficiency range as low as 5.5-6J/TH. The two most critical factors for Bitcoin miners to stay competitive include the cost of energy and the level of energy efficiency achieved by the mining equipment that is being used. It’s believed that the roadmap will help in managing miners’ expectations relative to technological advancement.  Gearing up for a post-halving mining environmentTo develop the SEALMINER equipment series, Bitdeer outlined last March that it had “assembled an international team of professional engineers specializing in chip design, firmware, and hardware engineering.” At that time, the company suggested that the new range of mining equipment would allow it to assist the Bitcoin mining community “in seizing opportunities following the 2024 halving event.” Alongside its chip development roadmap, the company came to the industry’s attention earlier this week with stablecoin issuer Tether acquiring a 25% stake in the Singaporean mining equipment developer, according to a filing with the U.S. Securities and Exchange Commission (SEC). This acquisition makes Tether the second-largest shareholder in Bitdeer, behind Victory Courage Ltd., which is registered to Bitdeer CEO Jihan Wu. Wu, who co-founded Bitdeer and served as CEO of ASIC manufacturer Bitmain previously, was appointed as CEO of Bitdeer in January. The appointment was made so that Wu could oversee what was expected to be a period of rapid growth at the company. In the June 6 SEC filing, Tether Holdings Limited disclosed control over 23,587,360 BTDR shares. This significant increase in holdings stems from a private placement deal closed with Bitdeer last week, enabling the Bitcoin miner to secure $100 million in financing. The deal also includes a warrant allowing Tether to purchase up to 5,000,000 additional shares at $10.00 each over the course of the next year. Bitdeer plans to use the raised funds to expand its data centers, develop ASIC-based mining rigs and support other general corporate purposes.