Apple India blocks eight exchanges subject to FIU notice

OKX announces delisting of 26 trading pairsCryptocurrency exchange OKX has made a significant announcement regarding the delisting of more than 20 trading pairs, with a view towards its ongoing maintenance of strict listing criteria and performance monitoring. This decision will impact a considerable number of trading pairs across various cryptocurrencies, with the process scheduled to commence later this week.OKX outlined details of this recent trading pair purge in a statement published to its website on Monday. Among the trading pairs set for removal are CELO-USDC, AXS-USDC, APE-BTC and the HNT-USDT trading pair, which will be delisted on Nov. 10. Notably, Bytom (BTM), a Chinese crypto project, which has experienced a substantial 46% drop in value since Monday, is also among the tokens to be delisted.The exchange is advising users to manage their assets accordingly in preparation for the changes. Withdrawals for these tokens will cease on Jan. 10, 2024. During this transitional period, OKX recommends that users cancel any open orders linked to the impacted trading pairs to avoid automatic cancellations, which could result in processing delays.Photo by Maxim Hopman on UnsplashSAITAMA delistingDeposits for the affected tokens, including HNT, BTM, and SAITAMA, were halted by OKX on Nov. 3. SAITAMA, an Ethereum-centric ERC20 token, is the primary payment medium on the Saitama platform. There were mixed reactions to the delisting of the coin. One community member took to X, stating:“I will say I do think it isn’t cool for OKX to delist #Saitama considering we didn’t get on there for the reasons specified of delisting. The listing was won through hours of Spaces and helping people get VPNs to win a contest. Regardless of what the market is doing we won fairly.”Another Saitama project supporter took a more pragmatic view, stating:“Delisting Is a tragedy? I don’t think so. What did the OKX listing for the token price? What is the difference between holding or selling with or without okx? Volume was too low, and this isn’t a news, so they will delist. They will relist again….#SAITAMA”OKX has embarked upon several initiatives over the course of 2023 in an effort to further the user proposition offered by the platform. From a marketing perspective, the company took the decision in October to retire the Okcoin brand, rebranding its various sub-platforms instead to OKX.The Seychelles-incorporated company indicated in September that it expects to have secured a virtual asset service provider (VASP) license in Hong Kong by June of next year.Delisting banksTokens are not the only items to be delisted by the exchange recently. Alongside competitor Bybit, the company decided to delist sanctioned Russian banks Tinkoff Bank and Sberbank from its peer-to-peer exchange platform.This move by OKX reflects the exchange’s efforts towards maintaining a high level of integrity and performance. Listing coins that fall below a minimum acceptable level of liquidity and trading volume can leave them much more exposed to the risk of manipulation. By adhering to stringent listing criteria and promptly addressing issues, the company is making a greater effort towards maintaining a position as a trusted and secure trading platform for cryptocurrency enthusiasts and investors.

Hong Kong Lawmaker Explores Digital Asset Links With MainlandIn a move aimed at bolstering its position as a rising global Web3 hub, Hong Kong Legislative Council member Johnny Ng has expressed his aspiration to foster greater collaboration between digital asset platforms in Hong Kong and a Shanghai-based exchange.Photo by Simon Zhu on UnsplashDigital asset exchange interconnectivityAs Hong Kong continues to position itself as a key player in the emerging Web3 landscape, Ng envisions a future where licensed virtual asset exchanges in Hong Kong could be interconnected with their counterparts in Shanghai.Ng’s remarks came during an interview with Chinese media outlet The Paper. Drawing a parallel with the established Shanghai-Hong Kong Stock Connect program that seamlessly connects the stock markets of both cities, Ng raised the question of whether a similar connection could be established for licensed digital asset exchanges. Ng’s idea hinges on the potential to bridge appropriate platforms in Shanghai with those licensed in Hong Kong for virtual asset trading.Interconnected talent poolThe lawmaker’s enthusiasm for interconnectivity also extends to the talent pool. He expressed his desire for more Web3 talent exchanges between Hong Kong and the mainland, recognizing Shanghai’s status as a financial hub boasting numerous exceptional financial enterprises.Hong Kong’s approach to the Web3 landscape stands in contrast to mainland China’s stringent cryptocurrency regulations. While China banned cryptocurrency transactions in 2021, Hong Kong has embraced crypto firms, even encouraging partnerships between these firms and local banks.This year, Hong Kong authorities unveiled a series of cryptocurrency-related policy statements, aimed at fortifying its stature as a global financial center. A significant step followed in December, when the Hong Kong Legislative Council passed an amendment introducing a comprehensive licensing framework for virtual asset service providers (VASPs).In a recent development underscoring Hong Kong’s pro-crypto stance, HashKey and OSL have become the pioneering recipients of licenses for retail trading under the new regulatory regime, which commenced on June 1.Differing policy approachesPeople following developments in crypto and Web3 in China and East Asia have been speculating if the strategic positive shift in Hong Kong towards developing as a regional hub relative to the sector is indicative of a softening in the approach of mainland China towards the industry. It appears that Hong Kong’s pursuit of crypto business has been sanctioned by Beijing.Commentators have been monitoring the emergence of further encouraging signals. In May, Chinese state television featured a segment that covered cryptocurrency and in particular Bitcoin. Binance CEO Changpeng Zhao (CZ) was sufficiently encouraged by the development to suggest that it was “a big deal,” although the clip was later removed from the broadcaster’s website.Ng’s proposal aligns with the broader narrative of Hong Kong’s ambitious push into the Web3 landscape, capitalizing on its favorable regulatory environment to attract crypto-related ventures. As discussions evolve around the potential interconnectivity between Hong Kong and Shanghai’s digital asset exchanges, the global cryptocurrency community watches with interest to see if there are any emerging signs that Beijing will reciprocate positively.

Genesis Ordered to Comply with Subpoena in Terraform Labs CaseGenesis, the troubled crypto lender and trading company, has been issued a compelling directive by a New York court. The court has mandated Genesis to comply with a subpoena within five days, following a failure to respond to previous requests by the October 9 deadline, relative to a case involving Singapore’s Terraform Labs.Photo by Michael Discenza on UnsplashTerraUSD collapse falloutThese requests are related to the 2022 collapse of the TerraUSD stablecoin, a cryptocurrency which was supposed to maintain a peg to the US dollar’s value until it lost that peg and collapsed. At the time, the demise of TerraUSD reverberated throughout the cryptocurrency markets.In response to this collapse, the US Securities and Exchange Commission (SEC) initiated a legal action against Terraform Labs, the company responsible for the token, and its co-founder Do Kwon, alleging that investors had been misled. Both Do Kwon and Terraform subsequently tried unsuccessfully to have the case dismissed.As part of the progression of this case, the SEC sought to question Do Kwon and gain access to company records held by the Singapore-headquartered firm. The defendants were ultimately unsuccessful in arguing their case in that instance on jurisdictional grounds.Failure to respondJudge Jed Rakoff, in a court order filed on Friday, highlighted Genesis’s non-compliance with the subpoenas, stating:“As of today, the Genesis Entities have failed to produce any documents in response to the Subpoenas.”These subpoenas were issued by the defendants to seek specific information from Genesis Global Capital, Genesis Global Holdco, and Genesis Global Trading on September 12.The court order does not specify the nature of the information sought. It is worth noting that Genesis extended substantial loans to the now-defunct hedge fund Three Arrows Capital (3AC), which was heavily exposed to the TerraUSD stablecoin. In January 2023, three Genesis entities filed for bankruptcy, and its trading arm ceased its US spot market operations in September.In addition to the challenge posed by Genesis’ non-compliance, Judge Rakoff is also wrestling with obtaining information from Do Kwon in connection with the legal proceedings. Kwon’s legal representatives have argued that he cannot physically come to the US as he is serving a jail sentence in Montenegro for possession of a counterfeit passport.However, Judge Rakoff has expressed his determination to ensure Kwon’s availability for cross-questioning and stated that Kwon will not be allowed to provide any declarations in the case without being subject to cross-examination.Citadel under scrutinyIn a related development, it emerged last week that Terraform Labs is accusing American market maker Citadel Securities of having sabotaged its TerraUSD stablecoin. As part of the Singaporean company’s pursuit of justice, it has called upon the United States District Court in the Southern District of Florida to force Citadel to furnish specific documents that relate to their trading activities during the period within which TerraUSD collapsed.Should it fail in that endeavor, Terraform has said that it will look to have the matter heard in Judge Rakoff’s court in New York.This legal development concerning Genesis marks a crucial juncture in the ongoing investigation into the TerraUSD stablecoin’s collapse and the actions of the entities involved, with Genesis now facing increased pressure to cooperate fully with the legal process.