Korea’s security token group KSTO signs MOU with blockchain developer Metalab

BitMEX Launches Bespoke Service in Hong KongSeychelles-based cryptocurrency exchange and derivative trading platform BitMEX announced on Monday that it is launching a dedicated virtual asset service for its Hong Kong customers.The exchange published a blog post to its website in which it said that it is in the process of launching “BitMEX Hong Kong,” a dedicated service offering that will be set up on a transitional basis initially. The company is currently in the process of securing a virtual asset service provider (VASP) license from the Hong Kong regulator, the Securities Futures Commission (SFC). Licensing becomes effective in the Chinese autonomous territory on June 1.Photo by Karolina Grabowska on PexelsDedicated mobile appAmong the features the exchange intends to offer its Hong Kong-based customers is a bespoke app, catering specifically to users in the city. The platform will offer Hongkongers the ability to buy and sell cryptocurrencies with eleven spot trading pairs. From an on-boarding and off-boarding perspective, the firm will facilitate the conversion of cryptocurrencies into over thirty fiat currencies.The company is looking to add value by offering additional services such as portfolio management and real-time deposits and withdrawals. BitMEX plans to enable additional functionality such as watchlists and detailed real-time data. Both of these features will enable service users to identify and follow crypto market trends.Licensing preparationsWhile the offering attempts to meet the specific needs of Hongkongers, it's likely that the main motivation relates to VASP licensing. The regulatory requirements in Hong Kong are likely to have distinct facets that would necessitate the company to tease out its service to Hong Kong citizens from its global platform.The SFC has indicated on Tuesday that it will enable crypto trading for retail investors. Notwithstanding that, it’s not doing that without the incorporation of several measures to protect the interests of retail users. Any promotions or incentives that lead a marketing effort with free gifts, and this will likely include token airdrops, will be prohibited.Minimum capital liquidity requirements are being set. Furthermore, client assets will have to be segregated from exchange assets, although the Commission doesn’t mind if the VASP simply segregates said funds itself or does so by way of using an escrow service.Stephan Lutz, acting CEO and group CFO at Bitmex, commented on the development: “We are optimistic that Hong Kong will achieve its ambition of becoming a world-leading Web3 role model city and potentially the Web3 hub for China in years to come.”On May 29, the firm will transfer existing Hong Kong-based customers from its global platform to its new affiliated Hong Kong entity, HDR BMEX Limited. Remaining account balances will be transferred over on that date. There will be no requirement for Hong Kong-based users to undertake additional KYC (know-your-customer) checks or account verification.Earlier this month, the exchange added two additional digital assets ($SUI & $PEPE) to its range of available perpetual contracts.

A spot Solana (SOL) exchange-traded fund (ETF) is set to debut in Hong Kong next week, according to the South China Morning Post. Managed by ChinaAMC (HK), the Hong Kong subsidiary of Chinese financial services company China Asset Management, the product will begin trading on Oct. 27 and will be available against both Hong Kong and U.S. dollars. The Hong Kong listing comes amid growing global interest in Solana-based investment products. While this marks a first for the city, the first country to trade a spot Solana ETF was Canada, where four products from 3iQ, Purpose, Evolve, and CI Financial went live on the Toronto Stock Exchange in April 2025.Photo by GuerrillaBuzz on UnsplashU.S. institutions await regulatory approvalIn the U.S., institutional interest is also high, though a product has yet to be approved. According to Bloomberg senior ETF analyst Eric Balchunas, 23 separate ETP filings for Solana have been submitted in the U.S. This matches Bitcoin, with both assets having the highest number of filings among 35 cryptocurrencies tracked, out of a total of 155 crypto ETP filings overall. The push for exchange-traded products mirrors rising institutional investment in the Solana ecosystem itself. Several firms have recently established corporate SOL treasuries. Forward Industries spent $1.6 billion on its treasury and filed with the U.S. Securities and Exchange Commission (SEC) to raise up to $4 billion from share sales to acquire more SOL. Similarly, Sharps Technology announced a collaboration with Coinbase Global to expand its reserve strategy, and an SEC filing showed that Citadel and its affiliates hold a portion of the outstanding shares in DeFi Development Corp. (DFDV), another SOL treasury firm. Uniswap expands to Solana networkSolana's platform has also seen wider technical integration. On Oct. 16, the decentralized exchange Uniswap began supporting the network, allowing its users to connect Solana wallets and swap SOL tokens. Uniswap stated the move helps address fragmentation issues by supporting both Solana and Ethereum, the two largest DeFi ecosystems. According to DefiLlama data, SOL currently boasts $10.88 billion in total value locked (TVL) in decentralized finance, while ETH TVL amounts to $83 billion. Separately, the Solana team recently promoted the network's technical resilience. Following a recent Amazon Web Services (AWS) outage, the team shared an analysis on X indicating a 97.6 resilience index, noting that only 77 of its 1,295 nodes were affected, suggesting a 6% dependency on AWS. Market performance lags despite growthDespite these developments, the price of SOL, the sixth-largest cryptocurrency by market capitalization, has not reflected the positive sentiment in the short term. Trading at roughly $186, SOL is down 13.74% over the past month, according to Kraken data. The asset remains 36.49% below its all-time high of $293.31, which was reached on Jan. 19, 2025.

HTX experiences $258 million outflow post-hackHTX, the digital-asset trading platform associated with Chinese-born crypto mogul Justin Sun, has witnessed a substantial net outflow of $258 million since resuming operations after a significant security breach.According to Bloomberg, data from DefiLlama indicates that the outflow occurred between the exchange’s restart on Nov. 25 and Dec. 10, signaling unease among some clients following last month’s cyberattack. In November, HTX reported a loss of $30 million in crypto tokens due to the breach, prompting a temporary suspension of withdrawals and deposits.Towards the end of last month, the platform re-enabled withdrawal services for major cryptocurrencies, gradually bringing the exchange back to full service, supporting withdrawal of all digital assets.Photo by Amritanshu Sikdar on UnsplashMultiple hacksJustin Sun is also associated with the Poloniex exchange and the HECO Bridge, a network established by HTX for blockchain transfers. Both Poloniex and HECO fell victim to hacks in November, resulting in the theft of approximately $200 million in crypto. It’s worth noting that hackers had previously stolen $8 million from the HTX platform in September.HTX, which was formerly known as Huobi up until a business rebrand in September, boasts an average trading volume of $1.5 billion in the past 24 hours, securing its position as the fifteenth largest exchange when measured in terms of trading volume.Increased vigilanceIn the wake of several high-profile crypto platform failures in 2022, digital-asset investors are increasingly vigilant about monitoring flows and reserves at virtual currency exchanges. In particular, that trend gained momentum after the FTX platform’s collapse last year due to fraud.November turned out to be the most damaging month this year so far in terms of platform digital asset theft. Exit scams and exploits encountered during the month totaled a staggering $363 million in losses.In October, the UK’s Financial Conduct Authority (FCA) included HTX, alongside KuCoin, on a warning list, due to their promotion of services in the UK, without having obtained the required regulatory approvals.A third of reserves in BitcoinDefiLlama data reveals that Bitcoin constitutes the largest portion of HTX’s reserves, accounting for approximately 33%. Tron’s TRX token, launched by Sun in 2017, represents around 32% of the reserves. HTX’s native exchange coin, HT, makes up 14%, followed by a Sun-backed token named stUSDT at 12%.In August, Travis Kling, Founder of Ikigai Asset Management, had this warning relative to Sun and HTX:”Justin Sun is a criminal. There’s a hole in Huobi, a hole in TUSD and a hole in Tron DeFi. Act accordingly.”TRX, at the center of U.S. fraud allegations against Sun, prompted a March lawsuit by the Securities and Exchange Commission (SEC), accusing him and his firms of market manipulation to inflate the token’s trading activity. Sun dismissed the suit on the X social media platform back in March, stating that it “lacks merit.” On Sunday, Sun claimed that the Tron blockchain network which he founded had reached a new milestone of 200 million users.Despite security firm BlockSec reporting the recovery of the $8 million stolen in September, hackers still appear to control the $30 million taken last month. The ongoing situation raises concerns about the security measures and resilience of HTX in the face of persistent cyber threats.