SGX to list Bitcoin perpetual futures in H2

CoinFund expands its reach into AsiaCoinFund, a New York-based venture capital firm specializing in the cryptocurrency ecosystem, is strategically expanding its presence in Asia, with Hong Kong as its first destination.The move comes amid regulatory uncertainties in the United States, prompting some crypto companies to explore more favorable environments. CoinFund’s decision is bolstered by Hong Kong’s recent implementation of a regulatory framework for virtual assets and its commitment to attracting virtual asset businesses.Photo by Florian Wehde on UnsplashHiring in Hong KongIt emerged earlier this month that the U.S. company had hired Dmitry Lapidus as its Senior Liquid Analyst based in Hong Kong. The move has highlighted the increasing trend of capital flowing out of the United States, particularly towards Asia.In an interview with the South China Morning Post (SCMP) last week, Lapidus expressed the firm’s goal to tap into the growing crypto trading activities and the burgeoning community of crypto entrepreneurs in the region. CoinFund, established eight years ago, sees Asia as a key market for expansion. Lapidus stated:“If you look at the history of how this industry has evolved, there has always been very active participation from Hong Kong and China, in particular in the early days” . . . “So I almost view it as one of the more natural places for innovation and for experimentation.”Asian opportunity amid U.S. difficultiesThe regulatory landscape in the United States has been a source of frustration for crypto firms, facing challenges due to a lack of clear cryptocurrency regulations and increased enforcement actions by authorities. To underscore the adversarial regulatory environment further, it emerged on Monday that the Securities and Exchange Commission (SEC) is suing crypto platform Kraken for the second time, having agreed to a $30 million settlement with the company back in February.Taking to the X platform, Kraken Founder Jesse Powell stated:”Message is clear: $30m buys you about 10 months before the SEC comes around to extort you again. Lawyers can do a lot with $30m but the SEC knows that a real fight will likely cost $100m+, and valuable time. If you can’t afford it, get your crypto company out of the US warzone.”CoinFund’s move to Hong Kong follows a broader trend, with other U.S.-based crypto VC firms, such as Hivemind Capital Partners, also expanding their operations to the region.Hong Kong’s commitment to embracing the cryptocurrency sector has been evident in its policies, including the implementation of a mandatory licensing regime for centralized exchanges, enabling them to cater to retail investors. The city’s proactive approach contrasts with the regulatory uncertainty in the U.S., making it an attractive destination for crypto businesses seeking a more favorable environment.CoinFund Founder Jake Brukhman highlighted the importance of the Asian market in a recent blog post. Brukhman confirmed that 45% of the startup founders the firm backs are headquartered outside the United States. Against that backdrop, Brukhman said, “We’re both inspired by the energy in the Asian market and responsible for interpreting these opportunities for our portfolio.”While the broader crypto investment landscape has seen a decline, with a 28% quarter-over-quarter drop in investment in the third quarter of this year, CoinFund stands out. In July, the firm successfully raised $158 million for a new fund dedicated to supporting early-stage crypto startups.

Earlier this month, CoinNess reported on a flurry of Asian companies who had announced plans to add crypto to their balance sheets. That trend continued this week with two Chinese companies announcing similar plans. In a press release published on June 24, Aurora Mobile, a marketing technology firm based in Shenzhen, announced its intention to begin to invest in digital assets. The Nasdaq-listed company (JG) outlined that its Board of Directors had approved the investment of up to 20% of the firm’s cash and cash equivalents in various digital assets in a strategic initiative involving Aurora Mobile’s treasury management.Photo by Traxer on UnsplashGaining exposure to emerging asset classIt described the initiative as an example of the company’s “commitment to innovative treasury practices,” focusing on long-term value creation for Aurora Mobile’s shareholders. The firm’s CEO, Weidong Luo, said that the initiative will enable the company to diversify its portfolio, “gaining exposure to an emerging asset class with low correlation to traditional markets.” Luo also asserted that the move would demonstrate that the firm is “aligning with the technological advancements reshaping global finance.” Aurora Mobile indicated that it would look to purchase Bitcoin, Ethereum, Solana, Sui and other tokens. China’s crypto trading banA trading ban on crypto was introduced in mainland China in 2021. With that, it’s unclear how Aurora Mobile will establish its crypto treasury. It may opt to do so through Singapore-based subsidiary EngageLab or through an affiliated corporate entity in Hong Kong. No such ban applies in Hong Kong, where VMS Group, another company which has decided to invest in digital assets, is headquartered. VMS Group is a family office which provides investment solutions and advisory services, while specializing in alternative investments.  According to a report published by Bloomberg on June 23, the company, which has $4 billion worth of assets under management (AUM), intends to allocate up to $10 million to investment strategies run by a decentralized finance (DeFi)-focused hedge fund, Re7 Capital. VMS Group managing partner Elton Cheung told Bloomberg that the investment decision was taken as part of an effort to diversify into more liquid investments. Cheung added: “We thought this was the right time [to invest in digital assets] because of growing demand and because we see clearer legislative and government support from various jurisdictions, as well as large institutional support and endorsement.” Potential partnershipsVMS Group executive Zhi Li, who has been tasked with leading digital asset investments for the company, said that the firm is examining potential partnerships with blockchain payments and infrastructure projects. Li stated that “there is very strong institutional and family interest in getting regulated digital asset exposure,” adding that VMS has “seen the younger generation of families wanting to do something different.” Alongside these investments into cryptocurrencies, demand for crypto-related stocks in Hong Kong is also surging. Shares in publicly-listed licensed digital asset platforms in the Chinese autonomous territory surged by as much as 200% on June 25 as the market reacted positively to the city’s developing digital assets policy.

Former Binance CEO, Changpeng Zhao (CZ), facing criminal charges and awaiting sentencing in the United States, has been denied his request to return to the United Arab Emirates (UAE) by a U.S. federal judge, according to Bloomberg. The decision, rendered by the U.S. District Judge Richard Jones, reinforces the restrictions on CZ's movements in the months leading up to his scheduled February sentencing. In a filing on Friday, Judge Jones rejected CZ's motion seeking permission to travel to the UAE, where his children reside with former talk-show host and Binance co-founder, Yi He. The specific grounds for the denial were sealed, providing limited insight into CZ's argument against the judge's repeated constraints. However, CZ's legal team hinted that the motion involved "medical information regarding Mr. Zhao’s child."Photo by Kai Pilger on UnsplashSecond travel request denialThis ruling, dated Dec. 29, marks the second time CZ's request to travel to the UAE has been turned down. Earlier in the month, Judge Jones sided with U.S. prosecutors, citing CZ's substantial wealth abroad and the absence of an extradition treaty between the U.S. and the UAE, making him a potential flight risk. CZ had previously pleaded guilty to violating the Bank Secrecy Act and resigned as CEO of Binance, the world's largest digital asset exchange. Binance, as an entity, reached a $4.3 billion settlement related to sanctions and money transmission violations. Singaporean Richard Teng, Binance’s former head of regional markets, has been installed as CEO in CZ’s place. Despite legal challenges, Zhao secured release on a $175 million personal recognizance bond after pleading guilty. The billionaire posted $15 million from a trust account and had three guarantors pledge over $5 million in collateral to secure the bond. The court order allows CZ to remain free, but he is prohibited from leaving the U.S. until his sentencing. 40 million new usersIt’s not all bad news for Zhao’s Binance. In a recent report titled "State of The Blockchain: Binance’s 2023 in Review," Binance highlighted its significant growth in 2023, welcoming over 40 million new users — a 30% increase from the previous year. The report emphasizes the company's commitment to user-centric principles, boasting 170 million registered users and 431 assets available for trading across 1,785 trading pairs by the year's end. Key achievements outlined in the report include robust growth in crypto payment services, P2P trading and earning platforms. Binance Pay and Card experienced a 54% surge in users and the P2P platform recorded an 18% increase in trades and a 39% rise in users. Binance Earn, a crucial component of Binance's product suite, saw a 35% increase in users and a 16.8% rise in the total value locked within its products. Higher net worth2023 hasn’t been all bad for CZ on a personal basis either. His wealth has seen a substantial increase of approximately $25 billion in 2023 despite the legal turmoil. His $37 billion net worth primarily stems from his controlling stake in Binance.Despite potential imprisonment, CZ stands atop the list of cryptocurrency entrepreneurs whose fortunes have witnessed substantial growth this year, ranking 35th in the Bloomberg Billionaires Index.