DeFi investment platform Allbit.com adds portfolio and analytics services

AsiaNext, a Singapore-based institutional digital asset trading venue, has officially rolled out its cryptocurrency derivatives trading platform.Photo by Kirill Petropavlov on UnsplashWintermute and B2C2 collaborationsThe launch involves notable trading members such as Wintermute and London-headquartered liquidity provider B2C2. B2C2 is a subsidiary company of Japanese financial services conglomerate SBI Holdings. SBI acquired the company in August of last year with B2C2 expressing the view that the acquisition would represent an opportunity for the company to broaden its client base. SBI partnered with Swiss financial infrastructure firm Six Group in a joint venture to establish AsiaNext back in 2020 with a view towards driving institutional digital asset liquidity. Meanwhile, Wintermute’s involvement with AsiaNext in this instance follows its move in 2023 to expand its Singapore base, where it conducts its derivatives business. In November, Wintermute Asia conducted its first-ever options block trade through the CME Group, one of the world’s leading derivatives marketplaces. Wintermute's Founder & CEO, Evgeny Gaevoy, highlighted the significance of the partnership with AsiaNext in the context of traditional financial institutions seeking alternative exposure to digital assets. Gaevoy stated: "Partnering with AsiaNext enables us to elevate our derivatives offering, positioning Wintermute in the foreground of the expanding digital asset ecosystem." The AsiaNext platform asserts that it provides enhanced risk management with reduced counterparty and settlement risk. Additionally, AsiaNext offers capital efficiencies through intraday margining and settlement processes, supporting high-frequency trading and ensuring availability 24/7 for crypto derivatives trading. Chong Kok Kee, CEO of AsiaNext, emphasized the platform's commitment to providing a secure environment for institutional investors to explore digital assets in the region. By prioritizing regulation and rigorous governance, AsiaNext aims to establish itself as a trusted venue for exposure to digital assets. B2C2 CEO Thomas Restout commented on the positive nature of the collaboration. He stated:”We’ve witnessed [AsiaNext’s] unwavering commitment to governance and risk management, alongside their focus on aligning closely with our needs. This instills a high level of confidence in our partnership. Being at the forefront of digital asset adoption, we are pleased to provide liquidity on the venue through our collaboration.” Licensing approvalsIt's worth noting that AsiaNext obtained a Recognized Market Operator (RMO) license from the Monetary Authority of Singapore (MAS) in September. However, this license specifically pertains to tokenized securities, and as such, the crypto derivatives trading operates through a separate subsidiary. In June the company had acquired in-principle approval for a Capital Markets Services (CMS) license. On the digital securities front, SIX Digital Exchange (SDX) and Osaka Digital Exchange (ODX), operated by SIX and SBI respectively, play key roles in secondary markets, showcasing the partners' commitment to advancing regulated digital securities markets. Launched in late 2021, SDX was the world's first regulated digital securities market. SBI followed suit with the recent launch of ODX on Christmas Day. The anticipated approval of the first U.S. spot bitcoin ETFs adds a timely dimension to the launch, potentially driving increased demand for hedging strategies in the market. 

Hong Kong’s Securities and Futures Commission (SFC) is gearing up to issue additional crypto exchange licenses before year’s end.  11 applicants under considerationThat’s according to SFC CEO Julia Leung. Leung commented on the matter while speaking with Hong Kong-based online news portal, HK01, on Oct. 7. She stated that 11 companies are considered as applicants for licensing and new progress is expected before the end of the year. Overall, 16 firms have applied for licenses and of these, the regulator is indicating that 11 will likely be awarded licenses at this stage. The 11 firms underwent reviews carried out by the SFC in August to determine and ensure their compliance with the current regulatory framework. The virtual asset service providers (VASPs) inspected included HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, EX.IO, YAX, WhaleFin and Matrixport HK. Overseas applicants inspected included Crypto.com and Bullish. The regulator’s intention is to work towards an SFC objective of drafting these VASPs into the regulated environment established by the SFC. Leung explained that the SFC intends to award licenses in batches. Those applicants who have already had SFC on-site reviews carried out have been asked by the regulator to rectify issues identified based on the regulators findings. "Applicants who do not meet the requirements will lose their qualifications for licensing, while applicants who meet the requirements will be granted a license conditionally,” Leung told HK01.Photo by Bowen Chin on UnsplashSFC roadmapLeung also told the media outlet that relative to over-the-counter (OTC) crypto services, a new licensing system has been put in place to regulate OTC custody provision. The SFC CEO outlined that the organization’s roadmap for the period 2024 to 2026 incorporates plans to promote the tokenization of real-world assets (RWAs), further advance regulations relative to virtual asset platforms and gain further understanding of Web3 technologies and regional blockchains. Last week the regulator awarded a license to HKVAX, allowing it to join OSL and HashKey as the only fully licensed VASPs in Hong Kong thus far. While Hong Kong has made great strides over the course of the past two years to work towards becoming a regional hub for crypto businesses, it has faced criticism recently for having an overly restrictive regulatory framework.  Regulators felt the need to tighten up regulations in the aftermath of the collapse of the JPEX crypto exchange which implicated fraud and resulted in around 2,600 Hong Kong residents experiencing financial losses in the region of $200 million. The regulatory requirements have resulted in some platforms turning away from attempts to acquire licensing. In May, Gate.io’s local platform Gate.HK ceased operations in Hong Kong, while withdrawing its licensing application.In July HKX followed suit, advising its users to withdraw their funds from the platform, while notifying them that it had withdrawn its application for Type 1 and Type 7 licensing, as well as VASP licensing.

Gate.io Threatens Legal Action Against SpeculatorsGate.io, the erstwhile legacy Chinese cryptocurrency exchange currently headquartered in the Cayman Islands, has issued a stern warning to individuals spreading rumors of imminent bankruptcy.The exchange intends to take legal action against those responsible for causing panic among investors by disseminating baseless rumors without any concrete source of information. This announcement, originally written in Turkish, was posted on Gate.io’s official Twitter account on June 4.Photo by Kai Pilger on UnsplashInsolvency rumorsThe insolvency rumors surrounding Gate.io emerged following a series of events involving Multichain, a troubled cross-chain protocol. Multichain has been facing technical difficulties since May 24, when a node issue resulted in transaction delays. Several days later, the Multichain team revealed that they were unable to contact their CEO to access the servers and resolve the problem.These circumstances fueled speculation that the protocol’s leadership had been arrested and that Chinese authorities had seized over $1.5 billion in smart contract funds.On May 24, data from blockchain analytics firm Arkham Intelligence indicated a significant inflow of Multichain tokens ($MULTI) from Gate.io’s platform. In response to mounting concerns, Gate.io categorically denied any liquidity issues on May 31. The exchange asserted that its operations were running smoothly and that withdrawals were not a problem. Despite reports on Twitter and Telegram channels of traders withdrawing funds, Gate.io’s trading volume has remained relatively stable in recent days.As of now, Gate.io’s native token, GateToken ($GT), is trading at $4.01, representing a 18% decline over the past week, according to CoinGecko data. Gate.io, which although headquartered in the Cayman Islands, has recently expanded its presence to Hong Kong, Turkey, and Dubai.Multichain falloutThe ongoing issues faced by Multichain have prompted other cryptocurrency exchanges to take action. Binance, for example, suspended deposits for 10 bridged tokens on the BNB Smart Chain, Fantom, Ethereum, and Avalanche blockchain networks on May 25. Furthermore, transaction downtime compelled the Fantom Foundation to remove 449,740 $MULTI ($2.4 million) from liquidity on the decentralized exchange SushiSwap.Gate.io’s firm denial of insolvency rumors coupled with its threat of legal action underscores the exchange’s determination to combat the spread of this speculation. The exchange is seeking to protect the interests of its investors and maintain the stability of its operations.All stakeholders need to rely on continued vigilance in the crypto space. However, if Gate.io is to be afforded the benefit of the doubt in this instance, then it could be interpreted that it is demonstrating a commitment to transparency and swift action in the face of seemingly baseless rumors. On that basis, the firm’s response could be perceived as a demonstration of its resolve to navigate the challenges presented by the Multichain situation and uphold its reputation as a reliable cryptocurrency exchange.