Binance Set For Japanese Market Re-Entry With 34 Token Listings

Hong Kong Enticing Crypto Firms from Mainland ChinaIn the wake of various scandals and high-profile bankruptcies, some governments have shunned the cryptocurrency industry, but Hong Kong is instead embracing mainland China crypto companies, urging them to relocate to the city in a bid to bolster its status as a financial hub.©Pexels/RODNAE ProductionsEmbracing cryptoAfter enduring an exodus of bankers amid a China security crackdown and stringent COVID curbs, Hong Kong is now making a concerted effort to revitalize its finance sector by embracing crypto. Top Hong Kong government officials, including Chief Executive John Lee, have voiced their support, and the city is planning to hold 100 crypto-related conferences and lavish parties throughout April. Hong Kong is “very serious about building an international virtual asset center,” said Xiao Feng, chairman of Hong Kong crypto exchange HashKey, which drew 13,000 people on the first day of its Hong Kong Web3 Festival, the most significant conference of the month.HashKey obtained a license to operate in Hong Kong last November, making it one of two licensed crypto exchanges in the city, alongside rival exchange OSL. Xiao told Reuters that many people in the crypto industry had initially assumed that Hong Kong would inevitably adopt the same regulations as mainland China. However, the government is now emphasizing that Hong Kong operates under the “One Country, Two Systems” framework and enforces distinct laws.SkepticsDespite this, many remain skeptical of Hong Kong’s promise of a stable regulatory regime on cryptocurrencies. One crypto venture capitalist, who spoke to Reuters on the condition of anonymity due to the sensitive nature of the matter, expressed concern over China’s crypto ban, which still looms large in the background. “If Hong Kong can suddenly claim to be crypto-friendly, that switch can be flipped off just as quickly should things become challenging,” he said.Crypto licensing interestNevertheless, at least 10 companies with Chinese founders, including OKX, Bybit, and Huobi, have announced or are planning to announce their bid for licenses in Hong Kong. These firms, which have exited countries like Canada and the UK, are among the sponsors of the most glamorous Hong Kong parties this week. Bybit held a private dinner for industry heavyweights, and OKX reserved a rooftop venue overlooking Victoria Harbour, where guests could enjoy a stunning view.At one event on Tuesday, Tron founder Justin Sun, addressed a mainly Chinese-speaking audience, stating, “I can’t believe that we are having such conferences on Chinese soil.” Sun has been charged with fraud by the US Securities and Exchange Commission (SEC), but he argued that the charges lacked merit and accused the regulator of targeting crypto players. “Hopefully, one day, we will have such events in Shanghai and Beijing,” he remarked.Despite the lingering concerns, Hong Kong is committed to establishing itself as a leading finance hub in the cryptocurrency industry and is sparing no effort to achieve its goals.

New York Bans CoinEx While Seizing Crypto AssetsCoinEx, a Hong Kong-based cryptocurrency exchange, has been banned from operating in the US state of New York by Attorney General Letitia James. The ban comes after the exchange allegedly failed to register as a securities and commodities brokerage and falsely represented itself as an exchange.Photo by Jan van der Wolf on Pexels$1.7 million seizureThat’s according to a statement published by the Office of the New York State Attorney General on Thursday. As part of an agreement reached between the parties, over $1.7 million worth of CoinEx’s funds have been seized.Under the terms of the agreement, approximately $1.1 million will be returned to 4,691 investors from New York, and an additional $600,000 will be paid in penalties to the state. To prevent access by New York IP addresses, CoinEx must implement geo-blocking. Moreover, the exchange is forbidden from creating new accounts for customers based in the United States.Trade prohibitionThis recent development resolves a lawsuit filed against CoinEx in February by the New York state. The state accused the exchange of misleading investors and failing to register with local authorities. In accordance with the consent order, CoinEx is now prohibited from offering, selling, or purchasing securities and commodities in New York and cannot make its platform available in the state.James emphasized the consequences for crypto companies that disregard New York’s laws and put investors at risk. The agreement serves as a warning that her office will continue to crack down on such companies. CoinEx users have a 90-day period to recover their crypto funds directly from the exchange.After this period, eligible investors can request fiat currency refunds by emailing coinexrefund@ag.ny.gov. Refunds will be provided in cryptocurrency or cash equivalents held in accounts as of April 25.CoinEx faced a lawsuit in the New York Supreme Court on February 22, where Attorney General James alleged that the exchange engaged in fraudulent practices and violated the state’s Martin Act, known for its strict anti-fraud provisions. The complaint included tokens such as Amp, LBRY Credits (LBC), Rally (RLY), and Terra.Harsh stanceThe banning of CoinEx in New York highlights the regulatory scrutiny surrounding cryptocurrency exchanges and the importance of compliance with local laws and regulations. On the one hand, the enforcement actions taken by authorities aim to protect investors and ensure the integrity of the financial system.However, the state of New York has been particularly harsh in its dealings with crypto companies. As today’s statement reveals, the New York Attorney General has taken action previously against crypto exchange Kucoin, crypto lending platform Nexo, and USDT stablecoin issuer Tether.These actions tie in with the current anti-crypto regulatory pushback that prevails in the United States right now. Other state agencies, including the Securities and Exchange Commission (SEC) who last week sued global crypto exchanges Coinbase and Binance, the Federal Reserve, the Department of the Treasury, and the Federal Deposit Insurance Corporation (FDIC), have all conspired to crack down on the industry in the US in recent months.

Shinhan Bank and SCB TechX Succeed in Stablecoin Remittance PilotSouth Korean banking institution Shinhan Bank, Thai Siam Commercial Bank’s tech arm SCB TechX, and a Taiwanese financial institution recently announced the successful completion of a proof-of-concept (PoC) pilot of stablecoin remittances. The PoC was built on the hashgraph consensus-based public ledger, Hedera. Hashgraph consensus is a technology that provides an alternative to the more commonly used blockchain consensus mechanisms.Photo by Lea L on UnsplashThree currenciesThe pilot test was conducted to assess the feasibility and functionality of a system involving real-time settlement and real-time foreign exchange (FX) rate integration. The test was successful in implementing these capabilities for three currencies: the Thai Baht (THB), the New Taiwan dollar (NTD), and the South Korean won (KRW). Since the PoC is compatible with the Ethereum Virtual Machine (EVM), EVM-based stablecoins should be able to join the PoC framework without significant modifications.More efficient and affordableIn November 2021, Shinhan Bank developed this PoC on the Hedera network in collaboration with an international bank outside Korea, employing stablecoins for cross-border remittances. The success of the subsequent pilot test this year represents a major achievement in the pursuit of more efficient and affordable cross-border payments, especially given that the financial industry has been increasingly recognizing the transformative possibilities of blockchain and distributed ledger technology.These banks expect that this stablecoin solution will allow individuals and organizations to conduct transactions in locally denominated stablecoins, benefiting from remarkably low fees.Kim Byung-hee, Chief of the Blockchain Division at Shinhan Bank, said, “The successful completion of this second PoC marks an important step forward in our efforts to make cross-border payments faster, cheaper, and more accessible to people around the world.”SCB TechX’s CEO Trirat Suwanprateeb echoed this sentiment, stating that this endeavor can help “increase financial inclusion and improve access to financial services for individuals and businesses in underserved communities.”