Standard Chartered joins with local partners in Hong Kong to launch stablecoin

CoinFLEX founder: creditors not to interfere with OPNXMark Lamb, the co-founder of failed crypto derivatives and yield platform CoinFLEX, has asserted that creditors of the company cannot interfere with OPNX, a Seychelles-incorporated company that Lamb has co-founded with Kyle Davies and Su Zhu, the founders of failed Singaporean crypto hedge fund, Three Arrows Capital (3AC).Photo by Chapman Chow on UnsplashFallout following writIt emerged in October that a group of CoinFLEX creditors had filed a writ of summons in the High Court of Hong Kong, claiming that OPNX, a new crypto bankruptcy claims trading platform linked to CoinFLEX, was established using CoinFLEX assets without their consent. While incorporated in the Seychelles, CoinFLEX ran its operations from Hong Kong.The writ alleges that Mark Lamb misappropriated assets, diverted clients and business opportunities and engaged in actions harmful to creditors during his tenure.The creditors argue that Lamb, while serving as CoinFLEX’s CEO, simultaneously devoted time and effort to setting up OPNX, contrary to his responsibilities. The allegations include diverting assets, falsely representing OPNX’s association with CoinFLEX creditors, disclosing confidential trade secrets and soliciting employees to move to OPNX.The legal action — filed by two companies, Liquidity Technologies and Liquidity Technologies Software — claims that OPNX’s formation was unauthorized and harmful to CoinFLEX creditors. Despite CoinFLEX’s terms of service requiring dispute resolution through arbitration in Hong Kong, the allegations have not been proven in the High Court of Hong Kong.Lamb addresses ‘Twitter FUD’In response to these creditor actions, earlier this week, Lamb took to X (formerly Twitter) to address what he termed as “Twitter FUD.” Lamb wrote:“The Hong Kong court ruled that the few CoinFLEX creditors behind recent ‘FUD’ must not disrupt or interfere with OPNX in any way — and their legal counsel has subsequently stopped representing them.”Lamb added that he hoped that CoinFLEX’s 4,800 creditors would choose the path that he has proposed on the basis that it “maximizes value.”OPNX has defended its position, emphasizing that it provided an opportunity for creditors to sell their claims on the exchange for quick cash, benefiting them. Davies and Zhu have pledged to donate their share of the profit to 3AC creditors.In February, OPNX CEO Leslie Lamb, Mark Lamb’s wife, announced the rebranding of CoinFLEX to Open Exchange (OPNX). However, the writ of summons claims that OPNX is a separate entity not authorized by CoinFLEX creditors. Leslie Lamb followed up in April by claiming backing from well-known entities in crypto venture capital, only for many of those mentioned to immediately refute such claims.The dispute has also implicated Roger Ver, a well-known character in the crypto space otherwise referred to as “Bitcoin Jesus.” Ver, a significant individual customer, was accused of defaulting by CoinFLEX. Ver denied defaulting and claimed that CoinFLEX used his trading positions against him, leading to a court-ordered arbitration.OPNX, since its launch in April, has obtained a Lithuanian license for spot trading in the EU and currently processes substantial daily trading volumes. Criminal and civil proceedings against OPNX co-founders Davies and Zhu are ongoing. The situation remains fluid as the legal dispute unfolds.

Seychelles-headquartered global crypto exchange KuCoin has announced the full launch of its affiliate in Thailand. KuCoin Thailand was first presented by KuCoin back in April. The affiliate company emerged through a rebranding of local digital asset exchange, ERX. The renamed entity continues to be operated by ERX Company Ltd., while benefiting as a KuCoin affiliate from its global market presence and global exchange infrastructure.Photo by Bradley Prentice on UnsplashERX platform users onboardedSince that initial announcement, the exchange has been operated by onboarding users on an invite-only basis. All of the original ERX platform users have been ported across to KuCoin Thailand. In a statement published to its website on June 13, KuCoin Thailand pointed out that it is moving on from that invite-only phase to fully launch the platform.  It asserted that the platform is fully licensed by Thailand’s Securities and Exchange Commission (SEC) and it has now proceeded to full launch with no further access restrictions. In tandem with the full public launch of the platform, the company indicated that it was running a special rewards initiative with a prize pool of one million Thai Baht ($30,845) and introducing a new brand mascot named “Kuku.” In a press release, KuCoin claimed that “this marks the first fully regulated local digital asset exchange under KuCoin's brand,” contributing towards the company’s goal “to build fast, secure, and user-friendly infrastructure for crypto users” globally. Strengthening KuCoin’s presence in Southeast AsiaKuCoin CEO BC Wong described the launch as “a significant milestone in [the company’s] global compliance journey.” He added: “From being the first global exchange to register with India's FIU to now launching the first local compliant platform in Thailand, this marks a significant step toward strengthening our presence in the fast-growing markets of South East Asia.” In discussion with Cointelegraph, the KuCoin CEO provided an insight into how the company is approaching global growth while focusing on local market considerations. He stated: “While KuCoin Global supports a wide range of products for international users, we plan to expand locally in line with regulations and market demand.” Wong confirmed that the newly branded entity facilitates crypto spot trading for its users, with Thai Baht-based on and off ramps. Regulator & police enforcementThailand’s SEC moved to block five cryptocurrency platforms from accessing investors resident in Thailand late last month. The exchanges, OKX, Bybit, CoinEx, XT.com and 1000X.Live, were deemed to have been offering their services in Thailand on an unlicensed and unauthorized basis. In addition to blocking access, criminal complaints have been filed against all five exchanges. Thai police have also been busy recently with crypto-related enforcement. Last month, a Vietnamese woman was arrested on the basis of her alleged involvement in a crypto-related scam that saw 2,600 victims lose a total of $300 million. On June 12, Bangkok-based news platform Khaosod English reported that a Chinese man had been arrested in connection with a $6 million Bitcoin fraud case.

Bybit Leans on Innovative Tech by Launching AI-Powered Trading AssistantDubai-headquartered cryptocurrency exchange Bybit has introduced TradeGPT, an AI-powered educational tool aimed at changing the way in which traders interact with the cryptocurrency market.A ToolsGPT follow-upThe move follows on from the firm’s launch of ToolsGPT in June, an AI-based tool that aids platform users to generate technical analysis and takes a ChatGPT-like approach in providing responses to user queries. Vivien Fang, Head of Financial Products at Bybit, explained: “Our analysts and tech team created ToolsGPT to provide the financial education and mentorship that is sorely needed in our hyper-financialized world. Essentially, we built the tool that we all wished we had when we began our careers in financial engineering and trading.”Photo by Wance Paleri on UnsplashAI mentor and guideFor Bybit users, TradeGPT offers a multitude of benefits, including real-time market analysis, multilingual support, and personalized guidance. It functions as a mentor and guide, empowering users to comprehend market trends, formulate strategies, and select the most suitable investment products to achieve their financial goals.This offering addresses the limitations of traditional AI systems and provides real-time market data. TradeGPT leverages Bybit’s extensive market data, trading analytics, and technical analysis tools, making it a resource for traders navigating the complexities of the cryptocurrency landscape.Following industry trendBybit’s TradeGPT follows in the footsteps of Singapore-based platform Crypto.com, which unveiled its AI-enabled platform, Amy, in May. Amy leverages the technology of OpenAI’s ChatGPT to deliver real-time information about specific tokens, projects, price listings, and historical events to Crypto.com platform users.At the time Kris Marszalek, CEO of Crypto.com, highlighted the platform’s significance, stating: “Amy is the latest example of our incredible momentum.” The company added that it followed a series of notable product launches, including CFTC-regulated options trading, on-chain staking solutions, and the GEN 3.0 Crypto.com Exchange.Binance, the world’s largest cryptocurrency exchange by trading volume, introduced Binance Sensei in April. The company has integrated the AI-powered learning tool into Binance Academy and offers users of all skill levels an interactive chat window for guidance.As an increasing number of cryptocurrency companies launch AI-enabled platforms, the synergy between AI and the industry becomes more apparent. AI’s data processing capabilities could address scalability issues and expedite transaction processing for cryptocurrencies.Conversely, cryptocurrencies could incentivize research and development in the field of AI. Tokenized economies may reward contributors to AI projects, fostering collaboration and innovation. Furthermore, cryptocurrency-enabled decentralized networks could provide secure and transparent platforms for exchanging AI-generated insights without the need for intermediaries.Digital assets are developing in real-time alongside other technologies. The introduction of Bybit’s TradeGPT, alongside Crypto.com’s Amy and Binance’s Sensei, offers a step forward in harnessing the power of AI to empower cryptocurrency traders. As these AI-driven tools continue to evolve and gain traction, they’re likely to reshape how individuals and institutions engage with the cryptocurrency market.