Hong Kong

Binance has sued Hong Kong-based RedotPay and its founders, alleging the stablecoin payments company diverted about 470,000 users and caused nearly $473 million in losses. RedotPay has rejected the claims as unfounded and says it will defend itself vigorously.

U.S.-linked wallets were the largest national cohort in Polymarket political markets over the past year, trading about $571 million despite restrictions on access. FXCOINZ coverage shows the activity leaned heavily toward geopolitics, highlighting a regulatory dilemma around offshore prediction markets.

Chainlink’s LINK token rose above $24 after partnering with UBS and DigiFT in Hong Kong to automate tokenized fund operations. Learn about the project, CCIP expansion, and technical outlook for LINK.

Hong Kong's Securities and Futures Commission (SFC) has found "unsatisfactory practices" at several cryptocurrency exchanges seeking full licenses after conducting on-site inspections. The regulator warned that platforms failing to address critical issues could have their applications rejected or temporary licenses revoked. This development could hinder Hong Kong's ambitions to become a global crypto hub.

Bitcoin (BTC) and Ethereum (ETH) have experienced significant gains, with BTC rising by 2.8% to surpass $66,500 and ETH climbing to $3,240, fueled by reports suggesting the approval of spot crypto exchange-traded funds (ETFs) by multiple issuers in Hong Kong. Despite the absence of an official announcement from the Securities and Futures Commission (SFC), China Asset Management, Bosera Capital, and other applicants have claimed approval for listing spot bitcoin and ether ETFs on social media platform WeChat (Weixin).

HSBC has introduced the HSBC Gold Token, the first blockchain-based real-world asset tailored for retail investors in Hong Kong. This milestone offering, available through HSBC's digital channels, signifies the bank's proactive stance in embracing digital assets within a regulated framework.