CoinEx is launching a new cryptocurrency exchange called “BitHK” for Hong Kong users. Meanwhile, South Korea is expanding a cryptocurrency app to global exchange Binance. On the other hand, Bybit originates from Canada. SEC settles allegations of Coinbase ‘insider trading’ scheme with Wahi brothers. Continue reading us for details…
Cryptocurrency exchange CoinEx will operate in Hong Kong
CoinEx announced on Twitter that BitHK will support Hong Kong dollar (HKD) and peer-to-peer (P2P) trading. In addition, the exchange noted that it aims to provide “safe and harmonious trading.” Meanwhile, it will provide the service in both English and traditional Chinese languages.
In a separate press release, CoinEx said it will apply to operate in Hong Kong. Virtual Asset Service Provider (VASP) is under Hong Kong’s upcoming Guidelines for Virtual Asset Trading Platform Operators. The company will file its application with the Hong Kong Securities and Futures Commission (SFC).
As we have announced as Kriptokoin.com, the relevant regulations will come into effect on June 1st. Other cryptocurrency exchanges that plan to apply under the guidelines and operate in Hong Kong include Huobi, BitMEX, and OKX. Alongside Hong Kong’s new crypto regulations, China maintains a general ban on cryptocurrency. These restrictions have been in effect since October 2021. It also blocks most crypto exchanges, miners, and services from operating in the country.
South Korea will expand this app to Binance
South Korea’s National Police Service announced plans to set up a comprehensive system that allows them to request verification of wallet addresses and freeze funds not only from five local cryptocurrency exchanges, but also from global exchanges such as Binance. The police agency aims to increase its capabilities to combat illegal activities involving cryptocurrencies. Accordingly, it will hold a “Cryptocurrency Exchange Working Conference” to discuss the implementation of this new system.
Since October last year, South Korean police have been actively collaborating with five domestic cryptocurrency exchanges, including Upbit, by establishing a “Cryptocurrency Exchange Verification System”. This system allows the police to search for wallet addresses related to ongoing investigations. It also allows it to identify which exchange is managing the relevant assets. Police will expand the scope of the system to include global exchanges such as Binance. Thus, it aims to further strengthen the ability to track and freeze illegal funds across multiple platforms.
Cryptocurrency exchange Bybit exits Canada
Headquartered in Dubai, Bybit plans to leave Canada as it explores expansion into new markets such as Kazakhstan. Bybit has announced that it will stop its products and services for Canadian citizens after some developments in the regulatory area. In a May 30 blog post, Bybit said it will no longer accept applications for account opening from Canadians from May 31. Existing users of the cryptocurrency exchange will have until July 31 to deposit and “increase their current positions” before these services are phased out. In addition, the exchange will liquidate other positions after September 30.
Bybit has not made any announcements for the exit, apart from the “recent regulatory development” in Canada. The Ontario Securities Commission issued financial penalties against the stock market in June 2022. Bybit said it plans to introduce mandatory Know Your Customer requirements for all users from May 2023.
Wahi brothers sign with SEC
The SEC said that Ishan Wahi, formerly a product manager at Coinbase, and his brother Nikhil Wahi pleaded guilty to the relevant charges. The regulator claimed that Ishan Wahi informed Nikhil Wahi and his friend Sameer Rami about the upcoming Coinbase listings before they were made public. Nikhil Wahi and Rami bought pending cryptocurrencies before the listing date. He then sold the assets for profit after listing.
Meanwhile, the SEC has not suggested that all cryptocurrencies involved in the lawsuit are securities. He noted that Nikhil Wahi and Ramani bought at least 25 cryptocurrencies. But he said at least nine assets are securities. Gurbir Grewal, Director of the SEC’s Executive Division, issued a statement on the case. Grewal noted that although the ‘inside trading’ plan includes new technologies, cryptocurrencies are not exempt from these laws.
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