Ledger Pauses Sales in Southeast Asia and Hong Kong Amid Device Tampering Investigation
Hardware wallet maker Ledger has instructed its distributors in Indonesia, Singapore, Thailand, the Philippines, Vietnam, Malaysia, and Hong Kong to halt sales and remove devices from shelves during an ongoing probe into supply-chain tampering. The company confirmed that a device sold by regional distributor CryptoBilis was implanted with a malicious component, though it said there is no evidence its own infrastructure or direct sales channels were compromised. The Ledger Donjon security team will analyze recovered devices to determine where in the distribution chain the tampering occurred. This incident underscores the growing risks of hardware wallet supply-chain attacks targeting crypto users across high-adoption Asian markets.
Chinese Court Accepts Confiscation Request for 61,896 BTC from Blue Sky Gerui Fraud Case
The Tianjin Second Intermediate People's Court has accepted a prosecutors' application to confiscate assets belonging to Qian Zhimin, accused in the Blue Sky Gerui scheme that allegedly defrauded investors of more than 40 billion yuan. The seized portfolio includes 61,896 BTC alongside other virtual currencies, cash, jewelry, and financial assets. The court determined it has jurisdiction because the alleged fundraising fraud mainly occurred in Tianjin's Hedong District. This case represents one of the largest Bitcoin confiscation requests in China's history and signals continued pressure from authorities on large-scale crypto-related financial crimes.
South Korea's Top Five Exchanges See Spot Volume Plunge 33% in Q2
South Korea's five major KRW exchanges — Upbit, Bithumb, Coinone, Digital X (formerly Korbit), and GOPAX — reported combined spot trading volume of approximately $146.7 billion in Q2, down 33% from the previous quarter's $218.8 billion. The decline outpaced the broader global top-ten centralized exchange market, which fell 27.9% to $1.95 trillion over the same period. Local analysts attribute Korea's steeper drop to regulatory restrictions that prevent domestic exchanges from offering crypto derivatives, pushing traders toward overseas platforms with broader product offerings. The data highlights how regulatory constraints continue to erode Korean exchanges' competitive position.
Binance bStocks AUM Surpasses $888 Million as Collateral Feature Expands
Binance announced that its tokenized stock product bStocks has crossed $888 million in assets under management, with 95 stock tokens now eligible as collateral. Starting September 21, the collateral and leverage trading features expanded from VIP 3+ accounts to ordinary, VIP 1, and VIP 2 tiers. The expansion allows users to deploy tokenized equities in cross-margin accounts and unified margin accounts, deepening the integration between traditional equity assets and crypto finance. The move follows Bybit's announcement of its own tokenized stock product mStocks in partnership with Mantle, signaling intensifying competition in Asia for tokenized real-world assets.
Gate Founder Dr. Han Unveils Gate Money in Fortune Interview, Pushing Beyond Trading
Gate founder and CEO Dr. Han detailed the exchange's strategic pivot toward integrated financial services in a Fortune interview, anchored around the newly launched Gate Money product. Introduced at Token2049 Singapore under the theme "One Gate, Everything Money," the platform consolidates fiat, digital assets, stocks, ETFs, gold, bank accounts, and payment services in a single application. The positioning reflects a broader trend among Asian exchanges seeking to transform into comprehensive financial platforms beyond crypto trading. Dr. Han framed the move as a natural evolution as regulatory clarity improves and user demand shifts toward unified money management.
Philippines Weighs Penalties Against Coins.ph Over Offshore Gaming Transactions
The Philippine central bank (BSP) is considering regulatory action against crypto exchange Coins.ph, with potential license revocation on the table over allegations the platform processed transactions for restricted offshore gambling operators. Sources say BSP restricted deposits through Coins.ph's wallet operator DCPay Philippines earlier this month without specifying reasons. Investigators believe some gambling enterprises pivoted to Coins.ph after regulators ordered e-wallets to cut off access to offshore betting sites, using crypto and stablecoins to route payments to overseas partners. The case highlights tightening oversight of crypto rails in Southeast Asia as regulators crack down on cross-border gambling flows.
Standard Chartered Launches Crypto Trading for Professionals in UAE
Standard Chartered has become the first international bank to offer cryptocurrency trading services in the United Arab Emirates for high-net-worth clients, operating under a VARA license. The service allows professional investors to buy and sell Bitcoin and Ethereum directly through existing Standard Chartered accounts, eliminating the need for standalone wallets or third-party exchanges. The launch deepens the bank's digital asset push in the Gulf region and positions the UAE as an increasingly important hub for institutional crypto activity bridging Middle East and Asian markets.
South Korea Prepares Crypto Taxation Amid Persistent Tracking Blind Spots
South Korea plans to activate cryptocurrency taxation from January next year, but National Tax Service chief Lim Kwang-hyun acknowledged during a parliamentary audit that infrastructure gaps remain. Private wallet transfers and trading on overseas platforms remain difficult to trace comprehensively, even with the introduction of the Crypto-Asset Reporting Framework (CARF). The central bank reportedly exposed similar oversight gaps during its own audit. The admission suggests Korean authorities face a challenging implementation timeline, potentially creating uneven enforcement that could disadvantage domestic platforms relative to offshore venues.
Anthropic Partners with Singapore Government on AI Safety Research
AI developer Anthropic has signed a cooperation agreement with the Singapore government covering AI safety, security, model evaluation, and research. The partnership positions Singapore as a key testing ground for advanced AI governance frameworks in Southeast Asia. It also complements Anthropic's broader Asia strategy as competition for AI infrastructure and regulatory alignment intensifies across the region, particularly with Chinese AI firms like Moonshot AI eyeing Hong Kong IPOs.
Hong Kong Actor Alex Fong Discloses Heavy NFT Losses
Hong Kong actor and former competitive swimmer Alex Fong revealed he lost substantial money investing in NFTs, in a candid admission reported by Hong Kong media. The 45-year-old entertainer, who entered the entertainment industry in 2001, said the losses left him significantly out of pocket. His comments reflect the broader cooling of retail NFT enthusiasm in Hong Kong's entertainment and celebrity circles after the speculative boom of 2021-2022.
Anthropic Secures Singapore Deal as Moonshot AI Eyes $5 Billion Hong Kong IPO
Bank of America has withdrawn from discussions to serve as an overall coordinator for Chinese AI company Moonshot AI's potential Hong Kong IPO, according to Bloomberg, though the firm still anticipates raising up to $5 billion in a listing as early as the first quarter of 2027. The bank had been in talks for the mandate but was not formally appointed. Moonshot AI's IPO ambitions underscore Hong Kong's push to attract high-profile Chinese AI listings amid intensifying competition with Singapore and other regional financial hubs.
