South Korea's Digital Asset Basic Act could cap exchange major shareholders at 15-20%
South Korea's Financial Services Commission is racing to finalize a government draft of the Digital Asset Basic Act, targeting public release this month. The legislation would cap virtual asset exchange major shareholder stakes at 15-20% and convert the current registration system into a full licensing regime. Existing exchanges may receive a 1-2 year transition period to adjust equity structures. Stablecoin issuers are expected to be formed by bank-led consortiums, while new liability rules would hold operators responsible for compensation in hacks or system failures even absent direct fault.
Binance appoints Justin Yek as new CFO, replacing Kaiser Ng
Binance has named Justin Yek as its new chief financial officer, succeeding Kaiser Ng who is departing to pursue other opportunities. Yek previously served as vice president of finance at cross-border payments firm Airwallex and led Morgan Stanley's Southeast Asia technology investment banking practice. He also held roles at Citigroup, bringing extensive institutional finance experience to the exchange as it navigates an increasingly complex global regulatory landscape.
India's Enforcement Directorate searches CoinDCX and Delta Exchange premises
India's Enforcement Directorate conducted searches at three premises linked to CoinDCX and Delta Exchange under the Foreign Exchange Management Act. The agency alleges both platforms facilitated large-scale unauthorized cross-border financial transactions involving crypto token derivatives and real-world asset tokens, with volumes reaching thousands of billions of rupees. CoinDCX responded that it cooperated fully and that trading, deposits, and withdrawals continue to operate normally, noting its registration with India's Financial Intelligence Unit.
Hong Kong SFC moves to restrict misleading use of 'crypto' and 'exchange' terms
Hong Kong's Securities and Futures Commission published consultation conclusions proposing amendments to the Securities and Futures Ordinance and anti-money laundering regulations. The changes would prohibit unauthorized institutions from using specific titles that could mislead the public into believing their businesses are SFC-regulated or affiliated with exchanges, clearing houses, and virtual asset trading platforms. Terms including 'crypto' and 'exchange' fall under the proposed restrictions, tightening the nomenclature guardrails for unlicensed operators in the city.
OKX CEO warns users against direct transfers from MEXC, citing FinCEN action
OKX founder and CEO Star Xu urged users to temporarily avoid transferring funds directly from MEXC to OKX, confirming that the exchange applies risk management standards similar to financial sanctions in response to FinCEN's special measures. Funds originating from the affected platform may be frozen for review, and related accounts could face further investigation. Xu emphasized OKX chose to strengthen controls well ahead of FinCEN's 30-day transition window rather than waiting until the deadline.
TradingView 'cracked' Premium promoted on X likely steals crypto wallets
A social media account on X with the handle @cryptotrice has repeatedly promoted a purported 'reverse-engineered cracked version' of TradingView Premium since mid-October, with some posts exceeding 300,000 views. The software requires downloading a password-protected archive and using a KeyGen to generate a license code. Multiple users warned the application is likely malware designed to steal account credentials and crypto wallets, with some reporting antivirus software flagged and deleted it immediately upon extraction.
Taiwan temple abbot and son accused of laundering nearly $2.3 million via crypto
Investigators probing Donglin Temple in Taiwan's Yilan county uncovered more than ten iron boxes containing gold and silver buried beneath gravel outside the meditation room, with a market value exceeding NT$330 million (approximately $7 million). The abbot Chang Ching-yu and his ordained son are accused of misappropriating donations, transferring temple funds to private accounts, and laundering the proceeds through virtual currency and precious metals purchases. The case remains under active investigation.
Justin Sun prepares to escalate property dispute case to Shaanxi High Court
Tron founder Justin Sun said he is ready to apply for his property dispute case to be heard by the Shaanxi Provincial High People's Court. Sun filed a civil lawsuit against a celebrity surnamed Jing and her parents, with the subject matter exceeding RMB 30 million (approximately $4.5 million). The case has been formally accepted. Responding to online comments that many would be willing to cover the disputed amount, Sun quipped that he could add those individuals to the lawsuit as well.
Malaysia's three banks experience simultaneous service disruptions
Malaysia's Bank Simpanan Nasional, Bank Islam, and Bank Rakyat suffered service problems on November 6, affecting interbank ATM withdrawals, mobile app access, and official website availability. Bank Simpanan Nasional attributed ATM difficulties partly to high transaction volumes, while Bank Islam cited compatibility issues between its app and Android 17. No evidence currently suggests a cyberattack, and authorities have not confirmed whether the incidents are linked.
Binance co-founder Yi He personally compensates user after cross-platform transfer error
Binance co-founder Yi He announced she will personally compensate a user who mistakenly transferred funds between two independently operated local fiat platforms. She attributed the confusion to Binance operating three fully independent local sites with separate product architectures from the main platform. To prevent recurrence, Binance Pay will add a third confirmation step for transfers. Yi He also invited community product suggestions, offering 1 BNB each to the ten best submissions selected within a week.
