South Korea's Upbit Restores Trading After Delayed Restart Amid Market Turmoil
Upbit, South Korea's largest crypto exchange, restored trading for BTC/KRW and other markets after server maintenance that began at 02:00 local time. The restart was pushed back to 07:00 local time after instability appeared during the recovery process, with certain assets prioritized as the platform worked through a backlog of deposit and withdrawal orders. The maintenance and uncertain restart timeline coincided with a market-wide selloff that pushed bitcoin below $74,000, raising questions among traders about liquidity and order execution during the volatile window.
Animoca Brands Co-Founder Yat Siu to Take Over as CEO
Yat Siu will become CEO of Animoca Brands effective December 1 while continuing as executive chairman, with president Evan Auyang shifting to a senior advisory role. Siu said the Hong Kong-based Web3 giant will focus on combining AI agents with digital ownership through products like its Minds agent platform, building identity, reputation, and settlement infrastructure for the machine economy. The leadership change signals a renewed institutional push as the company strengthens governance and financial reporting ahead of a possible future public listing.
South Korea Formalizes Crypto Seizure and Liquidation Rules
South Korea's national court administration has codified enforcement procedures for cryptocurrency, with revised civil execution rules taking effect November 1 to address the seizure and cash conversion of assets like bitcoin. The new framework covers both exchange-custodied and personal wallet holdings, with mechanisms including transfer orders and delegated exchange sales. The move responds to a surge in crypto-related enforcement cases that previously relied on broader "other property rights" provisions due to the lack of physical form for digital assets.
Binance CEO and Co-Founder to Hold X Space Fireside Chat on Security
Binance's co-CEOs Richard Teng and He Yi will appear alongside chief security officer Jimmy Su in an X Space fireside chat on November 9 at 20:00 Beijing time, hosted by Jessica. The session comes after the exchange suffered a reported $6.3 billion security breach on October 29, with a preliminary investigation report released November 3. The high-profile appearance by top leadership indicates the exchange is seeking to reassure users and address outstanding questions about the incident's scope and response.
Binance Tokenized Gold Cumulative Trading Tops $8 Billion
Tokenized gold products on Binance have surpassed $8 billion in cumulative spot trading volume since launch, according to CryptoQuant analyst Darkfost. Excluding the initial listing surge, the past seven days hit a record high with over $325 million in volume, including $78 million on November 5 alone. The renewed interest comes as crypto markets weaken and gold stabilizes near $4,000 per ounce after pulling back more than 30% from its year-to-date peak.
Kaiser Ng, Binance's Former CFO, to Launch Real-World Asset Tokenization Venture
Kaiser Ng announced plans to build a new venture focused on tokenizing real-world assets across sports and entertainment, including basketball, music, GPUs, robotics, gold, and collectibles, after departing Binance's CFO role. Ng said the shift comes after five years at Binance, which recently appointed Justin Yek as his successor. The veteran executive's move into asset tokenization reflects growing institutional interest in bridging TradFi assets onto blockchain rails.
JD Coinlink Website Goes Offline After Missing Hong Kong Stablecoin License
The website of JD Coinlink Technology Hong Kong Limited, the stablecoin-issuing entity launched by Chinese e-commerce giant JD.com, has become inaccessible. The company had planned to issue a Hong Kong dollar-pegged stablecoin and entered the Hong Kong Monetary Authority's stablecoin issuer sandbox in July 2024. However, the regulator's first batch of licenses in April went only to Standard Chartered-led Anchorpoint and HSBC, leaving JD Coinlink without approval and its business status uncertain.
Chinese City Warns Against Fake Crypto Exchange Scam
Officials in Linyi, Shandong province issued a risk alert exposing a fraudulent "Global Securities Exchange" app that lured investors into buying virtual currencies with promises of high returns. The warning also flagged a related "Savings Project" app as an illegal financial scheme and urged participants to exit immediately. The notice reiterated guidance from the People's Bank of China and other agencies that virtual currencies do not hold legal tender status.
Alibaba Cloud Expands Token Plan Subscription Quotas by Over 70%
Alibaba Cloud increased monthly token quotas for its personal subscription plans by roughly 74% to 78% while holding prices flat. The Lite tier now offers 20,000 credits at RMB 39 per month, Essential provides 45,000 credits at RMB 79, and Standard jumps to 80,000 credits at RMB 139. The move reflects intensifying competition in China's AI cloud market as providers race to attract developers with more generous compute allowances.
Tencent Chief AI Scientist Says AI Moat Lies in Products, Not Models
Tencent's chief AI scientist Yao Shunyu argued that AI competitive advantages reside primarily at the product layer rather than the model layer, using WeChat as an example of how embedded context and user data create stickiness that stronger rival models cannot easily displace. His remarks came during a panel exchange with Zhang Yaqin, who noted the implication that frontier labs like Anthropic may struggle to justify trillion-dollar valuations under this framework. Yao now oversees Tencent's unified foundation model division.错误！我注意到最后的部分有中文
