Hong Kong's Crypto Leap: Four New Exchanges Approved Amidst China's Ban

Hong Kong Approves Four More Cryptocurrency Exchanges

In a significant move to bolster its position as a leading hub for digital assets, Hong Kong has approved four additional cryptocurrency exchanges. This development brings the total number of licensed virtual asset firms in the city to seven, according to Reuters. The approval is part of Hong Kong's ongoing efforts to strengthen its regulatory framework while reviving crypto business activities within its jurisdiction. Despite mainland China's strict ban on commercial activity involving cryptocurrencies, Hong Kong continues to embrace digital assets like Bitcoin, which recently surpassed US$100,000.

How To Gift Cryptocurrencies This Holiday Season

The holiday season presents an opportunity not only for traditional gift-giving but also for introducing loved ones to the world of digital currencies. Quartz explores various methods through which individuals can gift cryptocurrencies such as Bitcoin and Ether this festive period. Options include using crypto exchanges like Coinbase or Kraken where both sender and recipient must have accounts with these platforms. Alternatively, mobile applications like Venmo and PayPal facilitate easy transfers albeit with varying transaction fees depending on app usage duration.

WhiteBIT Achieves New Milestones in Trading Volume

Europe’s prominent cryptocurrency exchange WhiteBIT has set new benchmarks by achieving $2.7 trillion in annual trading volume alongside a capitalization figure reaching $38.9 billion, reports The Crypto Basic. These figures represent remarkable growth compared to previous years' performances, surpassing major players including Kraken, whose yearly volumes stood at significantly lower levels around the $628 billion mark. This showcases rapid expansion driven largely by institutional client onboarding coupled with advanced technical infrastructure enhancements offered to platform users globally today.

North Korea Accused Of Stealing Over A Billion Dollars Via Crypto Hacks In 2024

A Financial Times report reveals that North Korean groups are responsible for stealing approximately $1.34bn through numerous cyberattacks targeting cryptocurrency exchanges worldwide during 2024 alone. According to data provided by blockchain research firm Chainalysis, the country now accounts for two-thirds of global hacks, highlighting the importance of this revenue stream for Pyongyang amidst international sanctions. Despite this, recent strategic partnerships signed between Kim Jong Un and Vladimir Putin in June may reduce reliance on future criminal activities, given increased support received from Russia in military and trade links established thereafter, potentially impacting overall hacking operations conducted by the hermit kingdom moving forward.

Court Orders Distribution Of Funds From Bankrupt Exchange Cryptopia Hack Victims Receive Compensation Worth Millions

The liquidators handling the bankrupt cryptocurrency exchange case known widely under the name 'Cryptopia' announced the successful commencement of the distribution process compensating affected account holders following the infamous hack that occurred back in 2019. Cointelegraph reported earlier this week that Grant Thornton has initiated payouts totaling NZD225 million, equivalent to USD400m, covering verified user claims submitted since the launch of a dedicated portal designed specifically for facilitating reimbursement procedures. This ensures justice is served to those negatively impacted by past events transpired prior to the closure of the company itself and subsequent liquidation proceedings undertaken to resolve outstanding debts owed to creditors, originally estimated to reach upward of millions of dollars initially assessed at the time of the incident. Nearly six years have already passed without resolution until now; finally, this milestone is reached, with current developments unfolding rapidly and expected to continue progressing smoothly in the upcoming months. The foreseeable future outlook remains positive and optimistic for stakeholders engaged throughout the entirety of the journey embarked upon collectively, united in a shared goal of mutual benefit and satisfaction, guaranteed by the end result and desired outcome ultimately realized.

Sources: