Investigators have reportedly halted the public listing process of cryptocurrency mining machine manufacturer Ebang International on the Hong Kong Stock Exchange (HKEx), local financial news outlet Sina Finance reported Oct. 14. According to reports, the move was prompted by the firm’s alleged involvement in illicit financial practices. Ebang International operates in the field of Application-Specific Integrated Circuit (ASIC) chip design and production, telecommunications services, and the development, manufacture and sale of blockchain processors, or miners. In 2017, the company’s market share reportedly was 11 percent in terms of sales revenue, totalling 9.79 billion yuan ($1.4 billion). The annual profit of …

The Hong Kong Exchanges and Clearing Limited (HKEX) has partnered with blockchain firm Digital Asset to accelerate the post-trade process, financial news agency Finextra reports Oct. 31. HKEX had been working with Digital Asset to test a prototype system “in an effort to accelerate the post-trade process and reduce settlement risk.” According to Finextra, the system was tested by HKEX and the Shanghai and Shenzhen stock exchanges, in a collaboration called “Stock Connect.” The Stock Connect project lets international and mainland Chinese investors trade in each other's markets via their home exchanges' platforms to improve the efficiency of northbound trades. …

Crypto hardware wallet firm Ledger has announced it is opening a new branch in Hong Kong, according to a press release shared with Cointelegraph Wednesday, Oct. 31. One of the leading hardware wallet manufacturers with headquarters in Paris and San Francisco, Ledger also reveals that it has assigned Benjamin Soong as head of the Asia Pacific (APAC), responsible for all Ledger operations held in the region. Soong is a former managing director for U.S. financial analytics corporation S&P Global. Ledger’s president Pascal Gauthier further explained that Soong will help the company monetize its opportunities in APAC: “He brings a tremendous …

On October 20, The Bank of Japan’s (BOJ) deputy governor, Masayoshi Amamiya, repeated his negative stance towards central bank-issued digital currencies (CBDC), claiming that such digital currencies are unlikely to improve the existing monetary systems. The concept of CBDC, or national cryptocurrencies, has attracted many governments across the world. Some of them have already rolled out their virtual currencies, some keep researching their economical impact, while others — like Japan — have decided to dismiss the idea altogether. Here’s what the concept entails, and why major governments choose to implement or deny it. What’s a CBDC? CBDCs, or national digital …

A new report published by the Hong Kong Stock Exchange (HKEX) Oct. 18 proposes that financial technologies (fintech), including cryptocurrencies and blockchain, should be regulated in consistency with existing regulatory frameworks. The report, written by the Chief China Economist’s Office and Innovation Lab at HKEX, focuses on integrating and regulating blockchain and artificial intelligence (AI) applications within the securities industry, rather than in the fields of banking, Internet finance and digital currencies, which it notes is where they are currently “most” often deployed. To this end, the report outlines the potential impact of both technologies for the capital market and …

Cryptocurrency trading platform Bitfinex has reportedly shifted its banking business to the Hong Kong-based Bank of Communications, the Block reported Oct. 16. A source familiar with the matter reportedly said that Bitfinex appears to be banking with the Bank of Communications through the private account “Prosperity Revenue Merchandising Limited.” According to the Block, Bank of Communications — which is partly owned by HSBC — has been using U.S.-based Citibank as the intermediary bank for U.S. dollar wire transfers to Bitfinex. The Block speculates that HSBC — with whom Bitfinex previously conducted its banking business — was unaware it was providing …

Hong Kong’s securities and futures commission (SFC) is planning to introduce crypto regulation to protect investors, the SFC chairman told Hong Kong English-language newspaper the South China Morning Post (SCMP) Monday, Oct. 15. Chairman Carlson Tong Ka-shing — who will pass his position in the SFC to Tim Lui Tim-leung on Oct. 19 — said in an interview that the watchdog is not considering a ban on cryptocurrency platforms as the Chinese mainland has done, adding that they don’t think that a total ban is “necessarily the right approach”: “It will not work in today’s internet world when trading can …

Major crypto trading platform BitMEX has appointed a veteran Hong Kong regulator as its chief operating officer (COO), Hong Kong English-language newspaper the South China Morning Post (SCMP) reports October 2. BitMEX was founded in 2014 and sees almost $1.8 billion in daily traded volume, making it one of the world’s largest crypto exchanges. The exchange is not, however, included in CoinMarketCap’s exchange rankings, as it is “a [Bitcoin-only] derivatives market NOT actually spot trading Bitcoin [BTC].” BitMEX works as a “peer-to-peer trading platform that offers leveraged contracts that are bought and sold in Bitcoin,” according to its official website. …

Chinese crypto mining giant Bitmain has filed a draft application for listing the company’s shares on the Hong Kong Stock Exchange (HKEX), according to an official application document published Wednesday, September 26. Bitmain has provided a draft application proof that is required for public listing on the HKEX, aiming “solely” to disclose information to the public in Hong Kong, and “not for any other purposes.” By providing a detailed business overview, Bitmain has stressed that the application proof is represented in a draft form, as it is a subject to future elaborations due to its incomplete status. In the application’s …

Insider sources have suggested that the Hong Kong Stock Exchange (HKEX) is eyeing takeovers in the blockchain and other tech sectors, according to a Bloomberg article published September 21. Bloomberg cites “people with knowledge of the matter” as saying that the exchange is considering a change in strategy due to stalling trading links with exchanges in China, citing worsening U.S.-China trade relations as a further cause for concern. The sources reportedly told Bloomberg that HKEX CEO Charles Li has met with “at least three investment banks” to discuss diversifying the exchange’s model, including a possible set of takeovers in the …

Hong Kong-based jewelry retailer Chow Tai Fook Jewellery Group will start to use a blockchain platform to track diamonds, the South China Morning Post reported September 12. Chow Tai Fook has reportedly put some of its diamonds on a blockchain platform developed by blockchain startup Everledger and secured by the IBM Blockchain Platform. This will reportedly enable the retailer’s customers to ascertain the origin and authenticity of stones sold in its T Mark-branded stores, using a T Mark app. The T Mark was an initiative started by the company in August of last year, which assigns a series of serial …

Cryptocurrency exchange Huobi has acquired controlling stock interest in Hong Kong-based Pantronics Holdings Ltd., according to an official announcement from the Hong Kong Stock Exchange (HKEx) dated August 29. As Cointelegraph reported August 28, HKEx-listed Pantronics, an electronic products manufacturing firm, had halted trading of its shares on the Main Board of exchange on August 22, citing a “possible offer to be made under Rule 26 of the Hong Kong Codes on Takeovers and Mergers.” Indications at the time suggested Huobi had acquired 73.73 percent of the firm. HKEx’s official announcement clarifies that Huobi, alongside blockchain services provider platform Fission …