Korea Tackles Market Manipulation, Bakkt in Japan, and More
Welcome to the Asia Pacific Morning Brief—your important digest of in a single day crypto developments shaping regional markets and world sentiment. Grab a inexperienced tea and watch this house.
South Korea cracks down on crypto manipulation whereas Japanese corporations pivot towards Bitcoin methods. Meanwhile, Alibaba-linked entities make vital Ethereum investments, signaling broader institutional adoption throughout Asia-Pacific markets regardless of regulatory enforcement actions.
Korea Cracks Down on Crypto Market Manipulation
South Korea’s Financial Services Commission announced felony referrals for crypto market manipulation. Large-scale “whale” traders artificially used billions of received to inflate a number of cryptocurrency costs. These manipulators concentrated suspicious orders earlier than promoting total holdings when shopping for curiosity surged.
Authorities additionally prosecuted circumstances involving false social media promotions of crypto property. Fraudsters pre-purchased cash earlier than posting pretend optimistic information to draw patrons. This marks the primary investigation into unfair buying and selling via social platforms.
One refined scheme manipulated Tether markets to inflate Bitcoin-linked coin costs artificially. Perpetrators exploited alternate pricing mechanisms that convert cryptocurrencies to Korean received robotically. Victims misplaced tons of of 1000’s of {dollars} after being deceived into promoting at artificially low costs.
Regulators imposed the primary financial penalties below new crypto safety legal guidelines concentrating on unfair good points. Financial authorities now require exchanges to show common costs in the interior and home markets. Officials warn traders to keep away from property displaying unexplained value spikes with out clear causes.
Japanese Textile Giant Eyes Bitcoin Transformation
Bakkt CEO Phillip Lord announced Hotta Marusho’s extraordinary shareholder assembly for October 16-24. The agenda includes renaming “Bitcoin Japan Corporation” and increasing enterprise operations. Lord acknowledged Japan will lead the Bitcoin period via this digital treasury transformation.
Alibaba Co-founder’s Firm Buys Major Ethereum Stake
Yunfeng Financial Group, linked to Alibaba co-founder Jack Ma, purchased 10,000 ETH value roughly $44 million. The Hong Kong-listed fintech firm will file cryptocurrency as funding property in its monetary statements. This transfer aligns with their July technique to increase into Web3, tokenized real-world property, and decentralized finance sectors.
BeInCrypto’s Asian Coverage
Ripple and Singapore’s Thunes expanded their partnership to streamline cross-border funds throughout 90+ markets.
Prediction markets like Kalshi and Polymarket emerge as new asset class regardless of manipulation and regulatory dangers.
Hong Kong launches stablecoin licensing whereas mainland China tightens restrictions on digital yuan utilization.
More Highlights
Argentina’s Congress summons Cardano founder Charles Hoskinson to testify in President Milei’s Libra scandal probe.
Polymarket receives CFTC approval to launch in US markets after buying regulated derivatives alternate QCX.
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