BitMart founder faces 'fabricated' accusations while Binance bStocks surge to second place: Asia Express
Just two months post-launch, Binance's bStocks claim second position among tokenized stock issuers, while BitMart faces public internal conflict as shutdown approaches
BitMart's official account confronts founder Xia to clarify fund status, founder dismisses allegations as 'fabricated'
The official Chinese-language X account belonging to BitMart has issued a public demand for founder Sheldon Xia to clarify the location of customer funds and present a plan for repayment.
According to the account, certain users have been unable to complete fund withdrawals and several staff members remain unpaid for their final wages or compensation packages. The account issued warnings to Xia, stating that failure to deliver a verifiable disclosure of assets and a repayment strategy by the specified deadline would result in continued submission of evidence to regulatory bodies, law enforcement agencies, legal representatives and media outlets.
Xia characterized the assertions made in the social media post as "fabricated rumors" and vowed to launch a counter-offensive.
"We have collected full evidence of the content on X, all of which is fabricated rumors. During daytime US time, we will file a police report and send a lawyer's letter to X, demanding technical and data forensics," Xia said.
Binance bStocks surpass xStocks to claim second-largest tokenized stock issuer position
Less than two months following their introduction, Binance bStocks have climbed past xStocks to secure the position of second-largest tokenized stock issuer measured by value.
BStocks achieved approximately $624 million on Aug. 3, moving ahead of xStocks which stood at roughly $579 million, though still behind Ondo Finance at approximately $927 million, based on data from Token Terminal.
The competitive landscape among issuers has experienced dramatic transformation as the tokenized stock sector has expanded. Twelve months prior, xStocks held the lead position with $40.7 million, with Robinhood following at $37.2 million, whereas Ondo maintained approximately $65,000. The aggregate value monitored by Token Terminal has subsequently exploded from roughly $80 million to approximately $2.7 billion.
NORTH KOREA
How a fictitious crypto company deceived North Korean IT professionals
North Korean IT workers believed to be state-affiliated joined what they thought was a legitimate crypto startup — unaware that their actions were being monitored to gather critical intelligence. Cointelegraph participated in the operation.
ISRAEL
Galaxy Digital partners with Israel's biggest bank to provide Bitcoin, Ether, Solana trading services
Bank Leumi, Israel's largest banking institution, is set to become the nation's first local bank offering cryptocurrency trading capabilities, following a partnership agreement with Galaxy Digital that will enable customers to trade Bitcoin, Ether and Solana via the bank's investment platform starting in early 2027.
In a Friday announcement, the companies revealed that clients of Leumi and its mobile banking division Pepper will gain the ability to purchase, maintain custody of, and sell the three digital currencies through a specially designated section within the Leumi Trade application.
JAPAN
CEO of Metaplanet dismisses Bitcoin liquidation rumors following $322M transfer
Simon Gerovich, CEO of Metaplanet, has dismissed rumors suggesting that the Japanese Bitcoin treasury firm is liquidating its cryptocurrency holdings following the company's transfer of 5,014 BTC ($322 million) during a 24-hour period last week.
"This was a routine custody operation. No Bitcoin was sold, and our holdings remain 43,000 BTC," Gerovich said.
Metaplanet holds the distinction of being the third-largest publicly listed Bitcoin treasury corporation and maintains the top position in Asia. Data from Arkham indicates the company is currently holding an unrealized loss of approximately $1.4 billion.
MUFG proof of concept aims to digitize Japanese government bond repo transactions
Four subsidiary companies under MUFG are planning to migrate Japanese government bond repo transactions to blockchain infrastructure utilizing the Canton Network, as part of a newly announced proof of concept (PoC) initiative.
According to the companies, they aim to enhance operational efficiency by automating the complete transaction lifecycle, facilitate real-time intraday settlement capabilities operating 24 hours a day, seven days a week, and improve both funding and capital efficiency.
SINGAPORE
Mandatory tax reporting requirements introduced in Singapore
Singapore has completed the finalization of regulatory requirements mandating cryptocurrency companies to report customer transactions to tax authorities. These regulations incorporate the OECD's Crypto-Asset Reporting Framework into Singapore's domestic legal framework and become effective from January 1, 2027 for newly onboarded users, while users already registered may delay compliance until December 31, 2027.
Legal dispute between Binance and RedotPay intensifies
Binance and RedotPay are engaged in disagreement over whether Singapore court proceedings connected to their almost $473 million Hong Kong legal dispute are approaching conclusion. The stablecoin payments card provider informed Cointelegraph of its expectation that Binance will discontinue the Singapore legal proceedings and stated it will pursue recovery of legal costs.
Binance countered that such an outcome will not occur and stated it "is not abandoning its claims and has informed both the court and RedotPay accordingly."
In earlier Hong Kong court filings, the plaintiffs made allegations that RedotPay redirected more than 470,000 Binance Card users by permitting Binance Pay funds to be utilized for stablecoin card top-ups in violation of the terms outlined in a commercial agreement.
In related news, RedotPay's planned US IPO has allegedly been postponed as the company pursues necessary regulatory approvals.
KOREA
Plume and Shinhan Asset Management collaborate on tokenized fund pilot project
Shinhan Asset Management, a South Korean investment management firm, has executed a memorandum of understanding (MOU) with Plume, a blockchain network focused on tokenization, to create a proof of concept for a tokenized fund denominated in Korean won.
The experimental pilot program is designed to evaluate the international utilization of won-denominated financial instruments in onchain markets that have primarily evolved around assets denominated in US dollars.
HONG KONG
HashKey initiates beta distribution of HKDAP stablecoin under Hong Kong regulation
Anchorpoint Financial, led by Standard Chartered, has commenced the rollout of HKDAP, the first Hong Kong dollar backed stablecoin to receive regulatory approval. HashKey Exchange has been designated as an authorized distribution partner, potentially broadening access to the fiat-backed digital asset as the territory's stablecoin ecosystem develops. Initial retail access will be constrained, with primary focus directed toward institutional participants.
Additionally, the Securities and Futures Commission has reportedly discovered 65 fraudulent websites attempting to impersonate HashKey.