North Korean Cyber Operatives Deploy Memecoins, xStocks Platform Expands to Hong Kong Markets: Asia Digest
Cybercriminals linked to North Korea are utilizing memecoins as a vehicle to clean cryptocurrency taken during the Binance security breach, as xStocks announces expansion plans incorporating several hundred Hong Kong stock listings in upcoming weeks.
Cybercriminals from North Korea deploy memecoins as laundering vehicles
Cybercriminals operating out of North Korea have deployed memecoins as a method to launder digital currency taken during the $6.3 billion Binance security breach, based on findings from blockchain intelligence company Elliptic.
During the period spanning Nov. 5 through 7, these threat actors developed a minimum of six different tokens on the NEAR protocol and utilized liquidity pools available on decentralized exchange platforms to transfer $430,000 worth of stolen cryptocurrency between various wallets, according to Elliptic's analysis. The tokens, however, failed to generate meaningful external trading activity and were quickly discontinued following their initial deployment.
The same money laundering methodology was previously employed after the $1.5 billion Bybit security compromise in 2025, during which actors with ties to North Korea successfully transferred no less than $24 million through a freshly created token operating on the TRON blockchain, Elliptic noted.
HONG KONG
Platform xStocks introduces tokenized versions of 200 European and UK stocks, preparing to add hundreds from Hong Kong markets
The xStocks platform operated by Payward, the parent entity of Kraken, has introduced tokenized representations of over 200 stocks traded on exchanges in the United Kingdom and throughout the European Union.
According to Payward's announcement, this recent expansion increases xStocks' total portfolio to exceed 1,500 tokenized assets. The platform has recorded cumulative transaction volume surpassing $45 billion alongside more than 550,000 unique holders.
The company revealed plans to incorporate several hundred equities listed on Hong Kong exchanges during the upcoming weeks, Payward stated.
Upcoming crypto licensing framework in Hong Kong
Chan Ho-lim, Deputy Secretary for Financial Services, informed attendees at FinTech Week that the territory will implement a fresh licensing framework governing virtual-asset trading, custody, advisory services and management, through amendment legislation scheduled for submission to Legislative Council within this year.
Additional Hong Kong developments
Law enforcement authorities have taken 22 individuals into custody as part of a cross-border money laundering probe, which purportedly involved an over-the-counter cryptocurrency network responsible for moving in excess of HKD$150 million (US$18 million) while attempting to conceal the source of these funds. In related news, the United States has imposed sanctions on 41 entities with alleged connections to Cambodia's Prince Group, including an individual identified as Qiu Yong, who stands accused of operating Hong Kong-based companies on behalf of the criminal enterprise.
SOUTH KOREA
South Korean authorities to authorize crypto withdrawal freezes amid hacking threats
The Financial Services Commission (FSC) of South Korea intends to authorize cryptocurrency exchanges to halt deposits and withdrawals when hacking activity is suspected, eliminating the requirement to wait until a breach receives confirmation.
According to the FSC, it will issue a no-action letter that permits preventive suspension measures under specific conditions. Existing regulations prohibit exchanges from blocking customer withdrawals without legitimate justification and explicitly permit restrictions exclusively when a hacking incident has been clearly verified.
The regulatory body additionally advocated for continuous monitoring and incident response capabilities, increased cold-wallet asset holdings, plus enhanced insurance coverage and financial reserves.
GOPAX implements complete freeze on operations
On November 6, South Korean cryptocurrency exchange GOPAX made an announcement that it would suspend all trading, deposits and withdrawals while transferring the entirety of user assets into cold wallet storage. The company had been receiving threatening email communications claiming an imminent hack was forthcoming, and proceeded to take the extreme measure of freezing all operations based on recommendations from financial regulatory authorities.
JAPAN
Nomura considers potential divestiture of cryptocurrency division Laser Digital
Japanese financial services corporation Nomura Holdings is purportedly considering a potential divestiture of its cryptocurrency division Laser Digital as the company's European operations continue experiencing financial losses.
Nomura has engaged in discussions with prospective purchasers, including Marex Group, but has not reached a final determination and may ultimately retain the business unit.
Nomura's European business operations reported a pretax loss totaling 7.4 billion yen ($46.5 million) during the quarter that ended Sept. 30, 2026, representing their fourth consecutive quarterly loss. The financial institution posted pretax profits across all other reporting regions throughout the same timeframe.
THAILAND
Thai regulators propose $148K daily limitation on stablecoin deposits and withdrawals
The securities regulatory authority in Thailand has put forward a proposal to cap daily stablecoin deposit and withdrawal transactions at 5 million baht ($148,000) per customer at regulated cryptocurrency service providers.
This limitation would be applied independently to deposit and withdrawal transactions at each individual operator, according to an announcement made Thursday by Thailand's Securities and Exchange Commission (SEC). The regulatory body indicated that these rules are designed to curtail money laundering activities, cybercrime operations and efforts to circumvent cross-border money transfer regulations.
The proposed draft would prohibit stablecoin transfers to and from third-party wallet addresses.
Further Thailand developments
Thailand's SEC will implement access restrictions to Bitget effective December 5. The agency has additionally proposed new assessment requirements for retail investors prior to permitting their participation in ICOs. These assessments would mandate knowledge across a minimum of six subject areas including digital tokens and investor rights, blockchain technology, digital-asset wallets and distribution channels. The proposals remain open for public comment until November 25. The SEC is simultaneously soliciting feedback regarding new regulations surrounding margin loans and ETFs, though it has eliminated the possibility of allowing leveraged or crypto ETFs at the present time.
VIETNAM
Bithumb Asset, a cryptocurrency company based in South Korea, has committed $85 million toward a luxury resort development project located in Hoi An in Vietnam that is under construction by local property developer Asia Estate. Law enforcement in Da Nang has released a warning regarding fraudulent schemes operating through "ghost" cryptocurrency projects that function as ponzi schemes in disguise. Authorities highlighted a fraud operation involving the DRK cryptocurrency project, orchestrated by Huynh Duc Van, 33, along with seven accomplices, which was recently addressed by law enforcement intervention.
SINGAPORE
John Kim, formerly serving as Nomura's head of crypto derivatives trading, has moved to Chicago-based DV Trading in Singapore where he will lead a newly established discretionary crypto-trading team. A woman from Singapore lost S$78,000 (US$60,391) through a crypto scam that persisted over four months after an individual posing as an insurance buyer "assisted" her in establishing a crypto wallet. She initially believed her investments were generating returns, before losing everything after being directed to the relatively unknown Qevorinex platform. Swift, the international bank communication network, presented arguments at Singapore FinTech Festival advocating for shared standards to prevent digital assets from fragmenting across incompatible systems.