China Financial News

crypto exchange WazirX and the subsequent squabbling among its promoters has revealed the 'darker side' of cryptocurrencies, a top government source said on Thursday. The source added that people should exercise caution in absence of a regulation to govern cryptocurrencies and so-called exchanges trading in them. «Caution is the word that should be in the minds of the people dealing with crypto. In the episode of WazirX, people got to know many darker sides, caution is necessary in crypto transaction,» the source said. The Enforcement Directorate (ED) has been investigating allegations of money laundering against WazirX. The agency has frozen Rs 64.67 crore worth bank deposits as part of an ongoing money laundering probe against some fraud smartphone-based loan apps «backed» by Chinese funds.

Tencent stops sales on its NFT platform Huanhe a year after launch

Play-to-earn blockchain gaming platforms were among the most impacted by the bloodbath that plagued the cryptocurrency market in the first half of the year.

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Cryptocurrency venture firm Dragonfly has acquired a digital asset-focused investment fund for an undisclosed amount — a move that managing partner Haseeb Qureshi said mirrors the broad consolidation trend underway in the industry. 

 

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SINGAPORE—China’s economy stumbled in July as a two-month boost from easing lockdowns faded, prompting the country’s central bank to unexpectedly cut two key interest rates in an effort to shore up faltering growth.

Beijing considers Taiwan, a democratically ruled island near mainland China, as part of its territory. When U.S. House Speaker Nancy Pelosi visited Taiwan this month to support its government, Beijing condemned the trip and conducted military drills with warplanes, ships and missiles to demonstrate its ability to blockade the island.

TOKYO—Japan’s economy recovered its prepandemic size in the April-June quarter with strong consumer spending after pandemic-related movement restrictions were lifted.

ED) said on Friday it has attached assets worth Rs 370 crore belonging to a Bengaluru-based company linked to the instant loan apps case. The assets were parked in bank accounts, payment gateway balances, and wallets on the Flipvolt crypto exchange. Flipvolt is the Indian arm of Singaporean crypto lender Vauld.

The founder of China's Huobi Group, which runs one of the world's largest cryptocurrency exchanges, is in talks with investors to sell his almost 60% stake in the exchange for over $1 billion, Bloomberg News reported on Friday.

India’s Directorate of Enforcement (ED) announced Friday that it has frozen the financial accounts of Bengaluru-based financial services company Yellow Tune Technologies, some of which were held by Flipvolt crypto exchange, the Indian branch of Singaporean Vauld. The move is linked to an ongoing investigation into money laundering by China-linked instant loan companies. This is the second time this week the agency has taken action in the crypto sphere in connection with that case. 

In another instance of never ending trouble for crypto lending platform Vauld, the Enforcement Directorate (ED) on Friday said that it is freezing bank balances, payment gateway balances and crypto balances of worth Rs 370 crore for allegedly assisting predatory lending apps under ED’s investigation at present.

An ascending triangle formation has driven the total crypto market capitalization toward the $1.2 trillion level. The issue with this 7-week-long setup is the diminishing volatility, which could last until late August. From there, the pattern can break either way, but Tether and futures markets data show bulls lacking enough conviction to catalyze an upside break.

With two bills advanced through Congress in recent weeks, the Biden administration has grown the federal government’s imprint on major sectors of the U.S. economy—including semiconductors, energy and health—and further buried the idea once widely held in Washington that private markets should be left alone, without government involvement.

There’s a ferment brewing with regard to central bank digital currencies (CBDCs), and most people really don’t know what to expect. Varied effects seem to be bubbling up in different parts of the world. 

Leon Li, the co-founder of global crypto exchange Huobi, is reportedly in talks to sell the majority of his stake in the company that could be valued at over $1 billion.

The selling of Huobi Group founder's majority stake in the crypto-exchange could be the industry's biggest takeover since a $2 trillion global crypto rout started, according to Bloomberg.

BEIJING — Chinese telecommunications giant Huawei released figures Friday that showed its first quarterly increase in revenue since 2020.

BEIJING — China's tourist-heavy province of Hainan is falling further behind lofty growth goals it set in January.