BitMart and Binance bStocks Dominate Asian Markets
BitMart internal disputes and the rise of Binance bStocks.
1BitMart Internal Disputes
BitMart's official Chinese-language X account publicly demanded founder Sheldon Xia explain the whereabouts of user funds and produce a repayment plan. Some users were unable to withdraw funds, and some employees have not received their final salary. Xia called the claims 'fabricated rumors' and promised a counter-attack. He stated that a police report and lawyer's letter would be sent during US daytime.
2The Rise of Binance bStocks
Binance's bStocks became the second-largest tokenized stock issuer just two months after launch. On August 3, bStocks reached about $624 million, surpassing xStocks but trailing Ondo Finance at $927 million. According to Token Terminal data, the tokenized stock market has seen significant changes over the past year.
3Crypto Trading in Israel
Israel's Bank Leumi will become the first local bank to offer crypto trading by partnering with Galaxy Digital, allowing customers to trade Bitcoin, Ether, and Solana starting early 2027. Customers of Leumi and its mobile banking arm Pepper will be able to buy, hold, and sell these cryptocurrencies through the Leumi Trade app. This move could significantly boost Israel's crypto market.
4Metaplanet's Bitcoin Strategy
Metaplanet CEO Simon Gerovich shut down speculation that the company is selling its Bitcoin holdings after transferring 5,014 BTC last week. The company's total holdings remain at 43,000 BTC. Metaplanet is Asia's largest and the world's third-largest publicly traded Bitcoin treasury company. However, the company is sitting on an unrealized loss of about $1.4 billion.
5Blockchain Applications in Japan
Four MUFG companies plan to bring Japanese government bond repo transactions onchain using the Canton Network. This proof of concept aims to improve operational efficiency through automation, enable real-time intraday settlement, and enhance funding and capital efficiency. This step could contribute to Japan's progress in financial technology.
6Singapore's Crypto Tax Regulations
Singapore has finalized regulations requiring crypto firms to report user transactions to the tax department. These rules implement the OECD's Crypto-Asset Reporting Framework into Singapore's domestic law and will take effect from January 1, 2027, for new users. Existing users have until December 31, 2027, to comply.
7Dispute Between Binance and RedotPay
Binance and RedotPay are disputing whether a Singapore case related to their nearly $473 million Hong Kong legal battle is coming to an end. RedotPay expects Binance to discontinue the Singapore proceedings and will seek legal costs. Binance denied these claims, stating it is not abandoning its claims and has informed both the court and RedotPay accordingly.
8Tokenization Efforts in South Korea
South Korea's Shinhan Asset Management signed a memorandum of understanding with tokenization-focused blockchain network Plume. This pilot project aims to test the overseas use of Korean won-denominated tokenized financial products in markets dominated by dollar-denominated assets. This step could contribute to South Korea's progress in financial technology.
Original article: Cointelegraph.com News — BitMart ve Binance bStocks Asya Piyasalarında Gündemde