Stablecoins won over users by making money easier to move, long before the financial world agreed on what they meant. That helps explain the scale of USDT and USDC: they never had to replace the global reserve system to become powerful. They simply made dollars easier to move online, and crypto markets made the network effect impossible to […]
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The linked criminal group allegedly distributed a scam token under the name "zksync.jp" to deceive crypto users worldwide, with losses of over $1 million.
A senior PBOC official called for closer monitoring, stronger regulation and international coordination as stablecoins gain importance in global payments.
China’s securities regulator, the China Securities Regulatory Commission, announced on May 25 that it will penalize three major offshore brokerages for their ties to crypto — Tiger Brokers, Futu Securities, and Longbridge Securities — for illegal cross-border financial operations targeting mainland investors, as part of a sweeping nine-agency implementation plan that sets a two-year deadline to eliminate all unauthorized cross-border securities, futures, and fund management activity from China’s financial landscape. Related Reading: Bankless Co-Founder Explains Why He Sold All His Ethereum The announcement, made public via the State Council Information Office and covered by China’s official Xinhua News Agency, represents the most coordinated regulatory enforcement action Beijing has taken against offshore financial platforms since the 2021 crypto mining ban. The CSRC stated it will confiscate all illegal gains from domestic and overseas entities associated with Tiger, Futu, and Longbridge, and impose severe penalties in accordance with Chinese law, per the official Xinhua report. Under the implementation plan, the three brokerages have been given a two-year phase-out window — during which they are strictly prohibited from facilitating new buy orders or accepting capital inflows from mainland investors. Only sell orders and capital withdrawals will be permitted. Upon expiration, affected institutions must completely shut down their mainland-targeted websites, trading applications, and supporting servers, per the SCIO announcement. BTC's price trends to the upside since March 2026 as seen on the daily chart. Source: BTCUSD on Tradingview Why This Matters For Crypto The enforcement action is not nominally directed at crypto — it targets offshore securities and futures brokerages. The crypto implications, however, are structural and direct. The primary channels through which Chinese traders access crypto markets — over-the-counter desks, peer-to-peer exchanges, and USDT on-ramps — operate in the same regulatory gray zone that Beijing has now formally committed to eliminating across all cross-border financial activity, per analysis by BeInCrypto published May 22. The February 2026 crackdown, in which the People’s Bank of China and seven other agencies jointly expanded China’s existing crypto ban to explicitly cover stablecoins, RWA tokenization, and offshore yuan-pegged stablecoin issuance, established the policy framework. The May 25 action represents its enforcement arm — a signal that the two-year rectification timeline applies broadly to any unauthorized cross-border financial channel, not only to licensed brokerages, per the CSRC’s implementation plan language as reported by Xinhua. Market reaction was swift. US-listed shares of Tiger Brokers’ parent company fell more than 10% in premarket trading. Futu Holdings dropped more than 5%, with some session reports showing declines reaching 35%, per Wu Blockchain’s coverage of the announcement on May 22. The Broader Pattern Beijing’s 2026 enforcement posture reflects a deliberate sequencing: the February policy notice established the expanded legal perimeter covering stablecoins and tokenization; the May brokerage action demonstrates the state’s willingness to impose material financial penalties on large, publicly listed companies operating in breach of that perimeter. For the nascent sector’s participants who have continued to access crypto through informal Chinese channels, the trajectory of enforcement points in one direction — and the two-year rectification deadline gives Beijing a concrete timeline against which to measure compliance. Related Reading: Will XRP Price Ever Reach $200? Top Expert Discloses What Must Happen First This development marks a critical juncture for crypto’s relationship with Chinese capital. Whether the crackdown accelerates OTC crypto demand as mainland investors seek alternative stores of value — as has historically occurred during prior Chinese enforcement waves — or succeeds in materially reducing cross-border digital asset flows, will determine whether Beijing’s tightening ultimately strengthens or simply redirects China’s crypto participation. Cover image from Grok, BTCUSD on Tradingview
The judge's remark builds on a February joint notice that broadened the country's crackdown on crypto-related activities.
Bitcoin is hovering just below $80,000 as President Donald Trump arrives in Beijing for a high-stakes meeting with Chinese leader Xi Jinping, turning the visit into a live test of whether the crypto market’s latest risk rally has enough support to survive a difficult macro week. The trip comes as traders are already contending with […]
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HKMA teams up with mainland regulators to develop a cross-border platform linking cargo data and electronic bills of lading, aiming to cut trade finance friction and plug Chinese supply chains into global markets
U.S. officials said they froze and seized roughly $580 million in cryptocurrency linked to Chinese scam networks targeting Americans.
The Hong Kong-based stablecoin payments firm RedotPay is reportedly exploring a U.S. IPO that could raise over $1 billion, per Bloomberg.
A spokesperson for Laurore said the $436 million IBIT stake “reflects personal investment conviction,” as records link it to a mainland China passport holder.
An obscure Hong Kong firm has disclosed a $436 million position in BlackRock’s Bitcoin ETF, a revelation that is fueling speculation about Chinese capital flowing into crypto through offshore side doors. Laurore Ltd, a previously unknown entity, reported the stake in BlackRock Inc.’s iShares Bitcoin Trust (IBIT) in a filing with the US Securities and […]
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The chairman of Greater China at McKinsey said nearly every company is experimenting with AI, few are rethinking their organizations deeply enough to unlock profit.
China’s gradual retreat from US government debt is evolving from a quiet background trend into an explicit risk-management signal, and Bitcoin traders are watching the market for the next domino. The immediate trigger for this renewed anxiety came on Feb. 9 when Bloomberg reported that Chinese regulators were urging commercial banks to limit their exposure […]
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The set of new rules reaffirm China’s hardline stance on crypto and impose restrictions on tokenized real-world assets and overseas issuance of yuan stablecoins.
Beijing has broadened its crypto ban to include RWA tokenization and unapproved offshore yuan-linked stablecoin issuance.
China’s exports remain resilient under U.S. tariffs as the yuan stays tightly managed, sending ripples all the way to the crypto market.
Chinese-language networks now handle a disproportionate share of global crypto money laundering flows, according to a new Chainalysis report.
U.S. President Donald Trump said he supported efforts to legislate crypto because of the political support he received for doing so.
China's digital yuan accounts for approximately 95% of settlement volume on the platform, which includes central banks from elsewhere in Asia.
The new framework due Jan. 1 will let banks pay interest on clients' e-CNY holdings.
The yuan has rise to its highest in over two months against the dollar.
The People’s Bank of China just logged its thirteenth straight month of gold purchases, extending one of the most deliberate reserve-management campaigns of the post-crisis era. These purchases signal that the world’s second-largest economy is shifting deeper into sovereign-controlled, seizure-resistant assets. Against this backdrop, crypto analysts see the PBoC’s buying streak not as a bullish […]
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Virtual currencies lack the legal status of fiat money, Chinese officials said during an intra-agency meeting on Friday.
Beijing has moved in recent months to quell some digital asset activity in Hong Kong, like real-world asset tokenization and stablecoin issuance.
Underground activity expands as cheap power, miner demand and softer policy signals support a renewed mining push in key provinces in China.
CVERC claims the hack was conducted by a "state-level hacking organization" and suggests the U.S. seizure was part of a larger operation involving the same attackers.
Bitcoin has revisited $110,000 after the Fed’s hawkish cut and a U.S.–China tariff thaw lifted sentiment, even as spot ETFs saw sharp outflows.
China has again made its position on stablecoins unmistakably clear. At a recent financial policy forum, Pan Gongsheng, governor of the People’s Bank of China (PBoC), described stablecoins as a “new source of vulnerabilities” within the global financial system. He warned that they could undermine smaller economies’ monetary sovereignty and enable illicit financial flows. According […]
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BTC floated near $113,000 before the FOMC, with traders awaiting Powell’s remarks as ETF inflows and macro tailwinds support prices.
Traders are betting on a Trump–Xi breakthrough and a dovish Fed pivot to revive “Uptober,” though markets remain wary that rare-earth restrictions and the U.S. shutdown could spoil the rally.