Canada’s regulator FINTRAC has fined crypto exchange KuCoin \$14 million for failing to register properly and not reporting nearly 3,000 large transactions between 2021 and 2024. KuCoin disputes the fine and has appealed, while continuing to expand internationally, including a new partnership in Thailand for a blockchain-based bond program.

Elon Musk’s company xAI has sued OpenAI, claiming it stole trade secrets by poaching engineers and taking confidential code and techniques. xAI is seeking damages and orders to remove the stolen materials, while the case highlights a legal battle over employee recruitment and intellectual property.

China opened a digital yuan operations hub in Shanghai to oversee cross-border payments and blockchain platforms. The centre launched new systems for cross-border transactions, blockchain services, and digital assets.

Naver will take full control of Upbit by exchanging shares with Dunamu, making it a wholly owned subsidiary. Major Dunamu shareholders will swap their stakes for Naver Financial shares, finalising the acquisition once approvals are completed.

Authorities across Europe have shut down a €100 million crypto scam, arresting five people in multiple countries. The fraud tricked investors through fake crypto platforms, taking their money and disappearing with it.

Sam Bankman-Fried’s X account posted a simple “gm,” sparking a sudden 30% surge in FTX’s FTT token despite him being in prison. The rally was driven by speculation and social media attention, while FTX creditors continue receiving billions in repayments.

Coinbase launched XSGD, a Singapore dollar-backed stablecoin approved by MAS, for global trading and payments. It is fully backed by reserves and available on Coinbase and Base for local and cross-border use.

The Trump brothers spoke at Korea Blockchain Week 2025, highlighting opportunities in Korea’s crypto market. Executives explored partnerships with local stablecoin projects, showing rising international interest in Korean digital assets.

Hong Kong has set up a new task force to tackle the rise in crypto and virtual asset scams. Authorities have already made over 70 arrests and are pushing for stronger rules to help platforms stop suspicious transactions quickly.

South Korean police broke up a fraud ring in Pattaya, Thailand, accused of stealing about $15 million from nearly 900 victims. Twenty-five suspects were arrested, while the alleged ringleader and others remain in Thai custody as extradition continues.