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Asia Express: Bitmain's Retribution and Hong Kong's Cryptocurrency Rollercoaster

Asia Express: Bitmain’s Retribution and Hong Kong’s Cryptocurrency Rollercoaster

– Bitmain, a leading Bitcoin mining ASIC manufacturer, allegedly fired three employees for speaking to the media about salary complaints. The company accused the employees of breaching their employment contracts by sharing their remuneration on social media platforms. Bitmain has been facing financial difficulties and had paused September salary payments for its staff members.

– A study conducted by the HKUST Business School Central revealed that 41% of Hong Kong residents are no longer interested in holding crypto assets following the JPEX crypto exchange scandal. The survey also showed that 84% of Hong Kongers have heard of crypto, with 27% claiming to either hold digital assets now or were previously crypto investors. The majority of respondents said they understood that crypto exchanges must obtain a license before operating in Hong Kong.

– BC Technology Group, owner of licensed Hong Kong crypto exchange OSL, issued a clarification statement stating that a news report by Bloomberg about the company contemplating the sale of OSL was “factually inaccurate and highly misleading.” The report had caused BC Technology stock to plummet by 22%, wiping off $54 million in market capitalization.

– Cryptocurrency exchange Bitget announced the launch of its own crypto-fiat credit card, denominated in U.S. dollars and accepted in over 180 countries. Many exchanges have introduced their own crypto debit or credit cards, but some have faced challenges from payment processors, as seen with Mastercard ending its partnership with Binance in Latin America.

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