By Kapil Rajyaguru
Hong Kong’s Largest Digital Bank Launches Retail Crypto Trading.
Hong Kong’s largest virtual bank, ZA Bank, launched a new service allowing retail users to buy and sell Bitcoin and Ethereum directly using fiat.
According to a Nov. 25 statement from the bank, Hong Kong residents need an account with the bank and must undergo a risk assessment before using the new crypto service linked with the bank’s app.
Users can only buy Ether and Bitcoin through ZA Bank. No other cryptocurrencies were mentioned.
Crypto Miners In Texas’ ERCOT Region Required To Report Power Demand.
The Energy Reliability Council of Texas (ERCOT), Texas’ utility regulator, has passed a rule requiring Bitcoin miners using its grid to register and share important details about their facilities.
Under the Public Utilities Commission of Texas (PUCT) rule, passed on Nov. 21, Bitcoin miners must share the location, ownership information, and demand for electricity of their facilities with the state agency.
Miners have only one working day after the date their facility connects to the ERCOT grid to register and must renew every calendar year on or before March 1.
SEC Nets Record $8.2bn In Enforcement, Mostly From Terraform Labs.
The United States Securities and Exchange Commission (SEC) hit a new record for penalties and fines from its enforcement actions in the fiscal year 2024—due mainly to a massive settlement with crypto firm Terraform Labs.
The agency netted $8.2 billion in financial remedies for the year ending Sept. 30—“the highest amount in SEC history,” it said in its Nov. 22 annual report—despite the number of cases declining 26% from the previous year to 583.
Over half of the total came from the SEC’s court win against Terraform and former CEO Do Kwon, who paid a $4.47 billion settlement after being found liable for fraud over the blockchain ecosystem’s collapse in 2022 that wiped out billions of dollars.
Tether Mints An Additional $3bn In USDT Stablecoins.
Stablecoin issuer Tether minted an additional $3 billion in USDt tokens on Nov. 23 on the Ethereum and Tron networks amid increased trading volume in the crypto markets—particularly Bitcoin as it neared the $100,000 price level.
Arkham Intelligence’s data revealed that back-to-back transactions on the Ethereum blockchain minted $2 billion in USDt, while the Tron network minted an additional $1 billion USDt. According to Lookonchain, Tether has minted approximately $13 billion USDT since Nov. 8.
Traders and investors often use stablecoin volume as a proxy to gauge interest in the crypto markets. Many traders regard a high volume of newly minted stablecoins as a bullish sign for price action, while low volume indicates the opposite.
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