ChainCatcher

News from Asia, for the World🌏

About 70% of Binance altcoins trade below their 200-day moving averages CryptoQuant analyst Darkfost said on Nov. 7 that about 70% of altcoins on Binance are trading below their 200-day moving averages. That share was 82% in mid-August and fell to just 10% in early October. Excluding Bitcoin and stablecoins, crypto market cap rose by about $320 billion from mid-August through September, then fell by about $200 billion, erasing over 60% of the gains. Darkfost pointed to rate hikes, geopolitical tensions and a sell-off in U.S. tech stocks as factors behind the pullback.

🇨🇳 China’s central bank halts Solana event in Shanghai The People’s Bank of China said it halted the event with local authorities and will investigate the organizations and individuals involved. It said Solana’s Shanghai ads ran through local entities and violated rules on crypto promotion. The central bank said enforcement will focus on domestic crypto traders and local affiliates of offshore crypto issuance and trading platforms.

🇨🇳 LATEST: China blocks SoftBank’s purchase of ABB’s robotics business in China SoftBank confirmed that China’s foreign investment security review office blocked the acquisition of ABB’s robotics operations in China. SoftBank and ABB are still discussing how to proceed with the overall deal. SoftBank agreed to buy ABB’s global robotics business for $5.375 billion as part of its physical AI strategy.

🇨🇳 CNPC and Unitree plan industrial robotics JV CNPC affiliates Kunlun Manufacturing and Kunlun Capital would hold 60% combined. Unitree and Fanjie Intelligence would each hold 20%. Public comments close Nov. 13. An earlier memorandum between CNPC and Unitree covered using robots for oil and gas facility inspections, emergency response and operations at integrated energy stations.

🇰🇷 Nomura says KOSPI looks oversold, keeps 10,000 target Cindy Park, Nomura’s head of Korea research, says South Korean stocks look oversold but fundamentals remain solid. Nomura kept its long-term KOSPI target at 10,000. Its three-month target range is 7,500 to 8,000, reflecting uncertainty over interest rates and AI investment. Nomura sees earnings growth from AI investment, larger share buybacks and corporate governance reforms as potential drivers for South Korean stocks.

🇰🇷 South Korea’s KOSPI pares losses to 6.8% after trading resumes. The index fell more than 8% shortly after the Nov. 6 open. The Korea Exchange triggered a Level 1 circuit breaker at 9:03 a.m. local time, halting trading for 20 minutes. Chip stocks remained under pressure after trading resumed. SK Hynix was down about 8%, while Samsung Electronics fell about 7%.

🇰🇷 Seoul court rejects all of Dunamu’s claims against Bithumb. The Seoul Central District Court issued its ruling on Nov. 5 and ordered Dunamu, the operator of Upbit, to pay all litigation costs, South Korean outlet Digital Asset reported. Dunamu had accused rival exchange Bithumb of copying its API documentation and sought KRW 200 million in damages.

🇹🇼 Micron reportedly puts new Taoyuan memory chip plant on hold. Micron has largely paused work on a new plant in Taoyuan, Taiwan, amid a labor dispute, Bloomberg reported. The project was budgeted at $3 billion to $4.5 billion and was originally slated to begin production in 2028. The Taoyuan union wants Micron to share 15% of operating profit with employees worldwide and pay it in cash. Micron said its existing Taiwan operations were running normally. It did not directly address the reported pause.

🇰🇷 South Korea has yet to discuss sanctions on North Korea over the Binance hack. A Unification Ministry official said on Nov. 5 that Seoul has yet to establish the full facts or discuss a response. Government agencies still need to share information internally. The FBI previously attributed the theft of more than $6 billion in crypto from Binance to North Korea. North Korean official Kim Yo-jong denied the allegation.

🇰🇷 South Korea seeks to delay its crypto gains tax until 2029. Finance Minister Lee Hyoung-il said the government will work with parliament to push back the 2027 start date by two years. South Korea and the U.S. plan to start exchanging crypto tax data in 2029. If approved, this would be the fourth delay. The government is also considering letting investors carry losses forward for up to three years to offset future gains. Under current rules, annual net crypto gains above KRW 2.5 million would be taxed at 22%, including local tax.

🇸🇬 Visa sets up six global tech hubs in Singapore. The hubs are based at Visa’s new Solution Center in Paya Lebar Green. Visa says the site will bring together more than 1,500 professionals. It also plans to expand research and engineering roles. The hubs will work on AI agent commerce, stablecoins, programmable payments, cybersecurity and quantum computing. Visa will work with partners including DBS, Nium and StraitsX. It aims to deploy technology developed in Singapore across its global payments network.

🇭🇰 Hong Kong lawmakers pass crypto reporting bill. The OECD’s Crypto-Asset Reporting Framework (CARF) will take effect in Hong Kong in 2027. Covered crypto service providers must collect and report specified user and transaction data. Hong Kong’s tax authority will begin automatically sharing that data with partner jurisdictions in 2028. The amended Common Reporting Standard (CRS) will take effect in 2028. Automatic exchanges of financial account data under the updated standard will begin in 2029.

🇨🇳 Unitree founder sees 2027 as a potential turning point for robotics. Wang Xingxing said at the World Internet Conference in Wuzhen that embodied AI is nearing its “ChatGPT moment.” Robots can handle basic tasks like picking up objects. They still struggle with precise movements such as threading a needle. Wang estimates the problem could take one to three years to solve. A breakthrough could enable wider deployment as early as 2027.

🇰🇷 South Korea’s Lee calls for central cybersecurity body. President Lee Jae Myung cited the multibillion-dollar Binance theft at a Nov. 3 cabinet meeting. He called for a government-wide body to coordinate public and private sector cybersecurity. He said existing defenses rely too heavily on inspections and responses after attacks. Stronger prevention is needed. The National Intelligence Service has launched emergency security checks covering over 2,100 government bodies and public institutions.

🇨🇳 Chinese regulator warns of excessive AI investment concentration. Xiao Yuanqi raised the concern at Hong Kong’s Global Financial Leaders’ Summit. He is deputy head of China’s National Financial Regulatory Administration. He said capital is concentrating in tech and leading firms, increasing leverage. Traditional industries face reduced access to financing, higher borrowing costs and greater credit risks. He urged policymakers to prepare for the economic transition driven by AI and address financial risks.

🇹🇭 Thai police advance Shuffle investigation. Cyber police say three crypto exchanges have provided transaction data linked to Shuffle, and 80 task forces have been established. Authorities plan to prosecute players in Thailand first to establish evidence of domestic offenses, before pursuing the overseas operators of the Curaçao-registered crypto casino.

🇭🇰 LATEST: Crypto.com to close Hong Kong consumer app. The company confirmed services will end on Feb. 1, 2027. Affected users have been notified and will receive account-closure instructions and withdrawal support. Crypto.com continues to pursue a Hong Kong virtual-asset trading platform licence through Foris DAX HK for its institutional-grade Crypto.com Exchange.

South Korea KOSPI Composite intraday down 0.7%, 5677.88 points According to Rootdata market data, South Korea KOSPI Composite intraday: 5677.88 points, today's open: 5715.19 points, down 0.7%.

🇰🇷 South Korean ruling-party lawmakers seek crypto tax delay. Democratic Party lawmakers on parliament’s finance committee will recommend postponing the tax, scheduled for 2027, with most favoring roughly two years, Yonhap reports. They cited preparations for overseas tax information exchanges and tax-data systems. The duration remains unsettled, and no delay has been approved.