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Asia Express: Bitget Claims 4th in Australia's $145M Exchange Scandal as China Lifts NFT Ban

Asia Express: Bitget Claims 4th in Australia’s $145M Exchange Scandal as China Lifts NFT Ban

Our weekly roundup of news from East Asia curates the industry’s most important developments. Here are the highlights:

– Changjiang Currency Exchange, a money transmitter business based in Australia, has been busted in a $145 million money laundering scandal. Seven individuals, including four Chinese citizens and three Australian nationals, were arrested after a 14-month investigation. The exchange allegedly helped launder dirty funds and tainted cryptocurrency from investment scams and unregistered crypto exchanges.

– Bitget, a crypto derivatives exchange, has risen to become the fourth-largest by volume. It claims a market share of 9.43% and achieved a net trading profit of $6.7 million in Q3. However, the combined industry trading activity fell by 23% year over year.

– China has partially lifted bans on NFTs. Alibaba’s flagship marketplace, Xianyu, has removed its censorship of NFT-related keywords in its search tool and relisted Topnod NFT collectibles minted on Alibaba’s Ant Blockchain.

– Residents of Shanghai, Zhejiang, Jiangsu, and Anhui provinces in China can now submit and validate their health insurance claims using blockchain technology. Through a partnership with Alibaba’s Ant Insurance, users can receive their reimbursement within hours after blockchain verification for authenticity.

– The City of Huaian’s Jianpu People’s Court is using AI recognition, big data, and blockchain technology to improve law enforcement surveillance. The system will monitor visitors entering and leaving court premises and alert court bailiffs of any unauthorized trespassing.

In summary:

– Changjiang Currency Exchange in Australia has been involved in a money laundering scandal.

– Bitget has become the fourth-largest crypto derivatives exchange by volume.

– China has partially lifted bans on NFTs, allowing related searches on Alibaba’s marketplace.

– Blockchain technology is being used to improve health insurance claims processing in China.

– Huaian’s Jianpu People’s Court is using AI and blockchain to enhance law enforcement surveillance.

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