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first_img The court of Kazakhstan issued a ban on six unlicensed platforms including Coinbase and BingX

According to Cointelegraph, the Astana International Financial Centre Court (AIFC) in Kazakhstan has issued an injunction against six unlicensed cryptocurrency platforms, prohibiting them from providing digital asset services locally and expanding access restrictions to app stores. The Astana Financial Services Authority (AFSA) stated on Tuesday that the court made this ruling after the regulatory agency sued the operators of the relevant platforms for providing digital asset services without authorization.The order issued on September 15 specifically named BingX, Bitcoin.com, Huobi Global (HTX), BitMart, Coinbase, LBank, and WEEX; a three-day later amendment removed LBank from the list, as its operator had blocked access for users in Kazakhstan. Google and Apple, as app store operators, were also included and are required to implement regional access restrictions for the remaining platforms.AFSA stated that users of unlicensed platforms lack the protections that licensed institutions should provide, including asset protection, information disclosure, complaint handling, and dispute resolution. The National Bank of Kazakhstan is responsible for regulating digital asset service providers outside of the AIFC.AFSA CEO Evgeniya Bogdanova stated that this court ruling is the result of the agency's long-term efforts by its supervision and enforcement team to address the activities of unlicensed crypto platforms that advertise without authorization and provide digital asset-related services in Kazakhstan without a license.AFSA noted that it had issued warnings to over 20 platforms by 2025, nine of which voluntarily restricted app access in the country, and seven expressed intent to apply for licenses. The agency has withdrawn its claims against these nine, and the injunction will be enforced against the remaining six. Cointelegraph previously reported that the financial regulator in Kazakhstan had blocked nearly 1,000 unregistered cryptocurrency exchanges that were providing services to citizens of the country in 2023.

first_img BingX executive: Old money investors are stronger diamond hands in Bitcoin, family office allocations are still limited

During a conversation with Cointelegraph's multimedia director Ciaran Lyons at the Token2049 conference in Singapore, Kevin Lee, Chief Strategy Officer of the cryptocurrency exchange BingX, stated that wealthy "old money" investors have a longer holding period for Bitcoin compared to many crypto-native traders. He mentioned that he has encountered a large number of "old money" clients seeking alternative investments, saying, "Their diamond hands are stronger than any of ours." Lee pointed out that Bitcoin has grown large enough that wealthy investors are increasingly viewing it as a tool for diversifying their portfolios rather than expecting it to "increase tenfold in two weeks."Lee sees wealthy investors as an underdeveloped source of crypto capital, believing that their buy-and-hold strategy could make Bitcoin a diversification tool for more investors. He cited examples where investors allocate 5% to gold and another 5% to Bitcoin, rather than chasing short-term quick returns. A survey released by CoinShares on Monday, targeting 2,230 investors with investable assets of at least $500,000, showed that long-term appreciation and diversification are the primary reasons for investing in crypto assets, while short-term speculation ranked last. Among the surveyed digital asset investors, 80% hold Bitcoin.However, crypto assets are still far from becoming a standard allocation for wealthy families. A survey conducted by JPMorgan in February, based on 333 single-family offices across 30 countries, revealed that 89% of family offices have no exposure to crypto assets, with an average allocation to crypto and digital assets of only 0.4%. Only 17% of respondents consider crypto and digital assets as key investment themes.

RootData released the eighth issue of the "Cryptocurrency Exchange Transparency Rankings (Stock Category)": BingX makes the list for the first time, while XT.com falls out of the top ten

Web3 asset data platform RootData released the eighth issue of the "Cryptocurrency Exchange Transparency Rankings (Stock Category)," continuing to focus on the growth trend of stock assets in cryptocurrency exchanges. In this ranking, Binance, OKX, Bybit, Gate, and Bitget continue to occupy the top five positions.In terms of ranking changes, BingX entered the list for the first time at ninth place due to a significant increase in traffic, while XT.com fell out of the top ten this issue due to a decline in trading volume and insufficient compliance transparency.In terms of traffic, leading platforms showed a moderate decline. Newly ranked BingX had a weekly traffic of 7.6 million, placing it second, just behind Binance. Meanwhile, Ourbit's traffic plummeted from 1.33 million to below 310,000, a drop of over 76%, making it the exchange with the largest decline in traffic this issue.Additionally, according to the ranking data, almost all exchanges experienced a significant decline in daily average trading volume, with decreases generally between 10% and 25%.It is reported that RootData adheres to the principle of "transparency first" and has taken the lead in establishing a dual evaluation system of "transparency + liquidity" in the field of stock cryptocurrency exchanges, thereby providing investors with more effective data references. The platform will continue to enhance and publish this ranking in the future.
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