Covalent Launches Strategic Reserve with Major CXT Buybacks

SEC greenlights GDLC, the first U.S.-listed multi-asset crypto ETF, offering exposure to BTC, ETH, XRP, SOL and ADA.

PANews reported on October 29th that, according to a report by 21st Century Business Herald, on October 28th, the Beijing Municipal People's Procuratorate released "Typical Cases of High-Quality and Efficient Performance of Financial Procuratorial Duties" (2024-2025). One case involved "using virtual currency to indirectly buy and sell foreign exchange, involving over 1.1 billion yuan." Between January and August 2023, Lin Jia, under the instruction of others, colluded with Lin Yi, Xia, Bao, and Chen to use multiple bank cards under their names to receive large amounts of RMB funds transferred from clients (such as Liu) connected to the "upstream" of an illegal currency exchange organization. This gang used virtual currency as a "bridge" to achieve the illegal purpose of cross-border fund transfers: Lin Jia and others converted the received RMB into USDT through multiple USDT trading platform accounts they actually controlled, and then completed the cross-border fund transfer through platform transactions, essentially engaging in disguised foreign exchange trading and profiting from it. According to the report, the total illegal business activities of the gang amounted to over 1.182 billion yuan, of which five members, including Xia and Bao, participated in activities ranging from over 149 million yuan to over 469 million yuan. On March 21, 2025, the Haidian District People's Court of Beijing issued a first-instance verdict, sentencing all five defendants to prison terms ranging from two to four years for the crime of illegal business operations, and imposing corresponding fines.

PANews reported on October 29th that, according to CoinDesk, Swiss software company Avaloq conducted a study on the investment attitudes of high-net-worth individuals in the UAE. The study found that despite the region's exceptionally high demand for digital assets, with 39% of high-net-worth individuals surveyed holding cryptocurrencies, only 20% of these crypto investors used traditional wealth management institutions. The survey was conducted from February to March 2025 and covered 3,851 investors and 456 wealth management practitioners. The survey found that 63% of investors have switched or are considering switching managers, in part because they are not getting answers to their questions about cryptocurrencies. Akash Anand, Head of Middle East and Africa at Avaloq, said: "As cryptocurrency grows as an asset class, private banking relationship managers are increasingly faced with the need to meet the needs of largely underserved clients, leading to a rush among traditional wealth managers to equip themselves with cryptocurrency capabilities."