Latest Crypto News on Asia — May 11

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-Huobi Update: Huobi claims that the the recent rumor around them receiving the license to operate in Hainan is false. The company also clarified that they are expanding into Hainan instead of relocating their headquarters.

-The official “China Blockchain Development Conference Organizing Committee” was formally established on May 10, 2018 (approval and filing number: 3506021805161). They will hold the First China Blockchain Development Conference in June 19th. The follow-up organizing committee will hold successive summits throughout the country to guide the hosting of various blockchain industry summits, integrate global technology development, promote the docking of production capacity, and promote blockchain technology exchange and cooperation and application.

– Korea’s Upbit is under investigation: insufficient reserves

According to media reports from the South Korea side, Upbit was investigated because of insufficient reserve of digital currency, so that in the face of user withdrawals, it was necessary to falsely report transaction success information and then borrowed digital assets from elsewhere to complete the transaction. This “book transaction” was illegal in South Korea and was investigated by the Korea Financial Supervisory Commission (FSS). Quotes show that Upbit is Korea’s largest exchange, ranking fifth in the world and trading volume of 2 billion US dollars in the past 24 hours.

– Commentary on China’s Blockchain Technology: Blockchain is a disruptive technology

Recently, Yang Dong, a professor at the Law School of Renmin University of China, was interviewed by the media. He said that the blockchain is a disruptive technology. In his research, he found that blockchain has already had successful cases in many application scenarios. Guiyang, Qingdao, Loudi, Hangzhou, Jiangxi Ganzhou, Shenzhen, Chongqing Yuzhong District and other places have begun to build blockchain industrial bases. Application scenarios such as food safety, energy, e-certificates, data preservation, databases, and government supervision are also trying to combine with blockchain technology and have achieved certain results. He believes: “If we miss the opportunity to make use of blockchain technology to transform some of the application scenarios, especially miss on the the regulation side, We will assume even greater risks than just having bad coins in the development of the blockchain”.

-Dayli Blockchain Establishes Dayli Crypto Investment Bank

Dayli Crypto IB, an investment bank established by Korea’s Dayli Blockchain. Dayli Crypto IB mainly provides services such as M&A, investment, issuance and circulation of derivatives, and asset management.

– Xunlei Thunder Coin Rose 4.35%

The player network Xunlei saw its Thunder coin currency rose 4.35%,now at 0.2285USDT. The team willl be releasing new products in Beijing on the 16th and stated that they will jointly build a leading blockchain 3.0 ecosystem.

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