The week’s ten most important crypto stories from India and Asia, ranked by impact.

1. China’s central bank says it halted Solana’s Shanghai events and will investigate the ads behind them
An unnamed People’s Bank of China department head said Solana Accelerate China 2026 was stopped shortly before it opened, and that the bank will investigate the entities and individuals behind Solana ads on Shanghai’s Lujiazui Citigroup Tower, according to remarks carried by state-backed Financial News and relayed by National Business Daily and PANews on 6 November. Promoting Solana is illegal virtual-currency marketing under a February notice from eight departments, the official said. Our report: the PBoC’s action.
Why it matters: mainland authorities are now targeting large-scale token promotion, not only trading.
Caveat: the PBoC has not named anyone it will investigate; the remarks reached us through Chinese financial press, not a signed central-bank release.

2. Thailand’s SEC files a criminal complaint against Bitget’s operator and sets a 5 December access block
Thailand’s Securities and Exchange Commission said on 5 Nov that it had filed a criminal complaint against BG Limited, which runs Bitget, alleging an unlicensed digital-asset exchange for Thai users from 2022 to 2025 (News 241/2026). It has asked the digital ministry to block Bitget’s website, other domains and its app from 5 Dec 2026, and told users to consider acting on assets they hold there. Our report: the Thai complaint.
Why it matters: Thai users have four weeks before a planned block, while Bitget’s purchase of a licensed local exchange is still pending.

3. Korea’s government seeks a fourth delay of the 22% crypto tax, to 2029, plus a three-year loss carryforward
Finance Minister Lee Hyoung-il said on 5 Nov that the government will ask the National Assembly to postpone the tax, due on 1 Jan 2027, by two years, and to let a loss be set against gains in the next three years, Yonhap reported. Until the Income Tax Act is amended, the tax is still due in January. Lee tied 2029 to the year Korea is due to start exchanging crypto data with the United States under the OECD’s Crypto-Asset Reporting Framework. Our report: the proposed delay.
Why it matters: it would be the fourth postponement of a tax written into law in 2020, and it is not delayed until the Assembly votes.

4. The US Treasury moves to cut MEXC Global off from American funds transfers over $16 billion in alleged illicit flows
FinCEN issued an order under section 9714(a) that would bar US financial institutions from transferring funds to or from MEXC Global, citing at least $16 billion in illicit activity, the US Treasury said on 6 Nov. The cutoff takes effect 30 days after Federal Register publication. MEXC said it is reviewing the order, that operations are normal and that withdrawals continue, according to TechFlow and The Defiant. Our report: FinCEN’s order.
Why it matters: MEXC is one of the larger offshore venues used by traders across Asia.
Caveat: the $16 billion figure is FinCEN’s allegation.

5. Gopax halted withdrawals after a threat email; Korean press says the FSS will call in security chiefs on 19 Nov
Gopax suspended withdrawals around 14:55 Korea time and trading at 15:53 on Friday 6 Nov after one email threatening a hack, said it had not confirmed a breach or a loss, and began moving assets to cold wallets. It has no restart date. Our report: the Gopax halt. On Sunday, Financial News and JKN (carrying Yonhap) said the Financial Supervisory Service plans to meet chief information security officers from all domestic virtual-asset firms, including exchanges and custodians, on 19 Nov.
Why it matters: a mid-sized Korean exchange is still dark, and the supervisor is now calling in the whole sector’s security chiefs.
Caveat: we have not read an FSS notice of the 19 Nov meeting; Financial News attributed the plan to “the crypto industry”.

6. Hong Kong’s SFC will expand the list of titles unregulated firms cannot use, including “crypto exchange”
The Securities and Futures Commission published consultation conclusions on 6 Nov (ref. 25CP5). Combinations such as “crypto”, “virtual asset” or “tokenised assets” with “exchange”, “trading platform” or “market” would need its approval, with a similar rule for virtual-asset trading platforms under anti-money-laundering law. A bill will go to the Legislative Council, and the rules would start six months after enactment (press release 26PR187).
Why it matters: once the law is passed and the six-month clock has run, an unlicensed platform in Hong Kong could not call itself a crypto exchange without permission.
Caveat: this is not yet law; the SFC said it can only effectively restrict titles used by persons operating or present in Hong Kong.

7. Hong Kong’s legislature passes a crypto tax-reporting bill; collection starts in 2027
The Legislative Council passed a bill on 4 Nov to bring in the OECD’s Crypto-Asset Reporting Framework. Crypto service providers are due to collect customer and transaction data from 2027, and the Inland Revenue Department is due to start exchanging it with partner authorities in 2028. Our report: the CARF bill.
Why it matters: licensed platforms in the city will have to build reporting systems next year, in the same window Korea is using to justify its own tax delay.

8. Singapore’s MAS, after the Binance theft, repeats that crypto trading is not for the general public
A Monetary Authority of Singapore spokesperson, answering Lianhe Zaobao on Thursday 5 Nov, said ordinary people are not suited to cryptocurrency trading, should not deal with unregulated firms, and that Binance is not authorised to provide regulated financial services in Singapore (our translation from Chinese). Binance has been on MAS’s Investor Alert List since September 2021. “Even for licensed companies, regulatory measures cannot completely prevent consumers from suffering losses due to the inherently high risks of cryptocurrencies,” the spokesperson said (translated).
Why it matters: after a $6.3 billion theft, MAS is reminding the city that the world’s largest exchange still has no licence there.
Caveat: this was a spokesperson’s reply to a newspaper, not a new licence decision or a ban.

9. President Lee asks for a review of a pan-government ‘cybersecurity czar’
President Lee Jae Myung told a Cabinet meeting on Tuesday 3 Nov to consider a single control tower covering cybersecurity in the public and private sectors, pointing to the theft from Binance and to breaches at Korean financial firms including Bithumb, according to Yonhap and The Korea Times. No form or timetable was set. Our report: the cybersecurity review.
Why it matters: Seoul is discussing a national coordinator, not only inspections of individual exchanges.

10. Binance names Justin Yek chief financial officer as Kaiser Ng leaves
Kaiser Ng is leaving after more than five years to pursue a new venture, co-CEO Yi He said on Saturday 7 Nov, in a statement reported by Reuters, Bloomberg and TechCrunch. Justin Yek, most recently vice-president of finance at Airwallex, the Singapore-founded payments firm, takes over; Yi He said the handover had been planned over the past six months. Our report: the finance-chief change.
Why it matters: the world’s largest exchange changed its finance chief nine days after a $6.3 billion theft, and chose an executive from an Asia-based payments group.
Caveat: we have not found a Binance blog or official X post; the account is Yi He’s statement as those outlets reported it.

Next week in Asia

  • Thu 19 Nov: Korean press says the Financial Supervisory Service will meet virtual-asset firms’ chief information security officers. No time was given, and we have not read an FSS notice.
  • To 30 Nov: Tokyo-listed Iole’s window to sell its 151.21 bitcoin, disclosed last week, is still open.
  • From Sat 5 Dec: Thailand’s SEC says the public will be unable to reach Bitget’s site and app, unless the planned block changes.
  • From 1 Jan 2027: Korea’s 22% crypto tax is still due unless the National Assembly amends the law; Hong Kong is due to start collecting Crypto-Asset Reporting Framework data the same year.

Related: Last Sunday’s Asia Ten

This article is for information only and is not investment advice.