Crypto Rumors Cause Panic in Korea, Binance Airdrops for BNB Holders: Asia Express

South Korean investors panicked and sold off altcoins after rumors of a regulatory crackdown spread. These rumors, which turned out to be false, claimed that the country's financial authorities would be reviewing 600 domestic virtual assets and suspending trading of coins that did not meet listing maintenance standards. However, the Financial Supervisory Service has clarified that it would not directly monitor any altcoin listing reviews. This panic selling resulted in a 10-20% drop in the prices of roughly half of the altcoins listed on major Korean exchange Upbit. Korea's new virtual asset rules, which require exchanges to regularly evaluate listed tokens, will come into effect next month.

Binance announced that it would be rewarding loyal BNB token holders with airdrops for holding the token through the company's ups and downs. The program will encompass small to medium-sized projects with strong fundamentals and vibrant communities. Users who subscribe to Simple Earn products using their BNB holdings will be eligible for the airdrops. The BNB token has returned 402,159% since its initial coin offering (ICO) in 2017.

Hong Kong regulators have become more stringent on crypto entities operating in the region after the collapse of two unlicensed entities, JPEX and Hounax. The Securities & Futures Commission (SFC) has only approved two virtual crypto exchange licenses out of 23 applications, and has conducted 234 in-person visits to ensure compliance. On May 31, Hong Kong banned all unlicensed crypto exchanges.

The enthusiasm for Bitcoin ETFs around the world has cooled down. The first Bitcoin ETF approved for Australia's leading stock exchange, the Australian Securities Exchange, closed its first day of trading with just $1.3 million in trading volume. Investors have also been pulling their assets away from Bitcoin ETFs in U.S. markets.

David Wu, CFO of Hong Kong crypto exchange OSL, believes that Hong Kong has the potential to become a global financial center for innovative crypto asset products. He highlights Hong Kong's low tax rates, clear legal systems, and comprehensive investor protection as advantages. Wu also mentioned that Hong Kong banks are open to working with institutions specializing in virtual asset investments, unlike banks in other Asian countries.