Top Crypto News Of The Day: Hong Kong e-CNY, Binance-Taiwan Partnership, and More!

Here is the top crypto news of the day curated by CoinChapter.com.

Hong Kong Enables Cross-Border e-CNY Payments for Residents

The Hong Kong Monetary Authority (HKMA) has announced that Hong Kong residents can now open personal digital wallets for China’s central bank digital currency (e-CNY), enabling cross-border payments between the two regions.

Residents only need a Hong Kong mobile number to set up an e-CNY wallet. They can then top up their wallets through seventeen retail banks in Hong Kong using the city’s Faster Payment System. However, the wallets support cross-border transactions, not person-to-person transfers within Hong Kong itself.

The e-CNY wallet launch is part of an initiative to deepen financial integration between Hong Kong and mainland China.

Memecoin Platform Claims Ex-Employee Behind $1.9M Exploit

Solana-based memecoin creation platform pump.fun has alleged that a former employee exploited the protocol for nearly $2 million through a “bonding curve” attack. In doing so, the employee reportedly used their privileged access to compromise internal systems and initiate unauthorized withdrawals.

The platform stated that its smart contracts remain secure despite the hack. It now plans to reimburse affected users within 24 hours.

Another Crypto News of the Day: US Bitcoin ETFs See $257M Inflows

Spot Bitcoin exchange-traded funds (ETFs) in the U.S. recorded a combined $257.34 million in net inflows on Thursday, marking the fourth consecutive day of inflows. Several major funds, including those from BlackRock, Fidelity, and Ark Invest, saw significant inflows.

The inflows came as Wall Street firms disclosed their stakes in these Bitcoin ETFs during the first-quarter 13F reporting season. Some of these disclosed positions were larger than expected.

Grayscale’s GBTC product, which had experienced net outflows since its conversion to a spot ETF in January, also recorded a $4.64 million inflow on Thursday.

US Senate Rejects SEC Crypto Accounting Rule

The US Senate has voted 60-38 to overturn an SEC accounting rule that could impact cryptocurrency custody services offered by financial institutions. The resolution, which gained bipartisan support, seeks to repeal the SEC’s Staff Accounting Bulletin No. 121.

However, the White House has indicated that President Joe Biden may veto the resolution. The House cited concerns over financial instability and market uncertainty if the SEC’s ability to regulate crypto assets is limited.

A two-thirds majority vote in both chambers of Congress would be required for the resolution to pass without a presidential veto.

Binance Aids Taiwan in Resolving $6.2M Crypto Fraud Case  

Another crypto news is Binance’s cooperation with Taiwan, wherein the exchange’s Financial Crimes Compliance department has signed up with the Taiwanese authorities to resolve a money laundering case involving $6.2 million worth of cryptocurrencies.

The operation involved criminals using fake documents, counterfeit identification, and manipulated communication records to launder illegal proceeds through cryptocurrency transactions.

Through joint efforts with Binance, Taiwanese prosecutors were able to piece together evidence against nine individuals. They all are charged with offenses such as money laundering, fraud, and organized crime.

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