Core Viewpoint - The South Korean Fair Trade Commission has extended the review period for Naver's acquisition of Dunamu, the parent company of Upbit, until mid-November due to concerns over potential monopolistic practices in the cryptocurrency market, with the deal valued at over $50 billion [1][3]. Group 1: Market Dynamics - Naver holds 82% of the search traffic in South Korea and has 28 million active users on its payment platform, Naver Pay, while Upbit commands 47% of the local cryptocurrency trading volume, raising concerns about reduced competition for smaller exchanges post-merger [1][3]. - The partnership between Naver and Upbit has already led to the launch of a stablecoin pegged to the Korean won, which has a trading volume exceeding $5 billion, representing 63% of the Korean stablecoin market [3]. Group 2: Strategic Intentions - Naver aims to establish itself as a dominant player in the cryptocurrency ecosystem by integrating Upbit's 20 million users into its platform, creating a closed-loop system for searching market data and facilitating transactions [5]. - Upbit, despite its market leadership, faces compliance challenges and a significant user attrition rate of 18% in Q2 2023, indicating a need for Naver's brand credibility and compliance resources to regain user trust [7]. Group 3: Reactions and Adjustments - Supporters, including the Korea Blockchain Association, argue that the merger could enhance the international competitiveness of local crypto firms, drawing parallels to Naver's successful involvement in the LINE merger [9]. - Opponents, including smaller exchanges like Coinone and Korbit, have expressed concerns that the Naver-Upbit alliance could stifle competition and replicate past monopolistic behaviors seen with Google in South Korea [11]. - In response to the regulatory scrutiny, Naver has proposed to divest part of its stablecoin business to facilitate the approval process, although the Fair Trade Commission has not yet indicated any leniency [13].

Binance, the world’s largest cryptocurrency exchange by trading volume, has announced the launch of Crypto-as-a-Service (CaaS), a white-label infrastructure solution designed to help regulated financial institutions and brokerages integrate crypto trading for their clients. The pilot program will open on September 30, with early access offered to a select group of banks and financial firms. Broader availability is expected later in the year. The CaaS platform provides institutions with back-end trading, ...

South Korea’s largest crypto exchange Upbit will list SUPER with KRW, BTC, and USDT trading pairs, ORDER with BTC and USDT trading pairs, and FalconFinance (FF) with KRW, BTC, and USDT trading pairs. https://t.co/UMW91JyrIy ...

Core Insights - Bitget has released its September 2025 Proof of Reserves (PoR) report, demonstrating a commitment to monthly transparency and user protection, with an overall reserve ratio of 186% for major assets [2][4]. Summary by Category Reserve Levels - As of September 23, 2025, Bitget holds 30,753.11 BTC with a user asset scale of 9,395.3 BTC, resulting in a reserve ratio of 327% [2]. - The platform's USDT reserves amount to 1,945,761,538.54 tokens, with user assets at 1,933,854,152.4 tokens, leading to a reserve ratio of 101% [3]. - Bitget's ETH reserves stand at 308,082.22 tokens, with user holdings of 139,140.23 tokens, achieving a reserve ratio of 221% [3]. - USDC reserves are maintained at 143,625,499.13 tokens, with user assets at 114,492,072.13 tokens, resulting in a stable reserve ratio of 125% [3]. User Asset Growth - In September 2025, user assets saw significant growth, with BTC increasing by 22% (from 7,681 to 9,395 tokens) and USDC rising by 33% (market value increasing from $86 million to $114.5 million) [3]. Transparency and Security - Bitget is recognized as one of the most transparent and secure cryptocurrency exchanges, consistently maintaining over 100% reserves for all major assets, setting a benchmark for asset safety and risk management [4]. - The company utilizes the Merkle Tree method for PoR verification, allowing users to independently verify their account balances and ensure their funds are adequately protected [4]. Strategic Initiatives - Bitget continues to lead in publishing independent and surplus-backed PoR reports while accelerating the development of the UEX model, focusing on enhanced security measures and robust user protection mechanisms [5].

Core Insights - Bitget has announced its sponsorship of Token2049 Singapore, marking a significant step in its brand evolution and aiming to redefine the integration of digital and traditional markets on a single platform [2][5] - CEO Gracy Chen will deliver a keynote speech titled "The Future is Not Centralized - It's Universal," outlining the UEX framework's role in bridging centralized and decentralized trading [2][5] Event Highlights - The Token2049 event will take place from October 1 to 2, 2025, at the Marina Bay Sands Expo and Convention Centre in Singapore, where Bitget will showcase its vision [2] - Bitget's exhibition space is designed to be a highlight of the event, providing an immersive experience that reflects the company's pursuit of scale and efficiency [3] Additional Activities - Bitget will host an exclusive media networking event on September 30, focusing on discussions around UEX and Bitget Wallet, featuring industry leaders [4] - A celebratory event titled "TopGear Night: Bitget Turns 7" will be held on October 2 to commemorate the company's seven years of growth and innovation [4] Strategic Positioning - The Token2049 event coincides with a pivotal moment for Bitget, which recently launched its UEX framework, integrating various functionalities including cryptocurrency, stock tokens, and AI trading agents [5] - With over 120 million users globally, Bitget aims to position UEX as a future-oriented market that connects traditional finance with decentralized finance [5] Company Overview - Founded in 2018, Bitget is the largest UEX globally, serving over 120 million users across more than 150 countries [6] - Bitget Wallet supports over 130 blockchains and millions of tokens, facilitating multi-chain trading and direct connections to over 20,000 decentralized applications [6] - The company has established strategic partnerships to promote cryptocurrency, including collaborations with LaLiga and UNICEF for blockchain education initiatives [6]

Core Insights - September saw a significant increase in crypto listings across major exchanges, leading to strong accumulation signals for certain altcoins [1][2] Group 1: Avantis (AVNT) - Avantis (AVNT) was listed on Binance, Upbit, and Bithumb in September, resulting in high liquidity with daily trading volumes exceeding $1 billion [3] - AVNT's exchange reserves decreased by over 5.4% in the last week of September, falling from over 106 million to nearly 104 million, while reserves in the top 100 wallets increased by 2.87% [4] - The interest in perps DEX tokens has surged, with investors actively seeking newly launched tokens to maximize profits [5] Group 2: Popcat (POPCAT) - Popcat (POPCAT), a meme token on Solana, was listed on Binance Alpha in April and later on Bithumb in September, although it hit a new low of $0.21 after a decline of over 30% [7] - POPCAT's exchange reserves fell by 4.9% last week, from over 485 million to just above 456 million, while top whale wallets increased their holdings by 5.8%, indicating accumulation [8] - The community-driven nature of POPCAT has garnered attention, with investors viewing the recent listing as a positive sign for future performance [9]

Core Insights - A company preparing for an IPO has appointed one of its early venture capitalists, Arjun Sethi, as co-CEO to lead the process [2][3] Company Overview - Arjun Sethi, co-founder of Tribe Capital, has taken on the role of co-CEO at Kraken, a cryptocurrency exchange, as it plans to go public next year [2][3] - Sethi's leadership style is described as unconventional, focusing on data-driven decision-making rather than traditional team-building practices [3] Leadership and Management Style - Sethi is perceived to be the primary decision-maker at Kraken, despite holding a co-CEO title, and operates the company similarly to a venture capital firm [3] - Concerns have been raised regarding Sethi's dual role as Chairman of Tribe Capital, which may present a conflict of interest [4] Financial Developments - Kraken recently closed a $500 million funding round, achieving a valuation of $15 billion [4] - Under Sethi's leadership, Kraken has been actively launching new products, including xStocks tokenized equities, aligning with its vision of integrating cryptocurrency with traditional finance [5] Strategic Vision - Sethi aims to transform Kraken into a family of brands, each supported by a comprehensive suite of executive services, drawing parallels to Mark Zuckerberg's Meta approach [5]

South Korea’s top exchanges Upbit and Bithumb have announced the listing of Mira Network (MIRA) on September 26.https://t.co/pDFDf0qIh8https://t.co/dNfmvNuNtM ...

Crypto exchange KuCoin appeals $14 million penalty from Canadian regulator over AML violations https://t.co/QVS9wKVzYS ...

Core Insights - The article discusses Arjun Sethi's vision for using blockchain technology to address financial system obstacles, particularly for employees needing to exercise stock options [1] - Sethi's leadership at Kraken, a cryptocurrency exchange, is highlighted as the company prepares for an IPO, aiming for a $15 billion valuation [5][13] - Kraken's strategy includes expanding its offerings to retail customers through innovative products like xStocks, which allow trading of tokenized equities [9][10] Company Overview - Kraken was founded in 2011 and has maintained a strong reputation in the crypto industry, focusing on professional and institutional clients [5][12] - The company has recently made significant acquisitions, including NinjaTrader for $1.5 billion, which expanded its customer base by 2 million [9] - Kraken has raised $500 million in funding to prepare for its IPO, marking a shift from its previous reliance on minimal venture capital [13][14] Leadership and Management - Sethi, as co-CEO, is noted for his data-driven approach and unconventional leadership style, which has led to significant executive turnover at Kraken [4][21][23] - The co-CEO structure is described as somewhat of a fiction, with Sethi taking the lead on decision-making despite sharing the title with Dave Ripley [20] - Sethi's management style has been characterized as disruptive but necessary for preparing the company for its IPO [25] Market Position and Future Outlook - The article indicates that Kraken is well-positioned in the crypto market, with nearly $80 million in post-Ebitda earnings and over $411 million in revenue in Q2 [14] - The company is facing pressure to expedite its IPO plans amid a changing market landscape, with concerns about overvaluation and potential market downturns [27][28][29] - Sethi's vision for the convergence of traditional finance and crypto could enhance Kraken's market position and profitability in the long term [30][31]