Justin Sun Introduces Sunperp on HTX to Rival Binance’s Aster and Hyperliquid. (Photo by Jiang Xin/Visual China Group via Getty Images) Key Takeaways Justin Sun’s HTX launched Sunperp, a DEX Perp, competing against Hyperliquid and Aster. After weeks of public beta testing, the product was released with nearly 3000 users. DEX perpetual exchanges are expected to grow in popularity in 2025, accounting for 25% of the market share. Amid the growing popularity of decentralized perpetual exchanges, Justin S ...

Core Insights - Crypto.com has become the first American crypto exchange to secure a complete set of licenses from the U.S. Commodity Futures Trading Commission (CFTC), enabling it to offer a full range of derivatives services to users [1][8]. CFTC Licensing Framework - The CFTC regulates derivatives markets through three core categories of licenses: Futures Commission Merchants (FCMs), Designated Contract Markets (DCMs), and Derivatives Clearing Organizations (DCOs) [2]. - FCMs act as brokers between customers and futures markets, while DCMs are licensed exchanges where futures and options are traded, requiring a clearinghouse for operations [3][4]. Crypto.com's Regulatory Journey - Crypto.com obtained initial DCM/DCO registrations in March 2022 through the acquisition of Nadex, which allowed only 100% collateralized positions without leverage [5]. - The recent amendment permits Crypto.com to offer margined futures to American users, marking it as the first retail-focused exchange to do so [6][8]. Market Context - The CFTC's crackdown on unregistered exchanges in the mid-2010s led to a significant reduction in available derivative products in the U.S. market, with the CME Group initially holding a monopoly on regulated margin contracts for Bitcoin and Ether [9].

South Koreans are increasingly turning to overseas crypto exchanges, with trading volumes on domestic platforms dropping, a new report has found. The South Korean media outlets FN News and News1 reported that the report was compiled by the country’s two top financial regulators, the Financial Services Commission and the Financial Supervisory Service. The regulators examined data from a total of 17 crypto exchanges in the first six months of 2025, as well as eight crypto custody platforms and crypto walle ...

维多利亚，塞舌尔, Oct. 01, 2025 (GLOBE NEWSWIRE) -- 全球最大全景交易所 (UEX) Bitget 在 Animoca Brands 的新报告《交易所演进的新阶段：走向主流》(Exchanges' Next Phase: Reaching the Mainstream) 中受到了重点关注。该报告探讨了交易所如何演变为链上经济的主要门户。 该报告强调称，Bitget 的 UEX 概念是中心化平台从加密货币交易扩展到代币化资产和现实世界金融整合的领先范例。 中心化交易所已经在推动加密货币普及方面发挥了关键作用，从场外交易 (OTC) 的简单升级形态逐步演化为多层次的金融平台。 该联合报告指出，虽然中心化交易所在流动性方面依旧占据主导地位，但其下一阶段的普及将取决于此类交易所能否突破单纯的交易功能，成为涵盖支付、去中心化金融 (DeFi) 以及代币化资产的一站式门户。 报告特别指出了 Bitget 在这一转变趋势中的定位，并着重提到 UEX 有望重塑零售和机构市场的参与模式。 Bitget 的 UEX 战略已体现在其产品创新中，这与报告的结论一致，表明了市场对混合模式的需求正日益 ...

Photo by BeInCrypto Centralized exchanges are shifting from trading venues to regulated finance platforms. IPO fundraising, app innovation, and stricter oversight reveal a structural change in how institutions and consumers access markets. At the same time, perpetual DEXs surged past $2.6 trillion in trades in 2025, showing how decentralized rivals are gaining traction with custody-free leverage and speed. This transition matters because it determines whether CEXs become systemic finance hubs—subject to b ...

How DATCOs Are Reshaping Crypto Investing With $100B in Digital Asset Holdings. Photo by BeInCrypto A new report reveals that large-scale investors, classified as "whales," account for over 90% of trading on South Korea's centralized exchanges. While on-chain data has long suggested that crypto whales drive the DeFi market, analysts have now released the first objective statistics. These statistics shed light on the scale and patterns of whale investors on centralized exchanges. Whales Dominate the Mark ...

A $200M USDT whale transfer to Binance sparks speculation of bullish momentum, with Bitcoin trading at $113,705. | Credit: Pexels. Key Takeaways A massive 200 million USDT transfer was recorded from an unidentified wallet to Binance. Such large deposits are generally seen as bullish, providing fresh trading capital. With Bitcoin trading at $113,705, analysts note that maintaining support above $109,000 is key for sustaining bullish momentum heading into October. Market watchers today flagged that ...

Core Viewpoint - Coinbase, as the largest US-based cryptocurrency exchange, is perceived as a secure platform, but recent lawsuits regarding an insider data breach reveal a financial model that shifts significant risk to users while the institution retains minimal liability [1][4]. Financial Model Analysis - Traditional banks provide protections for deposits through regulations and insurance, ensuring that users are reimbursed in case of fraud or hacking incidents [2]. - In contrast, Coinbase operates with a model that resembles an inverted bank, where it is subject to regulatory obligations but does not bear the same responsibilities for user protection as traditional banks [3][4]. User Risk Exposure - Users face a dilemma as Coinbase benefits from regulatory oversight while simultaneously avoiding the protective duties expected of banks, leading to a systemic shift in financial risk distribution [4]. - A notable incident occurred in May 2025, when Coinbase disclosed that sensitive customer data of nearly 70,000 users was leaked, raising concerns about the permanence of identity exposure in the crypto space [5]. Data Breach Details - The data breach involved a conspiracy where employees of a third-party contractor were recruited to exfiltrate personally identifiable information (PII) of Coinbase users, which could facilitate the theft of their cryptocurrency assets [6]. - Class action lawsuits have emerged, alleging deeper structural negligence by Coinbase, particularly in outsourcing sensitive access while promoting itself as the "safest" option in the cryptocurrency market [7].

Core Insights - Aster is a decentralized exchange that has gained significant attention due to its high leverage options, support from Binance co-founder Changpeng "CZ" Zhao, and a rapidly increasing token value [1][2] - The Aster token reached a market capitalization of $3.2 billion, making it the 50th largest cryptocurrency within just a week of its launch [2][5] - Aster specializes in perpetual futures trading and competes with Hyperliquid, another decentralized exchange, having surpassed it in daily revenue but lagging in overall trading volume [1][6] Company Overview - Aster is a decentralized exchange that operates across multiple chains, including Solana, Ethereum, and Arbitrum, with a primary focus on the BNB Chain [3] - The exchange is backed by YZi Labs, the crypto investment firm of Changpeng "CZ" Zhao, co-founder of Binance [3] Trading Mechanism - Perpetual futures allow traders to speculate on cryptocurrency prices without owning the underlying assets, differing from traditional futures which have an expiration date [4] - Aster offers a maximum leverage of 1,001x, which is significantly higher than many competitors, making it attractive for traders seeking high-risk, high-reward opportunities [4] Market Performance - Aster's token experienced a remarkable 2,000% increase in its first week, reaching a market cap of $3.8 billion before stabilizing at over $3 billion [5] - As of late September 2025, Aster's weekly trading volume was reported at $3.32 billion, while Hyperliquid led with $5.39 billion in trading volume [6]

Core Insights - Hyperliquid has evolved from a market maker to one of the largest decentralized exchanges in the crypto space, processing trillions in volume and ranking as the third-largest decentralized exchange behind PancakeSwap and Uniswap [1][2] Company Overview - Hyperliquid is a decentralized exchange focused on perpetual futures trading, built on its own layer-1 network, with its native token HYPE achieving top 20 cryptocurrency status by market capitalization within a year of its launch [2] User Engagement - Hyperliquid simplifies cryptocurrency trading for users by offering low fees, a wide range of available assets, and high leverage options, attracting over 700,000 users since its launch in 2023 [3][7] - The platform allows leverage of up to 40x, significantly higher than Binance's maximum of 20x, making it a competitive environment for traders [5] Fee Structure - The fee structure on Hyperliquid ranges from 0.07% for low-volume taker spot trades to 0% for high-volume perp maker fees, which is notably lower than Uniswap's 0.3% fee [4] Market Dynamics - Hyperliquid has become a battleground for traders, exemplified by a notable incident in March 2025 where a whale executed a 40x leveraged short position worth $521 million against Bitcoin, showcasing the platform's transparency and competitive nature [6] Development and Funding - Hyperliquid was entirely self-funded and developed by a small team of 11, with a focus on providing real value to users rather than seeking venture capital funding [8]