💣 HK market boom - a new hype is emerging

💣 HK market boom - a new hype is emerging 🤫 Arbitrum warns community about airdrop related scams 💀 OKx will no longer serve Canadian customers

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💣 HK market boom - a new hype is emerging 

🤫 Arbitrum warns community about airdrop related scams

💀 OKx will no longer serve Canadian customers

HK market boom - a new hype is emerging

Honk Kong is expecting a new wave of hype as the market for virtual asset service providers is about to open up with its new regulations from June 2023. According to Hong Kong’s Secretary for Financial Services and the Treasury, Christian Hui, over 80 foreign and Mainland China companies have already expressed their interest in establishing a Web3 company in Hong Kong - making it clear that many business owners are eager to jump on board the crypto train.

Honk Kong is also stashing away an impressive HK$50 million (US$6.4 million) in its annual budget to ensure the growth of this new and exciting Web3 industry. A new hype is on the horizon, and with its ideal environment of high-level security and a favorable tax structure - it’s no wonder why business owners are so eager to get in on the action.

Arbitrum warns community about airdrop related scams

Arb protocol is turning into a DAO, and the community is excited by the prospect of receiving some airdrops as part of this launch. However, there's a catch: scammers. The news of an ongoing airdrop reinvigorated the interest of scum of all kinds, and to such an extent that Arbitrum had to make a statment warning the community of fake airdrops and phishing websites.

With these kind of events, it's always a good idea to double check everything and to never give away any personal information to strangers. Even if it's not a scam, the system for determining who gets what airdrop is quite complicated. Stay safe and don't fall for any tricks.

OKx will no longer serve Canadian customers

OKx warned it's users yesterday that the company will no longer be providing services to Canadians. It's a bit of a shame, given that Canada has been one of the early adopters of the tech. The users from Canada have until June 22, 2023 to close any open positions, withdraw their fiat or tokens and say goodbye to OKx.

Okx is calling this a temporary move and is claiming it's working on ways to solve the regulatory issues. “We hope to see you again in the future”, they said with a wink and a smile - but Canadians can only guess how long that might be until they get to trade again.

This happened because in February, the Canadian Securities Administrators (CSA) imposed a new undertaking requiring crypto exchanges to register with the regulators before being allowed to buy or deposit Value Referenced Crypto Assets (stablecoins) - leaving the exchange with no choice but to suspend operations and try to solve this issue.