Futu

Sun Yuchen: First Digital Trust has had negative net assets for three consecutive years and is suspected of violating the Hong Kong Securities and Futures Ordinance

ChainCatcher news, Sun Yuchen once again accused FDT of fraud. He stated: First Digital Trust (FDT) openly disregards all fiduciary duties and regulatory norms, claiming to represent Techteryx in managing a securities portfolio of up to $501.8 million for the Aria Commodity Finance Fund in its own legal name. According to the Hong Kong Securities and Futures Ordinance (SFO), any individual or company providing securities portfolio management services must hold a Type 9 license from the Hong Kong Securities and Futures Commission, unless the service is limited to its wholly-owned subsidiaries or provided by its 100% owned parent company. Clearly, FDT is not only ignoring the fundamental principles of the trust industry but is also openly contemptuous of Hong Kong's banking and investment laws. In other words, its actions have completely disregarded Hong Kong's regulatory authorities and law enforcement agencies.Furthermore, Sun Yuchen believes that FDT has not only fallen into negative assets but has also had negative net assets for three consecutive years. By the end of 2024, its net assets are projected to be negative HKD 100 million. This does not include the massive losses caused by its large-scale misappropriation of user assets. Even so, it can still publicly manage billions of dollars in public assets in the market today.Previously, First Digital responded: it will take legal action against Sun Yuchen's "slanderous behavior."

JuCoin announces its entry into the Taiwan market: Leading the future of Web3 with compliance and ecological co-construction

ChainCatcher news, Taiwan is becoming a benchmark for cryptocurrency regulation in the Asia-Pacific region. The Financial Supervisory Commission (FSC) of Taiwan has released a draft of new regulations requiring all Virtual Asset Service Providers (VASP) to complete registration by the end of September. This policy marks Taiwan's transition from "self-regulatory supervision" to "rule-based supervision," aligning with frameworks in the EU, Japan, and other regions.In this context, JuCoin, as a service-oriented cryptocurrency exchange, is the first to initiate the compliance process in the Taiwanese market: officially applying for a regulatory license, building a KYC system, and committing to invest 200 million TWD to empower the Taiwanese community.JuCoin announced that if the number of Taiwanese users exceeds 100,000, it will invest 200 million TWD to launch the "Taiwan Web3 Accelerator" program, which includes four main components: developer support fund, inclusive education program, node co-construction incentives, and cultural IP incubation.Since its inception in 2013, JuCoin has always adhered to its original intention of "Driven. Focused. Successful." "The Taiwanese community is not only users but also ecosystem builders," emphasized JuCoin's global strategic partner. "The 200 million TWD is just the starting point; in the future, we will bring in group resources to create a Taiwanese version of 'Web3 Silicon Valley.'"
2025-03-27
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