Ripple joins Singapore sandbox, Bhutan’s big Bitcoin selloff: Asia Express

Everything that happened in crypto news in Asia over the past seven days: Asia Express.

In this edition:

1. Ripple joins Singapore’s BLOOM sandbox
2. Bhutan trims Bitcoin holdings even further
3. Japan jumps on the KuCoin dogpile
4. Startale completes $63 million Series A with SBI backing
5. ONUS fraud probe in Vietnam
6. Fenbushi’s Bo Shen launches recovery bounty after 2022 hack
7. CoinDCX founders cleared of fraud allegations
8. South Korea gives Upbit a wrist slap over misleading discount ads
9. UK sanctions Xinbi marketplace

Ripple joins Singapore’s BLOOM sandbox

Ripple has joined Singapore’s BLOOM sandbox with Unloq to trial cross-border trade finance using XRP Ledger and its RLUSD stablecoin.

The setup ties contracts, settlement conditions and financing into one system, with payments executed automatically once agreed terms are met.

The pilot will rely on RLUSD and tokenized bank liabilities to handle transactions while aiming to improve transparency around settlement risk.

BLOOM (borderless, liquid, open, online and multi-currency) is a Singapore initiative to expand how financial institutions settle transactions using tokenized bank liabilities and regulated stablecoins.

Bhutan trims Bitcoin holdings even further

Bhutan has moved another 519 Bitcoin worth about $37 million from a state-linked wallet, continuing a series of March transfers.

Blockchain data shows the funds were sent to two wallets, with one tied to trading firm QCP Capital, according to Onchain Lens.

The latest transaction follows earlier outflows this month, adding to a steady drawdown in the country’s holdings since late 2024.

Bhutan’s wallet now holds around 4,453 BTC, down sharply from more than 13,000 BTC at its peak.

Japan jumps on the KuCoin dogpile

Japan’s Financial Services Agency on Thursday issued warning notices to KuCoin and three other platforms for soliciting OTC derivatives trades online without proper registration.

“KuCoin is not currently registered with the Financial Services Agency of Japan and does not operate a licensed entity in Japan,” a spokesperson for the exchange told Cointelegraph. “We respect Japan’s regulatory framework and will continue to assess and refine relevant arrangements in accordance with applicable laws and regulations, while maintaining constructive communication with relevant parties where appropriate.”

The spokesperson added that the notice does not affect its global operations and that it will continue engaging with regulators while reviewing its compliance setup.

Earlier in March, Dubai regulators said KuCoin is not authorized to serve local residents. The exchange holds an EU license through Austria, but regulators there barred it from onboarding new customers over breaches related to money laundering prevention, while Thailand temporarily suspended its operations after its capital fell below required levels.

Startale completes $63 million Series A with SBI backing

Startale Group has secured a $50 million investment from SBI to complete its $63 million Series A, backing its push into tokenized securities and stablecoins in Japan.

The funding will be used to scale its Strium blockchain, expand its yen and dollar stablecoins and develop a consumer-facing onchain app.

The round follows a $13 million first close earlier this year and builds on ongoing collaborations between Startale and SBI.

The companies are working together on tokenized equities, settlement infrastructure and regulated stablecoin projects targeting Japan’s financial market.

ONUS fraud probe in Vietnam

Vietnamese police have detained several suspects tied to the ONUS crypto project over fraud allegations.

The group allegedly created and controlled tokens like VNDC, ONUS and HNG, using coordinated price movements and misleading campaigns to attract investors and misappropriate funds, said the Ministry of Public Security.

Authorities alleged that the group raised billions of dollars. CoinMarketCap puts ONUS token’s market capitalization at around $29 million, down from its peak of $260 million.

Fenbushi’s Bo Shen launches recovery bounty after 2022 hack

Fenbushi Capital co-founder Bo Shen has offered a bounty of up to 20% to recover roughly $42 million stolen from his personal wallet in 2022.

Onchain investigators have already helped freeze about $1.2 million, as efforts continue to trace the funds across exchanges.

The breach was linked to a compromised seed phrase, with assets including USDC, Ether, USDT and Bitcoin moved through services like ChangeNow and SideShift.

Shen first disclosed the loss in November 2022. He said the stolen funds did not affect Fenbushi and its related entities.

CoinDCX founders cleared of fraud allegations

An Indian court granted bail to CoinDCX co-founders Sumit Gupta and Niraj Khandelwal, finding no case against them based on the available evidence.

Gupta and Khandelwal were taken into police custody on March 21 over an alleged fraud case. However, the judge said the scheme was carried out by another individual impersonating the exchange.

Investigators did not oppose their release and said the founders were not present at the location where the incident occurred.

South Korea gives Upbit a wrist slap over misleading discount ads

South Korea’s antitrust regulator has ordered Upbit operator Dunamu to correct misleading advertising over trading fee discounts.

Authorities said the exchange promoted a reduced fee from 0.139% to 0.05%, even though the higher rate had never been applied.

The regulator found the claims could mislead users and distort competition by presenting inaccurate pricing information.

Dunamu was issued a corrective order without fines.

UK sanctions Xinbi marketplace

The UK on Thursday announced sanctions against Xinbi, a Chinese-language crypto marketplace accused of enabling large-scale fraud, aiming to cut it off from crypto access.

Officials said the platform provides tools and services used by scam networks across Southeast Asia and plays a central role in their operations.

Xinbi has handled tens of billions in crypto flows, including about $17.9 billion in onchain volume since 2025, according to TRM Labs, though the figure includes internal transfers and not all funds are confirmed illicit.

The measures freeze any UK-linked assets and ban businesses and individuals from engaging with the platform or supporting its activities.