Flash News

TREE NEWS update: The US Department of Homeland Security on October 28 US Eastern Time added three Chinese entities to the Uyghur Forced Labor Prevention Act entity list, prompting a response from China’s Ministry of Commerce spokesperson. The spokesperson took questions on the move, which Beijing is responding to publicly. No further details on the entities or the response were provided.

TREE NEWS update: BGI Group said on July 29 that it “firmly rejects all allegations” after the US government added three BGI entities to its Xinjiang-related import restriction list. The company denied any involvement in forced labor and said the listing will not have a material impact on its business, with R&D, production and commercial cooperation continuing as normal in China and other countries and regions.

TREE NEWS update: CFTC Chair Mike Selig said autonomous AI agents could challenge financial regulations designed around human traders, and regulators need to adapt. He made the remarks in comments that also raised the prospect of everyday devices like refrigerators staking Ether or launching memecoins. Selig did not announce any specific rulemaking or policy action.

TREE NEWS update: China’s Ministry of Commerce, National Development and Reform Commission, Ministry of Ecology and Environment and General Administration of Customs issued a notice to further raise trade liberalization and facilitation levels in the Hainan Free Trade Port. The notice supports deeper economic and trade exchanges and industrial cooperation between Hainan and Hong Kong, with steps to explore rule alignment and mechanism connectivity and to improve the cooperation mechanism focused on trade and investment.

TREE NEWS reports: Singapore police have recorded at least $2.7 million in losses tied to tampered Ledger hardware wallets, with at least two cases in a reporting window beginning Sept. 10. Ledger issued a public alert about the issue on Oct. 9. The figure covers reported losses from wallets that had been compromised through tampering.

TREE NEWS update: China’s Ministry of Commerce and three other departments issued a notice to further liberalize and facilitate trade at the Hainan Free Trade Port. The measures include a pilot for importing critical fault-related auto parts for R&D testing, support for LNG futures delivery warehouses once LNG futures launch, allowing bonded delivery in energy units, and permitting overseas firms to use the port’s bonded LNG receiving facilities. The notice also encourages barter trade priced in yuan.

TREE NEWS update: The Federal Reserve will reduce the number of rate-setting meetings starting in 2027, Chair Kevin Warsh said on Oct. 28 after the FOMC held its target range at 3.75%-4%. One meeting in 2027 will focus on monetary policy strategy with no rate vote or policy statement, rising to two such sessions in 2028 with six policy meetings. Warsh declined to pre-judge December and said interest rates also affect AI investment.

TREE NEWS update: The Shanghai Municipal People’s Government General Office issued an action plan to drive digital and intelligent upgrading of small and medium-sized enterprises, including expanded access to computing-power, model (Token) and data vouchers. The plan also directs the integrated-circuit first-run tape-out policy toward qualifying SME projects. It calls for a digital public service system offering free trials or discounts on data, computing, software and model services.

TREE NEWS update: Shanghai’s municipal government published an action plan to promote high-quality development of small and medium-sized enterprises, widening financing channels and implementing tax and fee reductions. The plan directs local banks to increase credit to tech and traditional SMEs, expand first-time and credit-based lending, and support banks in issuing special financial bonds for small-business loans. It also calls for industrial funds to channel long-term capital into early-stage and hard-tech ventures and for regular publication of intellectual property finance product lists.

TREE NEWS update: Singapore police say tampered Ledger wallets have cost users in the country $2.7 million, with at least two cases reported as early as Sept. 10 — nearly a month before the wider incident became public. The figure covers losses tied to compromised hardware wallets.

TREE NEWS update: The Hong Kong Monetary Authority said a pronounced interest rate differential between the Hong Kong dollar and the US dollar remains in place. The authority advised the public to fully consider and manage interest rate risk. No further details were provided in the statement.

TREE NEWS update: Some of Canada’s largest banks are moving to restrict third-party AI agents, including Meta Platforms’ Muse, from accessing their banking systems, citing security and liability risks. Royal Bank of Canada, the country’s largest lender, sent a notice to all employees on Tuesday announcing the policy change, saying the decision followed a “comprehensive security review” of the technology and its capabilities and aligns with its guidelines on responsible AI use.

TREE NEWS update: Alipay said it does not support cryptocurrency trading after Peer’s beta launch listed Alipay as a payment method. Peer’s website still displays Alipay as a payment option, while its buyer guide states the two companies have no official partnership. The denial follows the beta debut of Peer, which the payment giant says is not affiliated with it.

TREE NEWS update: South Korea’s finance minister said the government will take immediate response measures if market volatility intensifies. The statement, reported on Thursday, signals readiness to act against turbulence in financial markets but gave no specific steps or triggers. No further details were provided.

TREE NEWS update: U.S. Treasury Secretary Scott Bessent said a future Federal Reserve rate hike would not necessarily be a policy error, citing strong economic growth, after the Fed held rates steady on Wednesday following a September increase. Bessent reiterated confidence in Fed Chair Kevin Warsh and called on policymakers to keep an “open mind” on energy-shock inflation possibly being “transitory,” adding that the bond market has already done much of the tightening.

TREE NEWS update: Utah has brought criminal charges against Kalshi and its co-founders, listing 13 felony counts and one misdemeanor, as the CFTC seeks to block the state’s enforcement of gambling laws against federally regulated markets. The charging information marks an escalation in the conflict between state gambling regulators and the CFTC-regulated prediction market.

TREE NEWS update: Australia’s securities regulator is seeking information from investment banks about the failed initial public offering of Firmus Grid Ltd., which collapsed earlier in October. ASIC Chair Sarah Court responded in an Oct. 28 letter to questions raised earlier in the month by Senator Dave Sharma about the Firmus IPO. The regulator has not opened a formal investigation into the matter.

TREE NEWS update: The Hong Kong Monetary Authority kept its base rate unchanged at 4.25% after the U.S. Federal Reserve held rates steady overnight. The city’s de facto central bank moves in lockstep with the Fed under its linked exchange rate system, so the decision tracks the overnight U.S. pause.

TREE NEWS update: MEXC is phasing out services for French users, imposing phased trading restrictions ahead of a March withdrawal cutoff, the exchange said. The move comes as Brazil’s licensing deadline approaches, with rules giving existing providers that miss the filing deadline 30 days to stop services. The exit schedule affects French customers in stages before the March cutoff.

TREE NEWS update: Aiden Pleterski, the Canadian ‘crypto king’ facing fraud charges over his alleged role in a digital asset Ponzi scheme, told the court at closing that he was innocent as his criminal trial wound down and the case was set to go to the jury. The jury is now due to weigh the fraud charges against him.