Major South Korean financial conglomerate Hana Financial is buying a stake in Dunamu, the operator of the crypto exchange Upbit, in its latest venture into the digital assets sector, amid a broader trend of traditional financial institutions wading into the digital assets market.

In a regulatory filing on Friday, Hana Financial announced it is buying more than 2.2 million shares in Dunamu, or roughly 6.55% of the company, from investment firm Kakao Investment, worth over 1.003 trillion Korean won ($668 million).

Hana Financial’s 6.55% stake from Kakao makes it the fourth-largest Dunamu shareholder. South Korean outlet The Chosun Daily reported last September that major shareholders of Dunamu include its chairman Song Chi-hyung with 25.5%; Vice Chairman Kim Hyoung-nyon with 13.1%; Kakao with 10.6% and Woori Technology Investment with 7.2%.

Hana Financial said in the filing that the acquisition is to secure “competitiveness in new finance through strategic equity investment.” At the same time, Kakao also filed regarding the sale and said it was keeping 1.4 million shares on its books while offloading the rest to secure “funds for future investments.”

Hana Financial is buying more than two million shares in Dunamu, or roughly 6.55% of the company. Source: DART

A growing number of banks and traditional financial institutions have started to dip their toes into crypto after years of skepticism. Mirae Asset Consulting, an affiliate of South Korean multinational financial services company Mirae Asset Group, acquired a controlling stake in crypto exchange Korbit in February.

Earlier in the year, fellow exchange Coinone announced it was exploring the sale of shares held by its chairman, with local financial institutions and foreign exchanges rumored to be circling. South Korean tech company Naver Financial also agreed last year to acquire Dunamu through a share swap, bringing the Upbit operator under its umbrella.

Hana Financial very active in crypto sector 

The financial conglomerate has been very active in the crypto sector. Hana Financial signed a trilateral memorandum of understanding in April to launch a blockchain-based remittance system with POSCO International and Dunamu. 

Related: South Korea crypto holdings halve in a year as investors turn to stock market

Meanwhile, in March, it struck a deal with the UK’s Standard Chartered Group to collaborate on global financial and digital asset markets, and also inked agreements with USDC issuer Circle and major US crypto exchange Crypto.com to promote stablecoin-based payments for foreign visitors in South Korea.

Magazine: eToro founder timed Bitcoin top perfectly due to belief in 4 year cycles 

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OKX has moved closer to securing a major foothold in South Korea after entering talks to acquire a substantial stake in local crypto exchange Coinone alongside Korea Investment & Securities.

According to Yonhap News Agency, OKX and Korea Investment & Securities are each seeking to purchase roughly 20% of Coinone. 

The report stated that the exchange is expected to issue new shares for the transaction rather than transfer existing holdings, a structure that would likely leave Coinone’s current management intact.

If regulators approve the deal, OKX would become the second overseas crypto exchange to take ownership in one of South Korea’s major trading platforms after Binance acquired a stake in Gopax.

Among South Korea’s licensed exchanges, Coinone remains part of the country’s small group of platforms permitted to offer fiat-to-crypto trading services. Trading activity in the domestic market, however, is still heavily concentrated around Upbit and Bithumb.

Arriving within hours of another major investment announcement, the reported OKX transaction follows confirmation from banking group Hana Financial Group that it plans to acquire a $670 million stake in Dunamu, the parent company behind Upbit.

Earlier this year, financial conglomerate Mirae Asset also announced plans to buy a 92% stake in Korbit, another exchange operating within the country’s top tier.

At the same time, South Korean lawmakers are discussing ownership restrictions for digital asset firms under the proposed Digital Asset Basic Act. Local media reports said authorities are considering limiting corporate ownership in crypto exchanges to 34%, while individual shareholders could face a 20% ceiling.

Yonhap reported that Coinone’s current ownership structure may already place attention on those proposed limits. The One Group holds 34.3% of the exchange, while founder Cha Myung-hoon owns 19.14%. Cha is also identified as the largest shareholder in The One Group.

Gaming company Com2uS Holdings controls another 21.95% stake in Coinone, according to Yonhap, while affiliated investment unit Com2uS Plus owns 16.47%.

OKX expands beyond trading infrastructure

The Coinone talks add to a period of aggressive expansion for OKX across payments, institutional services, and blockchain infrastructure.

As previously reported by crypto.news, in Europe, the exchange recently disclosed transaction data from its OKX Card, a stablecoin-linked payment product launched with Mastercard and Circle support. According to OKX, grocery purchases accounted for 26% of transactions made through the card during its first month across the European Economic Area, while restaurants and online marketplaces represented another large share of activity.

Separately, OKX unveiled its Agent Payments Protocol in April, an open framework designed to allow AI agents to complete commercial actions such as payments, escrow, settlement, and dispute handling across multiple blockchains. OKX said the protocol was developed with support from ecosystems including Ethereum, Base, Sui, Aptos, and Optimism.

Institutional services have also remained part of the exchange’s recent expansion plans. Through a partnership with BitGo, OKX integrated off-exchange settlement services in the U.S., allowing institutional clients to trade while assets remain under third-party custody.

Canada’s privacy-focused messaging app Signal has signaled it may exit the Canadian market if compelled to comply with Bill C-22, the government’s proposed lawful access legislation. The draft bill would require electronic service providers to build surveillance capabilities and retain certain user metadata for up to a year, underscoring a key policy tension between national security objectives and strong end-to-end encryption.

In an interview with The Globe and Mail, Signal’s vice president of strategy and global affairs, Udbhav Tiwari, warned that the bill could threaten encryption and leave private messaging services more vulnerable to cyberattacks. Bill C-22 was introduced in March as part of a broader regulatory package intended to aid law enforcement investigations into crimes such as terrorism and child exploitation.

The debate has drawn criticism from privacy advocates and mirrors wider concerns within the European Union around encryption and compelled access. Critics point to potential privacy trade-offs and the risk of creating exploitable weaknesses in communications platforms. On social media, Canadian Conservative Party MP Jacob Mantle argued that many MPs rely on Signal for safety and privacy, contending that the bill would allow the government to read messages and undermine trust in private communications.

Tiwari said Signal would “rather pull out of the country” than compromise on the privacy promises it has made to users. He warned that the proposal could enable hackers to exploit built-in vulnerabilities in electronic systems, turning private messaging services into possible targets for foreign adversaries.

The bill remains pending and is not law yet; committee hearings began on May 7 and are ongoing as part of the legislative process. Meanwhile, tech platforms have offered mixed reactions. Meta Platforms welcomed certain aspects of Bill C-22, noting that it would give law enforcement a framework to obtain critical evidence and protect public safety, while also raising concerns that some provisions could affect Canadians’ privacy and cybersecurity.

Windscribe, a privacy-focused VPN provider, joined Signal in signaling concern. In a post responding to The Globe and Mail, Windscribe said it would follow Signal’s potential move out of Canada, arguing that the law would require the logging of identifying user data and stifle privacy protections. The company criticized the current text as incompatible with its focus on user privacy and warned that headquarters in Canada could face direct regulatory pressures and higher operating costs if the bill passes.

Cointelegraph reached out to Signal for comment and will update the article if the company provides a response. The broader policy discussion surrounding Bill C-22 sits within a wider, global debate over how to balance law enforcement access with robust encryption and privacy protections. Observers note that the Canadian process could influence how privacy tech firms operate in Canada and how cross-border services approach compliance obligations in a jurisdiction that contemplates sweeping data-retention and access requirements.

Key takeaways

• Bill C-22 would compel electronic service providers to enable lawful-access capabilities and retain certain user metadata for up to one year, shaping how digital communications can be monitored by authorities.
• Signal has threatened to exit Canada rather than compromise on encryption and user privacy, highlighting potential operational and strategic shifts for privacy-centric services in regulated markets.
• Windscribe’s response indicates that a similar trajectory could affect VPN providers and other privacy tools, with possible implications for data logging and local data retention obligations.
• The bill is not law yet; parliamentary committee hearings began May 7 and are ongoing, leaving significant regulatory uncertainty for industry and users.
• Industry responses are divided: some tech platforms support enhanced law-enforcement access, while others warn of privacy and cybersecurity risks and potential compliance burdens for global services.

Bill C-22: Scope, process, and practical implications

Bill C-22 is positioned as part of Canada’s effort to equip law enforcement with timely and effective tools to investigate serious crimes. If enacted, electronic service providers would be required to design and deploy technical capabilities that enable lawful access to communications and to retain relevant user metadata for an extended period. The stated objective is to bolster investigations into terrorism and child exploitation, among other offenses. However, the proposal raises practical questions for platform operators, particularly around how to preserve security and privacy while meeting new obligations.

From a regulatory compliance perspective, the bill would introduce new obligations that could influence licensing, oversight, and ongoing conformity assessments for digital service providers operating in Canada. For financial institutions and crypto firms with Canadian operations, the framework could intersect with AML/KYC expectations and cross-border data handling requirements, prompting reassessment of data localization, incident response, and vendor management practices.

Encryption, privacy, and security tensions in a global context

The proposal sits at the center of a broader policy discourse about encryption integrity and lawful access. Signal’s public stance reflects a principled commitment to end-to-end encryption and privacy architecture, arguing that mandated backdoors or scan capabilities can introduce systemic risks and create vulnerability windows that adversaries might exploit. The debate resonates with discussions in the European Union around proposals that would enable scanning and data access at the client side, which have faced stiff opposition on privacy and security grounds. The Canadian consideration therefore contributes to a larger policy milieu in which encryption remains a pivotal issue for both private sector innovation and public safety.

For institutions and market participants, the evolving stance on lawful access raises questions about cross-border operations, data-residency requirements, and the extent to which regulatory divergence may affect the resilience of communications infrastructure. While some policymakers emphasize the public-safety rationale, industry observers highlight the risk that increased monitoring capabilities could undermine trust in digital services and complicate compliance for global platforms that rely on end-to-end encryption by default.

Industry responses, oversight, and the regulatory horizon

The bill’s reception among tech platforms reflects a split between public-safety objectives and privacy protections. Meta’s public position acknowledged the potential benefits of a robust evidentiary framework for enforcement while cautioning that certain provisions could impact Canadians’ privacy and cybersecurity. The company’s stance illustrates how large platform operators may seek to balance lawful-access objectives with user protections and risk management liabilities.

Signal’s leadership has framed the regulatory proposition as a fundamental privacy issue, suggesting that complying with C-22 could compromise user trust and the core privacy guarantees it offers. In this context, market participants that rely on private communications and privacy tools – including VPN providers like Windscribe – have sounded caution about operational viability and user data practices if such mandates become law.

From a compliance and risk-management standpoint, the unfolding legislative process requires careful monitoring by legal teams, regulators, and corporate governance functions across crypto firms and fintechs. Beyond the legal text, enforcement trajectories, rulemaking, and potential transitional provisions will determine how quickly and in what form any new requirements would apply to service providers and their affiliates. The current stage of hearings means significant policy refinement remains possible, with stakeholders attempting to influence the balance between investigative efficiency and privacy protections.

According to Cointelegraph’s coverage, the Canadian debate on lawful access is part of a broader global pattern in which regulators search for a workable equilibrium between security objectives and cryptographic integrity. For institutions, this signals a continuing need to assess regulatory exposure, update privacy-by-design practices, and adjust incident-response playbooks to reflect evolving requirements across jurisdictions.

As the legislative process advances, observers should watch for the clarifications that typically accompany committee stage, including definitions of service-provider scope, retention timelines, data-minimization principles, and the specific mechanisms by which access would be authorized and audited. The outcome will influence not only Canadian privacy and security norms but also the strategic choices of international platforms operating in Canada and other similarly situated markets.

Closing perspective: The Bill C-22 debate underscores the enduring tension between privacy preservation and public-safety imperatives in the digital era. For crypto firms, messaging platforms, and privacy services, the key questions revolve around enforceability, risk exposure, and the degree to which regulatory adaptations can be reconciled with robust cryptography and user trust. The path forward will depend on legislative negotiations, regulatory guidance, and how any final law addresses both the legitimate needs of law enforcement and the protections that underpin secure, private communications.

Fundamental Background

UK GDP grew by 0.6% in the first quarter of 2026, notably above the revised 0.2% reading recorded in the fourth quarter of 2025. The main contribution came from the services sector, which expanded by 0.8%. Nevertheless, strong macroeconomic data failed to support sterling: CPI inflation accelerated to 3.3% year-on-year in March, up from 3.0% in February, mainly due to higher motor fuel prices linked to the Middle East conflict.

At its meeting on 30 April, the Bank of England kept the base rate unchanged at 3.75% in an 8–1 vote, while several MPC members signalled the possibility of further tightening should inflationary pressure persist. According to the International Monetary Fund, UK GDP growth in 2026 is expected to reach only 0.8%, representing the largest downgrade among G7 economies.

Technical Picture

From 6 April to 1 May, GBP/USD developed an upward trend supported by a rising trendline. As the pair approached the peak, price action became increasingly compressed, forming a reversal structure with a dense profile concentration in the 1.3480–1.3580 range amid growing selling pressure. After breaking below the trendline and moving outside the profile range, the pair accelerated lower.

GBP/USD is now trading below the horizontal volume zone, signalling continued seller dominance. The lower boundary of the profile, followed by the POC area at 1.3515–1.3520, serves as the nearest reference zone for buyers. If the pair regains the upper boundary of the profile at 1.3580, the next resistance level stands at 1.3650 near the trend highs.

Support around 1.3380 corresponds to the price extremes that preceded the April rally and acts as an important structural support area, which the pair has nearly reached. This limits the room for further downside within the current move.

The RSI + MAs indicator shows readings of 26, 38 and 43. The moving averages remain pointed lower, reflecting ongoing pressure. However, the RSI has already entered oversold territory, which should be taken into account.

Key Takeaways

Strong first-quarter GDP data has not eased concerns over inflation and monetary policy uncertainty, and this fundamental conflict is likely to determine the pair’s future direction. From a technical perspective, the main RSI + MAs reading has entered oversold territory, although there are still no clear signs of a reversal.

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BitGo has partnered with Moon Inc. to support Bitcoin-powered card products across Asia. 

The deal uses BitGo Singapore, a Monetary Authority of Singapore-regulated entity, as the infrastructure layer for Moon’s bitcoin-linked consumer card products.

Moon will start with prepaid Bitcoin gift cards. The cards are set to reach Hong Kong retail stores and Moon’s online store this month. BusinessWire said the program has already processed multiple wholesale transactions since launch.

Moon targets Hong Kong and wider Asia

Moon Inc. is listed in Hong Kong and has nearly 30 years of experience in prepaid distribution. Its business has included SIM cards and stored-value payment cards across Asia.

The company has also built a Bitcoin reserve and now plans to expand its card distribution footprint. The stated target markets include Japan, Thailand, South Korea, Taiwan and other Asian regions.

Meanwhile, Moon said it reviewed custody providers based on security architecture, API depth and scale. Moon COO Russ Jacobsen said “BitGo’s biometric multi-signature infrastructure, batch transaction capabilities, and securing billions in digital assets made them the clear choice.”

BitGo APAC head Abel Seow said Moon is integrating digital assets into consumer finance in Asia. He added that BitGo’s infrastructure is designed to support institutions as they enter their next phase of growth.

BitGo expands after Q1 revenue growth

The Moon partnership comes after BitGo reported $3.77 billion in first-quarter revenue, up 112.6% from one year earlier. The company’s net loss widened to $60.7 million, with Bitcoin treasury marks and post-IPO compensation costs weighing on results.

Market updates also show BitGo building new revenue lines. Crypto.news reported that its Stablecoin-as-a-Service revenue rose 43.6% from the prior quarter to $38.2 million, while the company also launched derivatives services during Q1.

Hong Kong payment activity grows

The deal also fits a wider push into Asia-based crypto payment infrastructure. Separate coverage noted that Kraken parent Payward agreed to buy Hong Kong-based Reap Technologies for up to $600 million, adding card issuance and stablecoin payment tools to its business platform.

BitGo has also been active in institutional custody. Crypto.news reported in April that OKX added BitGo’s Off-Exchange Settlement platform for U.S. institutional clients, allowing firms to trade while keeping assets in BitGo cold custody.

Bitget said commitments for its OpenAI-linked preOPAI sale on IPO Prime passed $100 million before the subscription window closed on May 15 at 8:00 UTC. 

The product gives eligible users exposure tied to OpenAI’s possible future public listing.

The exchange listed preOPAI as the second project on IPO Prime. Earlier crypto.news coverage said the sale opened on May 12, with preOPAI priced at $725 per token. It also noted that the product gives OpenAI-linked exposure but does not represent direct company equity.

How the preOPAI sale works

Bitget’s support page says preOPAI was issued by Republic and designed to mirror OpenAI’s economic performance after a future public listing. The product used USDT or USDGO for commitments, with a $100 minimum and a $300 million total commit cap.

The IPO Prime timeline listed May 12 to May 15 as the commitment period. Distribution was scheduled for May 15 between 8:00 UTC and 12:00 UTC, with spot trading set to start at 14:00 UTC on the same day.

Moreover, Bitget’s own guide says preOPAI is not a direct investment in OpenAI. It also says there is no legal relationship between preOPAI and OpenAI, and that OpenAI has not endorsed, approved or authorized the product.

The same guide warns that IPO Prime products carry risks. These include changes in the underlying company’s valuation, the chance that a public listing or other event does not happen, and secondary market liquidity risk.

Tokenized pre-IPO access gains attention

The preOPAI launch follows Bitget’s earlier preSPAX product linked to SpaceX. Bitget said preSPAX drew more than 13,000 subscribed users and $171 million in commitment value at the time of publication.

Market updates have also shown wider interest in tokenized real-world assets. Crypto.news reported in 2025 that Bitget and Bitget Wallet launched trading for more than 100 tokenized U.S. stocks and ETFs through Ondo, including names such as Apple, Tesla and Nvidia.

AI exposure remains the main draw

OpenAI remains one of the most watched private AI companies. Crypto.news recently reported that more than 600 OpenAI employees sold shares in a $6.6 billion secondary sale, showing strong private-market demand for AI-linked equity exposure.

The preOPAI sale now brings that demand into a crypto exchange format. The product may appeal to users seeking exposure to future AI listings, but its structure differs from owning OpenAI shares directly. That distinction remains central for investors watching the sale.

Ripple CTO Emeritus David Schwartz has explained how XRP Ledger uses the Negative Unique Node List to handle validator failures. 

The discussion followed fresh debate over XRPL’s architecture after Charles Hoskinson called the design “very elegant.”

Schwartz said XRPL needs a validator set that includes reliable operators and smaller independent participants. The issue is that large firms often have stronger uptime because they can pay for better servers and support teams.

Meanwhile, the Negative UNL is a list of trusted validators believed to be offline or not working properly. XRPL.org says the remaining validators can agree to ignore those validators when deciding whether a new ledger has enough support.

The system does not remove the validator forever. If the validator comes back online and sends matching validation votes, it can be removed from the Negative UNL after a short period.

Smaller validators keep their voice

Schwartz said the key point is that the Negative UNL does not silence a validator’s wider role. A validator placed on the list may lose its active confirmation role during an outage, but it does not lose its voice in transaction ordering, fee voting or amendment voting.

XRPL’s own documentation says a UNL is the group of validators a server trusts not to collude. It also says each UNL entry should be an independent entity, including businesses, universities, organizations or individuals.

XRPL security remains part of wider updates

The debate comes as XRPL prepares more technical upgrades. Crypto.news reported that the ecosystem is working on native lending and programmable escrow tools aimed at expanding XRPL beyond payments and settlement.

Ripple is also planning a four-phase roadmap to make XRPL more resistant to future quantum risks by 2028. The plan includes 2026 testing, validator checks, custody prototypes and a final native amendment.

XRP market activity adds attention

The validator discussion also comes during a busy period for XRP. Crypto.news reported that XRP wallets holding at least 10,000 tokens reached a record 332,230, based on Santiment data shared on X.

Separate crypto.news coverage said XRP open interest on Binance rose to about $475.4 million, above its 30-day average. The same report placed XRP near the $1.45 to $1.50 resistance area watched by traders.