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Shein Files Draft Prospectus for Hong Kong IPO, Disclosing Management and Ownership
88d ago · reuters
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Edition · 2026-07-27
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BitMart will cease trading on its platform on Aug. 26 and fully wind down operations on Jan. 31, 2027, after nine years of service, a move that sent its BMX token down about 58% in 24 hours.
The exchange, which reported roughly $1.6 billion in 24‑hour trading volume and a market share of about 55% of user funds, had seen its token decline roughly 70% over the past year, with the recent drop extending that trend.
BitMart halted new registrations, deposits and trading orders at 01:30 UTC on July 26, moved futures accounts to reduce‑only mode, and will end all spot and derivative trading on Aug. 26. Withdrawals will stay open, though users are urged to complete additional identity verification and submit withdrawal requests before the August deadline; processing times may increase if request volume spikes.
BitMart said the decision was based on operating conditions, market environment, and future strategic direction, offering no further detail. BMX fell to approximately $0.08, cutting its market value to about $27 million, after a 58% decline in one day and a cumulative decline of roughly 70% over the previous 12 months.
The closure follows a similar announcement by BitMEX, which plans to shut down after 11 years, marking the second exchange to announce an end to operations this week. BitMart previously suffered a $196 million hot‑wallet breach in December 2021, which it covered for affected customers.
The exchange reported a considerable trading volume and a large share of user funds, suggesting that the shutdown could affect market liquidity as participants may shift assets to other platforms; however, the rise in reported volume in the period preceding the announcement appears driven by users moving assets rather than new demand.
The wind‑down leaves a gap in the crypto trading landscape, and the speed at which users can withdraw assets before the August cutoff will determine the scale of the transition.
Senate drafts of the CLARITY Act include Section 20216, which states that a self‑custodied digital asset cannot be abandoned, unclaimed, or forfeited solely because its owner does not move it. The provision also bars claims based on adverse possession or finder’s title that rest on inactivity alone. It preempts state and local unclaimed‑property statutes that would treat years of wallet silence as grounds for transferring ownership.
The section defines a self‑custodied asset as one whose owner retains exclusive control of the private keys without using a custodian, exchange, or intermediary. That definition creates a line that the rest of the provision relies on.
A lawsuit filed by Noah Doe and two companies seeks title to 39,069 dormant Bitcoin addresses that collectively hold about 3.8 million BTC, roughly 18 percent of total supply. The plaintiffs argue that an OP_RETURN notice campaign, a press release and attempts to contact owners demonstrate that the coins qualify as lost property under New York’s personal property law. Their claim rests on the premise that years of inactivity, combined with public notice, constitute abandonment.
Section 20216 would remove the argument that silence alone creates a claim to the assets. However, the lawsuit remains pending, and courts must assess whether the additional evidence the plaintiffs present is sufficient to overcome the statutory presumption.
The fate of the provision will depend on Senate negotiations. A strong version preserving the preemption language would give self‑custody a clear legal shield, making dormancy‑only claims difficult to bring. A softened version that narrows the language or expands exceptions could leave the issue open for judicial resolution, allowing state‑law experiments to continue.
CFTC approved KalshiEX's Bitcoin perpetual futures contract on May 29, allowing U.S. platforms to offer perpetual-style derivatives and inviting other exchanges to follow. The approval permits continuous, 24/7 trading with funding payments and automatic liquidations, which previously existed only on offshore exchanges.
Coinbase began offering U.S. perpetual contracts on its CFTC‑regulated derivatives exchange, providing nano Bitcoin and Ethereum contracts that track spot prices and include embedded leverage. Derivatives represent roughly 80% of all crypto trading and more than 90% of derivatives volume, according to Coinbase.
Two contract structures now exist in the United States. Kalshi's BTCPERP is a genuine no‑expiry perpetual, while Coinbase's products are long‑dated futures with five‑year expirations that include hourly funding settled twice daily. The CFTC's conversion route allows these long‑dated contracts to become true perpetuals.
CME filed a lawsuit against the CFTC and Chairman Michael Selig on June 18, arguing that the agency overstepped its statutory authority by classifying perpetuals as swaps under the Commodity Exchange Act. The lawsuit seeks to vacate the Kalshi order and related policy statement. CME contends that bringing perpetuals into a heavier regulatory regime would favor incumbent firms such as itself.
The agency responds that the lawsuit is frivolous and accuses CME of attempting lawfare against a pro‑innovation agenda. A spokesperson said the suit challenges the CFTC's authority and its pro‑innovation agenda.
Trading volume in Kalshi's crypto perpetuals has surpassed $1 billion, and the legal battle could shape the future scope of perpetual futures in the United States. Other market participants are working to accept USDC as collateral for regulated futures, which could increase capital efficiency across spot, futures, options and perpetual products.
The court's ruling will determine whether the onshore perpetual futures market can expand under the current framework or be constrained by stricter regulations.
Shein reported a quarterly loss of $99 million, compared with a profit of $395 million a year earlier, after sales slowed following the United States' removal of the de minimis ...
By · 88d ago · Source: bbc
Shein reported a quarterly loss of $99 million, compared with a profit of $395 million a year earlier, after sales slowed following the United States' removal of the de minimis tariff exemption on small packages. The company, headquartered in Singapore and founded in China, said higher import duties, increased costs related to the Iran conflict, and delivery delays in some markets contributed to the decline.
The first‑quarter results also reflected a $328 million paper loss from an accounting change for special investor shares that can be converted to ordinary stock prior to its planned initial public offering in Hong Kong. Shein indicated it is exploring price increases in the United States to offset part of the added costs.
The White House said the former de minimis exemption had been used to evade tariffs and funnel synthetic opioids into the United States. Shein noted that the removal of the exemption negatively impacted U.S. sales and overall net revenue growth, a development the company attributes to the trading bloc's effort to curb what it describes as unfair competition from China.
Shein's active customer base rose to 281 million, a more than 16 percent increase year‑over‑year, with more than one billion orders placed. The firm received approval from the China Securities Regulatory Commission for a Hong Kong share sale on 10 July and expects the listing to occur later this year.
KB Kookmin Bank will launch a blockchain-based cross-border payment service for import and export companies in August 2026, initially supporting U.S. dollar transfers across ten countries. The service uses Kinexys, a blockchain platform originally developed by J.P. Morgan and previously known as Onyx, to link blockchain settlement with the SWIFT messaging network. Kinexys enables approved institutions to move funds without waiting for traditional banking cut‑off times, and it operates around the clock. KB Kookmin announced the service on July 26 after signing an agreement with J.P. Morgan for blockchain remittance services, and Yonhap News Agency reported that it will become the first South Korean financial institution to use Kinexys for payment services aimed at import and export companies. The initial phase will focus on U.S. dollar payments and will support ten markets: South Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain and South Africa. Customers will access the service through KB Kookmin branches in South Korea and its Singapore branch. The bank has not published details on fees, transaction limits or an exact launch date. The service will not replace SWIFT; instead it will connect Kinexys with existing correspondent banking channels, allowing banks to use blockchain for faster movement and settlement while retaining established compliance checks, account structures and foreign‑exchange processes. J.P. Morgan describes Kinexys as a bank‑led platform for payments, asset tokenisation and near‑real‑time settlement. Qatar National Bank adopted Kinexys for U.S. dollar payments in 2025, reporting that the system enabled corporate transfers outside normal banking hours and reduced settlement times to minutes. KB Financial Group, ranked as South Korea’s largest lender by assets in a 2026 S&P Global Market Intelligence Asia‑Pacific review, has approximately $552.76 billion in assets and participates in South Korea’s tokenised deposit project, which the Ministry of Economy and Finance selected for a test linking tokenised deposits with government spending systems. KB Kookmin Card is developing a payment system that links stablecoins with traditional credit cards, using Avalanche and OpenAsset infrastructure, allowing users to pay from stablecoin wallets while merchants settle with standard card transactions. In May, J.P. Morgan, Mastercard, Ripple and Ondo Finance tested a cross‑border Treasury redemption, with Kinexys handling payment instructions and U.S. dollar settlement while a tokenised asset moved on the XRP Ledger. In July, EBANX reported that the platform reduced some internal cross‑border transfers from more than 24 hours to minutes by removing local cut‑off restrictions. The August rollout will show how the service operates alongside existing SWIFT processes for commercial payments, and KB has not indicated whether it will add additional currencies or countries after the initial phase.
MiCA compliance costs could prompt consolidation among European crypto firms after the licensing regime took effect on July 1, 2026. The EU regulation requires all service providers serving EU clients to hold a licence, and firms without authorisation must cease operations, transfer assets to a licensed entity, or wind down. As of May, 194 of more than 3,000 firms previously registered under national schemes had obtained MiCA authorisation, with the ESMA register reaching about 300 licensed providers after the July deadline. The rules mandate governance, capital, market conduct, anti‑money‑laundering, cybersecurity and client‑asset safeguards, imposing fixed costs that weigh more heavily on smaller exchanges, brokers and custodians. The United Kingdom will open its authorisation gateway on September 30, 2026, with a regime starting October 25, 2027, requiring crypto firms to meet standards similar to traditional financial institutions. Banks, which already possess many of the required systems, can acquire technology, licences or talent through partnerships or acquisitions, potentially lowering the cost of compliance for crypto firms. A BCG and FT Partners report noted a rise in fintech M&A value from $105 billion in 2023 to $251 billion in 2025, suggesting that scaled firms may find it cheaper to consolidate compliance expenses across larger customer bases. The shift could reduce the number of standalone providers and increase the value of scale, though the final structure will depend on authorisation outcomes, operating costs and customer migration.
The Odyssey earned $215.3 million worldwide in its second weekend, a 19% decline from its opening weekend, bringing its global total to $639.6 million.
Directed by Christopher Nolan and starring Matt Damon, the film opened on July 17, 2026, with an opening weekend gross of $264.1 million, including $87 million in the United States and $128.3 million internationally.
Its total box office now stands at $639.6 million, with $353.26 million from overseas markets and $286.37 million from domestic receipts. The opening weekend outperformed early projections, and the film has continued to attract audiences in formats such as 70mm Imax. Toy Story 5, which placed third globally, reached the $1 billion mark after six weekends, while Stephen Chow’s Kung Fu Soccer earned $32.1 million and Minions & Monsters collected $28.2 million in its respective weekends. Disney’s live‑action Moana, now in its third weekend, has accumulated $228.16 million worldwide since its July 10 debut.
The Odyssey will face competition next weekend when Marvel releases Spider‑Man: Brand New Day, which is expected to draw large crowds. The production budget was reported at $250 million, with marketing costs estimated at $125 million, and the film has received an 8/10 rating from IGN.
The movie remains in theatrical release and could approach the $1 billion milestone, while the upcoming Marvel release will test its continued box office strength.
According to Deadline, The Odyssey earned $87 million during its second weekend in U.S. theaters, the highest second‑weekend total for a Christopher Nolan film and surpassing The Dark Knight’s $75.1 million second‑weekend gross from 2008.
The Dark Knight had held the previous record for the best second‑weekend performance among Nolan’s movies since its 2008 release.
Deadline’s weekend rankings placed The Odyssey at the top with $87 million, followed by Moana ($10.5 million), Toy Story 5 ($10 million), Minions & Monsters ($9.6 million), Hadestown ($9.6 million), Evil Dead Burn ($2.6 million), The Invite ($2.6 million), Young Washington ($1.99 million), Motor City ($1.625 million), and Obsession ($1.5 million). The film showed a strong week‑over‑week hold, indicating sustained audience interest.
Industry observers anticipate that the upcoming release of Spider‑Man: Brand New Day will affect box office results in the following weekend, and the film’s theatrical availability is expected to continue for several weeks.
Pentagon updated its casualty database over the weekend, adding more than 140 wounded service members. The Defense Casualty Analysis System also created a new “Overseas Operations” category for personnel killed and wounded beginning July 7.
According to the updated figures, the earlier phase of the U.S.–Iran conflict, designated Operation Epic Fury, now records 14 killed and more than 400 wounded. The previous count had listed 18 deaths and 482 wounded just days before, a reduction that followed a collapse of the ceasefire and the resumption of near‑daily airstrikes on July 6.
Analysts and officials have debated whether casualties from the renewed fighting should be counted separately from Operation Epic Fury, a classification that would be unprecedented. The Trump administration says the separate count complies with the War Powers Act of 1973, which requires ending military operations within 60 days unless Congress authorizes an extension, and argues that the April ceasefire paused the conflict’s timeline. The new casualty tally began on July 7.
The change became apparent when the Pentagon’s online list of killed service members omitted four soldiers killed during renewed fighting, though a press release on Wednesday listed their names as part of a transfer back to the United States.
Lawmakers from both parties have challenged the administration’s interpretation of the War Powers Act. Representative Thomas Massie, a Republican from Kentucky, posted on X that the Pentagon “pretends there have been two Iran wars separated by a brief cease‑fire.” Defense Secretary Pete Hegseth added that the absence of congressional authorization beyond 90 days “is breaking the law and must be held accountable.”
The Trump administration announced a pause in its 13‑night bombing campaign against Iran, according to administration officials. The pause follows the death of three U.S. soldiers in Jordan after a ballistic missile penetrated U.S. air defenses and after Iranian health officials reported that U.S. strikes killed 59 civilians in the previous month. Officials told the New York Times that reduced availability of air defense munitions and deteriorating relations with Gulf allies contributed to the decision. UN Ambassador Mike Waltz told NBC News that the pause creates some space for diplomatic engagement. The administration has previously paused operations to pursue negotiations, only to resume hostilities later. Michael Froman of the Council on Foreign Relations noted that the administration seeks a dual approach of military restraint and diplomatic outreach to avoid targeting critical Iranian infrastructure or escalating to a full invasion. In June, the United States and Iran reached an interim cease‑fire, but Iran subsequently closed the Strait of Hormuz, alleging that U.S. compliance with an agreement allowed Israel to continue bombing Lebanon, which led to further U.S. airstrikes at the end of the month. Nate Swanson, the former National Security Council Iran director under President Biden, said U.S. material and political support for Israel has damaged relationships with Gulf nations and hindered negotiations. Lawmakers have pressed the president to end the war, citing the deaths of American soldiers; Senator Chris Van Hollen said the conflict needs to end now. The administration has not indicated a specific end date for the campaign.
This edition was assembled from neutral, agent-rewritten summaries of the day's aggregated news.
Why it matters: Every article was reviewed for loaded language, partisan framing, and missing attribution before publication.
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