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<p><em>Everything that happened in crypto news in Asia over the past seven days: Asia Express.</em></p>
<p><strong>In this edition:</strong></p>
<ol>
 <li><a rel="noopener noreferrer nofollow">Ripple joins Singapores BLOOM sandbox</a></li>
 <li><a rel="noopener noreferrer nofollow">Bhutan trims Bitcoin holdings even further</a></li>
 <li><a rel="noopener noreferrer nofollow">Japan jumps on the KuCoin dogpile</a></li>
 <li><a rel="noopener noreferrer nofollow">Startale completes $63 million Series A with SBI backing</a></li>
 <li><a rel="noopener noreferrer nofollow">ONUS fraud probe in Vietnam</a></li>
 <li><a rel="noopener noreferrer nofollow">Fenbushis Bo Shen launches recovery bounty after 2022 hack</a></li>
 <li><a rel="noopener noreferrer nofollow">CoinDCX founders cleared of fraud allegations</a></li>
 <li><a rel="noopener noreferrer nofollow">South Korea gives Upbit a wrist slap over misleading discount ads</a></li>
 <li><a rel="noopener noreferrer nofollow">UK sanctions Xinbi marketplace</a></li>
</ol>
<h2 class="wp-block-heading" id="Ripple-joins-Singapores-BLOOM-sandbox">Ripple joins Singapores BLOOM sandbox</h2>
<p>Ripple has <a href="https://cointelegraph.com/news/ripple-singapore-sandbox-rlusd-trade-finance" rel="noopener noreferrer nofollow">joined Singapores BLOOM sandbox</a> with Unloq to trial cross-border trade finance using XRP Ledger and its RLUSD stablecoin.</p>
<p>The setup ties contracts, settlement conditions and financing into one system, with payments executed automatically once agreed terms are met.</p>
<p>The pilot will rely on RLUSD and tokenized bank liabilities to handle transactions while aiming to improve transparency around settlement risk.</p>
<p>BLOOM (borderless, liquid, open, online and multi-currency) is a Singapore initiative to <a href="https://www.mas.gov.sg/news/media-releases/2025/mas-launches-bloom-initiative-to-extend-settlement-capabilities" rel="noopener noreferrer nofollow">expand</a> how financial institutions settle transactions using tokenized bank liabilities and regulated stablecoins.</p>
<h2 class="wp-block-heading" id="Bhutan-trims-Bitcoin-holdings-even-further">Bhutan trims Bitcoin holdings even further</h2>
<p>Bhutan has moved another 519 Bitcoin worth about $37 million from a state-linked wallet, <a href="https://cointelegraph.com/news/bhutan-moves-519-bitcoin-sovereign-wallet-drawdown-march" rel="noopener noreferrer nofollow">continuing a series of March transfers</a>.</p>
<p>Blockchain data shows the funds were sent to two wallets, with one <a href="https://x.com/OnchainLens/status/2036652582631039408" rel="noopener noreferrer nofollow">tied</a> to trading firm QCP Capital, according to Onchain Lens.</p>
<figure class="wp-block-image aligncenter size-full is-resized"><img width="907" height="506" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/03/Bhutan-Bitcoin-holdings.jpg" alt="Royal Government of Bhutan Bitcoin holdings over time.">
 <figcaption><em>Bhutans Bitcoin fell from over 10,000 BTC to around 6,400 BTC in early October. (</em><a href="https://intel.arkm.com/explorer/entity/druk-holding-investments" rel="noopener noreferrer nofollow"><em>Arkham</em></a><em>)</em>
 </figcaption>
</figure>
<p>The latest transaction follows earlier outflows this month, adding to a steady drawdown in the countrys holdings since late 2024.</p>
<p>Bhutans wallet now holds around 4,453 BTC, down sharply from more than 13,000 BTC at its peak.</p>
<h2 class="wp-block-heading" id="Japan-jumps-on-the-KuCoin-dogpile">Japan jumps on the KuCoin dogpile</h2>
<p>Japans Financial Services Agency on Thursday <a href="https://www.fsa.go.jp/ordinary/chuui/mutouroku/04.html" rel="noopener noreferrer nofollow">issued</a> warning notices to KuCoin and three other platforms for soliciting OTC derivatives trades online without proper registration.</p>
<p>KuCoin is not currently registered with the Financial Services Agency of Japan and does not operate a licensed entity in Japan, a <a href="https://cointelegraph.com/news/japan-fsa-kucoin-otc-derivatives-transactions" rel="noopener noreferrer nofollow">spokesperson for the exchange told Cointelegraph</a>. We respect Japans 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.</p>
<p>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.</p>
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<p>Earlier in March, Dubai regulators said KuCoin is <a href="https://cointelegraph.com/news/dubai-vara-kucoin-unlicensed-crypto-activity-warning" rel="noopener noreferrer nofollow">not authorized to serve local residents</a>. The exchange holds an EU license through Austria, but regulators there <a href="https://www.fma.gv.at/en/fma-prohibits-kucoin-eu-exchange-gmbh-from-conducting-new-business/" rel="noopener noreferrer nofollow">barred</a> it from onboarding new customers over breaches related to money laundering prevention, while Thailand temporarily suspended its operations after its <a href="https://cointelegraph-magazine.com/bitdeer-sells-all-bitcoin-metaplanet-rejects-misconduct-claims-asia-express/" rel="noopener noreferrer nofollow">capital fell below required levels</a>.</p>
<h2 class="wp-block-heading" id="Startale-completes-$63-million-Series-A-with-SBI-backing">Startale completes $63 million Series A with SBI backing</h2>
<figure class="wp-block-image alignright size-full is-resized"><img width="797" height="390" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/03/Startale-to-hire.jpg" alt="Startale to hire engineers after closing Series A">
 <figcaption><em>Startale announced the start of its hiring campaign to put its fresh funds to use. (</em><a href="https://x.com/StartaleGroup/status/2037454720315670562" rel="noopener noreferrer nofollow"><em>Startale</em></a><em>)</em>
 </figcaption>
</figure>
<p>Startale Group has secured <a href="https://cointelegraph.com/news/startale-sbi-50m-series-a-close-japan-onchain-infrastructure" rel="noopener noreferrer nofollow">a $50 million investment from SBI</a> to complete its $63 million Series A, backing its push into tokenized securities and stablecoins in Japan.</p>
<p>The funding will be used to scale its Strium blockchain, expand its yen and dollar stablecoins and develop a consumer-facing onchain app.</p>
<p>The round follows a $13 million first close earlier this year and builds on ongoing collaborations between Startale and SBI.</p>
<p>The companies are working together on tokenized equities, settlement infrastructure and <a href="https://cointelegraph-magazine.com/hong-kong-tokenized-bond-platform-telegram-philippines-ban-asia-express/" rel="noopener noreferrer nofollow">regulated stablecoin projects</a> targeting Japans financial market.</p>
<h2 class="wp-block-heading" id="ONUS-fraud-probe-in-Vietnam">ONUS fraud probe in Vietnam</h2>
<p>Vietnamese police have detained several suspects tied to the ONUS crypto project <a href="https://cointelegraph.com/news/vietnam-arrests-onus-linked-suspects-crypto-fraud-probe" rel="noopener noreferrer nofollow">over fraud allegations</a>.</p>
<p>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, <a href="https://bocongan.gov.vn/bai-viet/triet-pha-duong-day-su-dung-mang-may-tinh-mang-vien-thong-phuong-tien-dien-tu-chiem-doat-tai-san-tren-linh-vuc-1774533373?utm_source=chatgpt.com" rel="noopener noreferrer nofollow">said</a> the Ministry of Public Security.</p>
<p>Authorities alleged that the group raised billions of dollars. CoinMarketCap puts ONUS tokens market capitalization at around $29 million, down from its peak of $260 million.</p>
<figure class="wp-block-image aligncenter size-full is-resized"><img width="1011" height="493" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/03/ONUS-CMC-market-cap.jpg" alt="ONUS self-reported market capitalization on CoinMarketCap">
 <figcaption><em>ONUS token data on CoinMarketCap is self-reported and not independently verified by the data aggregator. (</em><a href="https://coinmarketcap.com/currencies/onus/" rel="noopener noreferrer nofollow"><em>CoinMarketCap</em></a><em>)</em>
 </figcaption>
</figure>
<h2 class="wp-block-heading" id="Fenbushis-Bo-Shen-launches-recovery-bounty-after-2022-hack"><strong>Fenbushis</strong> Bo Shen launches recovery bounty after 2022 hack</h2>
<p>Fenbushi Capital co-founder Bo Shen has offered <a href="https://cointelegraph.com/news/fenbushi-co-founder-offers-bounty-to-recover-42m-lost-in-2022-hack" rel="noopener noreferrer nofollow">a bounty of up to 20%</a> to recover roughly $42 million stolen from his personal wallet in 2022.</p>
<p>Onchain investigators have already helped freeze about $1.2 million, as efforts continue to trace the funds across exchanges.</p>
<figure class="wp-block-image aligncenter size-full is-resized"><img width="802" height="725" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/03/Bo-Shen-Fenbushi-Capital.jpg" alt="Bo Shen Fenbushi Capital">
 <figcaption><em>Chances of recovering stolen cryptocurrencies remain low despite advances in security tools. (</em><a href="https://x.com/boshen1011/status/2036967296988831886" rel="noopener noreferrer nofollow"><em>Bo Shen</em></a><em>)</em><br>
 </figcaption>
</figure>
<p>The breach was linked to a compromised seed phrase, with assets including USDC, Ether, USDT and Bitcoin moved through services like ChangeNow and SideShift.</p>
<p>Shen first disclosed the loss in November 2022. He said the stolen funds did not affect Fenbushi and its related entities.</p>
<h2 class="wp-block-heading" id="CoinDCX-founders-cleared-of-fraud-allegations">CoinDCX founders cleared of fraud allegations</h2>
<figure class="wp-block-image alignright size-full is-resized"><img width="807" height="788" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/03/Sumit-Gupta-CoinDCX-March-21-arrest.jpg" alt="Sumit Gupta CoinDCX tweet following impersonation case">
 <figcaption><em>CoinDCX CEO claims victims were tricked by a fake website and impersonators. (</em><a href="https://x.com/smtgpt/status/2038545851518476695" rel="noopener noreferrer nofollow"><em>Sumit Gupta</em></a><em>)</em>
 </figcaption>
</figure>
<p>An Indian court <a href="https://cointelegraph.com/news/indian-court-says-no-case-against-coindcx-founders-in-impersonation-linked-fraud" rel="noopener noreferrer nofollow">granted bail to CoinDCX co-founders</a> Sumit Gupta and Niraj Khandelwal, finding no case against them based on the available evidence.</p>
<p>Gupta and Khandelwal were taken into police custody on March 21 <a href="https://cointelegraph-magazine.com/boyaa-bitcoin-expansion-south-korea-crypto-tax-doubt-asia-express/#CoinDCX-founders-questioned-in-fraud-case" rel="noopener noreferrer nofollow">over an alleged fraud case</a>. However, the judge said the scheme was carried out by another individual impersonating the exchange.</p>
<p>Investigators did not oppose their release and said the founders were not present at the location where the incident occurred.</p>
<h2 class="wp-block-heading" id="South-Korea-gives-Upbit-a-wrist-slap-over-misleading-discount-ads">South Korea gives Upbit a wrist slap over misleading discount ads</h2>
<p>South Koreas antitrust regulator has <a href="https://www.korea.kr/briefing/pressReleaseView.do?newsId=156750787&amp;pageIndex=1&amp;repCodeType=&amp;repCode=&amp;startDate=2025-03-25&amp;endDate=2026-03-25&amp;srchWord=&amp;period=" rel="noopener noreferrer nofollow">ordered</a> Upbit operator Dunamu to correct misleading advertising over trading fee discounts.</p>
<p>Authorities said the exchange promoted a reduced fee from 0.139% to 0.05%, even though the higher rate had never been applied.</p>
<p>The regulator found the claims could mislead users and distort competition by presenting inaccurate pricing information.</p>
<p>Dunamu was issued a corrective order without fines.</p>
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<h2 class="wp-block-heading" id="UK-sanctions-Xinbi-marketplace">UK sanctions Xinbi marketplace</h2>
<p>The UK on Thursday <a href="https://cointelegraph.com/news/uk-sanctions-xinbi-crypto-scam-crackdown" rel="noopener noreferrer nofollow">announced sanctions against Xinbi</a>, a Chinese-language crypto marketplace <a href="https://cointelegraph-magazine.com/china-us-crypto-policy-telegram-dark-markets-asia-express/" rel="noopener noreferrer nofollow">accused of enabling large-scale fraud</a>, aiming to cut it off from crypto access.</p>
<p>Officials said the platform provides tools and services used by scam networks across Southeast Asia and plays a central role in their operations.</p>
<p>Xinbi has handled tens of billions in crypto flows, including about $17.9 billion in onchain volume since 2025, <a href="https://cointelegraph.com/news/xinbi-processed-17-9b-crypto-despite-telegram-crackdown" rel="noopener noreferrer nofollow">according to TRM Labs</a>, though the figure includes internal transfers and not all funds are confirmed illicit.</p>
<figure class="wp-block-image aligncenter size-large is-resized"><img width="1024" height="536" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/03/Xinbi-Tudou-Huione-1024x536.jpeg" alt="Xinbi and Huione vendors onchain connection, according to TRM.">
 <figcaption><em>Vendors from illicit Telegram marketplace Huione Guarantee moved to Xinbi. (</em><a href="https://cointelegraph.com/news/xinbi-processed-17-9b-crypto-despite-telegram-crackdown" rel="noopener noreferrer nofollow"><em>TRM</em></a><em>)</em>
 </figcaption>
</figure>
<p>The measures freeze any UK-linked assets and ban businesses and individuals from engaging with the platform or supporting its activities.</p>
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Ripple joins Singapore sandbox, Bhutan’s big Bitcoin selloff: Asia Express

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