offshore

Galaxy Research Research Director Alex Thorn tweeted that among a Coldcard attack victim holding nearly 30 BTC, 17 BTC were split and converted to ETH via THORChain, and then deposited into the offshore betting platform Duel.com.Upon tracking, this portion of funds corresponds to approximately 229.72 ETH (worth about $445,000). The victim and the research team have emailed all known addresses of Duel.com, providing all transaction and deposit information and requesting to freeze the funds, but the response stated that the victim should have the police contact them, even though the platform's anti-money laundering policy claims it implements KYC and complies with relevant laws.Thorn stated that this response is unacceptable, and most of the Western regions have passed midnight, meaning the police report cannot be advanced until at least Monday; he believes that if the platform refuses to freeze the funds after receiving notification that they originated from an ongoing cyber attack, it constitutes complicity in theft.Since Duel.com's X account has been banned, Thorn turned to @ several individuals associated with the platform, urging them to push the platform to take the correct actions, and stated that if the funds are not frozen, the platform will face significant legal action.

The People's Bank of China, the National Development and Reform Commission, the Financial Regulatory Administration, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and the Shanghai Municipal People's Government issued the "Offshore Financial Action Plan for the Development of Shanghai International Financial Center," which points out that relying on the international operation center of the digital renminbi, it is necessary to build and operate the cross-border, offshore, and blockchain infrastructure of the digital renminbi under the premise of safety and controllability, steadily promote the interconnection with overseas financial infrastructure, and steadily advance the application and scenario expansion of the digital renminbi in offshore business.

Coinbase CEO Brian Armstrong tweeted, "For years, cryptocurrency trading has been shifting overseas due to the lack of clear regulatory rules in the U.S., and while perpetual contracts are favored by traders, they are banned in the U.S. Frankly, about half of the perpetual contract trading volume comes from U.S. users who use offshore products via VPNs, and KYC checks are lax. Other companies have set up offshore entities to find ways to evade regulation. After dozens of trips to Washington, D.C., and numerous communications from our policy team, we finally received approval to allow U.S. users to access true global perpetual contracts."Previously, the CFTC's Market Participants Division issued a clarification letter and a no-action letter to registered futures commission merchant Coinbase Financial Markets (CFM), allowing it to offer cryptocurrency options and perpetual contracts listed on the affiliated offshore exchange Deribit FZE to U.S. users. The letter confirmed that the aforementioned perpetual contracts can be classified as foreign futures under CFTC Regulation 30.1.Additionally, under specific conditions, the CFTC will not recommend enforcement action regarding CFM transferring digital commodities held by customers and paying stablecoins to its offshore brokerage affiliates for margin purposes, and that affiliate may exercise reuse rights over the aforementioned customer assets.

According to Gate market data, the offshore RMB against the US dollar has broken through the 6.8 mark, marking the first breakthrough since February 2023.

EDXM International, a cryptocurrency exchange supported by Citadel Securities, announced plans to launch a perpetual contract product linked to the Korean won in April, directly entering the world's largest offshore Korean won derivatives market: the non-deliverable forward (NDF) market, which has an average daily trading volume of approximately $27 billion.The product is based on the offshore Korean won stablecoin KRWQ, issued by Brainpower Labs, registered in the Cayman Islands, in October 2025. Traders can bet on the KRWQ/USDC exchange rate by going long or short, with all transactions settled in USDC, avoiding the actual delivery of Korean won and circumventing South Korea's capital control restrictions. EDXM CEO Kai Kono stated that costs are 50% to 75% lower than traditional NDFs and support instant settlement.The South Korean Financial Services Commission did not comment on this. Some believe that if the product attracts significant institutional funds, the long-stalled digital asset legislative process in South Korea may face greater pressure.

According to Jinshi News, the offshore RMB has fallen below the 6.9 mark against the US dollar.

According to Cointelegraph, the Financial Action Task Force (FATF), a global anti-money laundering regulatory body, has released a new report indicating that offshore virtual asset service providers (oVASP) pose risks of money laundering, sanctions evasion, and other illegal financial activities.The report points out that some offshore cryptocurrency companies exploit differences in regulatory and supervisory coverage, making it difficult for authorities to effectively monitor transactions and enforce anti-money laundering (AML) and counter-terrorist financing regulations. As many offshore crypto businesses operate across multiple jurisdictions, such as differing locations for company registration, infrastructure, and customers, regulators find it challenging to clarify regulatory responsibilities, which also limits international cooperation.FATF recommends that countries require offshore companies providing services to register or obtain licenses, even if they operate abroad, and strengthen cross-border regulatory and law enforcement cooperation. Additionally, FATF has previously warned that peer-to-peer stablecoin transactions and non-custodial wallets may undermine AML regulation, necessitating national-level risk assessments and the establishment of protective mechanisms.

According to Jinshi News, the offshore RMB against the US dollar has fallen below 6.92, with a daily decline of 0.3%.

According to Bitcoin.com, the South African Revenue Service (SARS) has implemented a Crypto Asset Reporting Framework (CARF) and expanded Automatic Exchange of Information (AEOI) rules starting from March 1, requiring local crypto asset service providers to report detailed transaction data in accordance with international standards and to automatically exchange account information with over 120 jurisdictions.Regulators will shift from passive reliance on voluntary disclosures to proactive, data-driven audits by using pattern recognition and data matching to compare tax returns with on-chain and offshore transaction records. Tax experts state that the "stealth space" for evading tax regulation through multiple wallets, offshore exchanges, and offshore structures has essentially disappeared, and taxpayers holding undeclared digital assets or offshore wealth face a higher risk of targeted audits, recommending proactive compliance through Voluntary Disclosure Programs (VDP).

According to official news, Tether announced that it will cease the issuance of the offshore Chinese yuan stablecoin CNHT from today and will stop supporting the redemption of CNHT one year after the announcement is made.Tether stated that consumer interest in the product is low, the community demand for CNHT is limited, and its usage level is insufficient to support the operational support required by the standards adopted by all products under Tether.

According to Jinshi reports, the offshore RMB against the US dollar fell below the 6.9 mark, reaching a low of 6.8881.

According to Gate market data, the offshore RMB against the US dollar has broken through the 6.9 mark, reaching a new high since April 2023, with a peak of 6.8953, an intraday increase of about 100 points.

The China Securities Regulatory Commission (CSRC) has issued the "Regulatory Guidelines on the Offshore Issuance of Asset-Backed Securities Tokens for Domestic Assets." The guidelines refer to the offshore issuance of asset-backed securities tokens for domestic assets as activities that issue tokenized equity certificates abroad, supported by cash flows generated from domestic assets or related asset rights, utilizing cryptographic technology and distributed ledger or similar technologies. The offshore issuance of asset-backed securities tokens for domestic assets must strictly comply with laws, administrative regulations, and relevant policy provisions regarding cross-border investment, foreign exchange management, network and data security, and must fulfill the approval, filing, or security review procedures required by the aforementioned regulatory authorities, without harming national interests and public welfare.It is mentioned that the China Securities Regulatory Commission will conduct strict regulation of the offshore issuance of asset-backed securities tokens for domestic assets in accordance with the law and regulations. Before carrying out related business, the domestic entity that actually controls the underlying assets must file with the CSRC, submitting the filing report, complete set of offshore issuance materials, and other relevant documents as required, fully explaining the information of the domestic filing entity, underlying asset information, token issuance plan, and other circumstances. The domestic filing entity and its controlling shareholders, actual controllers, directors, supervisors, senior management personnel, as well as relevant intermediary institutions must ensure that the filing materials provided are true, accurate, and complete, and must not contain false records, misleading statements, or significant omissions.

According to Jinshi reports, the offshore RMB against the US dollar broke the 6.96 mark on Monday.

Kalshi CEO Tarek Mansour stated on LinkedIn that Kalshi supports legislation proposed by New York Democratic Congressman Ritchie Torres, which aims to prohibit government officials from insider trading on platforms like Kalshi.Tarek Mansour also mentioned in the article that the recent allegations of insider trading primarily involve unregulated offshore platforms.Previously, it was reported that New York Democratic Congressman Ritchie Torres plans to introduce a bill this week called the "2026 Financial Prediction Markets Public Integrity Act." This bill would prohibit federally elected officials, politically appointed officials, and executive branch employees from trading on prediction markets while possessing non-public information related to trading, or when they might obtain such information through their positions.

According to Sina's quotation, the offshore RMB has once again broken through the 7.0 mark against the US dollar. According to the China Currency Network, the onshore RMB has surpassed the 7.01 threshold against the US dollar, reaching a new high since September 27, 2024. (Jin Ten Data)

ChainCatcher news, the Hong Kong Legislative Council has released a special bulletin on the latest developments in fintech and digital assets, which points out that the Hong Kong government has proposed multiple amendments to the "Stablecoin Regulation Draft" in response to suggestions from legislators. These amendments include allowing licensed e-money issuers to sell fiat-backed stablecoins in addition to the four types of approved providers originally proposed. In the future, it is suggested to seek central support to develop offshore RMB stablecoins in Hong Kong.The bulletin also mentions that Hong Kong is promoting green and sustainable finance development through the issuance of tokenized green bonds, with a total of approximately $43 billion in green and sustainable bonds arranged for issuance in Hong Kong to date.