HSBC has launched its Hong Kong dollar-backed stablecoin, RedCoin, beginning a phased rollout on October 23 that will allow more than 3.3 million PayMe users to make transfers and payments at over 100,000 merchant locations across Hong Kong. The stablecoin, officially known as HSBC RedCoin (RCHKD), is pegged one-to-one to the Hong Kong dollar and operates under a licence granted by the Hong Kong Monetary Authority (HKMA) in April 2026. Customers can activate a RedCoin wallet directly within PayMe after…
Reverse Solicitation
EU Regulators Probe Binance’s Use of MiCA Reverse Solicitation Exemption
European regulators are examining whether Binance has relied too broadly on MiCA’s reverse solicitation exemption to continue serving some EU customers without a bloc-wide crypto license. ESMA and national authorities in France, Germany and Greece are reviewing Binance’s use of the exemption, with some regulators requesting information from the exchange, people familiar with the inquiries told the Financial Times. Enforcement action, including fines, could follow if authorities conclude the conditions were not met. Binance enters the review without a MiCA…
3 weeks ago
