Crypto News Round-Up — November 2025

This week’s crypto news was shaped by tightening regulation in Asia and big industry developments elsewhere. In China, regulators doubled down on crypto bans even as Bitcoin mining activity quietly resurged in rural regions. Across the globe, major investment firms shifted strategies for crypto funds, and in South Korea a tech giant made a massive crypto acquisition announcement amid a major exchange hack.

• China reaffirms crypto ban amid crackdown
• Crypto mining booms in China; Hong Kong sets stablecoin rules
• CoinShares pulls plug on planned crypto ETFs
• Upbit exchange loses $30M in hack
• Naver’s $10B crypto takeover deal
• Record crypto breaches raise security alarms

China reaffirms crypto ban amid crackdown

On November 29, China’s central bank reiterated its strict stance that all private cryptocurrencies, including stablecoins, carry no legal status in the country (Reuters). Officials emphasized that using such digital assets as payment is illegal and vowed to intensify enforcement against related financial crimes. The announcement comes as Chinese regulators have grown increasingly wary of speculative crypto activity and its potential risks to financial stability.

• China’s rigid policy ensures on-chain activity stays out of the regulated financial system, but it may push traders into underground or cross-border channels.
• By flagging stablecoins specifically, regulators signaled global concerns about their use in money laundering or cross-border transfers, which could influence other Asian financial regulators.
• U.S. and Europe crypto firms will watch closely, as any resurgence of mining or trading could affect supply and prices despite mainland enforcement.

Crypto mining booms in China; Hong Kong sets stablecoin rules

Despite Beijing’s ban on crypto, media reports indicate a quiet resurgence of Bitcoin mining in parts of China with cheap electricity (www.reuters.com). The uptick is attributed to abundant renewable energy in some provinces, where miners are installing new data centers. At the same time, Hong Kong has implemented a regulatory framework for stablecoins, although it has not yet granted any issuance licenses (www.reuters.com). Authorities in Hong Kong are rapidly moving to oversee digital asset issuance even as mainland China remains strict.

• The mining revival suggests that even strict bans haven’t fully halted crypto activity; it may help support global Bitcoin hash rates but also test regulatory resolve.
• Hong Kong’s stablecoin regime shows a more open approach to crypto innovation in the region, potentially positioning the city as a hub for regulated digital assets in Asia.
• Investors may see opportunities in Asia’s crypto sector – with Hong Kong enabling token issuance – but must navigate differing legal landscapes between mainland China and Hong Kong.

CoinShares pulls plug on planned crypto ETFs

CoinShares, a major European crypto asset manager, has cancelled plans to launch three new cryptocurrency exchange-traded funds (ETFs) – for XRP, a Solana staking fund, and Litecoin – in Europe (Reuters). The firm cited increasing consolidation in the U.S. crypto investment product market and limited differentiation as reasons. CoinShares also said it is winding down its existing Bitcoin futures leveraged ETF to focus on higher-margin products.

• This move highlights a tougher environment for launching new crypto funds: even veteran firms are withdrawing amid intense competition and regulatory uncertainty.
• Investors may take this as a sign that only the most established or flexible crypto funds will thrive; niche coin-focused ETFs might struggle without a clear advantage.
• CoinShares shifting focus to U.S. listing via SPAC (see below) suggests institutional players are pivoting toward broader crypto strategies rather than single-asset products.

Upbit exchange loses $30M in hack

On November 27, Upbit – South Korea’s largest cryptocurrency exchange – suffered a security breach that saw the theft of roughly $30 million worth of Solana-based assets (Tom's Hardware). The unauthorized transfer was quickly detected, prompting Upbit to suspend deposits and withdrawals while securing the remaining assets in cold storage. The breach coincided with major corporate news in Korea but underscored persistent security challenges for exchanges.

• Security remains a major concern for crypto exchanges: even well-known platforms like Upbit can incur large losses, which shakes user trust and may invite scrutiny from regulators.
• The hack happened immediately after Upbit’s parent company was acquired (see next story), highlighting how multiple major crypto stories can unfold in tandem and affect market sentiment.
• In the short term, investors might become more cautious about storing funds on exchanges, potentially boosting demand for self-custody or insurance products.

Naver’s $10B crypto takeover deal

Hours before the Upbit hack was disclosed, Naver Corp – South Korea’s leading internet portal – announced it would acquire a majority stake in Dunamu, the parent company of Upbit, in a deal valued around $10 billion (Tom's Hardware). Naver also unveiled plans to invest over 10 trillion won (about $6.8 billion) in artificial intelligence and blockchain projects over the next five years. This acquisition marks an aggressive move by a mainstream tech firm to deepen its foothold in the cryptocurrency sector.

• Naver’s investment spree reflects strong confidence that blockchain-based services will be central to future technology and finance, potentially paving the way for new crypto products.
• The high-profile deal is one of Asia’s largest tech acquisitions of 2025, signaling that traditional internet companies may increasingly converge with crypto businesses.
• Having a giant like Naver behind Upbit’s parent could provide more resources for security and growth, even as the hack raises questions about timing and risk management.

Record crypto breaches raise security alarms

2025 has seen an unusually large number of mega-scale cryptocurrency thefts. Alongside the recent Upbit loss, exchange ByBit lost roughly $1.5 billion in a late-2024 hack, and Coinbase suffered a $400 million insider theft earlier this year (Tom's Hardware). These incidents, among others, highlight the vulnerability of crypto holdings and coffers worldwide. Each new breach tends to erode investor confidence and spur calls for tighter oversight of crypto exchanges.

• Recurring large thefts underscore the need for stronger security standards and possibly insurance mechanisms in the crypto industry.
• Regulators worldwide may use these events as justification for stricter exchange audits and consumer protection rules.
• For investors, such headlines serve as a reminder that, despite high returns, significant risk remains – reinforcing the importance of due diligence and risk management.

Note: Cryptocurrency markets are highly volatile and influenced by global news, regulatory developments, and technological changes. This round-up is informational and does not constitute investment advice. Always perform your own research ("DYOR") and consider risks before trading or investing in digital assets.

Bottom Line

This week’s developments underline the dual nature of the crypto market: on one hand, innovation and institutional interest continue to grow (as seen in Hong Kong’s stablecoin rules and Naver’s massive crypto push); on the other hand, regulation and security remain pressing challenges (with China’s crackdown and scores of high-value hacks). Investors should stay vigilant—expect volatility and keep an eye on regulatory changes worldwide. While major tech firms and fund managers expand into crypto, market-moving news can arrive abruptly, so a cautious approach and diversified strategy remain prudent.