Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens: Asia Express

Binance Wallet goes from underdog to overlord in just months

Cryptocurrency exchange Binance’s wallet has surged out of nowhere in 2025 to become the dominant player in the industry.

It closed the week starting on May 5 with an 86% share of the swap market, and so far, in the week starting on May 12, it’s at 93%, according to Dune Analytics data.

At the first full week of the year, Binance Wallet controlled a measly 3.4% while OKX led the industry with 44.6% of the market, with MetaMask and imToken each at around 18.5%.

Dovey Wan, founder of Primitive Ventures, attributes Binance Wallet’s activity explosion to the launch of the exchange’s Binance Alpha program.

Dovey Wan tweets about Binance Wallet's rising dominance since exchange launched Binance Alpha — (*Dovey Wan*)

Binance Alpha is a form of token launchpad that incentivizes users to engage in the platform through a reward system known as Alpha points, which measures a user’s eligibility for early access to new token projects. Binance states that certain tokens featured on Binance Alpha may be considered for exchange listing.

Some users are blaming the Binance Alpha program for ruining airdrops and “killing early communities.”

Popular airdrops frequently have their eligibility tied to blockchain activity. Binance Alpha determines rewards directly through centralized engagement, and it’s working. Within months, Binance Wallet has absorbed the lion’s share of swap activity, pushing once-dominant players like OKX, MetaMask and imToken into the margins.

Binance Alpha participants get exposure to hyped early-stage tokens with less friction, and projects launching through the program gain access to millions of active users and near-instant liquidity.

But airdrop fans argue it centralizes discovery and erodes the permissionless appeal of crypto.

China’s largest securities broker launches tokenization business

Tokenized Assets standard chartered — *Financial institutions rush in to secure a bite of the tokenized assets market pie. (Standard Chartered*)

Guotai Junan International (GTJAI), the Hong Kong arm of China’s largest securities broker, has entered the real-world asset (RWA) market with the launch of its tokenized securities business.

In a May 13 press release, GTJAI said it received approval from Hong Kong’s Securities and Futures Commission (SFC) to offer tokenized securities distribution and digital bond issuance services.

The platform will use distributed ledger technology to manage the full lifecycle of traditional financial instruments from issuance to custody.

GTJAI is a subsidiary of Guotai Haitong Group, a state-backed $230 billion securities powerhouse formed in September last year when Shanghai’s Guotai Junan Securities acquired Haitong Securities.

Global asset managers are increasingly jumping into tokenization, with Standard Chartered projecting the sector could reach $30 trillion by 2034.

In late April, Ant Digital, a subsidiary of Chinese internet titan Alibaba, launched its own Ethereum layer-2 network, signaling its entry into the RWA race.

MapleStory enters Web3 with NXPC on Avalanche

South Korean gaming heavyweight Nexon has officially entered the Web3 gaming market through the launch of its NXPC (Nexpace Coin) and MapleStoryN, a new version of its cult classic role-playing game.

The MapleStory franchise is deeply entrenched in the memories of millennial teens across South Korea, Taiwan and Southeast Asia. In the 2000s and early 2010s, it functioned as a proto-metaverse where players made friends, met lovers and built communities.

Nexon also pioneered microtransactions in online gaming with successful titles like Crazy Arcade, a Bomberman-style multiplayer game with water balloons, and KartRider, a Mario Kart-style character racing game.

The Tokyo-listed company is also one of the largest corporate Bitcoin holders in Asia. In April 2021, it placed a $100 million bet in Bitcoin, which is now worth $174.5 million.

MapleStory art design — *Western teens had RuneScape. Asian teens had MapleStory. (NEXPACE*)

NXPC debuted on major local exchanges Bithumb and Upbit, while Binance Alpha got the first trades on the global trading scene. In the first six hours of NXPC’s debut, it recorded over $300 million in global trading volume, which was among the 30 most traded cryptocurrencies, according to CoinGecko data.

NXPC is issued by Nexpace, Nexon’s blockchain subsidiary. It runs on Avalanche, and the currency is used in the gaming ecosystem for MapleStory Universe, where MapleStory N is the first game.

In October, the breakout success of Off The Grid on Avalanche’s GUNZ subnet showed both mainstream gamers and crypto-native users why Avalanche is becoming a serious contender in blockchain gaming.

Korean actress admits to embezzling $3 million to ape in crypto

K-pop idol and actress Hwang Jung-eum raises fist — *The OG K-pop idol turned actress invested company funds into crypto in 2021 and incurred losses. (Hwang Jeung-eum*)

K-drama actress Hwang Jung-eum has admitted in court to embezzling 4.2 billion Korean won ($3 million) from her family-run company to invest in cryptocurrency, Yonhap News Agency reported.

The first trial was held on May 15, where prosecutors charged the former K-pop idol Hwang with misappropriating funds from a family-owned entertainment agency in 2022.

According to prosecutors, Hwang invested the embezzled funds into cryptocurrencies using her personal name. While she owns 100% of the agency in question, the investment was allegedly made without formal authorization or corporate oversight.

Hwang’s legal team admitted to all charges, stating that she had hoped to grow the company through crypto investments.

The defense also asked the court to consider mitigating factors, noting that the company’s earnings were derived entirely from Hwang’s own activities.

Her legal team also claimed partial restitution had already been made through crypto liquidation and stated that additional repayment will come from the sale of real estate assets.

A second hearing is scheduled for August.

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Yohan Yun

Yohan (Hyoseop) Yun is a Cointelegraph staff writer and multimedia journalist who has been covering blockchain-related topics since 2017. His background includes roles as an assignment editor and producer at Forkast, as well as reporting positions focused on technology and policy for Forbes and Bloomberg BNA. He holds a degree in Journalism and owns Bitcoin, Ethereum, and Solana in amounts exceeding Cointelegraph’s disclosure threshold of $1,000.

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