In this Consensus Hong Kong 2026 panel, we dive into the next chapter of on-chain finance: the convergence of DeFi and CeFi — and why crypto prime brokerage may become the infrastructure layer for institutional trading.

From portfolio margin across venues and capital efficiency, to stablecoin balance sheets, oracle risk, and the one threat everyone keeps coming back to… counterparty risk. We break down how prime brokers are bridging siloed liquidity pools, enabling cross-collateral, and rethinking risk management for a world of 24/7 markets.

- DeFi vs CeFi: why convergence is accelerating now

- Prime brokerage in crypto: the "missing layer" for hedge funds

- Portfolio margin across exchanges + on-chain venues (cross-venue risk engines)

- Capital efficiency: moving beyond over-collateralization in DeFi

- Counterparty risk vs smart contract risk — what institutions actually fear

- Off-exchange settlement & custody: what works, what doesn't

- Interest rate models & "dynamic spread": sharing upside with lenders

- Oracles, pricing, liquidation: the two hard problems in DeFi risk management

- The crypto "risk-free rate": SOFR, Treasuries, staking — where does it converge?

- Tokenized markets (RWA): why crypto-native prime brokers may have an edge

As TradFi and DeFi collide, the winners will be the platforms that deliver capital efficiency + transparency + accountability — without blowing up.

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🎙 Featuring:

• Sam MacPherson - CEO and co-founder at Spark

• Serhii Tyshchenko - CEO and co-founder of Arkis

• Oleksandr Proskurin - Co-founder/CPO at Arkis

• Moderated by Henri Arslanian

Alicia Kao, Managing Director at KuCoin — one of the most globally active crypto exchanges. We explore how centralised exchanges are evolving in a post-DeFi world, KuCoin's global regulatory strategy, and why payment products may lead crypto's next wave.

🔹 Why centralised exchanges are no longer just for trading

🔹 KuCoin's licensing moves in Europe, Australia, and beyond

🔹 Will CEXs and TradFi converge over the next 5–10 years?

🔹 How KuCoin is adapting to new institutional and retail demands

🔹 Payment products, stablecoins, and the $14T market ahead

🔹 What differentiates KuCoin in an increasingly competitive exchange space

🔹 The biggest challenge for crypto exchanges in 2026 A sharp look at how the infrastructure of crypto is maturing across global markets.

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With Erin West, former prosecutor (26+ years) and founder of Operation Shamrock, one of the leading global initiatives fighting pig butchering scams and the organized crime networks behind them.

Pig butchering is no longer a niche fraud story. We are living in a scam-demic. These scams are industrial-scale operations run out of compounds across Southeast Asia, and they are targeting everyday people — not just crypto natives. Doctors. Students. Professionals. Families. People are losing everything… and often being pushed into debt.

In this episode, we discuss:

- What pig butchering scams really are

- Why they are so effective psychologically

- How organized crime is using crypto as the main payment rail

- The role of exchanges, stablecoins, and compliance gaps

- Why crypto ATMs are "theft machines"

- How AI and deepfakes are making scams harder to detect

- The disturbing link between scams and human trafficking

- Why shame prevents victims from reporting

- What to do immediately if you suspect you are being scammed This is one of the most important conversations happening in crypto today.

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YouTube: https://bit.ly/4kRnPIu