Company: DDC
Filing Date: 2025-08-05
Form Type: F-3/A
Source: 0001213900-25-072059
Chunk: 89

Company: DDC Enterprise Ltd
Filing Date: 2025-08-05
Form: F-3/A
Chunk 89
---
, broker, dealer, and clearing agency;                                                            |

| ● | in November 2023, the SEC filed a complaint against Payward                                                                       
 Inc. and Payward Ventures Inc., together known as Kraken, alleging, among other claims, that Kraken’s crypto trading platform was 
 operating as an unregistered securities exchange, broker, dealer, and clearing agency;                                            |

| ● | in June 2023, the United Kingdom adopted and implemented the                                                
 Financial Services and Markets Act 2023 (“FSMA 2023”), which regulates market activities in “cryptoassets;” |

| ● | in November 2023, Binance Holdings Ltd. and its then chief                                                                                 
 executive officer reached a settlement with the U.S. Department of Justice, CFTC, the U.S. Department of Treasury’s Office of Foreign      
 Asset Control, and the Financial Crimes Enforcement Network to resolve a multi-year investigation by the agencies and a civil suit brought 
 by the CFTC, pursuant to which Binance Holdings Ltd. agreed to, among other things, pay $4.3 billion in penalties across the four agencies 
 and to discontinue its operations in the United States; and                                                                                |

| ● | in China, the People’s Bank of China and the National                                                                                 
 Development and Reform Commission have outlawed cryptocurrency mining and declared all cryptocurrency transactions illegal within the 
 country.                                                                                                                              |

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It is not possible to predict whether, or when,
new laws will be enacted that change the legal framework governing digital assets or provide additional authorities to the SEC or other
regulators, or whether, or when, any other federal, state or foreign legislative bodies will take any similar actions. It is also not
possible to predict the nature of any such additional laws or authorities, how additional legislation or regulatory oversight might impact
the ability of digital asset markets to function, the willingness of financial and other institutions to continue to provide services
to the digital assets industry, or how any new laws or regulations, or changes to existing laws or regulations, might impact the value
of digital assets generally and bitcoin specifically. The consequences of any new law or regulation relating to digital assets and digital
asset activities could adversely affect the market price of bitcoin, as well as our ability to hold or transact in bitcoin, and in turn
adversely affect the market price of our listed securities.

Moreover, the risks of engaging in a bitcoin strategy
are relatively novel and have created, and could continue to create,