Quick Summary: BitMEX co-founder Ben Delo has donated $5.4 million to Nigel Farage’s Reform UK party, citing frustration with what he calls a failing British political system. Ben Delo, co-founder of cryptocurrency derivatives exchange BitMEX, has publicly confirmed a $5.4 million donation to Reform UK, the party led by Nigel Farage. Writing in an op-ed for the Daily Telegraph, Delo said the contribution marked his first foray into political activity. He described his motivation as concern over what he characterised as a deeply troubled UK political system driven by self-deception among its elites. The Hong Kong-based donor said he hoped…
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Quick Summary: A Seoul court has canceled the Financial Intelligence Unit’s three-month partial suspension of Upbit operator Dunamu, citing unclear AML regulations. A South Korean court has struck down a regulatory sanction imposed on Dunamu, the company behind cryptocurrency exchange Upbit, ruling in favor of the firm in its legal challenge against the country’s financial watchdog. The Seoul Administrative Court sided with Dunamu in its lawsuit against the Financial Intelligence Unit (FIU), overturning a three-month partial business suspension that had been tied to alleged anti-money laundering violations. The decision was reported by Yonhap News Agency on Tuesday.The court found that…
Quick Summary: STRC posted its seventh highest trading volume since launch, holding firm at $100 with near-zero volatility and strong liquidity. STRC recorded its seventh highest trading volume since its launch, according to recent trading data. Despite the elevated activity, the asset remained anchored at $100, demonstrating strong liquidity conditions. The combination of high volume and near-zero volatility marks a notable development for the token. Such stability amid significant trading activity is relatively uncommon in digital asset markets.The surge in trading volume has drawn attention to STRC’s market structure and how it maintains price consistency. Analysts point to the at-the-market…
Quick Summary: Treasury Secretary Scott Bessent is pressing Congress to pass the CLARITY Act, warning that Senate floor time is limited as the global crypto market hits $3 trillion. US Treasury Secretary Scott Bessent is calling on Congress to move swiftly on digital asset legislation, warning that the window for action is narrowing. In an op-ed published Wednesday in the Wall Street Journal, Bessent argued that the Digital Asset Market Clarity (CLARITY) Act is essential for establishing clear regulatory rules covering cryptocurrencies, tokenized assets and decentralized exchanges. He noted that the global crypto market has grown to $3 trillion and…
Quick Summary: Bithumb has asked a court to freeze assets linked to seven bitcoin still unreturned after a February promotion error credited users with billions in crypto. Bithumb, the South Korean cryptocurrency exchange, has filed a court request to freeze assets connected to seven bitcoin that users have not returned following a significant payout error in February. The exchange is pursuing legal action after attempts to recover the mistakenly distributed funds left a small but unresolved balance outstanding. The case centers on whether users who benefited from the error are legally obligated to return the assets.The incident occurred on February…
Quick Summary: Morgan Stanley became the first major U.S. commercial bank to launch a spot Bitcoin ETF, attracting $30.6 million in inflows on its first trading day. Morgan Stanley has become the first major U.S. commercial bank to offer a spot Bitcoin ETF, with its product, MSBT, drawing $30.6 million in inflows on its opening trading day, according to data from Farside Investors. The debut arrives as competition in the Bitcoin ETF space intensifies among major financial institutions. Despite the strong start for MSBT, Wednesday overall saw net outflows of $124.5 million across spot Bitcoin ETFs, marking a second consecutive…
Quick Summary: Dubai’s VARA has published interpretive guidance clarifying how token issuers must structure, disclose and distribute virtual assets under three distinct categories. Dubai’s Virtual Assets Regulatory Authority (VARA) has released detailed guidance clarifying how token issuers should structure, disclose and distribute virtual assets within the emirate. The document sharpens existing rules for stablecoins and real-world asset tokens, and interprets VARA’s current Virtual Asset Issuance Rulebook rather than introducing new legislation. The guidance arrives just over a week after VARA expanded its exchange rulebook to include exchange-traded crypto derivatives.Rather than applying a uniform standard to all tokens, the framework establishes…
Quick Summary: Morgan Stanley’s spot Bitcoin ETF raised $30.6 million on its trading debut, becoming the first such fund launched by a US bank. Morgan Stanley’s Bitcoin Trust (MSBT), the first spot Bitcoin exchange-traded fund offered by a US bank, recorded $30.6 million in inflows on its opening day of trading. The fund began trading on the NYSE Arca on Wednesday, generating $34 million in total trading volume. That figure came in slightly above the $30 million first-day volume forecast issued by Bloomberg ETF analyst Eric Balchunas. The result was described as respectable, though not a standout performance.As of April…
Quick Summary: Iran confirms it accepts Bitcoin as payment for passage through the Strait, while Houthi forces signal a potential second Red Sea shipping chokepoint. Iran has confirmed that Bitcoin is now accepted as a form of payment for vessels seeking passage through the Strait of Hormuz. The move marks a notable shift in how the country conducts maritime toll arrangements, embracing cryptocurrency amid ongoing international sanctions. The development has drawn significant attention from analysts monitoring global shipping and digital asset markets.Separately, the Iran-backed Houthi movement, which already uses cryptocurrency to facilitate oil trading, has raised the possibility of establishing…
Quick Summary: South Korean exchange Bithumb has filed for asset freezes against users who refuse to return funds from a massive February Bitcoin distribution error. Bithumb, a major South Korean cryptocurrency exchange, has initiated legal proceedings to reclaim seven Bitcoin still outstanding from a significant payout error that occurred in February. The exchange filed for a provisional attachment, a court-sanctioned measure that freezes a defendant’s assets in advance of a civil lawsuit. The move targets users who have declined to return the mistakenly distributed funds, according to a report by local outlet Chosun Biz.The incident took place on February 6,…
