VARA Tightens Oversight on Unlicensed Operators Dubai’s Virtual Assets Regulatory Authority (VARA) has fined 19 crypto companies for operating without licenses, stepping up enforcement against unregistered digital asset businesses in one of the industry’s fastest-growing markets. VARA said the penalties and cease-and-desist orders were issued after investigations found that the firms were offering crypto-related services without authorization and had violated marketing and promotion rules. The regulator said the actions are part of an ongoing effort to protect investors and ensure market integrity. “Enforcement is a critical component of maintaining trust and stability in Dubai’s virtual asset ecosystem,” the authority’s Enforcement Division said in a statement. “These actions reinforce VARA’s mandate to ensure that only firms meeting the highest standards of compliance and governance are permitted to operate.” Investor Takeaway The crackdown underscores Dubai’s intent to pair its open crypto stance with strict enforcement, signaling that the era of operating without a license in the emirate is over. Fines and Enforcement Actions All penalized firms were ordered to cease operations immediately and stop promoting unlicensed services. Fines ranged from 100,000 to 600,000 dirhams ($27,000–$163,000), depending on the severity of the breach. The penalties follow a similar action last October, when VARA fined seven unlicensed entities between $13,600 and $27,200 for regulatory violations. In 2024, VARA introduced tougher marketing and advertising rules requiring virtual asset service providers to include disclaimers and seek prior approval before promoting products or services to local residents. The changes tightened a framework first introduced in 2022, aimed at improving disclosure standards across the industry. “Unlicensed activity and unauthorised marketing will not be tolerated,” the Enforcement Division said. “VARA will continue to take proactive measures to uphold transparency, safeguard investors and preserve market integrity.” Industry Response and Regulatory Context The new penalties highlight Dubai’s dual approach of supporting digital asset innovation while enforcing compliance through its licensing regime. Although the United Arab Emirates has cultivated a reputation as a crypto-friendly jurisdiction, regulators are making it clear that companies must obtain proper authorization to operate legally. Some companies previously affected by VARA’s rules experienced valuation drops in 2024 after the regulator introduced stricter promotional guidelines. Industry participants have said the licensing process remains complex but necessary to protect the market’s credibility and attract institutional capital. At the time, VARA’s CEO Matthew White said the updated framework required providers to “deliver their services responsibly,” noting that the rules were designed to strengthen transparency and investor trust. Investor Takeaway Dubai’s enforcement record now places VARA among the world’s more active digital asset regulators, closer in approach to New York’s Department of Financial Services and Singapore’s MAS. Regional Cooperation and Next Steps The latest action comes less than a month after VARA and the Securities and Commodities Authority (SCA) agreed to align oversight efforts across the UAE. The cooperation aims to streamline licensing procedures and reduce regulatory fragmentation across emirates, giving firms a unified framework for compliance. VARA said the penalties should serve as a public reminder that working with unlicensed operators exposes investors to legal and financial risk. The regulator reiterated that only entities listed on its public registry are authorized to offer crypto services within or from Dubai. As of August, Dubai remains one of the few jurisdictions in the region with a fully operational licensing system for crypto firms. The latest enforcement wave shows that authorities are now willing to apply pressure to bring all operators into the formal system—a move seen as crucial for attracting institutional investment and maintaining market credibility.

The Reserve Bank of India (RBI) is preparing to launch a pilot program for tokenized bank deposits, marking another milestone in India’s push toward digitized financial systems per Reuters. The plan coincides with recent remarks by Finance Minister Nirmala Sitharaman, who signaled that the government is working toward a regulatory structure to guide the adoption of emerging digital asset technologies. RBI to Begin Pilot This Week The pilot, expected to begin on October 8, will allow select commercial banks to convert traditional deposits into digital tokens that can be settled on a blockchain-based infrastructure. The system will initially operate within the wholesale segment, using the RBI’s central bank digital currency (CBDC) for settlement. The project is intended to test whether tokenized deposits can improve efficiency, transparency, and settlement speed while maintaining the same security and backing as traditional deposits. The RBI is also assessing the potential for expanding tokenization to money market instruments such as commercial papers and certificates of deposit in future phases. Finance Minister’s Regulatory Signal Finance Minister Nirmala Sitharaman recently hinted that a regulatory framework for tokenized financial assets could soon take shape. Speaking at a policy event in New Delhi, she said the government’s priority is to balance innovation with oversight. “We are working closely with the Reserve Bank of India to promote responsible innovation,” Sitharaman said. “Our focus is on fostering transparency and ensuring that the use of digital financial instruments remains safe for users and stable for the system.” She added that ongoing collaboration between the government and financial regulators aims to create an environment where technology adoption in finance does not outpace legal and consumer protection measures. “India’s approach will remain measured and inclusive,” she noted. “Innovation must serve the economy without creating new risks for participants.” Strengthening Oversight and Preparing for Stablecoins India’s Financial Intelligence Unit (FIU-IND) recently issued compliance notices to 25 offshore cryptocurrency exchanges for violating anti-money laundering rules under the Prevention of Money Laundering Act (PMLA). The platforms, including names like Paxful, LBank, and CoinEx, were found servicing Indian users without registration, prompting internet service providers to block access to their websites and apps. The action underscores India’s tightening oversight of digital assets and its commitment to aligning with global AML standards. At the same time, Finance Minister Nirmala Sitharaman has urged nations to “prepare to engage” with stablecoins, noting their growing impact on global money flows and capital markets. Her remarks signal a shift toward proactive engagement and regulatory preparedness, reflecting India’s evolving approach to digital assets as part of its broader financial modernization strategy

The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko has issued an urgent warning to New Zealand investors about a growing pump-and-dump scam that uses deepfake advertisements and impersonated business leaders to lure victims into fraudulent trading schemes. The warning coincides with World Investor Week, which aims to educate and protect investors. According to John Horner, FMA Director of Markets, Investors and Reporting, the scam represents a dangerous evolution of online impersonation tactics targeting everyday investors. As we start World Investor Week, aimed at educating and protecting investors, it is timely to remind Kiwi investors about this latest version of the deepfake impersonation scam. We have issued a new warning, said Horner. This current scam uses social media advertisements featuring impersonated business leaders, encouraging investors to join a fake investor chat group. The FMA first raised its concerns about the impersonations in a public warning issued 19 August 2025, and has received further information showing the scam is part of a global network of scams aimed at market manipulation. Takeaway: The FMA has uncovered a sophisticated global scam network targeting New Zealand investors using fake social media ads and online “investment groups.” How the Scam Works The FMA reports that scammers are running pump-and-dump operations through Facebook and Instagram ads impersonating well-known New Zealand business figures. These ads direct victims to WhatsApp or similar messaging platforms, where they join “investment club” chat groups run by fake mentors. Once inside, members are initially encouraged to buy shares in major companies like Nvidia or Tesla to build trust. Over time, they are guided toward investing in small-cap companies listed on overseas exchanges. The scammers use coordinated purchasing to artificially inflate the share price — the “pump.” Once prices rise, they sell off their own shares — the “dump” — leaving unsuspecting investors with significant losses when prices collapse. Following the losses, scammers often contact victims again under the guise of “recovery agents,” promising refunds or compensation in exchange for personal information, ID documents, or additional fees — a secondary recovery scam designed to extract even more money. Takeaway: Victims are first lured into buying shares to inflate stock prices, then re-targeted through fake “refund” or “compensation” offers to steal additional funds and data. FMA Response and Cross-Border Coordination The FMA says it has received numerous complaints, with multiple victims losing significant sums. However, Horner warned that the reported cases likely represent only a fraction of the total impact. These complaints are likely only the tip of the iceberg. Because these impersonation pump and dump scams play out over days and weeks, it’s possible there are others happening in New Zealand right now, with the scammers potentially pivoting to another company’s shares, Horner said. The regulator has notified local banks and impersonated companies and is coordinating with overseas regulators, including authorities in the United States and China, as some of the manipulated stocks are listed on NASDAQ and other global exchanges. The FBI’s Internet Crime Complaint Center (IC3) has also issued warnings about similar frauds operating internationally. Takeaway: The FMA is working with international regulators, including the FBI, to combat cross-border market manipulation and protect local investors. How to Recognize and Avoid Pump-and-Dump Scams Be skeptical of social media ads promoting investment opportunities — especially those featuring well-known business figures or financial commentators. Do not engage with unsolicited investment messages or group invitations, particularly through WhatsApp or Telegram. Verify the credentials of anyone offering financial advice by checking the Financial Service Providers Register (FSPR). Be cautious of time-sensitive or “urgent” investment opportunities. Scammers use fear of missing out to pressure victims. Only follow investment advice from licensed financial advisers and reputable institutions. Takeaway: Treat social media investment tips as red flags — especially if they use urgency, impersonation, or promise quick profits. What to Do If You’ve Been Scammed Stop engaging with the scammers immediately and block them on all platforms. Report the scam to WhatsApp or the relevant social media channel, and notify the FMA. Contact your bank immediately if you shared account details or made payments. If you installed remote access software, contact an IT professional to remove it and check for malware. Contact IDCare for help securing your identity if you shared personal documents or information. Notify your trading platform or sharebroker if you acted on fraudulent investment advice. Report spam messages to the Department of Internal Affairs and seek support from Victim Support (0800 842 846). Horner urged investors to remain vigilant and take extra care when considering new investment opportunities. If an organisation is offering investment tips through social media, be cautious. Report any suspicious activity to the social media channel, to the company involved and to the FMA, he said. Takeaway: Report scams quickly, secure your finances and identity, and seek professional or emotional support if impacted. FMA’s Broader Mission The FMA emphasized that protecting investors is central to its mission. One of the FMA’s functions is to promote the confident and informed participation of businesses, investors, and consumers in the financial markets, Horner stated. The agency continues to raise public awareness of fraudulent tactics to make New Zealand a difficult environment for scammers. Our aim is to make New Zealand an unattractive place for scammers to operate, by raising awareness of scam methods and encouraging investors to stop and think carefully before making investment decisions that might be driven by a scam, he said.

Proposed Measures Target Russia’s Digital Finance Network The European Union is weighing sanctions against A7A5, a ruble-backed stablecoin that has grown into the world’s largest non–U.S. dollar–pegged digital asset. The move would prohibit EU-based institutions and individuals from trading or interacting with the token, either directly or through intermediaries, according to documents cited by Bloomberg on Monday. The plan forms part of the EU’s latest package targeting crypto assets linked to Russia, as Western governments tighten efforts to choke off digital channels used to sidestep financial restrictions. Several banks in Russia, Belarus, and Central Asia are also under review for allegedly facilitating crypto transactions for sanctioned entities. The proposed blacklist follows the EU’s September 19 measures that blocked all crypto platform access for Russian residents and curbed interactions between European banks and Russia’s financial intermediaries. Those restrictions marked one of the bloc’s most aggressive actions yet against digital assets tied to Moscow. Investor Takeaway The EU’s proposed sanctions could redefine how non-dollar stablecoins operate across Europe, signaling closer scrutiny of crypto assets linked to sanctioned states. Stablecoin Activity Spikes After Initial Sanctions A7A5’s market capitalization jumped sharply after the EU’s first crypto restrictions. Data from CoinMarketCap show that on September 26 — a week after the sanctions took effect — the token’s value surged from about $140 million to over $491 million, a gain of more than 250% in a single day. Its capitalization now stands near $500 million, accounting for roughly 43% of the total $1.2 billion market for non–U.S. dollar stablecoins. Circle’s euro-pegged EURC is the second largest, with around $255 million in circulation. The proposed sanctions still require approval from all 27 EU member states before taking effect and could be revised during negotiations. EU officials describe targeted sanctions as tools meant to influence “the policy or conduct of those targeted” in line with the bloc’s foreign and security priorities, according to European Council documentation. Part of Broader Sanctions Effort The potential A7A5 ban follows similar restrictions imposed in August by the United States and the United Kingdom, which targeted parts of Russia’s financial infrastructure allegedly involved in sanctions evasion. The U.S. Treasury identified entities such as the Capital Bank of Central Asia and its director, Kantemir Chalbayev, as channels used to move funds via crypto networks. Authorities in both Washington and London also blacklisted Kyrgyzstan-based exchanges Grinex and Meer, along with several companies tied to A7A5’s infrastructure. The coordinated measures reflect growing alignment among Western regulators over digital asset flows linked to Moscow. How Russia Uses Crypto to Evade Sanctions Cryptocurrency has been one of several tools used by Russia to circumvent Western sanctions. According to global risk consultancy Integrity Risk International, Moscow relies on a “shadow fleet” of vessels to smuggle oil and other restricted goods, disguising their origins through intermediary trading routes. A December 2024 report from the policy think tank Rand Corporation said Russia has also turned to illicit gold trades to launder proceeds from sanctioned exports. The rise of ruble-linked stablecoins such as A7A5 adds another layer to these efforts, enabling cross-border transfers with fewer friction points than the conventional banking system. Analysts say the token’s rapid growth following EU and U.S. actions may reflect an attempt by Russian entities to move funds before stricter enforcement begins. Investor Takeaway A7A5’s expansion despite Western pressure highlights how stablecoins can be used to blunt the impact of financial sanctions — a trend regulators are moving quickly to contain. Origins and Regulatory Backlash A7A5 was launched in February on the Ethereum and Tron networks by Moldovan banker Ilan Shor and Russia’s state-owned Promsvyazbank. The project described its token as backed by a “diversified portfolio of fiat deposits held in reliable banks within Kyrgyzstan’s network.” Its corporate structure and opaque reserve disclosures have raised concerns among regulators about potential sanction evasion channels. Despite restrictions — including a ban in Singapore — the company behind A7A5 appeared at the Token2049 conference earlier this year, hosting a booth and featuring executive Oleg Ogienko as a speaker. Event organizers later removed the firm from the agenda and scrubbed its materials from the website after public backlash.

Daniel Pugh, aged 35, has been sentenced to seven years and six months in prison after running a £1.3 million Ponzi scheme through a fraudulent online investment fund. The prosecution, brought by the UK Financial Conduct Authority (FCA), revealed that Pugh’s operation — conducted from his bedroom in Devon — defrauded 238 investors with false promises of extraordinary returns. Pugh set up the Imperial Investment Fund (IIF) with another individual, luring investors primarily through Facebook advertisements. The scheme promised impossible returns of 1.4% a day, 7% a week, or 350% a year. Investors were falsely led to believe their funds were being successfully traded, when in fact, Pugh was recycling money from new investors to pay earlier ones — the hallmark of a Ponzi operation. Takeaway: Pugh’s Ponzi scheme exploited social media to lure hundreds of investors with unrealistic returns, demonstrating the continued risks of online investment frauds. Lavish Lifestyle Funded by Fraud The FCA investigation found that Pugh received around £96,000 from the fraudulent scheme. Instead of investing the funds, he used them to finance his personal lifestyle — spending on designer clothes, restaurants, and withdrawing over £18,000 in cash. Even after knowing the scheme was collapsing, he continued soliciting new investors to keep it afloat. Pugh made outlandish claims to hook in victims but in reality this was nothing more than a massive fraud. Fighting financial crime is a priority for the FCA. We will take action to ensure criminals face repercussions for their actions, including being denied access to any ill-gotten gains, said Steve Smart, Executive Director of Enforcement and Market Oversight at the FCA. Smart warned investors to be skeptical of extravagant online promises. People’s online personas are often at odds with reality, as was the case with Pugh. Claims that sound too good to be true are usually just that. Check the FCA Firm Checker before you invest. Takeaway: The FCA urges investors to verify firms and individuals before investing, reminding the public that “too good to be true” returns are almost always fraudulent. Sentencing and Judicial Remarks During sentencing, His Honour Judge Weekes condemned Pugh’s conduct as “persistent and knowing breaches of the regulatory framework.” He also remarked that Pugh’s expressions of remorse came woefully late and noted the emotional toll on victims, saying: The consequences for them are marked and apart from financial loss they feel embarrassment. The total sentence of seven years and six months was broken down as follows: Seven years and six months’ imprisonment for conspiracy to defraud. Twenty-four months for two offences of carrying on a regulated activity without FCA authorisation, served concurrently. Twelve months for communicating an unauthorised investment invitation, also served concurrently. Pugh has been disqualified from serving as a company director for eight years, effective upon his release. The FCA confirmed that confiscation proceedings are underway to recover the proceeds of his crimes and compensate victims. Takeaway: Pugh’s lengthy sentence and director disqualification reflect the FCA’s firm stance on punishing regulatory breaches and financial misconduct. FCA’s Ongoing Crackdown on Financial Crime In the last six months, the FCA has secured criminal convictions against six individuals for offences including money laundering, insider dealing, and fraud. The regulator continues to warn consumers about unauthorised investment schemes, which frequently offer “guaranteed” high returns but provide little or no protection for investors. “Unauthorised investment schemes pose a huge risk to consumers,” an FCA spokesperson said. “Many will not realise their investments are at risk until it is too late.” The FCA’s ScamSmart portal offers advice on identifying and avoiding such scams, including tools to check if a firm or individual is authorised. Takeaway: The FCA continues to prioritise financial crime enforcement, urging investors to use official resources like ScamSmart and the FCA Firm Checker before committing funds. Background and Next Steps Pugh, born on 19 April 1990, was charged on 18 July 2023. The FCA has contacted affected investors and is urging anyone who has not been reached to email ophainesconsumercontact@fca.org.uk. The FCA also confirmed that a second individual connected to the same offences remains wanted by authorities. The agency’s enforcement division continues to collaborate with law enforcement partners to locate and prosecute all individuals involved.

Morgan Stanley’s Global Investment Committee (GIC) has advised clients to allocate as much as 4% of their portfolios to cryptocurrencies — its highest suggested weighting for the asset class — marking another sign of mainstream acceptance among large financial institutions. In an Oct. 1 note seen by investors and shared publicly by Bitwise CEO Hunter Horsley, the committee said portfolios targeting “opportunistic growth” could include up to 4% in digital assets, while “market growth” and “balanced growth” strategies should hold 3% and 2% respectively. More conservative investors, focused on income or capital preservation, were told to avoid crypto entirely. The bank described digital assets as “a speculative and increasingly popular asset class that many investors, but not all, will seek to explore,” likening bitcoin to “digital gold.” It also cautioned that portfolios should be regularly rebalanced to avoid oversized exposure during market rallies, citing the potential for sharp drawdowns and volatility. The guidance places Morgan Stanley alongside a growing list of traditional managers acknowledging a place for crypto in diversified portfolios. BlackRock has previously recommended a 1%–2% weighting in bitcoin as “reasonable,” while Fidelity’s research models suggest allocations of 2%–5% could enhance long-term returns under favorable adoption scenarios. Grayscale and VanEck go further, proposing 5% and 6% respectively. Even Charles Schwab, once cautious, has opened limited access to crypto exchange-traded funds (ETFs) and plans to expand offerings to include spot bitcoin and ether trading by 2026. Vanguard, long one of the most skeptical voices on Wall Street, has resisted listing spot bitcoin ETFs on its brokerage platform and has repeatedly described crypto as too immature for retirement portfolios. But reports last week indicated the firm is re-evaluating that stance under new CEO Salim Ramji, a former BlackRock executive seen as more receptive to digital assets. A Vanguard spokesperson said the company is “continuously evaluating” investor demand and the regulatory landscape. From “Fraud” to Allocation Model That major asset managers now discuss formal crypto weightings underscores a dramatic shift from just a few years ago, when some bank chiefs dismissed bitcoin as a “fraud.” Morgan Stanley, which began offering limited bitcoin exposure to wealth-management clients in 2021, now joins BlackRock, Fidelity, and others in framing digital assets as part of the broader “real asset” category — a hedge against monetary debasement and, increasingly, a component of long-term diversification. While the GIC reiterated that cryptocurrencies remain speculative, its inclusion of the asset class within official model portfolios signals how deeply digital assets have entered mainstream investment discourse — and how the debate on Wall Street is no longer about if crypto belongs in portfolios, but how much.

Bud Financial, the AI platform that transforms banking data into actionable intelligence, has launched the Bud MCP server — a new infrastructure tool that enables rapid development of AI agents capable of understanding users’ finances in real time. The MCP server allows AI applications to integrate seamlessly with Bud’s platform, giving banks and fintechs the ability to deploy secure, data-driven AI solutions for both internal and customer-facing use cases. The launch marks a major step in Bud’s mission to bring AI to the heart of banking, enhancing decision-making and customer engagement across financial institutions. Takeaway: Bud’s MCP server opens the door for banks and developers to create powerful AI systems that interact safely and intelligently with customer financial data. Transforming Banking with AI Bud’s AI models are designed specifically for banking data, trained to analyze transactions, spending patterns, and customer behavior with precision. The platform sits on top of existing banking systems, enabling employees to complete tasks that previously required weeks of analysis in seconds. By leveraging Bud’s infrastructure, financial institutions can deliver radically personalized experiences for customers, improve operational efficiency, and unlock new revenue opportunities. With the MCP server, AI agents can access and reason over financial data while maintaining strict consent and security boundaries. Takeaway: Bud’s AI models empower banks to transform customer data into meaningful insights — enabling faster, smarter, and safer digital experiences. What the Bud MCP Server Enables Faster AI Development: Standardized MCP integration reduces setup and development time, allowing teams to prototype and deploy AI use cases quickly. Richer Context for Better Answers: Bud’s transaction enrichment and proprietary data models give AI agents deeper financial understanding and more accurate responses. Built for Banks and Builders: The server supports a wide range of applications — from internal analytics tools to consumer-facing apps — all with consent-based, scoped access to data. Takeaway: The MCP server bridges AI innovation with regulated financial environments, ensuring compliance while accelerating experimentation and delivery. Example Applications Customer Service Agents: AI-driven apps can instantly identify and categorize transactions, helping resolve disputes in real time. Personal Finance Assistants: Users can connect AI apps to manage savings goals, budget for travel, and plan expenses with awareness of their financial status. Rapid Product Experimentation: Financial institutions can test and validate new AI-powered services using enriched, high-quality data from Bud’s platform. As banking institutions seek operational acceleration through AI, they quickly find that they need verticalized models which can make their core data useable. Bud’s models solve this by giving customer intelligence for any financial use case. The new MCP server exposes these capabilities in a standardized way, opening a path to rapid development and better outcomes, said Edward Maslaveckas, CEO and Co-Founder of Bud. Takeaway: The MCP server standardizes access to Bud’s financial AI models, empowering developers and institutions to innovate at scale.

London, United Kingdom, October 7th, 2025, FinanceWire ThinkMarkets, a global leader in online CFD trading, continues to strengthen its lineup of trading instruments with the addition of synthetic indices. This new asset class is now available in select regions on its proprietary platform, ThinkTrader. Synthetic indices are algorithm-generated markets that are available to trade 24/7 and simulate real-world price movements without being influenced by external factors like economic reports, geopolitical events, or central bank decisions. This makes price action more predictable and reduces the risk of sudden gaps or news-driven spikes that could trigger stop-losses. Synthetic indices available to trade on ThinkTrader and MT5 Volatility indices: Volatility 50, Volatility 75, and Volatility 100 Boom indices: Boom 300, Boom 600, and Boom 1000 Crash indices: Crash 300, Crash 600, and Crash 1000 Jump indices: Jump 10, Jump 25, Jump 50, Jump 75, and Jump 100 Each synthetic index is designed with distinct volatility characteristics, offering a range of trading conditions from lower intensity to more dynamic price movements. This allows traders to choose instruments that align with their experience level and trading approach. Commenting on the news, Nauman Anees, CEO and co-founder of ThinkMarkets, said the following: “We’re excited to add synthetic indices to our product offering, giving clients 24/7 trading access with consistent volatility. Synthetics allow clients to start trading, learning about how prices move, and fine tune their skills on our flagship platform, ThinkTrader. Our goal at ThinkMarkets is to always give our clients every opportunity to improve their trading strategy and performance. We’re confident the launch of synthetic indices will help us build on this.” More information about ThinkMarkets synthetic indices can be found here. About ThinkMarkets ThinkMarkets is a global, multi-regulated online brokerage established in 2010 offering clients quick and easy access to 4,000 CFD instruments across FX, indices, commodities, equities, and more. ThinkMarkets has offices in London and Melbourne, along with hubs in the Asia-Pacific, Europe, and South Africa. It also operates under several financial licences around the globe and delivers some of the industry’s most recognised trading platforms, including its award-winning platform, ThinkTrader. For more information, users can visit the ThinkMarkets website here. Contact ThinkMarkets pr@thinkmarkets.com Disclaimer: This content is a press release from a wire service. This press release is provided for informational purposes only. We have not independently verified its content and do not bear any responsibility for any information or description of services that it may contain. Information contained in this post is not advice nor a recommendation and thus should not be treated as such. We strongly recommend that you seek independent financial advice from a qualified and regulated professional, before participating or investing in any financial activities or services. Please also read and review our full disclaimer.

EDX Markets, a leading institutional digital asset technology firm that combines a trading venue with a central clearinghouse, has announced the appointment of David Olsson as its new Chief Commercial Officer (CCO). Olsson brings over 15 years of senior leadership experience spanning digital assets, institutional sales, and global banking. He previously served as Global Head of Institutional Sales at Kraken, where he directed the firm’s institutional growth strategy and client engagement initiatives. His career also includes senior roles at BlockFi, Credit Suisse, and Bank of America, where he managed global financing and derivatives distribution to expand institutional client bases worldwide. Takeaway: EDX strengthens its leadership team with the appointment of David Olsson, an experienced institutional markets executive, to drive commercial strategy and global expansion. Leadership for Institutional Growth I am excited to join EDX at a pivotal time for digital asset markets, as institutions are preparing to engage at scale, said David Olsson, CCO of EDX Markets. Backed by some of the world’s leading financial institutions, EDX has built a world-class foundation rooted in the security, efficiency and operational excellence that institutional participants expect. I look forward to working with the team to further advance EDX’s growth and reinforce its position as the premier venue for digital asset trading. As Chief Commercial Officer, Olsson will lead EDX’s commercial strategy, marketing, and global business development. His extensive experience scaling institutional businesses is expected to accelerate EDX’s growth as demand rises for institutional-grade digital asset trading infrastructure. Takeaway: Olsson’s appointment reinforces EDX’s commitment to serving institutional clients with secure, efficient, and transparent digital asset trading solutions. CEO Welcomes New Appointment We are delighted to welcome David to EDX at this important stage of our growth, said Tony Acuña-Rohter, CEO of EDX Markets. David’s deep expertise across institutional finance and digital assets will be instrumental as we broaden our global footprint. With his leadership, EDX will continue to deliver on its vision of providing institutions with a secure, transparent and efficient digital asset marketplace built on the best practices of traditional finance. EDX Markets continues to expand its institutional infrastructure as part of its mission to bring the reliability and standards of traditional finance to digital asset trading.

Bitcoin (BTC) continues to hover near record highs, trading around $124,500 as strong bullish momentum drives optimism across the market. The cryptocurrency recently broke above its previous all-time high near $125,000, signaling renewed investor confidence and sustained demand. However, technical indicators suggest the rally may face short-term resistance before confirming a new leg higher. Recent chart readings indicate a clear bullish structure. The daily Moving Average Convergence Divergence (MACD) has turned sharply upward, while most short- and medium-term moving averages sit below current price levels—both signs of continued upward momentum. Analysts note that the breakout above $125,000 marks a key psychological and technical milestone for BTC, potentially paving the way for fresh highs if buyers maintain control. Yet, caution persists among traders. Following several weeks of near-parabolic gains, the market appears extended, and the Relative Strength Index (RSI) remains elevated, hinting at possible overbought conditions. Analysts expect Bitcoin may need to consolidate or retrace before sustaining further advances. Key support levels now stand near $118,000 and $109,000, with both zones viewed as potential bounce areas in case of a pullback. A sustained move below $109,000 could invite a deeper correction, though such a decline remains unlikely unless broader risk sentiment deteriorates. In the short term, Bitcoin’s ability to hold above $125,000 will determine whether the rally can continue. A successful breakout could see prices push into uncharted territory, while a failure to maintain this level may lead to a period of sideways trading. With momentum strong but technical signals flashing early caution, traders are balancing optimism with vigilance as Bitcoin’s next major move approaches. Ethereum (ETH) is trading around $4,708 after another strong week of gains, positioning itself near multi-month highs as investor sentiment remains broadly bullish. The world’s second-largest cryptocurrency has sustained momentum through October, supported by favorable technical conditions and robust market participation. Yet, some indicators now suggest a potential need for consolidation before Ethereum can confidently break into new territory. On the trend front, Ethereum’s chart remains structurally positive. The asset continues to trade above major moving averages, and a recent “golden cross” — where the 50-day moving average moves above the 200-day — underscores the medium-term bullish outlook. The daily Moving Average Convergence Divergence (MACD) indicator also points upward, signaling that buying momentum remains intact. Analysts view these patterns as confirmation of continued strength within the broader uptrend. However, short-term caution is emerging. The Relative Strength Index (RSI) has entered overbought territory, a traditional warning that prices may be advancing too quickly. Market watchers note that after such steep climbs, Ethereum often consolidates in tight ranges or experiences modest pullbacks before attempting another leg higher. Key resistance lies between $4,750 and $4,900 — levels that could determine the next directional move. On the downside, immediate support is seen around $4,400 to $4,500, with a stronger cushion near $4,100 if a deeper retracement occurs. Holding above these zones would preserve the bullish structure, while a break lower could invite short-term selling pressure. Overall, Ethereum remains technically strong and fundamentally supported by market confidence. While traders may face near-term volatility, the broader setup continues to favor the upside — provided ETH can absorb short-term corrections and maintain momentum above its critical support bands.

Tokenization Moves From Trend to Foundation At TOKEN2049 Singapore’s Blockchain for Good Alliance: The Scaling Summit, Bybit Co-founder and CEO Ben Zhou laid out a bold vision: the next chapter of digital finance will be built on real-world assets (RWA) and stablecoins. Zhou urged the industry to move beyond hype and embrace utility, arguing that RWAs and stablecoins have matured into critical infrastructure for global finance. The numbers back him up. The RWA sector has grown over 400% since 2022, from $5 billion to over $30 billion today, driven by institutional entry into private credit and tokenized U.S. Treasuries. Firms like BlackRock, JPMorgan, and Franklin Templeton are actively shaping this space. And by 2030, forecasts from McKinsey and Standard Chartered suggest RWA tokenization could top $4 to $30 trillion. How Stablecoins Became the New Global Rails Zhou also spotlighted stablecoins as the silent force now powering blockchain’s practical use. With $300B+ in market cap as of September 2025 and 1,000% growth in cross-border usage this year alone, stablecoins have evolved into essential payment tools for on-chain commerce and institutional settlement. Tech and payment giants including Visa, Mastercard, PayPal, and Stripe are integrating stablecoin rails into their global infrastructure. “When companies that serve hundreds of millions embrace blockchain payments,” Zhou said, “we’re witnessing a foundational shift in how value moves across borders.” Bybit’s Strategic Playbook for the RWA Era Bybit is positioning itself not just as an exchange, but as a key facilitator of the TradFi-to-DeFi transition. Zhou outlined several initiatives anchoring this strategy: New B2B Division: Dedicated business unit to onboard institutions and enterprises into crypto. QCDT Collateral Partnership: First to accept a DFSA-approved tokenized money market fund as collateral, through a deal with QNB Group, DMZ Finance, and Standard Chartered. Circle Integration: Strategic revenue-sharing alliance to drive USDC adoption and boost stablecoin liquidity. RWA Products: New tokenized gold instruments on TON blockchain and U.S. Treasury bill offerings via Bybit Earn. These steps place Bybit in a strong position to serve both DeFi users and legacy institutions, bridging infrastructure gaps while maintaining regulatory momentum. What Comes Next: From Infrastructure to Mass Adoption As blockchain infrastructure matures, utility—not speculation—is defining the narrative. Zhou believes that the winning projects will be those that integrate traditional financial standards into blockchain-powered services while maintaining transparency and inclusiveness. “The future belongs to those who see blockchain not as a replacement for traditional finance,” he said, “but as a tool to strengthen it.” Bybit’s roadmap suggests a future where tokenized assets and stablecoin settlement become everyday instruments for trading, investment, and payment across institutional and retail layers alike.

The long-running controversy surrounding Entain’s historic Turkish operations resurfaced this week, as former chief executive Kenny Alexander and two other ex-directors appeared in a London court on bribery and fraud charges. Alexander, 56, who steered the gambling group — then called GVC Holdings — from a modest online betting outfit into a FTSE 100 powerhouse, faces accusations of conspiracy to bribe and conspiracy to defraud between 2011 and 2018. The charges relate to the company’s former business in Turkey, which was sold in 2017 as regulators began tightening their scrutiny of unlicensed overseas markets. Also in the dock were Lee Feldman, GVC’s former non-executive chairman, and Richard Cooper, its former chief financial officer. All three men are accused of concealing the origins of revenue generated from Turkish gambling operations and of misleading financial institutions responsible for compliance and monitoring. None of the defendants have entered pleas. A statement from the Crown Prosecution Service in August said eleven individuals were charged following a multi-year investigation into GVC’s former Turkish-facing arm. The business, which had operated under local partners, was alleged to have used improper payments to secure favourable conditions and skirt regulatory restrictions before being offloaded to Ropso Malta in 2017. Alexander has previously rejected any wrongdoing, telling the Financial Times the case would be “vigorously defended.” Entain itself — now home to brands such as Ladbrokes and Coral — has not been charged. In 2023, the company entered into a £585 million deferred prosecution agreement with the CPS to settle its corporate liability over the same Turkish matter, admitting failures to prevent bribery during the period in question. The charges now centre on whether senior executives personally conspired to conceal or facilitate those practices. The alleged offences predate GVC’s landmark £4 billion takeover of Ladbrokes Coral, a deal announced in 2017 that catapulted the company into the top tier of the London Stock Exchange. Alexander, a former Ladbrokes employee from Scotland, had earned a reputation as one of the gambling industry’s most aggressive dealmakers. He joined GVC in 2007 and spent over a decade pursuing acquisitions that transformed the group from a small sports betting operator into one of the world’s largest gaming firms. His abrupt resignation in 2020, officially for personal reasons, was followed months later by questions about GVC’s historical dealings in Turkey. Feldman, who stepped down as chairman in 2019 after cashing in a large portion of his shares alongside Alexander, had previously overseen the company’s board during its major M&A streak. Cooper, who served as CFO until 2016, was responsible for GVC’s financial strategy during its period of rapid growth. Entain said it has fully cooperated with the investigation and stressed that the issues concern “former executives and historic practices” unrelated to its current management or operations. The trio were granted bail on Monday and are expected to appear at Southwark Crown Court on November 3. For Entain, the scandal’s shadow lingers. The company has faced a turbulent year, marked by executive turnover and regulatory probes in Australia and the UK. Investor confidence remains fragile as the firm works to convince markets that its past — and the practices that built its empire — are firmly behind it.

Stablecoin Firm Pushes for Governance Changes Tether will put forward its own list of board candidates and propose governance changes for Italian football club Juventus, in which it holds a 10.7% stake, according to a report by Reuters on Monday. The proposals are expected ahead of a Nov. 7 shareholder meeting, marking a new phase in the company’s involvement with one of Europe’s most storied football clubs. Tether will also contribute about $129 million as part of a planned capital increase at Juventus. The stablecoin issuer first bought into the club in February and increased its stake above 10% in April. At the time, Chief Executive Paolo Ardoino said the investment reflected Tether’s “commitment to innovation and long-term collaboration.” Investor Takeaway Tether’s move to influence Juventus governance signals a deeper push into traditional industries, using its balance sheet to gain influence beyond crypto markets. Juventus Faces Leadership Scrutiny The move comes as Juventus continues to rebuild after years of financial and reputational damage. In November 2022, the entire board resigned amid allegations of accounting irregularities and salary manipulation. Former chair Andrea Agnelli and two other executives agreed to suspended sentences in September as part of plea deals with Italian prosecutors. The club, which trades on the Milan exchange, has since been restructuring its finances and leadership following fines and point deductions imposed by Italian football authorities. By seeking board representation, Tether joins a short list of crypto-linked firms attempting to exert influence over major European brands. The move also comes as the company marks the 11th anniversary of its flagship stablecoin, USDT, which remains the world’s largest by market capitalization at roughly $177 billion, according to CoinGecko. Tether’s Expanding Portfolio The Juventus investment adds to a series of acquisitions and partnerships that extend Tether’s reach beyond digital assets. In May, the company bought a 30% stake in Italian media firm Be Water. Ardoino said the investment reflected Tether’s recognition of “the importance of independent media in shaping informed societies.” In December, Tether announced a $775 million investment in Rumble, a U.S.-based video platform popular among conservative commentators. In August, it partnered with Rumble on a proposal to acquire all shares of Northern Data’s artificial intelligence and high-performance computing operations, a deal worth more than $1 billion. The company’s growing portfolio underscores its effort to expand beyond crypto issuance into media, technology, and infrastructure. It has also cultivated ties with policymakers, including attendance at the White House ceremony in July when President Donald Trump signed the GENIUS Act, a new U.S. framework for stablecoins. Investor Takeaway Tether’s diversification into sports, media, and computing hints at a strategy to hedge regulatory risks and build cultural influence as scrutiny of stablecoins intensifies. Stablecoin Competition and Market Context Despite its expansive agenda, Tether remains primarily known for USDT, the stablecoin that underpins large parts of the crypto economy. USDT’s dominance faces new competition from other fiat-pegged tokens, including a ruble-backed coin, A7A5, which recently became the largest non-U.S. dollar stablecoin with a market value above $500 million. Tether’s proposed governance changes at Juventus come as stablecoin issuers seek to broaden their legitimacy through traditional investments. The firm’s latest initiatives suggest that crypto companies are moving further into mainstream industries, blurring the lines between finance, technology, and culture.

Wise, the global fintech company best known for its international money transfers, has enhanced its offering for Brazilian customers with a key update: the integration of Pix key functionality directly within its app. This move is part of Wise’s broader strategy to make cross-border payments faster and more seamless, capitalizing on Brazil’s widely used instant payment system, Pix. Since launching in Brazil, Wise has received considerable demand for more streamlined ways to add money using Pix, which has rapidly become the go-to method for both personal and business transactions in the country. With the new update, Wise is taking its service one step further, allowing customers to link their Pix keys directly to their Wise account. This update eliminates the need for users to manually enter codes or navigate multiple steps to add Brazilian reais into their accounts. Now, customers can simply use their Pix key to transfer funds directly from their bank accounts, with the funds arriving instantly in their Wise accounts and ready for use. Among the newly added features, Wise is offering several key improvements. First, users can now register their Pix key—whether it’s linked to a CPF (individual taxpayer registration), CNPJ (company identification), phone number, email, or a randomly generated key—directly in the Wise app. This makes transferring money into a Wise account quicker and more efficient, as users no longer need to go through the previous process of selecting ‘add Brazilian reais’ and waiting for a verification code. In addition to making transfers easier, Wise is also enabling users to receive funds directly via Pix. By sharing their Pix key, customers can now receive transfers into their Wise accounts from anyone, a feature that many users have requested. The update also allows customers to make payments directly through Pix, whether by sending money from their Brazilian real balance to any Pix key, scanning a QR code, or using the copy-and-paste function to complete the transaction from within the Wise app. For those who prefer not to link their Pix key with Wise, the company is still offering the option to use traditional account details, allowing users the flexibility to choose how they manage their funds. The Pix system has become an essential tool for Brazilians, with millions relying on it for quick, low-cost payments. Wise’s integration of this technology aims to streamline financial transactions for Brazilian users, further establishing the company’s presence in the market. The integration also aligns with Wise’s broader goal of simplifying the complexities of international finance by leveraging local payment methods in key regions. This announcement follows a recent development where Upwork selected Wise Platform as its infrastructure partner to improve international payment options for freelancers. The partnership allows freelancers in regions like South America, Asia-Pacific, and Europe to withdraw their earnings faster and more efficiently through Wise’s cross-border payment network. This move signals Wise’s ongoing efforts to expand its reach beyond personal transfers, extending its services to global businesses and gig economy workers. With these updates, Wise is strengthening its position in Brazil, where Pix has reshaped the payments landscape, and expanding its capabilities globally. By enhancing its service offerings in a market where real-time payments are now the norm, Wise continues to set itself apart as a key player in the global payments space.

BlackRock’s technology arm has struck a new deal with London-based fintech OTCX to drag one of the last voice-dominated corners of finance — over-the-counter derivatives trading — fully onto the screen. The multi-year partnership will plug OTCX’s electronic marketplace directly into BlackRock’s Aladdin system, the portfolio and trading platform used by hundreds of the world’s asset managers and insurers. The integration will allow Aladdin users to request quotes, negotiate prices, execute, and complete post-trade steps for complex derivatives without ever picking up the phone. The tie-up is the latest in a string of efforts to digitise what remains a fragmented and slow-moving market. Despite years of regulation and investment, much of the $700-trillion OTC derivatives world still depends on phone calls, chats, and spreadsheets to match trades. Nicolas Koechlin, chief executive of OTCX, called the integration a turning point for buy-side firms. “Our goal is to give market participants more choice, lower costs, and more efficient workflows in markets that have historically been complex and fragmented,” he said. “Together with BlackRock Aladdin, we are excited to accelerate the industry’s shift from manual voice trading to seamless digital execution.” OTCX runs a UK-regulated multilateral trading facility that lets investment managers send electronic requests for quotes to banks on products such as interest-rate swaps, swaptions, and credit derivatives. Founded in 2014, the company built its reputation on bridging the gap between traders’ chat-based habits and compliance-friendly electronic execution. It has gradually linked with portfolio systems like SimCorp Dimension and Charles River — and now, through Aladdin, gains access to one of the largest institutional client bases in global finance. For BlackRock, the deal extends Aladdin’s network of connected venues beyond credit and rates markets. Over the past decade, Aladdin has built direct links with major fixed-income platforms including MarketAxess and Tradeweb, giving users access to liquidity without leaving the platform. Adding OTCX gives its clients another route into opaque derivatives markets that regulators have long wanted to see digitised. The timing aligns with a broader industry clean-up. In 2024, the European Union and UK rolled out the EMIR Refit, tightening reporting standards and forcing derivatives to be tracked with ISO 20022 messaging. In the United States, the Commodity Futures Trading Commission’s rewrite of swap-reporting rules imposed similar data-quality demands. Automated, auditable workflows like those promised through Aladdin-OTCX links make regulatory compliance simpler and cheaper for large buy-side firms. Technology vendors are racing to solve the post-trade side as well. In July, consultancy Delta Capita launched Elaris OTC — a blockchain-based platform built with Fragmos Chain — to match and reconcile lifecycle events automatically between trading counterparties. Together, these moves suggest the long-promised electronification of OTC derivatives is gaining traction, not just on execution but through settlement and reporting. Still, market structure veterans say adoption will depend on whether dealers commit liquidity electronically rather than treating platforms as a backup to chat. For now, the BlackRock-OTCX partnership offers a practical step. Aladdin users will be able to send “request-for-market” messages, receive dealer quotes in real time, execute trades, and send the data straight into compliance and risk systems. The experience mirrors what equity and bond traders have had for years — but with the audit trail and automation regulators now expect in derivatives. If it works, the deal could hasten the decline of the old-school phone trade and mark a quiet technological upgrade for one of the most complex financial markets still running on voice.

The S&P 500 is close to a new high of 6,715, up nearly 14% this year and over 106% since 2020 in USD terms. This shows that U.S. large caps are doing well across the board.  Bitcoin, on the other hand, reached a new all-time high of more than 125,000 over the weekend and is up around 32% this year, continuing to outperform established benchmarks for several years. Recent studies show that the S&P 500 has “collapsed” in BTC terms since 2020, meaning it has performed about 88% worse when measured in Bitcoin rather than dollars. Why It’s Hard To Compare The S&P 500 is a group of 500 top U.S. firms designed to be less risky and provide steady, inflation-beating returns over time, typically around 6–7% per year. This is what makes it a key part of traditional portfolios. Bitcoin is a singular asset with a unique story based on scarcity and decentralization.  It has a smaller market capitalization and higher volatility than the index, so direct comparisons are overly simplistic, even though it has performed better recently. Still, BTC’s rise to a market value of about $2 trillion shows that more institutions are becoming involved and that demand is reaching new highs due to macroeconomic factors. Buffett’s 90/10 View Warren Buffett has long advised most investors to allocate 90% of their money to a low-cost S&P 500 index fund and 10% to short-term U.S. Treasuries. He says that simplicity, low costs, and long-term compounding are more important than picking stocks or timing cycles.  That advice has remained consistent across various market conditions. It is often used as a starting point for typical investors who may not be able to handle the volatility associated with investing a significant amount in Bitcoin. The 90/10 framework illustrates the trade-off between maximizing the benefits of Bitcoin’s recent success and maintaining a risk-adjusted, diversified exposure that aligns with long-term goals. Setting The Stage For The 2020–2025 Result For example, if you put $100 into the S&P 500 at the beginning of 2020, it would be worth around $210 by the middle of 2025. If you had invested the same amount in Bitcoin, it would be worth approximately $1,474, illustrating the significant performance discrepancy that occurred during this period.  However, with both assets setting records simultaneously, the S&P 500 at roughly 6,715 and BTC above 125,000, the main point is not to give up on core indexing, but to recognise Bitcoin’s cyclical, high-beta character as a possible satellite allocation for those who can handle the risk.

Ruble-Pegged Token Defies Sanctions A7A5, a ruble-backed stablecoin issued in Kyrgyzstan, has become the world’s largest non-U.S. dollar stablecoin with a market capitalization of about $500 million, according to data from CoinMarketCap and DefiLlama. The token now accounts for 43% of the $1.2 billion non-dollar stablecoin market.In a statement on its Telegram channel, A7A5 said it had “proven that a national digital currency can be not only an alternative to the dollar but also a driver of global change.” The project drew attention this week at the Token2049 conference in Singapore, where its presence prompted questions about sanctions compliance and cross-border oversight.A7A5’s rapid growth underscores how Russia-linked digital assets continue to circulate through neighboring jurisdictions despite restrictions from the United States and its allies. Investor Takeaway A7A5’s rise shows how stablecoins can slip through regulatory gaps, providing liquidity to sanctioned economies while testing global enforcement limits. Launch and Early Sanctions A7A5 was launched in February as a token “backed by a diversified portfolio of fiat deposits held in reliable banks within Kyrgyzstan’s network.” It is pegged 1:1 to the Russian ruble and promises daily passive income equal to half of the interest on the underlying deposits. Initially issued on Ethereum and Tron, the token was marketed as a cross-chain digital ruble for regional commerce. Soon after launch, blockchain investigators linked A7A5 to Grinex, a crypto exchange described as a successor to the sanctioned Russian exchange Garantex. In mid-August, the U.S. Treasury Department announced new sanctions against Garantex and related entities, identifying Moldovan oligarch Ilan Shor as the owner of A7A5’s issuer, Promsvyazbank (PSB), a Russian state-linked lender already under sanctions. The United Kingdom also imposed restrictions on several Kyrgyz banks, citing evidence that Russia used A7A5 to circumvent Western financial measures. Both governments said the token formed part of Moscow’s network for bypassing dollar-denominated payment systems. Market Surge and Token2049 Spotlight Despite the sanctions, A7A5’s capitalization remained between $120 million and $140 million for several months before jumping $350 million in a single day on Sept. 25 — a 250% surge that pushed it ahead of Circle’s euro-denominated EURC, then valued at $252 million. The spike occurred just days before the project’s team appeared at Token2049, where Oleg Ogienko, A7A5’s director of international development, delivered a presentation on stablecoin adoption. The token’s presence at the Singapore event drew criticism from industry participants who questioned why a project under U.S. and U.K. sanctions was allowed to promote itself at a global conference. Several attendees called for tighter vetting of sponsors and speakers at crypto gatherings. On its Telegram channel, A7A5 dismissed the scrutiny, saying the project was “fully transparent” and compliant with Kyrgyz regulations. The organizers of Token2049 did not comment on whether the company’s involvement breached any restrictions. Investor Takeaway The surge in A7A5’s value ahead of a major industry event raises questions about liquidity sources and whether sanctioned tokens can still tap global crypto infrastructure. Chinese and African Links The London-based Centre for Information Resilience (CIR) said in a report Monday that “trade with China has emerged as the dominant focus of A7A5’s activities.” The nonprofit cited figures released by the company showing that 78% of its transactions passed through Chinese jurisdictions as of August 2025. CIR said A7A5 had also opened offices in Nigeria and Zimbabwe, expanding its footprint in African markets with limited access to U.S. dollar liquidity. “Further research will be needed to understand how funding flows through the organization’s network, the potential role of financial institutions in enabling its operations and any linkages to Russian political interference schemes,” the group said. A7A5’s global activity, combined with its rapid market growth, has made it a focal point for regulators tracking how stablecoins may be used to move capital beyond Western oversight. Analysts say the case could become an early test of cross-border enforcement for sanctioned digital assets. What Comes Next With a $500 million capitalization, A7A5 has outpaced all other non-dollar stablecoins but remains largely confined to trading pairs and over-the-counter markets in Asia. Western exchanges have avoided listing it. Market data shows daily volumes have spiked since late September, though transparency over reserve holdings remains limited. For regulators, the challenge is whether sanctions frameworks built for traditional banking can adapt to tokenized assets that operate across multiple blockchains and jurisdictions. For investors, A7A5’s rise illustrates both the resilience of onchain liquidity and the difficulty of isolating digital assets from global networks, even under sanctions.

As Grayscale pursues a $33 billion initial public offering, legal challenges tied to the collapse of Genesis are casting a shadow over the deal, per Financial Times. Barry Silbert, founder of Digital Currency Group (DCG), is leading the effort to take Grayscale public even as lawsuits stemming from Genesis’s bankruptcy resurface. The offering is widely seen as a potential milestone—the first major crypto asset manager to go public. Genesis Litigation Resurfaces In May 2025, the Genesis Litigation Oversight Committee (LOC) filed two lawsuits: one in Delaware’s Court of Chancery and another in the U.S. Bankruptcy Court for the Southern District of New York. The Delaware Complaint accuses Silbert, DCG, and other insiders of treating an insolvent Genesis as DCG’s “treasury,” manipulating disclosures, and misusing creditor funds. The filing states: “The Delaware Complaint alleges that Silbert and his group of insiders recklessly operated, exploited, and bankrupted Genesis.” It further asserts that the LOC seeks “in-kind recovery of cryptocurrency for the benefit of Genesis creditors who entrusted their crypto assets to the company.” The bankruptcy court filing aims to claw back over $1.2 billion in transfers made prior to Genesis’s collapse, including alleged improper payments under a “tax sharing agreement” that the LOC claims did not exist. Silbert and DCG Respond DCG and Silbert have moved to dismiss the LOC’s claims and maintain that they acted in good faith during a brutal downturn in crypto markets. A DCG spokesperson said: “The truth is that DCG and its advisers worked tirelessly to try and save Genesis and prevent its bankruptcy in the face of a catastrophic sector-wide downturn that resulted in many crypto failures and ultimately proved too much for Genesis to overcome, even with the assistance that DCG voluntarily provided.” Even as Grayscale advances its IPO ambition, the legal cloud looms. Observers note that underwriters, institutional investors, and regulators will likely scrutinize how DCG and Grayscale managed conflicts, disclosures, and related-party risks. Barry Silbert recently returned to Grayscale’s board as chairman, reaffirming his direct involvement in the listing. Frank Chaparro of GSR described the planned listing as a potential “landmark debut.” IPO Is Gaining Grounds The IPO market is regaining momentum across both traditional and digital finance. Shawbrook plans a £2 billion London return, one of the city’s largest listings in years, aiming to boost visibility and unlock new growth. Chief Executive Marcelino Castrillo called the move a milestone, saying the bank has achieved “real scale” and now sees “a significant opportunity to bring [its] offering to new types of customers.” Elsewhere, Kraken is raising up to $300 million ahead of a potential $20 billion IPO, while Revolut weighs a dual London-New York debut valued at $75 billion.

Exchange traded product (ETP) issuer 21Shares has partnered with wealth management platform Stratiphy to provide UK retail investors with regulated access to cryptocurrencies and digital assets once the Financial Conduct Authority (FCA) approves crypto Exchange Traded Notes (ETNs). The partnership represents a significant step forward in democratizing crypto investing in the UK, aligning with broader regulatory developments that are expected to reshape how everyday investors access digital markets. Through this collaboration, Stratiphy users will be able to invest directly into crypto ETNs issued by 21Shares and integrate them seamlessly into their personalised investment strategies alongside fiat-based assets. The approach not only expands access to crypto but also empowers investors to manage their portfolios more dynamically, using Stratiphy’s AI-powered backtesting and personalised strategy tools. “Investor demand for digital assets continues to soar as people increasingly look to diversify their portfolios and search for better long-term returns,” said Daniel Gold, CEO and Founder of Stratiphy. “Becoming 21Shares’ first UK partner ensures that we’re able to offer investors access to this asset class as soon as the FCA gives its approval for crypto ETNs.” Why This Partnership Matters The FCA’s anticipated changes will allow retail investors in the UK to access crypto ETNs for the first time, aligning the country with European markets where such products have been available for years. Across Europe, €26 billion in crypto exchange traded products were traded on regulated exchanges in 2024 — a figure that represented a more than 300% increase compared to 2023. With this growth trajectory, the UK market is seen as ripe for adoption once regulatory barriers are lifted. Stratiphy’s integration with 21Shares ensures that UK investors can move quickly once the FCA opens the door. Investors will gain access to the largest suite of physically backed crypto ETPs in the world, with 21Shares currently offering more than 50 products and managing over $11 billion in assets. Combined with Stratiphy’s AI-powered toolkit, this partnership will provide retail investors with access to institutional-grade investment strategies previously out of reach. Russell Barlow, CEO of 21Shares, explained: “With Stratiphy’s AI powered backtesting a key feature in their wealth management offering, we feel they are the perfect partner to help inform users about the potential and benefits of investing into digital assets. Cryptocurrency in particular will give UK investors the chance to diversify their portfolio into what is quickly becoming a very desirable asset class for investors across the globe.” Takeaway This partnership positions Stratiphy and 21Shares to be first movers in bringing regulated crypto ETNs to the UK retail market, aligning with FCA changes and investor demand. Growing Appetite for Crypto in the UK Recent research from Aviva Insurance highlighted the growing appetite for digital assets among UK consumers. Around 27% of UK adults said they would consider investing in cryptocurrency as part of their retirement planning. This reflects not only growing acceptance of crypto but also recognition of its potential role in long-term financial strategies. The performance of leading cryptocurrencies continues to fuel interest. Bitcoin rose 88% over the past year, while Ethereum climbed 73% in the same period. These gains have attracted attention from both professional and retail investors seeking to diversify their portfolios beyond traditional asset classes. For retail investors in the UK, the FCA’s forthcoming changes represent a long-awaited opportunity to gain direct, regulated exposure to such assets. Daniel Gold emphasized that the move is part of a larger effort to bring professional-grade investment options to everyday investors. “Investors across Europe have been enjoying access to crypto within a regulated framework for years now, and the UK is finally catching up,” he said. “The crypto market presents many exciting investment opportunities, and 21Shares is the ideal partner as we share a common vision to open up the best opportunities to everyday investors.” Takeaway With nearly one in three UK adults open to crypto in retirement plans, regulated access to ETNs could significantly expand participation in digital assets. Stratiphy’s Role in Democratizing Wealth Management Stratiphy, which received FCA regulatory approval in 2024, is built to make wealth management accessible to everyday investors through AI-powered tools and subscription-based pricing. The platform enables users to back-test strategies and simulate how portfolios might have performed over the last decade, giving investors greater insight into long-term outcomes before committing capital. This approach is designed to reduce barriers to personalised investing, which has traditionally been the domain of wealthier investors working with financial advisors. By combining automation with transparency, Stratiphy empowers retail users to build portfolios that align with their individual goals and risk appetite. Adding crypto ETNs into this mix offers new opportunities for diversification, especially as digital assets gain legitimacy as part of mainstream investment strategies. Barlow noted: “We look forward to working closely with Stratiphy to bring our world-leading offering of crypto to the UK.” His remarks underline the role of partnerships between traditional investment innovators and fintech platforms in expanding access to asset classes once considered niche or inaccessible. Takeaway Stratiphy’s AI-driven toolkit, combined with 21Shares’ crypto ETNs, could lower barriers to personalised wealth management and open digital assets to a broader UK audience. Outlook: Toward Regulated Crypto Adoption The UK has been slower than continental Europe in granting retail access to regulated crypto products. However, with the FCA preparing to approve crypto ETNs, the market is poised for rapid growth. The partnership between 21Shares and Stratiphy represents a strategic move to capture early demand, providing investors with both choice and tools to manage risk effectively. As global interest in cryptocurrencies continues to expand, regulated frameworks are critical for building trust and ensuring long-term adoption. For UK investors, this development may mark the beginning of a more mature era in digital asset investing — one where compliance, accessibility, and technology converge to create a new standard for retail wealth management. By bringing together the institutional expertise of 21Shares and the personalised investing capabilities of Stratiphy, this partnership is set to play a defining role in shaping how UK investors access and integrate digital assets into their portfolios in the years ahead. Takeaway The UK is on the cusp of regulated crypto adoption. With FCA approval pending, 21Shares and Stratiphy are positioned to help define the next chapter of retail investing.

British lender Shawbrook said on Monday it plans to list in London, in what could become one of the largest offerings to hit the capital’s market in recent years. The alternative bank, which focuses on specialist lending and savings products, said the flotation would strengthen its brand visibility in the UK and support future growth, while giving its private equity owners an opportunity to cash in part of their investment. Shawbrook is currently owned by Marlin Bidco, a holding company backed by BC Partners and Pollen Street Capital. A person familiar with the matter told Reuters last week that the IPO could value Shawbrook at up to £2 billion ($2.69 billion), potentially making it a bellwether for the recovery of London’s sluggish listings market. The move would mark a return to the public arena for Shawbrook, which was taken private in 2017 by BC Partners and Pollen Street. Chief Executive Marcelino Castrillo called the decision a milestone for the group, saying Shawbrook had reached “real scale” in its markets and saw fresh opportunities to expand into new customer segments. “We have achieved real scale, and our current markets are large and growing, supported by attractive tailwinds,” Castrillo said in a statement. “We also see a significant opportunity to bring Shawbrook’s offering to new types of customers.” The company said it intends to sell shares to both retail and institutional investors, with a free float of at least 10%, making it eligible for inclusion in FTSE indices once listed. A Test for London Listings The planned IPO follows a long dry spell for London’s equity markets, where concerns over valuations and liquidity have driven several UK companies to pursue foreign listings instead. Recent weeks, however, have shown signs of revival. Beauty Tech Group, a red-light therapy products maker, listed late last week, while Princes Group, a well-known canned foods brand, confirmed its own IPO plans. Regulators have attempted to revamp London’s listing rules to attract new issuers and retain homegrown firms. Still, several companies, including fintech firm Wise, have shifted their primary listings overseas in search of deeper investor pools. Shawbrook’s offering could provide a barometer for whether London’s reforms are enough to tempt private equity-backed firms back to the market. The bank’s owners explored various merger options in the past two years, including talks with Metro Bank and Co-op Bank, but those discussions ultimately failed to produce a deal. If successful, Shawbrook’s flotation could inject much-needed confidence into the UK’s capital markets — and serve as a test case for whether London can still host major domestic listings amid global competition for capital.