Ripple has launched a new offensive approach to decentralized finance (DeFi) security with a $200,000 bug bounty “Attackathon” in partnership with Immunefi. The campaign, which was recently announced, is aimed at discovering any vulnerabilities in Ripple’s upcoming XRP Ledger (XRPL)–based lending protocol called Blueprint before it goes live. During the contest, ethical hackers and security researchers worldwide are welcome to test the platform’s smart contracts and lending logic for potential security risks. Rewards will be issued based on the severity of discovered flaws, making it Ripple’s most aggressive pre-launch security program to date. Ripple Takes Proactive Approach to DeFi Security By collaborating with Immunefi, a leading Web3 bug bounty platform responsible for securing over $60 billion in user funds, Ripple aims to attract the best white-hat talent to its ecosystem. This will potentially strengthen its system and prevent security hacks that could lead to liquidity drain, governance manipulation, or smart contract failure. This is a commendable approach to DeFi security, especially at a time when security breaches are on the rise. In 2025 alone, there have been a series of multimillion-dollar exploits across major protocols, including the recent $1.8 million breach at Abracadabra. The Blueprint lending protocol is one of Ripple’s most ambitious entries into DeFi. It aims to enable lending and borrowing directly on the XRP Ledger, leveraging XRPL’s native capabilities for transaction speed and low fees. However, integrating crypto lending features also opens the protocol to new risk, making stress testing essential before public deployment. Ripple creating a proactive approach sends a strong message to investors and developers that security is not an afterthought. By launching the Attackathon before Blueprint goes live, Ripple is taking steps to avoid the costly mistakes that have plagued many DeFi protocols in the past. Immunefi and Ripple Set a New Security Benchmark Ripple’s Attackathon begins later in October on Immunefi’s platform, with final reports and payouts expected before Blueprint’s public rollout. The $200K Attackathon is more than a marketing gesture. It represents a broader industry shift toward incentivized, transparent testing as a standard for responsible DeFi launches.  With over $1 billion lost to exploits in 2025 alone, the need for such initiatives cannot be overestimated. If successful, the campaign could position Blueprint as a model for secure DeFi protocol development and establish Ripple as a frontrunner in responsible, secure innovation. For users and investors, it’s a reminder that while DeFi’s potential is vast, trust must be earned through transparency and rigorous security. Ultimately, the XRP community and the wider DeFi sector will be watching closely to see whether the company’s bet on security-first development sets a new standard for the industry, and more companies could adopt a similar approach in their development roadmaps.

Brazil’s fintech heavyweight PicPay is preparing another run at a US stock market debut, with plans to raise up to $500 million through an initial public offering that could take place later this year. The company, one of Latin America’s most downloaded digital banking apps, has hired Citigroup, Royal Bank of Canada, and Bank of America to arrange the deal, signaling a renewed confidence after shelving its earlier attempt in 2021. Back then, PicPay sought an $8 billion valuation before pulling the plug as global markets soured on high-growth tech firms. This time, insiders describe the approach as quieter and more measured. The listing could still face procedural delays, however, as a partial US government shutdown has slowed operations at the Securities and Exchange Commission. Even so, recent guidance from the regulator has kept the window open for IPOs in the coming months. Profits and product reach fuel renewed confidence PicPay’s comeback bid rests on sturdier financial ground than its previous effort. In the first half of 2025, the company reported a profit of 208.4 million reais on 4.5 billion reais in revenue—a sharp improvement for a firm once known for its breakneck expansion and heavy spending on customer acquisition. The São Paulo-based platform has evolved into a one-stop shop for financial services, spanning digital wallets, credit cards, personal loans, and investment products. Its “super app” model allows users to send payments, shop online, and invest without leaving the app—a blend of convenience and social functionality that has made it a staple among younger Brazilians. PicPay’s controlling shareholder, J&F Investimentos—the holding company of the billionaire Batista family—adds another layer of heft. The group’s backing provides both capital strength and a level of institutional credibility that could reassure investors wary of volatility in emerging-market tech. Latin America’s fintech moment The planned IPO comes amid a fresh surge of investor interest in Latin America’s digital finance scene. A decade ago, Brazil’s banking landscape was dominated by a handful of brick-and-mortar lenders. Now, a wave of mobile-first challengers has upended that structure, pushing innovation and financial inclusion at an unprecedented pace. Nubank, PagSeguro, and StoneCo have already carved out paths to New York listings, collectively drawing billions from investors eager to bet on the region’s shift toward cashless economies. PicPay’s return to the IPO arena would add another heavyweight to that roster, highlighting the sector’s durability despite global economic uncertainty. The proceeds from a successful offering could accelerate PicPay’s push into new markets and fund additional lending operations, while bolstering its investment and e-commerce capabilities. Beyond raising capital, the company sees a US listing as a gateway to global recognition—an opportunity to stand shoulder to shoulder with the region’s top fintech players in front of Wall Street’s most influential investors. While market conditions remain unpredictable, PicPay’s renewed pursuit of an IPO suggests confidence that the fintech story in Latin America still has room to run—and that investors are ready to listen again.

Regulatory Green Light from Central Bank Wise has received approval from the Central Bank of the United Arab Emirates (CBUAE) to offer its money transfer and payment services in the country, paving the way for the fintech to expand into one of the Middle East’s key financial hubs. The CBUAE granted Wise two licences — Stored Value Facilities and Retail Payment Services (Category 2) — allowing the London-listed firm to launch products such as Wise Account and Wise Business for customers in the UAE. The services enable users to send, receive and manage money across borders at lower costs and with greater transparency than traditional banking channels. Wise said the approvals represent an important step toward bringing its full suite of personal and business tools to the market. The company plans to begin onboarding UAE-based customers once final operational requirements are met. Investor Takeaway The UAE licence gives Wise access to one of the world’s fastest-growing remittance markets and strengthens its push into regulated payment corridors across the Gulf. Building a Global Licensing Network Wise said the approvals expand its international regulatory footprint and align with its long-term plan to offer faster, cheaper cross-border money movement through local licensing rather than partnerships. The UAE’s diverse, expatriate-heavy population provides a natural growth market for Wise’s multi-currency products. Through the new licences, Wise will be able to operate as both a digital wallet provider and a retail payment processor, giving residents and businesses access to international money management tools that operate within the CBUAE’s consumer protection framework. The move also follows Wise’s broader strategy of securing domestic licences in major remittance markets, such as India, Singapore and Brazil, rather than relying solely on correspondent networks. Product Rollouts and Partnerships Earlier this month, Wise upgraded customer accounts in Brazil to include Pix key functionality, allowing users to fund and convert money directly through the Brazilian central bank’s instant payment network. Since launching its account in Brazil, adding funds through Pix has become one of the most-used features among customers, according to company officials. In August, Upwork named Wise Platform as its new infrastructure partner to handle cross-border payouts for freelancers. The partnership enables faster transfers to local bank accounts in parts of South America, Asia-Pacific and Europe through Wise’s “Direct to Local Bank” feature. The collaboration reflects Wise’s growing role as a backend provider for global payment platforms. UAE as a Regional Payments Hub The CBUAE has stepped up efforts to modernize payment infrastructure and attract fintech players seeking to operate under a regulated regime. The UAE hosts a large expatriate workforce that remits billions of dollars annually, making it one of the world’s biggest remittance corridors alongside India, Saudi Arabia and the United States. Wise’s entry into the UAE adds another major market to its global presence, which already spans more than 160 countries. The company processed over £120 billion in cross-border payments in 2024, according to its latest annual report. Industry analysts say that operating under a local licence could help Wise win market share from incumbents such as Western Union and MoneyGram by offering faster settlement and lower fees. Investor Takeaway Wise’s UAE launch strengthens its competitive position in global remittances, reinforcing its model of building local compliance and infrastructure instead of outsourcing payments.

Analysts at Bernstein Research have made a bold prediction that the USD Coin (USDC) issuance could triple by the end of 2027. According to them, this will cause Circle’s flagship stablecoin to command one-third of the global stablecoin market. The forecast reflects the firm’s confidence in the token’s resilience, infrastructure, and regulatory positioning in a highly competitive and expanding stablecoin sector.  The projection arrives at a time when demand for stablecoins is surging globally, particularly in regions where cross-border payments, decentralized finance (DeFi), and real-world tokenization are gaining traction. According to reports, Bernstein’s analysts believe that USDC’s underlying architecture, market pedigree, and institutional adoption give it a plausible path to displace or outgrow many rival stablecoins, including Tether (USDT). Institutions Are Bullish on USDC Despite Tether’s Competition While Bernstein’s USDC projection is optimistic, the company’s analysts note that institutional confidence in USDC remains a major boost for the stablecoin. Unlike most rivals, USD Coin operates under U.S. oversight with monthly reserve attestations and full backing by cash and short-term Treasuries. Additionally, the firm expects Circle to benefit from the global push toward regulated stablecoin frameworks, especially in the U.S., Europe, and Asia. With more banks, fintechs, and asset managers experimenting with tokenized deposits, USDC’s transparent structure could make it the preferred bridge between fiat and blockchain economies. Bernstein also emphasized that monetary policy shifts, including potential U.S. rate cuts between 2026 and 2027, may have a limited downside impact on USDC’s institutional demand. According to analysts, the coin’s use cases in settlements and DeFi will sustain its momentum in adoption.  The report arrives amid a broader wave of institutional confidence in blockchain assets. Earlier this month, State Street projected that institutional exposure to digital assets could double by 2028, driven largely by tokenization and stablecoin usage. If the forecast is anything to go by, USDC’s total circulation could surpass $150 billion by 2027, up from roughly $50 billion today. That would place it in direct competition with Tether (USDT), which still dominates the market but faces ongoing regulatory scrutiny over its reserves.  USDC Adoption Could Turn Stablecoin Regulation Around  Currently, stablecoins are legal in countries like the U.S., following the GENIUS Act. In Europe, new MiCA regulations have paved the way for licensed issuers, while in Asia, Singapore and Hong Kong have introduced frameworks to attract regulated stablecoin activity.  Circle has already applied for and obtained several approvals in these regions, setting it apart from competitors with less transparent operations. However, some policymakers globally still treat stablecoins as speculative crypto products. With USDC’s potential adoption over the coming years, more regulators would potentially embrace it for its various use cases and expand the global stablecoin laws.  Still, competition from established stablecoins like USDT and bank-issued digital tokens could slow Circle’s dominance and potential one-third market share. 

In the finance space, reserves are funds or assets held by an institution to support its liabilities. It also refers to the money set aside to ensure it can meet redemptions, withdrawals, or obligations. Reserves are safety nets that assure investors or customers that their funds are safe and can be accessed when needed.  A fully backed reserve takes this idea further. It means that every unit of value, like a digital token, bank deposit, or stablecoin, is supported by an equivalent amount of real assets. The concept of fully backed reserves represents the highest standard of financial banking, where every deposit is supported by an equivalent real-world asset.  In this article, you’ll learn how fully backed reserves work and why they play an essential role in today’s economy.  Key Takeaways Fully backed reserves guarantee that every issued deposit or token is completely supported by real, verifiable assets.  This model reduces insolvency risks and prevents panic withdrawals because all funds are fully accessible. They create trust and stability by ensuring value remains constant even during market uncertainty or changes. While fully backed reserves come with high operational costs, they promote security, credibility, and financial transparency. Public reporting and transparent audits boost user confidence and make regulation easier to achieve and maintain.  Understanding What “Fully Backed” Really Means? The term “fully backed” means that each unit of value issued by a digital asset provider or financial institution is supported by verifiable, tangible assets of equal value. Therefore, for every $1 in circulation, there’s $1 in reserve somewhere. It could be in the form of government securities, cash, or other low-risk assets.  If holders of that token or currency decide to redeem their funds, this approach ensures that the issuer has enough backing to cover every claim. Hence, fully backed reserves are usually described as a “one-to-one” model because the amount issued equals the amount held.  Benefits of Fully Backed Reserves Fully backed reserves have many solid advantages that make financial systems trustworthy and safer.  1. Trust and transparency With fully backed reserves, users can see that their money or tokens are backed by real assets. This assurance builds confidence because there’s no hidden risk. What you own has actual value behind it. For instance, if a stablecoin company claims to have $500 million in reserves for $500 million worth of coins, this can be verified through public reports or audits. This transparency encourages people to trust the company and continue using its services.  2. Confidence and stability in value Since every unit is supported by a real asset, the value of the deposit or token is stable even when the market changes. This feature is very critical in crypto, where price volatility can scare users away. Fully backed reserves offer a sense of predictability and security that users appreciate.  3. Reduced risk of insolvency In traditional banking, insolvency or “bank run” occurs when several people try to withdraw their money at once, and the bank doesn’t have enough to pay everyone. Fully backed reserves prevent this from happening because all the funds are available. If everyone decides to redeem their holdings at once, it’s possible because the assets are 100% available.  4. Stronger regulatory confidence Financial regulators prefer systems that can be easily audited and transparent for all to see. Fully backed reserves meet that standard because each deposit or token is directly connected to a verifiable asset. Hence, companies can easily follow laws, gain licenses, and work with governments or banks. It also reassures the public that the system is well managed.  5. Enhanced long-term credibility A financial platform or company that uses fully backed reserves earns a reputation for responsibility and honesty. This reputation attracts more partnerships, users, and investors because people stay with systems they can trust.  Limitations and Challenges of Fully Backed Reserves While they sound ideal, fully backed reserves have real challenges, making them challenging to maintain in practice.  1. High operating costs It is costly to maintain a fully backed reserve system because the company must keep enough assets or money to cover every deposit or token in circulation. Hence, the business can’t use the funds for profit-making activities like investments or loans. Instead, the money stays in reserve but does not earn anything.  2. Inefficient use of capital Since all the funds must stay in reserve, the capital isn’t working actively to produce more value. In fractional systems, a chunk of reserves can be lent out to support loans and revive the economy. Fully backed systems lack that flexibility, making them less efficient from a financial perspective.  3. Heavy dependence on audits People’s trust in fully backed reserves depends fully on reliable and regular audits. If the audits are inaccurate, delayed, and not publicly available, confidence can quickly disappear. In the crypto space, some companies have claimed full backing but failed to prove it. Therefore, the accuracy and honesty of audits are critical.  4. Accessibility and liquidity challenges Even when assets are fully held, they may not all be in cash. Some reserves could be in short-term securities or government bonds. If many users want to withdraw funds instantly, converting the assets into liquid cash might take time. Hence, while the system is fully backed, access to funds can be delayed due to increased demand.  5. Limited flexibility in market conditions Fully backed systems can struggle to adjust instantly, particularly in fast-changing markets. They might be unable to reallocate funds to leverage investment opportunities easily. Additionally, it might be challenging to respond to interest rate changes because the capital is locked in reserves. This limited flexibility can make them less adaptable and slower than systems that have more freedom with their assets.  Conclusion – Building a Trustworthy Financial Ecosystem Fully backed reserves represent one of the most dependable models in modern finance. They bring stability, transparency, and confidence by ensuring each issued deposit is supported by tangible assets. However, maintaining this approach can be expensive. Also, it limits how much institutions can grow or earn. As more people become receptive to decentralized finance and digital money, the concept of being fully backed will remain a standard for building honest systems.  

Higher Fees and ETF Inflows Drive Growth BlackRock Inc (NYSE: BLK) reported higher third-quarter profit on Tuesday as global markets rallied and investors poured money into its low-cost index products, pushing the firm’s assets under management to a record $13.46 trillion. That compares with $11.48 trillion a year earlier, underscoring the scale of investor inflows during the quarter. The world’s largest asset manager recorded adjusted earnings of $1.91 billion, or $11.55 per share, for the three months ended Sept. 30, up from $1.72 billion, or $11.46 per share, a year ago. Revenue climbed to $6.5 billion from $5.2 billion, driven by an 8% increase in organic base fees and higher performance fees linked to the rebound in markets. Analysts had expected earnings of $11.24 per share on revenue of $6.2 billion. Long-term net inflows totaled $171 billion, led by continued momentum in the iShares ETF franchise, which remains the main driver of new client assets. “Top organic base fee growth contributors included our systematic franchise, private markets, digital assets, outsourcing, cash and iShares ETFs, which saw record demand,” said Chief Executive Larry Fink. Investor Takeaway BlackRock’s record assets highlight the scale of ETF-led growth even as it pushes deeper into higher-fee businesses such as private markets and data services. Markets Boost Performance as Fed Cuts Rates A rebound in global equities, supported by steady U.S. consumer spending and the Federal Reserve’s first rate cut of the year in September, lifted investor appetite for risk assets. Expectations of further easing later in 2025 drove heavy inflows into fixed-income exchange-traded funds, with investors rotating into U.S. Treasuries and corporate debt. Equity product inflows slowed to $46 billion, down from $74 billion a year earlier, while fixed-income products brought in $47.5 billion. Total net flows reached $205 billion, including strong contributions from private markets and cash management strategies. Retail inflows climbed to $9.7 billion from $6.9 billion a year ago. “We’re entering our seasonally strongest fourth quarter with building momentum and a unified platform anchored by our public-private investment model and Aladdin technology,” Fink said. The CEO noted that BlackRock’s scale and integrated systems give it flexibility to capture inflows across both passive and active strategies. Private Markets and Data Units Add to Earnings As index funds face margin pressure, BlackRock has been expanding in private markets, real estate and infrastructure to capture higher-fee revenue. In the third quarter, private market inflows reached $13.2 billion, while investment advisory performance fees surged 33% to $516 million after a sharp decline in the previous quarter. Technology and subscription revenue rose 28% to $515 million, driven by Aladdin software and the integration of Preqin, the data and analytics firm BlackRock acquired earlier this year. The firm’s other recent acquisitions — Global Infrastructure Partners (GIP) and HPS — also contributed to revenue, according to analysts. “Overall, results were strong and benefitted from a favorable market backdrop,” said Kyle Sanders, senior equity research analyst at Edward Jones. “In our view, BlackRock is entering a new chapter in its growth story.” Total expenses climbed to $4.6 billion from $3.2 billion last year, reflecting higher compensation costs and expenses tied to recent acquisitions. On a diluted basis, net income fell 19% to $1.32 billion, or $8.43 per share, due to one-time charges. Investor Takeaway With $13.46 trillion under management, BlackRock remains the benchmark for global fund growth. The focus now shifts to how it integrates new acquisitions and sustains fee expansion in a maturing ETF market. Outlook BlackRock heads into the fourth quarter with strong momentum, helped by a diversified product mix and resilient client demand. The company’s combined strength in ETFs, private credit and data analytics gives it multiple sources of growth, even as competition in passive funds intensifies. Analysts expect continued inflows if rate cuts and market optimism persist into 2026. “BlackRock’s scale allows it to capture both sides of the cycle,” Sanders said. “Its fixed-income franchise is seeing renewed demand as investors reposition portfolios for a lower-rate environment.” The company’s challenge, he added, will be managing costs and integration while preserving margins amid expansion.

New York, United States, October 14th, 2025, FinanceWire The Motley Fool has added shares of Freedom Holding Corp. (NASDAQ: FRHC), a diversified financial services and technology group, to its flagship model investment portfolio, the TMF Moneyball Portfolio. The Moneyball Portfolio is an intelligent investment system developed by The Motley Fool and based on artificial intelligence and the company’s proprietary database. The system analyzes thousands of publicly traded companies using criteria such as innovation, financial stability, leadership, and market potential, selecting approximately 250 companies with the highest scores for inclusion in the portfolio. The addition of Freedom Holding Corp. to this group of companies reflects a strong assessment of its financial performance, management quality, and strategic positioning. “We are grateful to The Motley Fool for recognizing and including Freedom Holding Corp. in the TMF Moneyball Portfolio. This acknowledgment confirms that our principles of transparency, sustainable growth, and customer focus resonate with leading global investment analysts,” said Timur Turlov, Founder and CEO of Freedom Holding Corp. The Motley Fool’s co-founder Tom Gardner and the company’s team of analysts expressed their interest in Freedom’s approach to developing financial technologies and promoting digital well-being. As The Motley Fool’s leadership emphasized in its message to Freedom, the Moneyball Portfolio is built on high-conviction investment ideas — companies that demonstrate sustainable growth potential. The TMF Moneyball Portfolio is a demonstration portfolio designed to illustrate The Motley Fool’s analytical approach to identifying companies with the greatest long-term growth potential. About The Motley Fool The Motley Fool is one of the leading U.S. investment and analytics companies, founded in 1993. It serves more than 650,000 subscribers and 15 million readers worldwide, specializing in investment recommendations, analysis, and educational content for individual investors. About Freedom Holding Corp. Freedom Holding Corp. provides financial services in 22 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan, and Armenia. The Company’s principal executive office is located in New York City. In Kazakhstan, Freedom is actively developing its financial and digital ecosystem, which includes Freedom Bank, Freedom Broker, the insurance companies Freedom Life and Freedom insurance, as well as a lifestyle segment that features Arbuz.kz, Freedom Ticketon, and Aviata. Freedom Holding Corp. shares are traded on the U.S. technology exchange NASDAQ, the Kazakhstan Stock Exchange (KASE), and the Astana International Exchange (AIX) under the ticker symbol FRHC. Freedom Holding Corp. is regulated by the U.S. Securities and Exchange Commission (SEC) and is a member of the Russell 3000 Index. Contact Head of Public Relations Natalia Kharlashina Freedom Holding Corp. prglobal@ffin.kz +77013641454 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.

Clearwater, Florida, October 14th, 2025, FinanceWire Vetted Prop Firms announces the launch of its innovative online platform, recently established to help traders navigate the complex industry of proprietary trading firms. The new review website delivers standards-based evaluations and metrics-driven rankings of prop firms, giving traders unmatched clarity in their selection process. The platform has already become a vital resource in the trading industry, where selecting the right prop firm often determines a trader’s success. Through its structured evaluation framework, Vetted Prop Firms examines trading conditions, capital allocation, profit splits, and risk management protocols across multiple firms. Beyond these core evaluations, what sets the service apart is its uncompromising independence and the use of measurable assessments. Every firm undergoes rigorous evaluation across critical parameters, including platform stability, trader satisfaction, withdrawal reliability, and customer support responsiveness. Listing verified offers from prop firms adds another layer of value, granting traders access to premium services at reduced rates. “Our mission is to create a trusted resource where traders can make informed decisions about their prop firm partnerships,” states Fred Harrington, the Head of Platform Development at Vetted Prop Firms. “By providing detailed, metrics-driven reviews alongside exclusive discounts, we’re helping traders optimize their journey in the finance industry.” Powered by a comprehensive data-validated ranking system, Vetted Prop Firms weighs community feedback, historical performance, and regulatory compliance to ensure fairness. Each review delivers a clear analysis of fee structures, funding programs, and scaling opportunities, helping traders align with firms that best fit their goals. For traders seeking a reliable resource, the company’s website serves as a hub of transparent insights and tools to guide smarter decisions in the prop trading space. In a sector where openness is paramount, Vetted Prop Firms maintains strict editorial independence throughout its review process. Its methodology examines dispute resolution procedures, refund policies, and trader satisfaction rates. This thorough approach helps users avoid pitfalls and identify opportunities aligned with their objectives. The website features an intuitive interface that simplifies comparisons. Traders can filter firms based on measurable criteria such as minimum capital requirements, maximum drawdown limits, and profit-sharing structures. This functionality strengthens its role as a tool for finding the prop firm that matches each trading style. Looking ahead, Vetted Prop Firms plans to expand with educational resources, market analysis tools, and real-time updates on performance metrics. These initiatives reflect its continued commitment to fairness and clarity, while further enhancing the platform’s value for the trading community. The platform addresses a critical need in the prop trading sector by delivering clear, actionable information about firm selection. Its comprehensive rankings of prop firms give traders confidence by breaking down complex fee structures, trading rules, and potential restrictions before financial commitments are made. To learn how Vetted Prop Firms blends standards-based rankings with exclusive discounts to transform the prop trading journey, users can visit https://vettedpropfirms.com, and connect with the team on Twitter/X @vettedpf About Vetted Prop Firms Vetted Prop Firms is an independent review and analysis platform in the proprietary trading industry. The site blends standards-driven research, community insights, and objective metrics to deliver transparent evaluations of prop firms. By combining impartial guidance with verified offers from prop firms, it empowers traders to make smarter choices and gain a competitive edge. Its mission centers on clarity, fairness, and measurable reviews that simplify firm selection for traders worldwide. Contact Fred Harrington Vetted Prop Firms fred@vettedpropfirms.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.

Investors See Valuation Above 3 Trillion Yen Investors expect PayPay could be valued above 3 trillion yen ($20 billion) as SoftBank Group prepares an initial public offering of the Japanese payments app operator in the United States as early as December, according to two people familiar with the discussions. SoftBank has been meeting institutional investors since mid-September to gauge appetite and discuss possible valuations, the sources said. They added that investors see around 2 trillion yen as a baseline but believe the number could rise depending on demand and market conditions. PayPay declined to comment. The talks, reported by Reuters for the first time, come as the U.S. IPO market experiences its busiest quarter since late 2021, with companies raising $24 billion through first-time share sales in the third quarter, according to Dealogic data. Investor Takeaway Investors see PayPay as one of Japan’s strongest tech IPO candidates in years, but a stretched valuation could heighten pressure on SoftBank to deliver earnings growth after listing. IPO Outlook and Market Context The planned offering is part of SoftBank’s broader effort to unlock value from its portfolio and tap a receptive U.S. market where tech valuations have rebounded. The potential $20 billion price tag would make PayPay one of the largest Japanese fintech listings overseas in recent years. “The key focus going forward will be to what extent overseas expansion can be realistically pictured as a growth story, given the lack of business foundations not only in the U.S. but also in Asia,” one of the sources said. The company announced last month that users would be able to make payments abroad, starting with South Korea, one of the most popular destinations for Japanese travelers. Analysts said the move signals an effort to build cross-border payment volume, which could help justify a premium valuation if successful. Domestic Growth and Financial Performance PayPay has played a central role in moving Japanese consumers away from cash, offering rebates and app-based loyalty programs that spurred rapid adoption. It is now Japan’s market leader in QR code payments and has expanded into banking and credit card services. Japan’s cashless payments ratio exceeded 40% last year, up from 29% in 2019, but still trails South Korea and China, where it surpasses 80%. The government aims to push cashless usage higher to reduce transaction costs and address labor shortages in the retail sector. SoftBank’s telecom arm said operating profit at its financial segment — which includes PayPay — more than doubled to 18.1 billion yen in the April–June quarter. “Structural profit improvement is progressing, and future growth can be anticipated,” said Yukari Housui, analyst at SBI Securities. Investor Takeaway PayPay’s profitability and dominant position in Japan could underpin its IPO, but investors remain divided over how far its international ambitions can support a premium valuation. Ownership and Expansion Plans PayPay’s ownership is split among several SoftBank entities, including wireless carrier SoftBank Corp, the Vision Fund, and internet group LY Corp — a joint venture between SoftBank and South Korea’s Naver Corp. The company recently bought a 40% stake in Binance Japan and plans to introduce new crypto services, a move seen as part of a broader digital finance strategy. SoftBank has been exploring U.S. listings for some of its domestic assets to attract higher valuations. Around 20 Japanese companies have listed in New York over the past five years, though several later delisted after weak performance. Round One, operator of amusement centers, is also considering overseas listings for two subsidiaries as it expands in the U.S. For SoftBank, a successful PayPay listing would mark a major return to the U.S. capital markets after the group’s cautious years of deleveraging. Market watchers say the valuation talks will be a key test of investor confidence in Japan’s fintech sector as well as SoftBank’s ability to reignite its dealmaking momentum.

The International Criminal Police Organization (Interpol) has recovered more than $439 million in cash, cryptocurrency, and other assets following the conclusion of Operation HAECHI VI, a five-month global crackdown on cyber-enabled financial crimes. Running from April to August 2025, the operation involved authorities from 40 countries and territories, targeting crimes such as investment fraud, business email compromise (BEC), romance scams, sextortion, and illegal online gambling. According to Interpol, the coordinated effort led to the blocking of over 68,000 bank accounts and the freezing of nearly 400 cryptocurrency wallets, with $16 million traced directly to illicit digital assets. The remaining funds were recovered from traditional and hybrid financial systems used to launder money across borders. Interpol’s Assistant Director of Financial Crime, Isaac Ke, said the operation demonstrated how global collaboration and data sharing could disrupt transnational fraud networks and recover assets before they vanish into digital systems. Operation HAECHI VI exposed the growing sophistication of online criminal networks, many of which blend conventional banking channels with blockchain-based transactions and shell companies to conceal illicit proceeds. Through Interpol’s Global Rapid Intervention of Payments (I-GRIP) system, authorities were able to trace and halt transfers in real time, resulting in multiple high-profile arrests and fund recoveries across Asia, Europe, and the Middle East. The Financial Crime and Anti-Corruption Centre (IFCACC) coordinated the international response, which also relied on private-sector partnerships with financial institutions and crypto exchanges to identify suspicious transactions. Interpol said the HAECHI initiative—launched in 2020—has become central to its strategy against digital financial crime. The previous phase, Operation HAECHI V, recovered $199 million and led to more than 5,500 arrests globally. The agency added that the insights from the latest phase would guide future cooperation among member countries to strengthen surveillance and improve rapid asset recovery in the crypto space. Interpol Leads Global Push Against Digital Financial Crime Intensifies Interpol’s latest success under Operation HAECHI VI coincides with a broader global effort to combat crypto-related fraud. Earlier, last month, the agency launched a new initiative across 18 African nations targeting illegal cryptomining operations, resulting in over 1,200 arrests and the seizure of $97 million in assets. The crackdown, supported by the UK and AFRIPOL, underscores growing international cooperation in tackling online financial crime. Private sector innovation is also reinforcing these efforts. Blockchain intelligence firm TRM Labs recently unveiled its Beacon Network, a real-time alert system designed to help exchanges and law enforcement trace and freeze illicit funds before they exit the crypto ecosystem. Meanwhile, European authorities continue to tighten oversight, with Polish prosecutors seeking Interpol’s help to arrest Marcin P., CEO of currency platform Cinkciarz.pl, over alleged misappropriation of $28 million in customer funds—a reminder that traditional finance and crypto fraud remain deeply connected in the evolving digital economy.

The Bank of England and the UK’s banking watchdog are holding off on granting Revolut a full banking licence as they probe whether the fintech’s internal risk systems can keep up with its rapid international growth, the Financial Times reported on Tuesday. The London-based digital finance group, which counts more than 40 million users worldwide, has been waiting for full authorisation from the Prudential Regulation Authority (PRA) after receiving a restricted UK licence in 2024 — a milestone it had hailed as a step toward a future stock market listing. According to the FT, officials at the Bank of England have sought additional assurances that Revolut will strengthen its risk management framework to match the scale of its overseas operations. The PRA is said to be examining the resilience of the company’s systems both domestically and abroad before granting approval for it to operate as a full UK bank. Neither Revolut nor the Bank of England commented directly on the report. The company instead referred to a July statement saying it was “progressing through the final stages of mobilisation.” “Given Revolut’s global scale, this is the largest and most complex mobilisation ever undertaken in the UK,” the firm said at the time, adding that “a thorough review is an expected part of the process and getting this right is more important than rushing to meet a specific date.” The Bank of England reiterated its standard position that it does not comment on individual firms. Revolut’s founder and chief executive, Nik Storonsky, has previously called securing a UK licence his “top priority,” saying in September that the goal was to transfer its British customers into the new entity and expand credit offerings once approval is obtained. The process has stretched on for several years, reflecting regulators’ heightened caution toward fast-growing fintech companies that straddle payments, banking, and crypto services. Executives remain hopeful the final authorisation will be granted this year, though people close to the process told the FT that the timetable remains uncertain given the depth of regulatory review. Revolut, valued at around $33 billion in its last funding round, has expanded aggressively across Europe, Asia, and the Americas, offering everything from stock trading to crypto investments. Its rapid diversification has drawn both investor praise and regulatory scrutiny over governance and internal controls. The PRA’s current review reflects concerns that Revolut’s compliance and risk teams have lagged behind the pace of its global rollout. Industry observers note that British regulators have become more assertive about ensuring fintech firms meet the same prudential standards as traditional banks before granting licences. For Revolut, the delay could also affect its long-mooted plans for a public listing. Analysts say full banking status in its home market would enhance the company’s credibility with investors and open access to a wider range of deposit and lending services. Still, Revolut has maintained strong customer growth despite the prolonged licensing process. Its latest filings showed record revenues in 2023 and continued expansion into new markets, including the U.S. and Australia. While the outcome of the Bank of England’s review remains pending, Revolut’s case has become a test of how far regulators are willing to accommodate fintech innovation without loosening the safeguards that underpin the traditional banking system.

Tether, the issuer of the world’s largest stablecoin, USDT, has announced plans to launch a fully open-source Wallet Development Kit (WDK) designed for iOS and Android developers. The announcement was made by Tether CEO Paolo Ardoino in a post on X, where he confirmed that the kit will include “starter wallets” for both platforms and be released this week. The WDK aims to help developers create self-custodial wallets, allowing users to maintain full control of their assets without third-party intermediaries. “The Starter Wallet is a compact, fully functional showcase of how easy and quick will be for anyone to develop a complete digital assets wallet using Tether’s Wallet Development Kit.” Investor Takeaway The Wallet Development Kit could increase developer engagement, fostering greater adoption of Tether’s ecosystem across the DeFi and fintech sectors. Tether WDK Broadens USDT Access Across Mobile and Desktop Platforms The kit is expected to feature a modular, audited codebase that simplifies integration across mobile and desktop environments while supporting direct Bitcoin and USDT transactions, according to an earlier post from Tether. Developers can also extend its functionality to include decentralized finance (DeFi) tools such as swapping and lending. According to Tether, the kit’s open-source framework is part of a broader initiative to expand access to non-custodial technologies and strengthen financial autonomy. The move comes as Tether continues to dominate the stablecoin market, with USDT holding over 60% of global market share and a circulating supply exceeding $150 billion, per CoinMarketCap data. The token remains the most used stablecoin for trading and payments, operating across major blockchains including Ethereum, Tron, and Solana. Tether’s latest effort signals a strategic shift toward open innovation and developer empowerment. By lowering technical barriers, the WDK could accelerate wallet adoption and expand self-custody options for users worldwide—further entrenching Tether’s influence in digital finance. Investor Takeaway Tether’s open-source wallet kit reinforces its dominance in the stablecoin market by empowering developers and expanding self-custody solutions. Tether Expands Reach with Different Push Tether is widening its scope beyond stablecoins through strategic moves across governance, infrastructure, and U.S. adoption. The company on October 1 unveiled a demo of its open-source Wallet Development Kit (WDK), illustrating how developers can build non-custodial wallets for USDT and the new USDT token across iOS, Android, and desktop platforms. The WDK, was said to have undergone independent security audits. In Italy, Tether proposed board changes at Juventus Football Club, where it holds a 10.7% stake, and backed a $129 million capital increase aimed at strengthening the club’s governance and financial position. Meanwhile, in the U.S., Tether is partnering with video platform Rumble, which boasts over 51 million users, to promote adoption of its USAT stablecoin. The partnership will see Rumble integrate a Tether-powered wallet, marking a significant step in bringing stablecoin payments to mainstream digital platforms.

Moomoo, the leading global investment and trading platform, has announced the return of its Global Paper Trading Competition, now in its second year. Powered by Nasdaq TotalView®, the six-week competition gives users the opportunity to trade U.S. stocks, ETFs, and options using $100,000 in virtual funds—all with zero financial risk. Participants can compete for a share of $200,000 in cash rewards while honing their investing skills in real-time market conditions. This year’s competition, themed “Moove to the Next Level”, introduces a new layer of sophistication by integrating Moomoo AI, the platform’s intelligent investing assistant. Designed to provide instant insights and simplify complex data, Moomoo AI will be available 24/7 to help participants make informed virtual trades throughout the challenge. In partnership with Nasdaq, all participants will receive one month of free access to Nasdaq TotalView®, offering full depth-of-book market data and visibility into every order and price level on Nasdaq-listed securities. This collaboration underscores Moomoo’s mission to democratize access to institutional-grade market information and empower retail investors through data transparency and education. Takeaway Moomoo’s $200K Global Paper Trading Competition merges Nasdaq data and AI tools to bring professional-grade insights to everyday investors — all within a risk-free learning environment. “Moove To The Next Level” — A Smarter, Risk-Free Learning Experience Starting October 12, 2025 (EST), traders from around the world can join the competition via the Moomoo app and compete across multiple time zones — including pre-market, intraday, and post-market hours. The event caters to investors of all experience levels, from beginners looking to build confidence to professionals seeking to refine strategies in simulated conditions. Participants will embark on an immersive, gamified journey where they complete educational tasks, track their performance, and unlock achievements. As they progress through various levels, users earn Moomoo Tokens, which can be redeemed for cash prizes at the end of the competition. For the first time, the event integrates options trading, providing a broader and more realistic market experience. “Paper trading competitions offer a valuable, risk-free way for investors of all levels to improve their skills,” said Neil McDonald, CEO of Moomoo US. “This year, we’ve added options trading, Moomoo AI, and more educational tools to help our users enhance both their trading abilities and financial literacy.” Takeaway By combining gamified learning with real-time market data, Moomoo transforms investing education into an engaging, data-driven experience. Global Prizes And Nasdaq Tower Recognition The competition features a broad array of cash rewards and recognition opportunities. The global top three participants will receive $10,000, $3,000, and $1,000 in cash, respectively. In addition, regional champions will be recognized across key Moomoo markets, including the U.S., Canada, Australia, New Zealand, Singapore, Malaysia, Japan, and Hong Kong SAR. Top performers — both globally and regionally — will receive the exclusive Moomoo × Nasdaq trophy, symbolizing excellence and innovation in trading. Select participants will also be featured in a celebration video displayed on the Nasdaq Tower in Times Square, New York, highlighting their achievements before a global audience. “The enthusiasm from Moomoo’s global community during last year’s competition underscored a growing appetite for smarter, data-driven investing,” said Brandon Tepper, Senior Vice President and Global Head of Data at Nasdaq. “By providing access to Nasdaq TotalView® Depth of Book Data, we’re helping equip retail investors with the same level of visibility as professionals, fostering financial literacy and confident decision-making.” Takeaway Winners of Moomoo’s global trading challenge can earn cash prizes, trophies, and even a spotlight on the Nasdaq Tower — blending education, competition, and recognition. AI-Powered Tools And Education At The Core Through Moomoo AI, participants gain access to a powerful digital assistant capable of answering questions, summarizing market movements, and helping users interpret trends with natural language explanations. The integration represents a leap forward in AI-assisted investing education, offering beginners a supportive guide while giving experienced traders quick analytical insights. The competition is designed to help users gain practical experience in portfolio management, asset diversification, and risk mitigation strategies—all within a safe, simulated environment. The combination of AI guidance, advanced data feeds, and community engagement enables participants to refine their investment approaches without real-world consequences. “Moomoo AI was built to make complex data accessible and actionable,” McDonald added. “Our goal is to equip every participant with the intelligence and confidence to navigate financial markets more effectively.” Takeaway Moomoo AI gives participants institutional-level analysis in an interactive, risk-free environment, helping bridge the gap between education and real-world investing. Building A Global Community Of Smarter Investors The Global Paper Trading Competition also serves as a platform for community engagement and investor education. Participants can share insights, discuss strategies, and celebrate milestones within the Moomoo social feed—creating a global forum for financial learning and collaboration. By turning investing education into an interactive experience, Moomoo aims to inspire lifelong financial literacy. “Our mission is to make investing simpler, smarter, and more inclusive,” said McDonald. “By offering competitions like this, we’re giving everyone—from newcomers to seasoned traders—a chance to learn, compete, and grow together.” Registration is open via the Moomoo app, with the competition officially beginning on October 12, 2025. Interested participants can sign up, access Nasdaq TotalView®, and begin practicing trading strategies using their virtual funds immediately after registration. Takeaway Moomoo’s paper trading competition goes beyond simulation—it’s building a global community of informed, AI-empowered investors shaping the future of retail trading.  

PrimeXBT, a leading global multi-asset broker, has introduced Apple Pay as a new deposit option, advancing its goal of creating a seamless, mobile-first trading experience. The integration allows users to fund their accounts instantly and securely directly from iOS devices, reducing friction and speeding up the funding process. Currently available for deposits in EUR, Apple Pay enables clients to top up their PrimeXBT accounts with no fees applied. Users can deposit between €30 and €2,000 per transaction, with funds credited in USD equivalents. Deposits appear instantly, providing traders with near-real-time access to capital when opportunities arise. “At PrimeXBT, our goal is to empower traders to act quickly when markets move,” the company stated. “Adding Apple Pay simplifies and accelerates funding, ensuring our clients can trade efficiently, securely, and from anywhere.” Takeaway Apple Pay brings one-tap, fee-free EUR deposits to PrimeXBT’s mobile app, reducing friction for traders who rely on speed, security, and convenience. Enhancing The PrimeXBT Mobile Experience The Apple Pay rollout complements PrimeXBT’s mission to provide a complete, mobile-optimized trading environment. The company’s native app—available on iOS and Android—delivers the full trading experience, with access to over 250 global markets including Crypto Futures, Forex, and CFDs on indices, commodities, shares, and crypto assets. Built for fast, intuitive execution, the app offers one-click trading, advanced charting via TradingView, and real-time performance analytics. Key features include: P&L dashboard and full position management tools. Integrated crypto exchange supporting fiat-to-crypto and crypto-to-crypto conversions. Real-time alerts and chart-based order management with stop-loss and take-profit controls. Security layers such as biometric login, two-factor authentication, and device-level encryption. PrimeXBT’s VIP Program also rewards active users with tiered fee reductions, while its Reward Center offers periodic incentives designed to enhance the trading experience. Together, these features create a unified ecosystem combining flexibility, performance, and safety. Takeaway PrimeXBT’s mobile app combines institutional-grade performance with everyday convenience—now enhanced by instant Apple Pay funding. Commitment To Mobile-First Innovation PrimeXBT’s integration of Apple Pay represents a key step in its strategy to make modern financial tools accessible and intuitive. The company has been steadily evolving toward a mobile-centric ecosystem where users can trade, manage funds, and execute strategies entirely on their phones. With mobile trading now accounting for a majority of retail platform usage globally, PrimeXBT is investing heavily in user experience design, payment integration, and performance optimization. Apple Pay’s secure tokenization model, combined with PrimeXBT’s platform-level safeguards, ensures swift transactions without compromising security. “The addition of Apple Pay highlights our dedication to constant innovation,” PrimeXBT said. “Our platform evolves with our clients’ needs, delivering tools that simplify their trading journey and reflect how people interact with finance today.” Takeaway PrimeXBT’s mobile-first strategy continues to evolve, combining fintech innovation and trusted security to redefine convenience in multi-asset trading.

Nexo Expands Into Forex, Commodities, and Indices via MetaTrader 5 Nexo, a leading digital assets wealth platform, has announced a major expansion into traditional financial markets through a partnership with MetaTrader 5 (MT5). Starting October 14, 2025, Nexo clients can now trade Contracts for Difference (CFDs) across global equity indices, commodities, and major forex pairs directly through the platform’s web and mobile interfaces. The integration marks Nexo’s evolution from a crypto-focused service to a comprehensive wealth platform spanning both digital and traditional assets. By leveraging MetaTrader 5’s institutional-grade infrastructure, users gain access to professional trading tools previously reserved for seasoned traders and financial institutions. “This collaboration represents a significant milestone in our mission to unite digital assets with global finance,” Nexo said in its announcement. “We’re empowering clients to participate in traditional markets while maintaining full integration with their crypto holdings.” Investor Takeaway Nexo’s MetaTrader 5 integration positions the platform as a true hybrid wealth hub, merging digital-asset management with access to forex, commodities, and index markets under one roof. New Trading Opportunities for Nexo Clients Through MetaTrader 5, Nexo users can now trade CFDs on a diverse range of global assets, including: Equity Indices: US500, US100, US30, DE40 Commodities: Gold, Silver, Oil, Platinum Forex Majors: USD, EUR, GBP, JPY, AUD With leverage of up to 200x available on certain asset classes, traders can fine-tune their exposure and strategies according to market conditions. MT5’s robust trading environment offers low-latency execution and deep liquidity, optimized for high-volume, real-time trading. Additional features include: Next-gen charting tools with built-in indicators and customizable layouts. Algorithmic trading via Expert Advisors (EAs) for automation and strategy optimization. Seamless asset transfers to and from MT5 accounts directly within Nexo’s platform. In a move that underscores Nexo’s integrated ecosystem, users can now fund MT5 accounts through Nexo’s Credit Line — borrowing against their digital assets without selling. This feature aligns with Nexo’s mission to maximize liquidity efficiency while minimizing opportunity costs for clients. Bridging Digital and Traditional Finance Nexo’s partnership with MetaTrader 5 is more than a product expansion — it’s a strategic step toward bridging the gap between digital assets and traditional markets. By offering seamless access to both ecosystems, Nexo aims to serve a new generation of investors who demand flexible, all-in-one wealth management tools. MetaTrader 5, developed by MetaQuotes, remains the global standard for multi-asset trading platforms, trusted by brokers and institutions worldwide. Its integration into Nexo enables users to trade traditional markets with the same transparency, speed, and sophistication that define crypto trading environments. “With MetaTrader 5, Nexo users gain access to institutional-grade tools, liquidity, and performance,” said a MetaQuotes representative. “This partnership brings traditional and digital finance closer than ever.” Investor Takeaway The MT5 expansion diversifies Nexo’s product mix and revenue potential — a pivotal move for investors seeking exposure to both crypto and traditional market growth cycles. Nexo’s Continued Growth and Strategic Vision Since its founding in 2018, Nexo has evolved from a crypto lending pioneer into a global wealth platform with more than $11 billion in assets under management and $370 billion in processed transactions. The platform now offers savings products, credit lines, trading tools, and crypto payment cards to millions of clients across over 150 jurisdictions. The MetaTrader 5 integration represents a continuation of Nexo’s broader strategy: to build a unified, regulated financial ecosystem where clients can grow, manage, and deploy their wealth across both decentralized and traditional channels. Availability of MT5 trading features will vary by jurisdiction as Nexo navigates regional compliance frameworks. By combining digital innovation with legacy market access, Nexo positions itself at the forefront of a new financial paradigm — one where crypto investors can diversify globally without leaving the ecosystem that built their portfolios.

Hong Kong Exchanges and Clearing Limited (HKEX) has announced the launch of Commodity Pricing and Analysis Limited (CPAL), a new subsidiary headquartered in Dubai, United Arab Emirates. CPAL will function as an independent commodities pricing administrator and market analysis hub dedicated to the global metals industry. Its mandate includes supporting the London Metal Exchange (LME)—a wholly owned HKEX subsidiary—in the development of sustainable metal premia, an initiative first unveiled in April 2025. The launch of CPAL marks a significant expansion of HKEX’s commodities business and signals a strategic push into the Middle East’s fast-growing trading ecosystem. With Dubai emerging as a global center for commodities trading, CPAL is positioned to bridge Asia’s production and demand centers with the Middle East’s liquidity and logistics capabilities, reinforcing HKEX’s role in connecting China with international markets. “The launch of CPAL in Dubai marks an exciting milestone for HKEX Group as we expand our global footprint,” said Bonnie Y Chan, Chief Executive Officer of HKEX. “The Middle East is a region of growing significance for the commodities market, and our presence there will allow us to better serve international stakeholders, deliver trusted pricing and analysis, and accelerate the development of sustainable metal markets.” Takeaway HKEX’s establishment of CPAL in Dubai extends its commodities operations beyond Asia, positioning the exchange to lead global efforts in transparent and sustainable metal pricing. Supporting The London Metal Exchange’s Sustainability Drive The move comes as the London Metal Exchange progresses with its plan to introduce sustainable metal premium pricing for LME-approved brands—a key step toward incentivizing responsible sourcing and greener supply chains across global metals markets. CPAL will serve as the pricing administrator for this new sustainability-linked framework, ensuring that price benchmarks reflect both market transparency and ESG considerations. The LME announced that it will publish a discussion paper outlining its proposed pricing methodology, which will incorporate environmental performance metrics into the determination of sustainable metal premia. This approach aligns with the broader global trend toward integrating ESG principles into commodity valuation and reporting, reflecting growing investor and consumer demand for traceable, low-carbon supply chains. Through CPAL, HKEX will deliver independent price reporting, data analysis, and verification services—functions that are increasingly critical as global markets transition toward standardized sustainability-linked trading models. The Dubai base ensures proximity to both producers and buyers in the Middle East and Africa, enhancing CPAL’s ability to monitor regional market dynamics and support LME’s international sustainability agenda. Takeaway CPAL’s role as pricing administrator for LME’s sustainable metal premia underscores HKEX’s commitment to advancing responsible commodity markets and ESG-aligned pricing transparency. Dubai’s Rising Status As A Global Commodities Hub Dubai’s prominence as a commodities and financial powerhouse provides an ideal foundation for HKEX’s new venture. In 2024, the United Arab Emirates ranked second globally—behind only the United States—in the Commodity Trade Index, which assesses nations’ capabilities across commodity wealth, logistics, and institutional infrastructure. The city also holds the top regional position and ranks 11th worldwide in the Global Financial Centres Index (GFCI 38), reaffirming its status as the Middle East’s leading financial center. By situating CPAL in Dubai, HKEX gains access to a thriving ecosystem of commodity traders, financial institutions, and logistics providers that are driving innovation in metals trading and market connectivity. This expansion also reinforces Dubai’s growing reputation as a bridge between Asian producers and Western consumers, particularly in energy transition metals such as copper, aluminum, and nickel—materials essential for renewable technologies. As global commodity flows diversify, HKEX’s move is both strategic and synergistic: it complements China’s expanding trade relationships with the Middle East while providing the LME with a stronger base in a region critical to the global energy and materials supply chain. Takeaway By selecting Dubai for CPAL’s headquarters, HKEX positions itself at the intersection of global trade routes, connecting Asian markets with Middle Eastern and Western commodity hubs. Advancing HKEX’s Global Strategy In Commodities HKEX’s expansion into the Middle East aligns with its long-term strategy to build a globally integrated commodities franchise anchored by the London Metal Exchange. Over the past several years, HKEX has increased its engagement with producers, consumers, and traders across Asia, Africa, and Europe, emphasizing price transparency, sustainability, and technological innovation in metals markets. The launch of CPAL adds a new dimension to this effort, providing the Group with a regional foothold to develop benchmark prices and analytical tools for both traditional and sustainable commodities. The subsidiary will work closely with HKEX and LME teams to deliver data-driven insights that help market participants navigate evolving price structures, risk exposures, and regulatory requirements related to environmental reporting. “This initiative reflects our long-term commitment to building a world-class commodities business, led by the London Metal Exchange, and continuing our stakeholder engagement in this part of the world,” said Chan. “Through CPAL, we are creating a stronger foundation for innovation and collaboration across global metals markets.” Takeaway The creation of CPAL strengthens HKEX’s strategic ambitions to establish a truly global commodities platform—spanning Asia, Europe, and the Middle East. Driving Connectivity Between China And The Middle East CPAL’s establishment also plays into HKEX’s broader mission of enhancing capital and trade connectivity between China and the rest of the world. As China remains one of the largest consumers of industrial metals, the exchange’s new presence in Dubai will facilitate closer engagement with counterparties in regions supplying raw materials for the global energy transition. This enhanced connectivity is particularly relevant as both China and Middle Eastern economies ramp up infrastructure investment, renewable energy projects, and manufacturing capacity tied to low-carbon industries. Through CPAL, HKEX can provide localized insights, support cross-border market participation, and promote best practices in sustainable commodities trading and price formation. As HKEX continues to evolve from an Asian exchange operator into a global market infrastructure leader, initiatives like CPAL demonstrate its vision of building a more interconnected and resilient commodities ecosystem—one capable of meeting the demands of modern supply chains and sustainable finance frameworks. Takeaway CPAL will enhance connectivity between China and the Middle East, facilitating more transparent, ESG-aligned commodity flows across key growth regions.  

New Compliance Mechanism for Tornado Cash Users 0xBow, the team behind the Privacy Pools crypto privacy project, has released a tool designed to let Tornado Cash users separate their transactions from addresses linked to hacks or illicit activity. The protocol, called Tornado Cash Proof of Association, introduces what developers describe as the first working model that balances privacy protection with compliance requirements. “We see this as a major step forward for Tornado users unfairly caught in the crossfire of enforcement, and a practical model for future privacy–compliance interoperability,” an 0xBow representative told The Block in an email. The system maintains a blacklist of more than 16,000 wallet addresses tied to thefts, scams, and hacking incidents. Investor Takeaway The tool offers a compliance pathway for Tornado Cash users still seeking privacy while distancing from blacklisted funds — a rare middle ground between regulators and privacy advocates. Addressing Tornado Cash’s Regulatory Legacy Tornado Cash, built on the Ethereum blockchain, was sanctioned by the U.S. Treasury’s Office of Foreign Assets Control (OFAC) in August 2022 for allegedly helping launder billions of dollars, including funds tied to North Korea’s Lazarus Group. While a court later ordered the protocol removed from the OFAC sanctions list, legal uncertainty persists. Some exchanges continue to question users who move funds through Tornado Cash over potential exposure to illicit capital. The Proof of Association tool allows users to generate cryptographic proof that their withdrawals come from clean sources. By using zero-knowledge proofs and privacy-preserving computations, the protocol checks withdrawal addresses against a curated list of Tornado Cash deposits, excluding tainted ones. If the funds are clear, the withdrawal address is added to a public registry as “verified,” without exposing personal information. How the System Works “By pasting your note and withdrawal address, the system will generate a proof that checks your withdrawal against a curated list of Tornado Cash deposits,” the 0xBow representative explained. “This list excludes illicit actors that have tainted the Tornado Cash protocol. If clean, their withdrawal address is added to the public Proof of Association registry, showing legitimate association, all without revealing any personal data.” The blacklist currently covers more than 16,000 addresses linked to hacks, phishing schemes, and thefts. The system, which draws from open-source investigations and community reports, is designed to evolve dynamically as new on-chain data emerges. This approach offers privacy-preserving verification while helping legitimate users separate themselves from criminal activity. Investor Takeaway By creating verifiable “clean zones” for Tornado Cash users, 0xBow’s tool could influence future compliance standards for privacy protocols on Ethereum and beyond. Privacy Pools and the Road Ahead The Proof of Association mechanism builds on concepts first introduced by Privacy Pools, a project launched earlier this year by 0xBow. It applies the idea of an “Association Set Provider”, a framework theorized by Ethereum co-founder Vitalik Buterin and a group of cryptographers, which allows users to prove legitimate origins for their assets without exposing transaction details. Privacy Pools lets users anonymize ERC-20 token transfers while avoiding the contamination risks seen in shared mixers like Tornado Cash. The project aims to provide whitelisted anonymity — enabling users to maintain privacy within defined, verifiable groups instead of global pools open to illicit actors. 0xBow co-founder Ameen Soleimani said on X that the new tool is meant to encourage responsible privacy use. “If you’re still using Tornado Cash today and not dissociating from hacked funds deposited into the protocol, you are actively helping the hackers,” he wrote. “We may have the technology, but it’s on us to use it responsibly.”  

Exchange Clarifies Cause of Apparent Token Collapse Binance said a technical glitch caused several tokens to appear as if they had crashed to $0 during Friday’s crypto sell-off, prompting confusion among traders during one of the market’s most volatile sessions of the year. In an update to users on Sunday, Binance said that IoTeX (IOTX), Cosmos (ATOM) and Enjin (ENJ) were among the assets affected by a “display issue” and not by any underlying price failure. Prices for those tokens on other exchanges remained stable, suggesting the problem was isolated to Binance’s interface. “Certain trading pairs, such as IOTX/USDT, recently reduced the number of decimal places allowed for minimum price movement, causing the displayed prices in the user interface to be zero,” Binance said. “This was a display issue and not due to an actual $0 price.” Investor Takeaway Binance’s clarification highlights the fragility of market infrastructure during extreme volatility. Even non-fatal technical errors can amplify panic in leveraged markets. Market Crash and Liquidation Wave The display error coincided with a sharp market downturn that erased up to $20 billion in leveraged positions within 24 hours — the largest single-day liquidation event in crypto history. Binance became the focus of trader frustration after the meltdown wiped out positions and triggered cascading margin calls across derivatives platforms. While Binance said trading systems were functioning normally, the coincidence between the visual error and the liquidation surge fueled speculation of deeper technical problems. Analysts said the scale of liquidations reflected the extent of leverage built up in the market ahead of Friday’s crash. Speculation Over Coordinated Attack Some traders argued the exchange may have been targeted in a coordinated exploit. A pseudonymous trader known as ElonTrades said on X that attackers could have manipulated Binance’s Unified Account feature, which relies on internal price data rather than external oracle feeds. The trader suggested that differences between Binance’s internal order book prices and external benchmarks could have been used to trigger artificial price gaps. Binance had announced earlier that it would migrate to external oracle price feeds by Tuesday, potentially leaving what ElonTrades described as a “window of opportunity” for attackers to exploit. According to his analysis, the incident caused Ethena’s USDe synthetic dollar to lose its peg, plunging to $0.65 and setting off a chain of liquidations estimated at more than $1 billion. Binance has since announced $283 million in compensation for affected users who were liquidated during the depegging event, saying it is reviewing account data to determine eligibility. Investor Takeaway The episode raises questions about exchange reliance on internal oracles and the systemic risk of high leverage. Transparency in data sources could become a new regulatory priority. Calls for Investigation The crash prompted calls for greater scrutiny of centralized trading venues. Kris Marszalek, CEO of Crypto.com, said regulators should investigate the operational resilience of exchanges that suffered heavy losses during the sell-off. “Events like these undermine confidence in centralized platforms and risk eroding trust across the broader market,” Marszalek said. Friday’s turmoil was among the most violent in months, echoing the cascading liquidations seen during the 2022 bear market. The swift recovery in prices over the weekend has calmed immediate fears, but the episode renewed debate over the adequacy of safeguards at large trading platforms and the opacity of their internal systems. For Binance, the incident adds to ongoing regulatory scrutiny in the U.S. and Europe. While the exchange moved quickly to contain fallout and reimburse users, the event highlights the tension between growth and operational reliability in the world’s largest crypto exchange by trading volume.

The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), unveiled DFSA Connect at GITEX 2025 — the world’s largest technology and AI event. The next-generation platform represents a major leap in streamlining the application process for regulatory authorisations and approvals within Dubai’s financial ecosystem. Built to enhance speed, transparency, and user experience, DFSA Connect offers a digital-first solution that simplifies how firms apply for Authorisation to conduct Financial Services in and from the DIFC. The new platform integrates smarter automation and workflow optimisation, reducing manual input and accelerating review times for both applicants and the regulator. Throughout 2025, the DFSA has experienced an 18% increase in Authorisation applications over the previous year, reflecting continued confidence in the DIFC’s growth. DFSA Connect will enable the regulator to meet this rising demand while achieving a projected 33% efficiency gain in processing time — ensuring faster approvals and a more seamless path for firms to launch and scale within the centre. Takeaway DFSA Connect marks a major milestone in Dubai’s regulatory evolution, enabling faster, smarter, and more transparent approvals for firms entering or expanding within the DIFC. Smarter Automation And AI-Ready Workflows For Regulatory Innovation At the core of DFSA Connect is a suite of intelligent digital tools designed to eliminate manual steps, minimise delays, and enhance applicant visibility throughout the approval process. The platform’s workflow automation capabilities empower both firms and regulators to manage submissions and feedback more efficiently, ensuring applications move swiftly through each stage of review. Looking ahead, DFSA Connect is AI-ready, with advanced features planned to personalise the applicant experience and provide real-time recommendations. This next phase of the digital transformation will enable dynamic interactions, tailoring the process to the specific needs of applicants while maintaining the DFSA’s high regulatory standards. The result will be faster approvals, enhanced oversight, and more consistent outcomes across the financial services ecosystem. “DFSA Connect represents a step-change in how we support innovation and growth in the DIFC,” said Juma Thani Alhameli, Chief Operating Officer of the DFSA. “By deploying cutting-edge digital capabilities and preparing for advanced AI integration, we can respond faster, operate smarter, and deliver tailored solutions that meet the evolving needs of individuals and businesses alike – deepening trust with current firms and broadening opportunity for prospective ones.” Takeaway The DFSA’s digital-first approach merges automation with AI-readiness, ensuring its regulatory processes evolve alongside Dubai’s expanding financial ecosystem. Driving Dubai’s Global Financial Competitiveness DFSA Connect forms part of the regulator’s broader digitalisation journey, a strategic transformation aimed at positioning Dubai as a global benchmark for innovation-led financial supervision. Over the past year, the DFSA has redefined its technological framework to build a more efficient, user-centric experience for applicants while maintaining its reputation for robust governance and integrity. By introducing digital approvals and automated workflows, the DFSA not only accelerates access to the DIFC but also strengthens the emirate’s appeal as a top-tier destination for international finance and fintech innovation. The launch reinforces Dubai’s commitment to advancing its financial infrastructure through responsible innovation and smart regulation. “DFSA Connect underscores our ongoing commitment to enabling innovation responsibly, broadening and deepening the financial services sector, and strengthening Dubai’s position as a world-class centre for finance and technology,” the DFSA stated. With its combination of efficiency, transparency, and AI potential, DFSA Connect exemplifies how regulators can balance agility with accountability in a rapidly evolving financial landscape. Takeaway Through DFSA Connect, the Dubai Financial Services Authority cements the DIFC’s global leadership as a smart, innovation-driven hub for finance and regulation.  

German authorities have dismantled more than 1,400 illegal online trading domains operating out of Eastern Europe, marking one of the largest coordinated crackdowns on cybertrading fraud in the region, officials said Monday. The effort—codenamed Operation Heracles—was led by the Baden-Württemberg state criminal police in cooperation with Germany’s financial regulator BaFin, Europol, and Bulgarian law enforcement. Investigators said the networks were part of a sprawling web of fraudulent trading schemes targeting retail investors across Europe. According to officials, users of the shuttered websites were lured through sophisticated online ads and social media campaigns before being connected to brokers working from call centres abroad. The brokers convinced victims to invest substantial sums, often promising high returns through forex, crypto, or stock trading. “In many cases, it took months for the victims to realise their money was never actually invested,” the agencies said in a joint statement. Birgit Rodolphe, an executive director at BaFin, said the fraud rings had become increasingly advanced, using artificial intelligence tools to mass-produce fake trading websites and copy legitimate financial platforms. “The perpetrators are becoming increasingly professional,” she said. “They use artificial intelligence to churn out illegal websites and use them to lure investors into traps.” The latest operation follows a similar action in June, when German and European authorities took down around 800 illegal domains. Since that intervention, investigators have recorded roughly 20 million attempts by users to access those previously blocked sites—an indicator, officials said, of both the scale of the problem and the persistence of the operators behind it. Authorities said Operation Heracles specifically targeted the infrastructure supporting the scams, disabling the domains and seizing related digital assets where possible. “The measures significantly weakened the criminal actors by specifically disabling their technical infrastructure,” the joint statement said. German and EU regulators have faced mounting pressure to curb the surge in online investment scams, which often exploit retail traders seeking quick gains amid volatile crypto and stock markets. The schemes frequently mimic regulated brokers and use convincing interfaces to simulate trading activity, making detection difficult even for experienced investors. Officials said investigations into the individuals and companies behind the network remain ongoing. Europol is coordinating cross-border data analysis to trace funds and identify those responsible for running the call centres and payment processors linked to the fraudulent platforms. The crackdown reflects a broader European push to tighten oversight of online trading and digital assets. BaFin has repeatedly warned investors to verify the registration status of any financial service provider before depositing funds. The regulator also urged internet service providers and hosting companies to cooperate swiftly with takedown requests. For victims, however, restitution remains uncertain. Many of the call centres are believed to operate from jurisdictions with limited enforcement cooperation, complicating recovery efforts. Still, authorities framed the mass takedown as a decisive step in blunting a rapidly evolving form of financial crime. “Operation Heracles shows what can be achieved through coordinated European enforcement,” a senior investigator said. “