Cryptocurrency exchange Binance said on Thursday that it had been hit by a major hack, prompting the freezing of more than $2.5 billion in an attempt to prevent the assets from being stolen. The company, which is the world's largest cryptocurrency exchange by daily trading volumes, also announced the suspension of trading on certain products. Despite the incident, Binance sought to reassure its customers, saying, "User funds are completely safe."&nbsp;However, several experts suggested that a massive amount of cryptocurrency may have been stolen. "It does look like a hack on Binance," said former Binance chief Changpeng Zhao, who no longer leads the company but remains its majority shareholder. Paolo Ardoino, CEO of Tether, which issues the USDT cryptocurrency, said his company had frozen approximately $1.6 billion related to a potential Binance exchange hack.&nbsp;Also Read: <a href="https://www.wionews.com/world/australian-mushroom-murderer-erin-patterson-loses-appeal-against-triple-murder-convictions-as-court-rules-sentence-was-too-lenient-1793317362717">Australian mushroom murderer Erin Patterson loses appeal against triple murder convictions as court rules sentence was too lenient</a>

<blockquote class="twitter-tweet">We are aware of differing figures circulating publicly regarding the amount frozen, including references to $1.8 billion.

For clarity, the current verified total frozen is $2.54 billion. This figure may continue to increase as our teams work closely with law enforcement, issuers, blockchain intelligence firms and industry partners to trace and freeze additional assets.

We will only share confirmed figures and will provide further updates as more verified information becomes available.&mdash; Binance (@binance) <a href="https://x.com/binance/status/2115947325617299903?ref_src=twsrc%5Etfw">October 29, 2026</a></blockquote>
<script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

Meanwhile, Circle CEO Jeremy Allaire said his company had frozen more than $800 million in USDC. USDT and USDC are both ‘stablecoins’, digital currencies designed to maintain a value linked to a traditional currency, in this case, the US dollar. Hours before Binance officially confirmed the attack, several industry observers had reported that hackers had managed to gain access to the platform.&nbsp;Some observers suggested the incident could become the biggest cyberattack of its kind, potentially surpassing the $1.5 billion stolen from the Bybit platform in February 2025. That attack was attributed to hackers affiliated with North Korea. Following the news, Bitcoin prices dropped by more than three percent. Blockchain security firm Blockaid said it was examining approximately $3.3 billion in suspicious outflows across Ethereum, Arbitrum and Avalanche, adding further scrutiny to the incident.&nbsp;According to its website, Binance has more than 335 million registered users worldwide. Cryptocurrency exchanges like Binance allow users to buy, sell and trade digital assets.

Binance reports a major crypto hack, with over $2.5 billion in assets frozen by Tether and Circle as Bitcoin prices fall more than 3%

Cryptocurrency exchange Binance said on Thursday that it had been hit by a major hack, prompting the freezing of more than $2.5 billion in an attempt to prevent the assets from being stolen. The company, which is the world's largest cryptocurrency exchange by daily trading volumes, also announced the suspension of trading on certain products. Despite the incident, Binance sought to reassure its customers, saying, "User funds are completely safe." However, several experts suggested that a massive amount of cryptocurrency may have been stolen. "It does look like a hack on Binance," said former Binance chief Changpeng Zhao, who no longer leads the company but remains its majority shareholder. Paolo Ardoino, CEO of Tether, which issues the USDT cryptocurrency, said his company had frozen approximately $1.6 billion related to a potential Binance exchange hack. Also Read: Australian mushroom murderer Erin Patterson loses appeal against triple murder convictions as court rules sentence was too lenient

Binance reports a major hack as more than $2.5 billion in crypto assets are frozen, while Bitcoin prices fall over 3% following the news

Binance under cyberattack? Crypto giants freeze more than $2.5 billion as Bitcoin drops over 3%. What's happening?

Money from the cryptocurrency industry is playing a subtle but crucial role in the US midterm elections. From crypto-millionaire donors to crypto-linked super political action committees (super PACs), millions of dollars are flowing into the 2026 election campaign. Crypto companies have contributed roughly $206 million this election cycle, according to analyses by groups like Public Citizen based on Federal Election Commission (FEC) data. This makes crypto the largest corporate source of political contributions tracked so far, ahead of online betting and Big Tech and artificial intelligence companies. The figure has already surpassed the industry's $170 million contribution in the 2024 cycle.Some of the money is going to non-crypto-specific groups such as MAGA Inc., a super PAC aligned with President Donald Trump. The scale of the spending raises an important question: who are the people and organisations making this push, and what do they want? Here is a primer.<h2>Top donors to major crypto PACs</h2>The most prominent groups are the Fairshake network, Protect Progress, Defend American Jobs and the Digital Freedom Fund. They are backed by a relatively small group of crypto companies, venture capital firms and executives.Fairshake is the crypto industry's flagship bipartisan super PAC. Its major backers include Coinbase, Ripple Labs and Andreessen Horowitz, also known as a16z. As of 30 June, Fairshake had received almost $137 million in the 2026 election cycle and had about $127 million in cash on hand, according to FEC filings.Fairshake itself reported about $138 million in receipts in the 2026 cycle by the middle of the year, while the broader network is larger when its affiliated committees and transfers are included.The Digital Freedom Fund is a Republican-leaning super PAC backed heavily by Winklevoss Capital, associated with Gemini co-founders Tyler and Cameron Winklevoss. It reported $22.4 million in receipts through 30 June 2026. More than $21 million came from Winklevoss Capital Fund LLC. Payward Inc. contributed $1 million and investor Naval Ravikant contributed $100,000.<a href="https://www.wionews.com/videos/trump-administration-gains-access-to-voter-data-1790408108603/embed">https://www.wionews.com/videos/trump-administration-gains-access-to-voter-data-1790408108603/embed</a><h2>What do they want? Why crypto firms and associated individuals are among the top corporate political donors in the midterms</h2>The funding , which goes to both Republicans and Democrats, is mainly aimed at electing and protecting candidates who support clearer federal rules for digital assets such as cryptocurrencies. The industry's political spending also supports independent advertising that does not always mention crypto directly. In many cases, the ads focus on candidates' broader records or other issues rather than explicitly discussing cryptocurrency policy. This approach was also prominent during the 2024 election cycle.Also read: <a href="https://www.wionews.com/business-economy/bitcoin-surges-above-85-000-as-nearly-900-million-in-crypto-positions-are-liquidated-is-the-crypto-winter-over-1790004335800">Bitcoin surges above $85,000 as nearly $900 million in crypto positions are liquidated: Is the crypto winter over?</a><h2>More about Fairshake and others: Funding both sides</h2>Fairshake is an issue-focused group that backs pro-crypto candidates who favour American innovation in both parties. Its broader objective is to expand a pro-crypto congressional caucus.Fairshake transfers funds to its two main partisan affiliates: Defend American Jobs, which is Republican-focused, and Protect Progress, which is Democrat-focused. This allows the network to support candidates from both major parties while concentrating on their positions on digital-asset policy.Across the Fairshake network, receipts have reached hundreds of millions of dollars when the affiliated committees and wider corporate contributions are included. Fairshake and its affiliates have also spent tens of millions of dollars on primaries and early general-election activity.&nbsp;Fairshake has also announced a planned $30 million campaign against Democratic Senate candidate Sherrod Brown in Ohio. The spending is part of the industry's broader effort to influence races involving candidates viewed as supportive or hostile to crypto legislation.Digital Freedom Fund, a Republican-leaning super PAC backed heavily by the Winklevoss interests, is focused on Republican candidates supporting crypto-friendly policies.Its objectives include self-custody rights, developer protections, banking access for crypto firms and opposition to a US central bank digital currency.Stand With Crypto Alliance, a Coinbase-backed advocacy and pressure group, has also built a large grassroots base. In 2025, it reported more than 2.6 million advocates and chapters in all 50 states. By late September 2026, the organisation was referring to more than three million advocates. It grades politicians on their crypto positions, organises events and meetings with lawmakers, and supports candidates through endorsements and advertising.Smaller or related entities, such as Fellowship PAC, have also been active in some races.Beyond direct campaign spending, the crypto industry has deployed lobbyists, advocacy groups and executive engagement. Industry representatives regularly meet senators and House members from both parties to push legislation and influence agency rules.Also read: <a href="https://www.wionews.com/world/trump-minted-over-1-billion-from-crypto-dealings-in-first-year-back-in-office-1782868287013">Trump minted over $1 billion from crypto dealings in first year back in office</a><h2>Who are the crypto millions supporting?&nbsp;</h2>During primaries, Fairshake had backed candidates in 57 races and won 53 of them by early October. On Monday, (Oct 5, Fairshake announced support for 32 House incumbents: 19 Republicans and 13 Democrats. All of the candidates supported in this latest round had voted for the Digital Asset Market Clarity (CLARITY) Act when it passed the House in 2025.Among the Democratic House representatives receiving support are Janelle Bynum, Steven Horsford and Derek Tran. Republican priorities include Representatives French Hill, chair of the House Financial Services Committee, Bill Huizenga and Bryan Steil, who has a role on the committee's digital-assets subcommittee.Other Republicans supported by crypto money include Tom Emmer, Michelle Fischbach and Jason Smith. Democratic candidates supported by the industry include Pete Aguilar and Josh Gottheimer, among others.<h2>Crypto industry's priority is to reduce regulatory uncertainty</h2>The crypto industry has been rooting for the passage of market-structure legislation such as the Digital Asset Market Clarity (CLARITY) Act. The bill passed the House in 2025 by 294-134, but failed to advance in the Senate in September after a procedural vote fell short of the 60 votes needed. The Senate vote was 49-50, according to Reuters.The legislation aimed to clarify the respective jurisdictions of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over digital assets. It also sought to establish rules for crypto issuance and trading and registration requirements for intermediaries, while reducing uncertainty created by enforcement-led regulation.The failure of the legislation has shifted the industry's focus towards the next Congress and continuing Securities and Exchange Commission and Commodity Futures Trading Commission rulemaking.The industry is also building on the earlier GENIUS Act, which had established a federal framework for stablecoins.Other areas of interest include banking access and integration of crypto firms with payment rails, as well as greater tax clarity on issues such as crypto mining, staking and rewards. The industry also wants clearer rules for peer-to-peer transactions while some advocacy groups oppose overly restrictive regulations and a retail central bank digital currency.<h2>Money matters, but criticism is there too</h2>Critics, including Public Citizen, oppose the use of unlimited super PAC spending to prioritise corporate policy goals over party loyalty. They argue that large contributions give companies and wealthy individuals greater leverage over candidates and public policy, including through both supportive and attack advertisements.The scale of crypto spending has therefore turned the 2026 midterms into an important test of how much influence a rapidly expanding industry can exert over Congress and the rules governing digital assets.

Crypto firms and investors are pouring hundreds of millions into the US midterms through super PACs and cash donations and campaign ads. They are backing pro-crypto candidates from both Republican and Democratic parties, seeking clearer digital-asset rules after the CLARITY Act stalled.

Money from the cryptocurrency industry is playing a subtle but crucial role in the US midterm elections. From crypto-millionaire donors to crypto-linked super political action committees (super PACs), millions of dollars are flowing into the 2026 election campaign. Crypto companies have contributed roughly $206 million this election cycle, according to analyses by groups like Public Citizen based on Federal Election Commission (FEC) data. This makes crypto the largest corporate source of political contributions tracked so far, ahead of online betting and Big Tech and artificial intelligence companies. The figure has already surpassed the industry's $170 million contribution in the 2024 cycle. Some of the money is going to non-crypto-specific groups such as MAGA Inc., a super PAC aligned with President Donald Trump. The scale of the spending raises an important question: who are the people and organisations making this push, and what do they want? Here is a primer. Top donors to major crypto PACs The most prominent groups are the Fairshake network, Protect Progress, Defend American Jobs and the Digital Freedom Fund. They are backed by a relatively small group of crypto companies, venture capital firms and executives. Fairshake is the crypto industry's flagship bipartisan super PAC. Its major backers include Coinbase, Ripple Labs and Andreessen Horowitz, also known as a16z. As of 30 June, Fairshake had received almost $137 million in the 2026 election cycle and had about $127 million in cash on hand, according to FEC filings. Fairshake itself reported about $138 million in receipts in the 2026 cycle by the middle of the year, while the broader network is larger when its affiliated committees and transfers are included. The Digital Freedom Fund is a Republican-leaning super PAC backed heavily by Winklevoss Capital, associated with Gemini co-founders Tyler and Cameron Winklevoss. It reported $22.4 million in receipts through 30 June 2026. More than $21 million came from Winklevoss Capital Fund LLC. Payward Inc. contributed $1 million and investor Naval Ravikant contributed $100,000. https://www.wionews.com/videos/trump-administration-gains-access-to-voter-data-1790408108603/embed What do they want? Why crypto firms and associated individuals are among the top corporate political donors in the midterms The funding , which goes to both Republicans and Democrats, is mainly aimed at electing and protecting candidates who support clearer federal rules for digital assets such as cryptocurrencies. The industry's political spending also supports independent advertising that does not always mention crypto directly. In many cases, the ads focus on candidates' broader records or other issues rather than explicitly discussing cryptocurrency policy. This approach was also prominent during the 2024 election cycle. Also read: Bitcoin surges above $85,000 as nearly $900 million in crypto positions are liquidated: Is the crypto winter over? More about Fairshake and others: Funding both sides Fairshake is an issue-focused group that backs pro-crypto candidates who favour American innovation in both parties. Its broader objective is to expand a pro-crypto congressional caucus. Fairshake transfers funds to its two main partisan affiliates: Defend American Jobs, which is Republican-focused, and Protect Progress, which is Democrat-focused. This allows the network to support candidates from both major parties while concentrating on their positions on digital-asset policy. Across the Fairshake network, receipts have reached hundreds of millions of dollars when the affiliated committees and wider corporate contributions are included. Fairshake and its affiliates have also spent tens of millions of dollars on primaries and early general-election activity. Fairshake has also announced a planned $30 million campaign against Democratic Senate candidate Sherrod Brown in Ohio. The spending is part of the industry's broader effort to influence races involving candidates viewed as supportive or hostile to crypto legislation. Digital Freedom Fund, a Republican-leaning super PAC backed heavily by the Winklevoss interests, is focused on Republican candidates supporting crypto-friendly policies. Its objectives include self-custody rights, developer protections, banking access for crypto firms and opposition to a US central bank digital currency. Stand With Crypto Alliance, a Coinbase-backed advocacy and pressure group, has also built a large grassroots base. In 2025, it reported more than 2.6 million advocates and chapters in all 50 states. By late September 2026, the organisation was referring to more than three million advocates. It grades politicians on their crypto positions, organises events and meetings with lawmakers, and supports candidates through endorsements and advertising. Smaller or related entities, such as Fellowship PAC, have also been active in some races. Beyond direct campaign spending, the crypto industry has deployed lobbyists, advocacy groups and executive engagement. Industry representatives regularly meet senators and House members from both parties to push legislation and influence agency rules. Also read: Trump minted over $1 billion from crypto dealings in first year back in office Who are the crypto millions supporting? During primaries, Fairshake had backed candidates in 57 races and won 53 of them by early October. On Monday, (Oct 5, Fairshake announced support for 32 House incumbents: 19 Republicans and 13 Democrats. All of the candidates supported in this latest round had voted for the Digital Asset Market Clarity (CLARITY) Act when it passed the House in 2025. Among the Democratic House representatives receiving support are Janelle Bynum, Steven Horsford and Derek Tran. Republican priorities include Representatives French Hill, chair of the House Financial Services Committee, Bill Huizenga and Bryan Steil, who has a role on the committee's digital-assets subcommittee. Other Republicans supported by crypto money include Tom Emmer, Michelle Fischbach and Jason Smith. Democratic candidates supported by the industry include Pete Aguilar and Josh Gottheimer, among others. Crypto industry's priority is to reduce regulatory uncertainty The crypto industry has been rooting for the passage of market-structure legislation such as the Digital Asset Market Clarity (CLARITY) Act. The bill passed the House in 2025 by 294-134, but failed to advance in the Senate in September after a procedural vote fell short of the 60 votes needed. The Senate vote was 49-50, according to Reuters. The legislation aimed to clarify the respective jurisdictions of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over digital assets. It also sought to establish rules for crypto issuance and trading and registration requirements for intermediaries, while reducing uncertainty created by enforcement-led regulation. The failure of the legislation has shifted the industry's focus towards the next Congress and continuing Securities and Exchange Commission and Commodity Futures Trading Commission rulemaking. The industry is also building on the earlier GENIUS Act, which had established a federal framework for stablecoins. Other areas of interest include banking access and integration of crypto firms with payment rails, as well as greater tax clarity on issues such as crypto mining, staking and rewards. The industry also wants clearer rules for peer-to-peer transactions while some advocacy groups oppose overly restrictive regulations and a retail central bank digital currency. Money matters, but criticism is there too Critics, including Public Citizen, oppose the use of unlimited super PAC spending to prioritise corporate policy goals over party loyalty. They argue that large contributions give companies and wealthy individuals greater leverage over candidates and public policy, including through both supportive and attack advertisements. The scale of crypto spending has therefore turned the 2026 midterms into an important test of how much influence a rapidly expanding industry can exert over Congress and the rules governing digital assets.

Crypto firms and investors are pouring hundreds of millions into the US midterms through super PACs and cash donations and campaign ads. They are backing pro-crypto candidates from both Republican and Democratic parties, seeking clearer digital-asset rules after the CLARITY Act stalled.

US Midterms 2026: Cryptocurrency industry money is playing a crucial role. What do donors want? Fairshake, super PACs and more

Bolivia is turning to crypto as a shortage of U.S. dollars puts pressure on consumers and businesses. Banks are now offering crypto-linked debit cards that let customers convert local currency into dollar-pegged cryptos, spend them in stores and withdraw cash from ATMs.

Bolivia turns to crypto amid dollar crunch

Trump Media and Technology Group has launched Truth API, a paid data service offering Wall Street trading firms millisecond-fast access to posts from some of the most influential accounts on Truth Social, including President Donald Trump’s account. The service, reportedly priced at around $100,000 per month for premium access, has sparked debate over whether early access to presidential posts could provide an advantage to investors before market reactions occur.

Trump Media Faces Backlash As Truth API Turns Presidential Posts Into A Business Model | US News 

Bitcoin is back in the spotlight after a strong rally in April, but new data suggests the surge may not be as solid as it looks.


Bitcoin April Rally Raises Fresh Caution Signs

Roughly one-fifth of the world’s oil and liquefied natural gas passes through the strait in normal conditions, making any disruption immediately consequential.

Roughly one-fifth of the world’s oil and liquefied natural gas passes through the strait in normal conditions, making any disruption immediately consequential.

Fraud at sea? Scammers offer ‘safe passage’ through Strait of Hormuz for crypto amid US–Iran tensions

US investigators are examining whether specific crypto platforms have facilitated sanctions evasion by Iranian officials, as cryptocurrency activity booms in the Islamic Republic. 


US vs Iran: Digital Assets Surge as Iranian Rial Depreciates

An investment firm tied to the United Arab Emirates acquired nearly half of the Trump family’s cryptocurrency company, a $500 million stake, four days before President Donald Trump’s second inauguration.


UAE Firms Buys Nearly Half of Trump's Crypto Company

An investment company linked to the United Arab Emirates purchased a major stake in a Trump family–linked cryptocurrency venture shortly before Donald Trump started his second term as the president, according to a Wall Street Journal investigation published on Sunday (February 1). The deal granted the Emirati-backed firm a 49% ownership share in World Liberty Financial, a crypto company launched by members of the Trump family alongside relatives of Steve Witkoff, now the administration’s top Middle East envoy. The agreement was finalised just four days before Trump’s inauguration and was signed by Eric Trump, the Journal reported.&nbsp;Records reviewed by the newspaper show the buyers were associates of Sheikh Tahnoon bin Zayed Al Nahyan, a senior UAE royal, national security adviser, and head of the country’s largest sovereign wealth fund. The investors reportedly paid the full amount upfront, with roughly $187 million flowing to Trump-related entities and at least $31 million going to companies tied to the Witkoff family. The transaction has reignited concerns about potential conflicts of interest involving the president and his inner circle, particularly given the investors' foreign government ties.&nbsp;The White House has dismissed those concerns, insisting that President Trump has no involvement in the company’s operations and that his assets are held in a trust overseen by his children. A spokesperson stressed that Trump acts solely in the interests of the American public and that no ethical violations exist. Administration officials also said Witkoff has complied with all ethics requirements, does not participate in government decisions affecting his finances, and has divested from World Liberty Financial. His legal counsel said he would recuse himself if necessary.&nbsp;Also Read: <a href="https://www.wionews.com/trending/epstein-files-debacle-doj-exposes-nude-victims-in-catastrophic-file-dump-but-remembers-to-redact-trump-s-face-1770021222053">Shocking Epstein Files debacle: DOJ exposes nude victims in catastrophic file dump, but remembers to redact Trump's face</a>&nbsp;World Liberty Financial confirmed the investment but said neither Trump nor Witkoff participated in negotiating the deal, and both have since stepped away from the company after entering government service. According to the Journal, two executives affiliated with Sheikh Tahnoon’s business network later joined World Liberty’s board. The report also suggested the investment coincided with UAE efforts to gain US access to advanced artificial intelligence chips, a claim the company strongly denied.&nbsp;A spokesperson for World Liberty called any link between the investment and US policy decisions “completely false,” accusing critics of promoting unfounded speculation. The company said the partnership was based strictly on business considerations and argued it should not be held to standards different from other private firms. Despite the controversy, the company claims it has expanded significantly since the deal, saying its valuation now exceeds the original investment and placing it among the fastest-growing fintech platforms worldwide.&nbsp;<a href="https://www.wionews.com/videos/niger-airport-attack-isis-claims-attack-on-niamey-airport-inflicted-heavy-losses-1770021374630/embed">https://www.wionews.com/videos/niger-airport-attack-isis-claims-attack-on-niamey-airport-inflicted-heavy-losses-1770021374630/embed</a>

UAE-linked firm bought 49% stake in Trump family crypto company days before inauguration: Report

An investment company linked to the United Arab Emirates purchased a major stake in a Trump family–linked cryptocurrency venture shortly before Donald Trump started his second term as the president, according to a Wall Street Journal investigation published on Sunday (February 1). The deal granted the Emirati-backed firm a 49% ownership share in World Liberty Financial, a crypto company launched by members of the Trump family alongside relatives of Steve Witkoff, now the administration’s top Middle East envoy. The agreement was finalised just four days before Trump’s inauguration and was signed by Eric Trump, the Journal reported. Records reviewed by the newspaper show the buyers were associates of Sheikh Tahnoon bin Zayed Al Nahyan, a senior UAE royal, national security adviser, and head of the country’s largest sovereign wealth fund. The investors reportedly paid the full amount upfront, with roughly $187 million flowing to Trump-related entities and at least $31 million going to companies tied to the Witkoff family. The transaction has reignited concerns about potential conflicts of interest involving the president and his inner circle, particularly given the investors' foreign government ties. The White House has dismissed those concerns, insisting that President Trump has no involvement in the company’s operations and that his assets are held in a trust overseen by his children. A spokesperson stressed that Trump acts solely in the interests of the American public and that no ethical violations exist. Administration officials also said Witkoff has complied with all ethics requirements, does not participate in government decisions affecting his finances, and has divested from World Liberty Financial. His legal counsel said he would recuse himself if necessary. Also Read: Shocking Epstein Files debacle: DOJ exposes nude victims in catastrophic file dump, but remembers to redact Trump's face World Liberty Financial confirmed the investment but said neither Trump nor Witkoff participated in negotiating the deal, and both have since stepped away from the company after entering government service. According to the Journal, two executives affiliated with Sheikh Tahnoon’s business network later joined World Liberty’s board. The report also suggested the investment coincided with UAE efforts to gain US access to advanced artificial intelligence chips, a claim the company strongly denied. A spokesperson for World Liberty called any link between the investment and US policy decisions “completely false,” accusing critics of promoting unfounded speculation. The company said the partnership was based strictly on business considerations and argued it should not be held to standards different from other private firms. Despite the controversy, the company claims it has expanded significantly since the deal, saying its valuation now exceeds the original investment and placing it among the fastest-growing fintech platforms worldwide. https://www.wionews.com/videos/niger-airport-attack-isis-claims-attack-on-niamey-airport-inflicted-heavy-losses-1770021374630/embed

According to a report, a UAE-linked firm bought a 49% stake in a Trump family crypto company just before Trump’s inauguration, raising conflict-of-interest concerns

Pakistan has entered into a new agreement with a US-connected fintech company linked to World Liberty Financial (WLF), the cryptocurrency venture associated with the family of US President Donald Trump. The partnership aims to advance cross-border digital payment infrastructure. The memorandum of understanding was signed in Islamabad by Pakistan’s Finance Minister Muhammad Aurangzeb and Zachary Witkoff, co-founder of WLF.&nbsp;&nbsp;Witkoff is the son of Steve Witkoff, a billionaire real estate investor and a close Trump ally who has played a key diplomatic role for the administration. Donald Trump Jr. is also a leading figure in World Liberty Financial. This arrangement marks one of the earliest publicly disclosed collaborations between a sovereign government and WLF. It comes at a time when ties between Islamabad and Washington have shown signs of improvement following Trump’s return to office in early 2025.&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-s-envoy-steve-witkoff-announces-launch-of-gaza-peace-plan-second-phase-1768412879217">Trump’s envoy Steve Witkoff announces launch of Gaza peace plan second phase</a>&nbsp;As part of the agreement, World Liberty Financial will work alongside Pakistan’s central bank to incorporate its USD1 stablecoin into a regulated digital payments framework, with a focus on facilitating international transactions.Pakistan’s Virtual Asset Regulatory Authority stated that the MoU with SC Financial Technologies is intended to foster technical cooperation and dialogue on next-generation digital payment systems.&nbsp;<a href="https://www.wionews.com/videos/zoe-salda-a-becomes-highest-grossing-actor-of-all-time-surpassing-scarlett-johansson-1768413082243/embed">https://www.wionews.com/videos/zoe-salda-a-becomes-highest-grossing-actor-of-all-time-surpassing-scarlett-johansson-1768413082243/embed</a>&nbsp;The announcement follows multiple engagements between senior Pakistani officials and Trump in recent months. However, Trump’s growing engagement with Pakistan has sparked criticism within the United States. Several officials have accused the administration of allowing private business interests to influence foreign policy. Former US National Security Advisor Jake Sullivan has been particularly vocal, alleging that Trump’s family-linked crypto ventures in Pakistan have strained relations with India. Responding to questions on the matter, Sullivan described the issue as a largely overlooked but significant aspect of Trump’s foreign policy approach.

Pakistan signs deal with Trump-linked crypto company for cross-border payments

Pakistan has entered into a new agreement with a US-connected fintech company linked to World Liberty Financial (WLF), the cryptocurrency venture associated with the family of US President Donald Trump. The partnership aims to advance cross-border digital payment infrastructure. The memorandum of understanding was signed in Islamabad by Pakistan’s Finance Minister Muhammad Aurangzeb and Zachary Witkoff, co-founder of WLF. Witkoff is the son of Steve Witkoff, a billionaire real estate investor and a close Trump ally who has played a key diplomatic role for the administration. Donald Trump Jr. is also a leading figure in World Liberty Financial. This arrangement marks one of the earliest publicly disclosed collaborations between a sovereign government and WLF. It comes at a time when ties between Islamabad and Washington have shown signs of improvement following Trump’s return to office in early 2025. Also Read: Trump’s envoy Steve Witkoff announces launch of Gaza peace plan second phase As part of the agreement, World Liberty Financial will work alongside Pakistan’s central bank to incorporate its USD1 stablecoin into a regulated digital payments framework, with a focus on facilitating international transactions. Pakistan’s Virtual Asset Regulatory Authority stated that the MoU with SC Financial Technologies is intended to foster technical cooperation and dialogue on next-generation digital payment systems. https://www.wionews.com/videos/zoe-salda-a-becomes-highest-grossing-actor-of-all-time-surpassing-scarlett-johansson-1768413082243/embed The announcement follows multiple engagements between senior Pakistani officials and Trump in recent months. However, Trump’s growing engagement with Pakistan has sparked criticism within the United States. Several officials have accused the administration of allowing private business interests to influence foreign policy. Former US National Security Advisor Jake Sullivan has been particularly vocal, alleging that Trump’s family-linked crypto ventures in Pakistan have strained relations with India. Responding to questions on the matter, Sullivan described the issue as a largely overlooked but significant aspect of Trump’s foreign policy approach.

Pakistan has signed a deal with a Trump-linked fintech company to develop regulated cross-border digital payments using a USD-backed stablecoin

China’s central bank is sounding the alarm again on virtual currencies, warning of a fresh rise in crypto speculation despite a nationwide ban since 2021.

China Warns Stablecoins Enable Cross-border Illicit Flows

Israel's Ministry of Defence announced the seizure of 187 crypto wallets worth $1.5 million. According to the Ministry's National Bureau for Counter Terror Financing (NBCTF), these accounts are linked to officials of the Iranian Islamic Revolutionary Guard Corps (IRGC). It said that it was sure that these accounts are "used for the perpetration of a severe terror crime.” The IRGC is designated a terrorist organisation in the United States, the United Kingdom and Israel.These addresses have transmitted $1.5 billion in Tether's stablecoin USDT. Epileptic's Co-founder Tom Robinson has also said that they can not confirm if all of these wallets belong to the IRGC, and they only contain a fraction of the money that moved through them.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/rajesh-agrawal-india-us-trade-negotiator-profile-1758012761187">Rajesh Agrawal: Meet India's chief trade negotiator leading talks with US</a><h2>Previous IRGC crypto activity&nbsp;</h2>The Blockchain tracking firm Elliptic had been tracking the IRGC's crypto-related activity for years. In June 2025, Pro-Israel stole over $90 million from the Iranian crypto exchange Nobitex. Nobitex had been used by the sanctioned IRGC operatives to funnel money for an alleged terrorist operation.&nbsp;In December 2024, the US Treasury Department added wallets worth $332 million in USDT linked to Sa’id Ahmad Muhammad al-Jamal, who is accused of funnelling money to Houthi militant groups. Last Week, the US Justice Department seized $584,741 in USDTan Iranian national, Mohammad Abedini, who is allegedly responsible for the manufacture of navigation systems with the possibility of being used in the IRGC's military drone programme.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-foreign-companies-hyundai-lg-raid-1758006194353">Trump begs foreign companies to come back to US, as South Korea pushes to probe human rights violence in Hyundai raid</a><h2>What are the key issues?</h2>The issue is the attribution of ownership. It is not yet proven publicly that all 187 accounts are directly connected to the IRGC. Some may be intermediary wallets used by third parties. The Israel Defence Ministry accused them of using &nbsp;“for the perpetration of a severe terror crime as defined by the law”, but did not specify what sort of activity or the trail of the funnelled money to those activities.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/india-safran-7billion-amca-jet-engine-deal-400-units-1757692121886">India, Safran to develop 120 kN AMCA engine with $7 billion investment, 400 units planned</a>

Israel's Defence Ministry on Monday released a statement to announce the seizure of crypto wallets allegedly linked to the IRGC, and used that money for severe terror activity.

Israel's Ministry of Defence announced the seizure of 187 crypto wallets worth $1.5 million. According to the Ministry's National Bureau for Counter Terror Financing (NBCTF), these accounts are linked to officials of the Iranian Islamic Revolutionary Guard Corps (IRGC). It said that it was sure that these accounts are "used for the perpetration of a severe terror crime.” The IRGC is designated a terrorist organisation in the United States, the United Kingdom and Israel. These addresses have transmitted $1.5 billion in Tether's stablecoin USDT. Epileptic's Co-founder Tom Robinson has also said that they can not confirm if all of these wallets belong to the IRGC, and they only contain a fraction of the money that moved through them. Also Read: Rajesh Agrawal: Meet India's chief trade negotiator leading talks with US Previous IRGC crypto activity The Blockchain tracking firm Elliptic had been tracking the IRGC's crypto-related activity for years. In June 2025, Pro-Israel stole over $90 million from the Iranian crypto exchange Nobitex. Nobitex had been used by the sanctioned IRGC operatives to funnel money for an alleged terrorist operation. In December 2024, the US Treasury Department added wallets worth $332 million in USDT linked to Sa’id Ahmad Muhammad al-Jamal, who is accused of funnelling money to Houthi militant groups. Last Week, the US Justice Department seized $584,741 in USDTan Iranian national, Mohammad Abedini, who is allegedly responsible for the manufacture of navigation systems with the possibility of being used in the IRGC's military drone programme. Also Read: Trump begs foreign companies to come back to US, as South Korea pushes to probe human rights violence in Hyundai raid What are the key issues? The issue is the attribution of ownership. It is not yet proven publicly that all 187 accounts are directly connected to the IRGC. Some may be intermediary wallets used by third parties. The Israel Defence Ministry accused them of using “for the perpetration of a severe terror crime as defined by the law”, but did not specify what sort of activity or the trail of the funnelled money to those activities. Also Read: India, Safran to develop 120 kN AMCA engine with $7 billion investment, 400 units planned

Israel's Defence Ministry on Monday released a statement to announce the seizure of crypto wallets allegedly linked to the IRGC, and used that money for severe terror activity.

Israel seizes crypto wallets linked to IRGC used for funnelling $1.5 billion

Bitcoin surged to a fresh all-time high on August 14, breaking past the $124,500 mark during early Asian trading, as optimism over US monetary easing and sweeping pro-crypto reforms under US President Donald Trump propelled the market higher. The world’s largest cryptocurrency by market capitalisation rose as much as 1.27 per cent to $124,514.57 before trimming gains to trade 0.6 per cent higher at $123,690 as of 8:30 am IST. The rally lifted Bitcoin’s market value to around $2.5 trillion, according to CoinGecko. Year to date, the token has jumped roughly 32 per cent and nearly 80 per cent since Trump’s election victory in November 2024.The latest leg up came after Wall Street’s main indexes hit record closing highs for the second consecutive day on August 13, with the S&amp;P 500 rising 0.32 per cent and the Nasdaq adding 0.14 per cent. Risk-on sentiment has been buoyed by mounting expectations that the Federal Reserve will begin cutting interest rates as early as September. US Treasury Secretary Scott Bessent has publicly urged a half-point cut, while speculation grows that Trump may replace the Fed chair sooner than anticipated.<h2>Trump’s policy pivot unlocks retirement savings for crypto</h2>Momentum in the digital asset space intensified last week when Trump signed an executive order enabling 401(k) retirement accounts to invest in alternative assets, including cryptocurrencies. The directive could open up the $8.9 trillion US retirement savings market to the sector, sparking optimism for deeper institutional involvement. Trump’s administration has also rolled back restrictions that previously discouraged banks from working with crypto firms and overseen the passage of stablecoin regulations.&nbsp;<h2>Altcoins soar alongside Bitcoin</h2>Ethereum (ETH), the second-largest cryptocurrency, hit $4,785.67, its highest level since late 2021, before easing to $4,748.99. Cardano (ADA) jumped 11 per cent, Solana (SOL) gained 4.1 per cent, Dogecoin (DOGE) rose 5 per cent, and Binance Coin (BNB) advanced 0.89 per cent. The broader crypto market capitalisation has ballooned to over $4.18 trillion, up from about $2.5 trillion in November 2024, according to CoinMarketCap. Analysts say a decisive break above $125,000 could set Bitcoin on course for $150,000, further cementing its position as the year’s top-performing major asset.&nbsp;(With inputs from agency)

Risk-on sentiment has been buoyed by mounting expectations that the Federal Reserve will begin cutting interest rates as early as September. US Treasury Secretary has publicly urged a half-point cut, while speculation grows that Trump may replace the Fed chair sooner than anticipated.

Bitcoin surged to a fresh all-time high on August 14, breaking past the $124,500 mark during early Asian trading, as optimism over US monetary easing and sweeping pro-crypto reforms under US President Donald Trump propelled the market higher. The world’s largest cryptocurrency by market capitalisation rose as much as 1.27 per cent to $124,514.57 before trimming gains to trade 0.6 per cent higher at $123,690 as of 8:30 am IST. The rally lifted Bitcoin’s market value to around $2.5 trillion, according to CoinGecko. Year to date, the token has jumped roughly 32 per cent and nearly 80 per cent since Trump’s election victory in November 2024. The latest leg up came after Wall Street’s main indexes hit record closing highs for the second consecutive day on August 13, with the S&P 500 rising 0.32 per cent and the Nasdaq adding 0.14 per cent. Risk-on sentiment has been buoyed by mounting expectations that the Federal Reserve will begin cutting interest rates as early as September. US Treasury Secretary Scott Bessent has publicly urged a half-point cut, while speculation grows that Trump may replace the Fed chair sooner than anticipated. Trump’s policy pivot unlocks retirement savings for crypto Momentum in the digital asset space intensified last week when Trump signed an executive order enabling 401(k) retirement accounts to invest in alternative assets, including cryptocurrencies. The directive could open up the $8.9 trillion US retirement savings market to the sector, sparking optimism for deeper institutional involvement. Trump’s administration has also rolled back restrictions that previously discouraged banks from working with crypto firms and overseen the passage of stablecoin regulations. Altcoins soar alongside Bitcoin Ethereum (ETH), the second-largest cryptocurrency, hit $4,785.67, its highest level since late 2021, before easing to $4,748.99. Cardano (ADA) jumped 11 per cent, Solana (SOL) gained 4.1 per cent, Dogecoin (DOGE) rose 5 per cent, and Binance Coin (BNB) advanced 0.89 per cent. The broader crypto market capitalisation has ballooned to over $4.18 trillion, up from about $2.5 trillion in November 2024, according to CoinMarketCap. Analysts say a decisive break above $125,000 could set Bitcoin on course for $150,000, further cementing its position as the year’s top-performing major asset. (With inputs from agency)

Risk-on sentiment has been buoyed by mounting expectations that the Federal Reserve will begin cutting interest rates as early as September. US Treasury Secretary has publicly urged a half-point cut, while speculation grows that Trump may replace the Fed chair sooner than anticipated.

Bitcoin smashes past $124,500 amid Fed rate-cut hopes, Trump’s crypto push fuel rally

US President Donald Trump signed an executive order on August 7 that could significantly alter the landscape of US retirement plans. The order directs federal agencies to revise regulations, allowing higher-risk alternative assets such as private equity, cryptocurrencies, and real estate to be included in 401(k) retirement accounts. This move is expected to open up new investment opportunities for American workers but has also sparked concerns over the potential risks to retirement savings. The executive order comes after years of lobbying from private equity firms and cryptocurrency advocates who have sought broader access to the $12 trillion 401(k) market.&nbsp;Asset management giants like BlackRock and KKR stand to gain substantially from the change, which would allow them to introduce more diversified investment options to millions of workers. BlackRock, in particular, has long advocated for opening up private equity to regular investors, arguing that it could provide market-beating returns. While private equity investments, which typically involve stakes in privately held companies, have historically been reserved for wealthy individuals and institutional investors, Trump’s order could level the playing field. Similarly, cryptocurrencies, known for their extreme volatility, could offer potentially high returns, but critics warn that they could be too risky for retirement accounts, particularly for those looking for stable, long-term growth.<h2>Potential benefits and risks spark debate</h2>“Expanding access to investments long out of reach will help ensure millions of Americans build stronger, more diversified portfolios,” Jaime Magyera, BlackRock’s head of retirement, said in a statement. The company plans to launch its own retirement fund next year that includes private equity and private credit assets. However, not everyone is convinced that these alternatives are suitable for the average American worker’s retirement plan. Some financial experts argue that private equity and cryptocurrencies could expose investors to unnecessary risks.&nbsp;Private equity, for example, often charges hefty fees, typically 2 per cent annually, plus a share of profits, which could eat into the returns of retirement investors. Moreover, these investments are illiquid, meaning they cannot be easily sold if investors need access to cash. In contrast, traditional stock and bond investments in 401(k) plans are much more liquid and accessible.Cryptocurrency, on the other hand, is a newer and far more volatile asset class. While certain cryptocurrencies like Bitcoin have delivered impressive returns in recent years, they lack a proven long-term track record. Critics argue that incorporating such assets into retirement plans could jeopardise workers' financial futures, particularly if the market faces another significant downturn.Supporters of the move, including crypto executives and private equity firms, argue that the current system restricts everyday investors from accessing the same high-return opportunities enjoyed by the wealthy. Cryptocurrency companies like Coinbase, which have heavily supported Trump’s 2024 campaign, are eager to capitalise on this shift, viewing it as a step toward legitimising the sector in the eyes of mainstream investors.While the executive order sets the stage for expanded investment options, it could take months, or even years, for regulations to be rewritten and new funds to be created. In the meantime, retirement plan providers have expressed caution, emphasising the need for proper education on the risks and rewards associated with these new investment vehicles. Trump’s order represents a significant shift in how Americans save for retirement. While the potential rewards are high, the risks associated with private equity and cryptocurrencies may cause some investors to think twice before jumping into these new options.&nbsp;(With inputs from agencies)

The order directs federal agencies to revise regulations, allowing higher-risk alternative assets such as private equity, cryptocurrencies, and real estate to be included in 401(k) retirement accounts. This move is expected to open up new investment opportunities for American workers. 

US President Donald Trump signed an executive order on August 7 that could significantly alter the landscape of US retirement plans. The order directs federal agencies to revise regulations, allowing higher-risk alternative assets such as private equity, cryptocurrencies, and real estate to be included in 401(k) retirement accounts. This move is expected to open up new investment opportunities for American workers but has also sparked concerns over the potential risks to retirement savings. The executive order comes after years of lobbying from private equity firms and cryptocurrency advocates who have sought broader access to the $12 trillion 401(k) market. Asset management giants like BlackRock and KKR stand to gain substantially from the change, which would allow them to introduce more diversified investment options to millions of workers. BlackRock, in particular, has long advocated for opening up private equity to regular investors, arguing that it could provide market-beating returns. While private equity investments, which typically involve stakes in privately held companies, have historically been reserved for wealthy individuals and institutional investors, Trump’s order could level the playing field. Similarly, cryptocurrencies, known for their extreme volatility, could offer potentially high returns, but critics warn that they could be too risky for retirement accounts, particularly for those looking for stable, long-term growth. Potential benefits and risks spark debate “Expanding access to investments long out of reach will help ensure millions of Americans build stronger, more diversified portfolios,” Jaime Magyera, BlackRock’s head of retirement, said in a statement. The company plans to launch its own retirement fund next year that includes private equity and private credit assets. However, not everyone is convinced that these alternatives are suitable for the average American worker’s retirement plan. Some financial experts argue that private equity and cryptocurrencies could expose investors to unnecessary risks. Private equity, for example, often charges hefty fees, typically 2 per cent annually, plus a share of profits, which could eat into the returns of retirement investors. Moreover, these investments are illiquid, meaning they cannot be easily sold if investors need access to cash. In contrast, traditional stock and bond investments in 401(k) plans are much more liquid and accessible. Cryptocurrency, on the other hand, is a newer and far more volatile asset class. While certain cryptocurrencies like Bitcoin have delivered impressive returns in recent years, they lack a proven long-term track record. Critics argue that incorporating such assets into retirement plans could jeopardise workers' financial futures, particularly if the market faces another significant downturn. Supporters of the move, including crypto executives and private equity firms, argue that the current system restricts everyday investors from accessing the same high-return opportunities enjoyed by the wealthy. Cryptocurrency companies like Coinbase, which have heavily supported Trump’s 2024 campaign, are eager to capitalise on this shift, viewing it as a step toward legitimising the sector in the eyes of mainstream investors. While the executive order sets the stage for expanded investment options, it could take months, or even years, for regulations to be rewritten and new funds to be created. In the meantime, retirement plan providers have expressed caution, emphasising the need for proper education on the risks and rewards associated with these new investment vehicles. Trump’s order represents a significant shift in how Americans save for retirement. While the potential rewards are high, the risks associated with private equity and cryptocurrencies may cause some investors to think twice before jumping into these new options. (With inputs from agencies)

The order directs federal agencies to revise regulations, allowing higher-risk alternative assets such as private equity, cryptocurrencies, and real estate to be included in 401(k) retirement accounts. This move is expected to open up new investment opportunities for American workers.&nbsp;

Trump’s executive order opens door for riskier investments in 401(k) plans

In a sign of changing winds in China’s strict crypto stance, Shanghai’s top state-owned assets regulator has held high-level talks about stablecoins and digital currencies, an unusual move in a country where crypto trading is officially banned. According to Reuters, the Shanghai State-owned Assets Supervision and Administration Commission convened around 60 to 70 local government officials this week to discuss policy responses to the rapidly evolving world of blockchain-based payments.&nbsp;“We need to have greater sensitivity to emerging technologies and enhanced research into digital currencies,” He Qing, the regulator’s director, told the gathering, as quoted in an official post on the agency’s WeChat account. While China has cracked down on crypto trading and mining since 2021 over financial stability concerns, the Shanghai meeting suggests at least parts of the government are examining ways to manage, adapt to, or even compete with global stablecoin developments.<h2>Why Shanghai’s interest matters?&nbsp;</h2>Shanghai is China’s main international financial hub and has often served as a testing ground for regulatory pilot programmes. Moves there can signal broader policy shifts. Reuters notes that calls have been growing among Chinese firms and experts to develop a yuan-pegged stablecoin to counter the rise of US dollar-linked cryptocurrencies.&nbsp;Companies like JD.com and fintech giant Ant Group have reportedly urged China’s central bank to greenlight yuan-based stablecoins. According to Reuters, these firms plan to apply for stablecoin licenses in Hong Kong, where dedicated stablecoin legislation is set to take effect on August 1. “Given China’s strong fintech ecosystem, it has the potential to be a key player in shaping the future of blockchain-based payments,” Nick Ruck, director at LVRG Research, told Reuters.<h2>Global context</h2>Stablecoins, cryptocurrencies typically pegged to fiat currencies like the dollar, have seen explosive growth worldwide, offering cheaper and faster transactions than traditional systems. According to Reuters, ARK Investment Management estimates the global transaction value of stablecoins hit $15.6 trillion last year, surpassing even Visa in volume. In the United States, where regulations are clearer, giants such as Amazon and Walmart are reportedly exploring stablecoin launches.&nbsp;Asia is also moving forward. South Korea’s government has pledged to allow won-based stablecoins while building the necessary regulatory framework, although its central bank has warned of a need for gradual adoption.<h2>Policy hurdles in China</h2>Despite the Shanghai meeting’s open tone, big barriers remain. Reuters reports that at the meeting, a policy expert from Guotai Haitong Securities gave officials a detailed overview of stablecoins, their history, and global regulatory approaches, while also laying out opportunities and policy challenges.Separately, Yang Tao, deputy director at the National Institution for Finance and Development, suggested China should test yuan-based stablecoins in both the Shanghai Pilot Free Trade Zone and Hong Kong simultaneously.&nbsp;But analysts note that China’s strict capital controls are likely to be a major hurdle for any stablecoin initiative. China’s central bank governor Pan Gongsheng last month warned that the boom in digital currencies and stablecoins poses “huge challenges” for financial regulation, according to Reuters.<h2>Crypto ban still in place</h2>Mainland China banned cryptocurrency trading and mining in 2021 to limit risks to its financial system and curb capital flight. That ban remains in force. While discussions on stablecoins have heated up recently, the official outlook for other cryptocurrencies is far less clear.&nbsp;Meanwhile, outside of China’s borders, crypto markets continue to boom. Bitcoin recently soared to a new record high above $118,000 on Friday, Reuters reported. Shanghai’s cautious but notable discussion of stablecoin policy suggests that while China’s crypto ban stands firm, authorities are now paying closer attention to the global shifts in digital finance and may be preparing for how to respond.&nbsp;&nbsp;

In a surprising move, Shanghai top state owned assets regulator has discussed stablecoins and blockchain payments with local officials, suggesting China may be reassessing its crypto policy.

In a sign of changing winds in China’s strict crypto stance, Shanghai’s top state-owned assets regulator has held high-level talks about stablecoins and digital currencies, an unusual move in a country where crypto trading is officially banned. According to Reuters, the Shanghai State-owned Assets Supervision and Administration Commission convened around 60 to 70 local government officials this week to discuss policy responses to the rapidly evolving world of blockchain-based payments. “We need to have greater sensitivity to emerging technologies and enhanced research into digital currencies,” He Qing, the regulator’s director, told the gathering, as quoted in an official post on the agency’s WeChat account. While China has cracked down on crypto trading and mining since 2021 over financial stability concerns, the Shanghai meeting suggests at least parts of the government are examining ways to manage, adapt to, or even compete with global stablecoin developments. Why Shanghai’s interest matters? Shanghai is China’s main international financial hub and has often served as a testing ground for regulatory pilot programmes. Moves there can signal broader policy shifts. Reuters notes that calls have been growing among Chinese firms and experts to develop a yuan-pegged stablecoin to counter the rise of US dollar-linked cryptocurrencies. Companies like JD.com and fintech giant Ant Group have reportedly urged China’s central bank to greenlight yuan-based stablecoins. According to Reuters, these firms plan to apply for stablecoin licenses in Hong Kong, where dedicated stablecoin legislation is set to take effect on August 1. “Given China’s strong fintech ecosystem, it has the potential to be a key player in shaping the future of blockchain-based payments,” Nick Ruck, director at LVRG Research, told Reuters. Global context Stablecoins, cryptocurrencies typically pegged to fiat currencies like the dollar, have seen explosive growth worldwide, offering cheaper and faster transactions than traditional systems. According to Reuters, ARK Investment Management estimates the global transaction value of stablecoins hit $15.6 trillion last year, surpassing even Visa in volume. In the United States, where regulations are clearer, giants such as Amazon and Walmart are reportedly exploring stablecoin launches. Asia is also moving forward. South Korea’s government has pledged to allow won-based stablecoins while building the necessary regulatory framework, although its central bank has warned of a need for gradual adoption. Policy hurdles in China Despite the Shanghai meeting’s open tone, big barriers remain. Reuters reports that at the meeting, a policy expert from Guotai Haitong Securities gave officials a detailed overview of stablecoins, their history, and global regulatory approaches, while also laying out opportunities and policy challenges. Separately, Yang Tao, deputy director at the National Institution for Finance and Development, suggested China should test yuan-based stablecoins in both the Shanghai Pilot Free Trade Zone and Hong Kong simultaneously. But analysts note that China’s strict capital controls are likely to be a major hurdle for any stablecoin initiative. China’s central bank governor Pan Gongsheng last month warned that the boom in digital currencies and stablecoins poses “huge challenges” for financial regulation, according to Reuters. Crypto ban still in place Mainland China banned cryptocurrency trading and mining in 2021 to limit risks to its financial system and curb capital flight. That ban remains in force. While discussions on stablecoins have heated up recently, the official outlook for other cryptocurrencies is far less clear. Meanwhile, outside of China’s borders, crypto markets continue to boom. Bitcoin recently soared to a new record high above $118,000 on Friday, Reuters reported. Shanghai’s cautious but notable discussion of stablecoin policy suggests that while China’s crypto ban stands firm, authorities are now paying closer attention to the global shifts in digital finance and may be preparing for how to respond.

Shanghai's state regulator has held rare high-level talks on stablecoins, signalling a potential rethink of China’s rigid crypto stance amid global digital finance shifts.

Shanghai holds talks on stablecoin policy amid crypto ban

Bitcoin, the world’s largest cryptocurrency, has surged to a new all-time high of $116,046.44 as of 2127 GMT, breaking its previous record of $113,734.64 set earlier in the day. This latest price surge marks an impressive 24 per cent rise in Bitcoin’s value this year, further solidifying its place as a key asset in the financial world. The surge has been powered by robust demand from institutional investors, who have increasingly turned to Bitcoin as a store of value, alongside other digital assets like Ethereum.&nbsp;The boost comes at a time when broader market sentiment is shifting toward riskier investments, with stocks hitting new highs and bullish sentiment returning to the technology sector. Bitcoin has traded above the $100,000 mark for over 60 consecutive days, further cementing its status as a mainstream investment asset.Trump’s administration, particularly through its executive orders and supportive policies, has also played a pivotal role in Bitcoin's rise. In March, President Donald Trump signed an executive order to establish a strategic reserve of cryptocurrencies, signalling that the US government is taking a more active role in supporting the digital currency market. In addition, Trump appointed crypto-friendly figures such as SEC Commissioner Paul Atkins and White House AI czar David Sacks, creating a more favourable regulatory environment for the cryptocurrency industry.<h2>Trump’s family businesses eye crypto investments</h2>Trump’s family businesses are also making moves in the cryptocurrency market. Trump Media &amp; Technology Group, the parent company of Truth Social, has expressed interest in launching an exchange-traded fund (ETF) that will invest in multiple cryptocurrencies, including Bitcoin. The firm recently filed a report with the SEC, revealing its plans to bring more institutional capital into the crypto space. This development is particularly noteworthy given that Trump’s family holdings are reportedly substantial investors in Bitcoin and other digital assets.Earlier this year, Trump Media raised $2.5 billion in cash to fund crypto investments, further highlighting the growing interest in digital currencies within Trump’s business empire. While Trump himself does not hold an official role in the company, his family’s involvement and the substantial backing of the firm in crypto projects signal the former president’s growing belief in the long-term potential of Bitcoin.Ethereum, the second-largest cryptocurrency, also saw a rise, climbing 3.01 per cent to $2,905.24 as of 2130 GMT. This increase, alongside Bitcoin’s meteoric rise, points to a broader recovery in the cryptocurrency market, with altcoins such as Solana and Dogecoin also posting gains.<h2>Institutional involvement boosts Bitcoin’s legitimacy</h2>The surge in Bitcoin’s price comes as institutional investors continue to show increasing interest in digital currencies. Notably, companies have been on a Bitcoin-buying spree, outpacing inflows into Bitcoin exchange-traded funds (ETFs) during the second quarter. This institutional demand is seen as a key factor in pushing Bitcoin to new heights, as it gives the cryptocurrency more credibility as a legitimate financial asset.The optimism surrounding Bitcoin also comes on the heels of new stablecoin legislation making its way through Congress, which is expected to further solidify the regulatory framework for digital assets in the US. Investors are now looking ahead to “Crypto Week,” set to kick off on July 14, with many anticipating that this event could fuel further bullish sentiment in the market.Bitcoin’s latest record highs are seen as a sign that the cryptocurrency market, especially Bitcoin, is here to stay as a core part of the global financial ecosystem. As institutional players and even US president Donald Trump continue to embrace digital currencies, the future of crypto seems brighter than ever.

The surge in Bitcoin has been powered by robust demand from institutional investors, who have increasingly turned to Bitcoin as a store of value, alongside other digital assets like Ethereum.

Bitcoin, the world’s largest cryptocurrency, has surged to a new all-time high of $116,046.44 as of 2127 GMT, breaking its previous record of $113,734.64 set earlier in the day. This latest price surge marks an impressive 24 per cent rise in Bitcoin’s value this year, further solidifying its place as a key asset in the financial world. The surge has been powered by robust demand from institutional investors, who have increasingly turned to Bitcoin as a store of value, alongside other digital assets like Ethereum. The boost comes at a time when broader market sentiment is shifting toward riskier investments, with stocks hitting new highs and bullish sentiment returning to the technology sector. Bitcoin has traded above the $100,000 mark for over 60 consecutive days, further cementing its status as a mainstream investment asset. Trump’s administration, particularly through its executive orders and supportive policies, has also played a pivotal role in Bitcoin's rise. In March, President Donald Trump signed an executive order to establish a strategic reserve of cryptocurrencies, signalling that the US government is taking a more active role in supporting the digital currency market. In addition, Trump appointed crypto-friendly figures such as SEC Commissioner Paul Atkins and White House AI czar David Sacks, creating a more favourable regulatory environment for the cryptocurrency industry. Trump’s family businesses eye crypto investments Trump’s family businesses are also making moves in the cryptocurrency market. Trump Media & Technology Group, the parent company of Truth Social, has expressed interest in launching an exchange-traded fund (ETF) that will invest in multiple cryptocurrencies, including Bitcoin. The firm recently filed a report with the SEC, revealing its plans to bring more institutional capital into the crypto space. This development is particularly noteworthy given that Trump’s family holdings are reportedly substantial investors in Bitcoin and other digital assets. Earlier this year, Trump Media raised $2.5 billion in cash to fund crypto investments, further highlighting the growing interest in digital currencies within Trump’s business empire. While Trump himself does not hold an official role in the company, his family’s involvement and the substantial backing of the firm in crypto projects signal the former president’s growing belief in the long-term potential of Bitcoin. Ethereum, the second-largest cryptocurrency, also saw a rise, climbing 3.01 per cent to $2,905.24 as of 2130 GMT. This increase, alongside Bitcoin’s meteoric rise, points to a broader recovery in the cryptocurrency market, with altcoins such as Solana and Dogecoin also posting gains. Institutional involvement boosts Bitcoin’s legitimacy The surge in Bitcoin’s price comes as institutional investors continue to show increasing interest in digital currencies. Notably, companies have been on a Bitcoin-buying spree, outpacing inflows into Bitcoin exchange-traded funds (ETFs) during the second quarter. This institutional demand is seen as a key factor in pushing Bitcoin to new heights, as it gives the cryptocurrency more credibility as a legitimate financial asset. The optimism surrounding Bitcoin also comes on the heels of new stablecoin legislation making its way through Congress, which is expected to further solidify the regulatory framework for digital assets in the US. Investors are now looking ahead to “Crypto Week,” set to kick off on July 14, with many anticipating that this event could fuel further bullish sentiment in the market. Bitcoin’s latest record highs are seen as a sign that the cryptocurrency market, especially Bitcoin, is here to stay as a core part of the global financial ecosystem. As institutional players and even US president Donald Trump continue to embrace digital currencies, the future of crypto seems brighter than ever.

The surge in Bitcoin has been powered by robust demand from institutional investors, who have increasingly turned to Bitcoin as a store of value, alongside other digital assets like Ethereum.

Bitcoin hits fresh all-time high, surges above 116,000 mark

<blockquote>Bitcoin reached a new all-time high on July 9, soaring past the $112,000 mark for the first time in history, as institutional demand and a risk-on sentiment in global markets fuelled its rally. The cryptocurrency touched an intraday high of $112,052.24, surpassing its previous peak of $111,989 set in May. As of late July 9, Bitcoin was trading at approximately $111,259, marking a 0.4 per cent increase from the previous day and an impressive 18 per cent year-to-date gain. This surge in price comes amid a broader rally in equities, particularly driven by tech stocks like Nvidia, which briefly touched a $4 trillion market cap.&nbsp;</blockquote>Bitcoin’s rise aligns with the bullish sentiment seen in risk assets, with both Bitcoin and stocks benefiting from the same market forces. As Bitcoin continues to gain traction among corporate treasuries and institutional investors, some experts speculate that the cryptocurrency could push toward $120,000 or higher in the coming weeks.<h2>Bitcoin’s resilient growth and institutional adoption</h2>Bitcoin’s climb is also indicative of a shift in investor perception. As Anthony Pompliano, founder of Professional Capital Management, recently highlighted, Bitcoin is “the only asset” that becomes less risky as it grows in size. In a letter to investors, Pompliano noted that the asset class’s increasing market cap, now measured in trillions, has made it more accessible to a wider range of institutional capital allocators.This growing acceptance by traditional financial players has been bolstered by the Trump administration’s crypto-friendly policies, opening new doors for capital inflows. Furthermore, major firms like Trump Media &amp; Technology Group are now looking to launch crypto-focused exchange-traded funds (ETFs), which will invest in assets like Bitcoin, Ether, Solana, and Ripple. This movement further reflects a broadening of institutional interest in digital assets.In addition to Bitcoin, other cryptocurrencies also saw gains. Ether hit a one-month high of $2,794.95, rising 5.4 per cent on the day, while stocks tied to crypto-related businesses like Coinbase and MicroStrategy also surged. MicroStrategy, co-founded by Bitcoin advocate Michael Saylor, rose 4.7 per cent, reflecting the increasing link between digital assets and tech-driven market growth.<h2>Bitcoin’s momentum faces short-term liquidity risks</h2>Despite the optimistic outlook for Bitcoin, market experts are cautious about potential volatility in the short term. In the hours around Bitcoin’s latest record-breaking rally, nearly $340 million in liquidations of Bitcoin short positions were reported, highlighting the potential for quick reversals. However, many remain hopeful that Bitcoin’s long-term narrative as “digital gold” and its ongoing adoption as a reserve asset will continue to support its price trajectory through the second half of 2025. With expectations that more companies will adopt Bitcoin and Congress inches closer to potential crypto legislation, Bitcoin’s bullish momentum seems set to continue.

This surge in Bitcoin's price comes amid a broader rally in equities, particularly driven by tech stocks like Nvidia, which briefly touched a $4 trillion market cap.

Bitcoin reached a new all-time high on July 9, soaring past the $112,000 mark for the first time in history, as institutional demand and a risk-on sentiment in global markets fuelled its rally. The cryptocurrency touched an intraday high of $112,052.24, surpassing its previous peak of $111,989 set in May. As of late July 9, Bitcoin was trading at approximately $111,259, marking a 0.4 per cent increase from the previous day and an impressive 18 per cent year-to-date gain. This surge in price comes amid a broader rally in equities, particularly driven by tech stocks like Nvidia, which briefly touched a $4 trillion market cap. Bitcoin’s rise aligns with the bullish sentiment seen in risk assets, with both Bitcoin and stocks benefiting from the same market forces. As Bitcoin continues to gain traction among corporate treasuries and institutional investors, some experts speculate that the cryptocurrency could push toward $120,000 or higher in the coming weeks. Bitcoin’s resilient growth and institutional adoption Bitcoin’s climb is also indicative of a shift in investor perception. As Anthony Pompliano, founder of Professional Capital Management, recently highlighted, Bitcoin is “the only asset” that becomes less risky as it grows in size. In a letter to investors, Pompliano noted that the asset class’s increasing market cap, now measured in trillions, has made it more accessible to a wider range of institutional capital allocators. This growing acceptance by traditional financial players has been bolstered by the Trump administration’s crypto-friendly policies, opening new doors for capital inflows. Furthermore, major firms like Trump Media & Technology Group are now looking to launch crypto-focused exchange-traded funds (ETFs), which will invest in assets like Bitcoin, Ether, Solana, and Ripple. This movement further reflects a broadening of institutional interest in digital assets. In addition to Bitcoin, other cryptocurrencies also saw gains. Ether hit a one-month high of $2,794.95, rising 5.4 per cent on the day, while stocks tied to crypto-related businesses like Coinbase and MicroStrategy also surged. MicroStrategy, co-founded by Bitcoin advocate Michael Saylor, rose 4.7 per cent, reflecting the increasing link between digital assets and tech-driven market growth. Bitcoin’s momentum faces short-term liquidity risks Despite the optimistic outlook for Bitcoin, market experts are cautious about potential volatility in the short term. In the hours around Bitcoin’s latest record-breaking rally, nearly $340 million in liquidations of Bitcoin short positions were reported, highlighting the potential for quick reversals. However, many remain hopeful that Bitcoin’s long-term narrative as “digital gold” and its ongoing adoption as a reserve asset will continue to support its price trajectory through the second half of 2025. With expectations that more companies will adopt Bitcoin and Congress inches closer to potential crypto legislation, Bitcoin’s bullish momentum seems set to continue.

This surge in Bitcoin's price comes amid a broader rally in equities, particularly driven by tech stocks like Nvidia, which briefly touched a $4 trillion market cap.

Bitcoin surges to new all-time high above $112,000 amid growing institutional demand

The Union Budget 2025 introduced Schedule VDA, a new section in the ITR forms exclusively for reporting crypto and NFT-related income. 

The Union Budget 2025 introduced Schedule VDA, a new section in the ITR forms exclusively for reporting crypto and NFT-related income.&nbsp;

Crypto gains in 2025? Don’t file ITR without reading these new rules

The world’s leading financial crime watchdog has sounded the alarm over gaps in cryptocurrency regulation, urging governments to take far stronger action against illicit finance in the booming sector.&nbsp;The Financial Action Task Force (FATF), based in Paris, warned on Thursday that shortcomings in policing virtual assets risk creating global financial vulnerabilities, with criminals exploiting loopholes across borders. “Virtual assets are inherently borderless, and regulatory failures in one jurisdiction can have global consequences,” the FATF said in a statement, as quoted by Reuters. The call-to-action underscores mounting concern among global regulators that rapid growth in crypto markets is outpacing efforts to keep them in check.<h2>Patchy compliance despite progress</h2>According to the FATF’s latest assessment, progress on tightening crypto rules remains uneven. As of April 2025, only 40 out of 138 jurisdictions assessed were considered “largely compliant” with its standards, up from 32 the previous year.&nbsp;While that improvement reflects some momentum, it also highlights the vast number of countries lagging behind. FATF officials warn that these regulatory gaps create safe havens for criminals, making it harder to trace illicit financial flows that move seamlessly across national borders.<h2>Surge in illicit crypto activity</h2>The watchdog cited alarming figures pointing to the scale of the problem. Blockchain analytics firm Chainalysis estimates that illicit crypto wallet addresses may have received as much as $51 billion in 2024 alone. Countries, the FATF says, continue to face major difficulties in identifying the real people behind virtual asset transactions, a key challenge in disrupting networks of money launderers, sanctions evaders and terror financiers.&nbsp;FATF also flagged particular concern over the rising role of stablecoins, cryptocurrencies pegged to fiat currencies like the US dollar which it said have become a preferred tool for various illicit actors. “Most illicit crypto activity now involves stablecoins,” the FATF warned, adding that the technology is being misused by groups including terrorist financiers, drug traffickers and state-backed cyber criminals.<h2>Spotlight on North Korea</h2>The report comes amid heightened scrutiny of North Korea’s role in global cybercrime. In February 2025, the FBI blamed North Korean hackers for the theft of around $1.5 billion worth of virtual assets from the crypto exchange ByBit, the largest known crypto heist in history.&nbsp;Pyongyang has repeatedly denied involvement in such attacks, but security agencies in the US and allied countries say North Korea’s regime relies heavily on crypto thefts and ransomware operations to fund its weapons programmes.<h2>Global authorities ramp up warnings</h2>The FATF’s statement is the latest in a series of warnings from international regulators about crypto’s potential to undermine financial stability and security. In April 2025, the European Union’s securities watchdog cautioned that the rapidly expanding crypto sector could pose systemic risks, particularly as its links with traditional financial markets deepen. As governments scramble to finalise regulatory frameworks, FATF urged them to prioritise closing loopholes, increasing oversight, and improving coordination. Without such steps, it warned, the risk of crypto markets being weaponised by criminals and even hostile states will only grow.&nbsp;The message is clear: despite technological innovation and growing mainstream adoption, the crypto industry remains in urgent need of stricter global policing to prevent it from becoming a haven for financial crime.&nbsp;(With inputs from the agencies)

Despite some progress, only 40 of 138 jurisdictions are largely compliant with FATF standards. Regulatory gaps allow criminals to exploit loopholes, particularly with stablecoins, which are increasingly used for illegal activities. 

The world’s leading financial crime watchdog has sounded the alarm over gaps in cryptocurrency regulation, urging governments to take far stronger action against illicit finance in the booming sector. The Financial Action Task Force (FATF), based in Paris, warned on Thursday that shortcomings in policing virtual assets risk creating global financial vulnerabilities, with criminals exploiting loopholes across borders. “Virtual assets are inherently borderless, and regulatory failures in one jurisdiction can have global consequences,” the FATF said in a statement, as quoted by Reuters. The call-to-action underscores mounting concern among global regulators that rapid growth in crypto markets is outpacing efforts to keep them in check. Patchy compliance despite progress According to the FATF’s latest assessment, progress on tightening crypto rules remains uneven. As of April 2025, only 40 out of 138 jurisdictions assessed were considered “largely compliant” with its standards, up from 32 the previous year. While that improvement reflects some momentum, it also highlights the vast number of countries lagging behind. FATF officials warn that these regulatory gaps create safe havens for criminals, making it harder to trace illicit financial flows that move seamlessly across national borders. Surge in illicit crypto activity The watchdog cited alarming figures pointing to the scale of the problem. Blockchain analytics firm Chainalysis estimates that illicit crypto wallet addresses may have received as much as $51 billion in 2024 alone. Countries, the FATF says, continue to face major difficulties in identifying the real people behind virtual asset transactions, a key challenge in disrupting networks of money launderers, sanctions evaders and terror financiers. FATF also flagged particular concern over the rising role of stablecoins, cryptocurrencies pegged to fiat currencies like the US dollar which it said have become a preferred tool for various illicit actors. “Most illicit crypto activity now involves stablecoins,” the FATF warned, adding that the technology is being misused by groups including terrorist financiers, drug traffickers and state-backed cyber criminals. Spotlight on North Korea The report comes amid heightened scrutiny of North Korea’s role in global cybercrime. In February 2025, the FBI blamed North Korean hackers for the theft of around $1.5 billion worth of virtual assets from the crypto exchange ByBit, the largest known crypto heist in history. Pyongyang has repeatedly denied involvement in such attacks, but security agencies in the US and allied countries say North Korea’s regime relies heavily on crypto thefts and ransomware operations to fund its weapons programmes. Global authorities ramp up warnings The FATF’s statement is the latest in a series of warnings from international regulators about crypto’s potential to undermine financial stability and security. In April 2025, the European Union’s securities watchdog cautioned that the rapidly expanding crypto sector could pose systemic risks, particularly as its links with traditional financial markets deepen. As governments scramble to finalise regulatory frameworks, FATF urged them to prioritise closing loopholes, increasing oversight, and improving coordination. Without such steps, it warned, the risk of crypto markets being weaponised by criminals and even hostile states will only grow. The message is clear: despite technological innovation and growing mainstream adoption, the crypto industry remains in urgent need of stricter global policing to prevent it from becoming a haven for financial crime. (With inputs from the agencies)

The Financial Action Task Force (FATF) has raised concerns about inadequate cryptocurrency regulation, urging governments to strengthen measures against illicit finance.

Global watchdog urges crackdown on crypto crime as risks grow

World Liberty Financial (WLF), the Donald Trump-linked decentralised finance (DeFi) platform, is preparing to release an independent audit of its stablecoin USD1 and will soon launch a new mobile app aimed at retail crypto investors. WFL co-founder Zak Folkman shared the update during the Permissionless Conference in Brooklyn on June 25. Folkman confirmed that the company had completed its first accounting attestation and would publish the report within days. The audit will detail the reserves backing USD1, which include US dollar deposits, treasuries, and cash equivalents. BitGo is acting as the custodian, and WLF will begin publishing monthly reserve updates to enhance transparency.USD1 has reached a market cap of $2.2 billion since its March launch and operates on Ethereum, BNB Chain, and TRON. “We’re going to have very transparent auditing from a financial level,” Folkman said, emphasising WLF’s commitment to investor confidence. In addition, WLF is developing a user-friendly mobile app designed to simplify crypto use for mainstream investors. The app is expected to go live in the coming weeks.Perhaps most notably, Folkman hinted that the platform’s governance token, known as WLFI, could soon become available for trading. “If you pay attention over the next couple of weeks, I think everyone’s going to be very, very happy,” he said.<h2>Trump ties raise ethics concerns</h2>WLFI and USD1 have generated hundreds of millions of dollars in revenue for Donald Trump’s family business, intensifying scrutiny from lawmakers and watchdog groups. Critics have raised ethical concerns about potential conflicts of interest, especially as Trump advocates for looser crypto regulations during his presidential campaign.The Trump family reportedly reduced its stake in WLF from 60 per cent to 40 per cent earlier this month, netting over $130 million from the sale and bringing in $190 million in total. WLFI tokens, which provide governance rights, were initially sold to raise capital but were not listed on exchanges. Despite criticism, adoption of USD1 continues to grow. Airdrops and large-scale investments, such as a $2 billion transaction by UAE-based MGX and a $4 million giveaway reaching 85,000 wallets, have helped solidify its presence in the stablecoin market.<h2>Stablecoin landscape under scrutiny</h2>The rise of USD1 comes amid increasing global regulatory scrutiny of stablecoins. On June 24, the Bank for International Settlements (BIS) issued its strongest warning yet, urging nations to regulate stablecoins and accelerate central bank digital currency development. BIS officials warned that stablecoins lack transparency, pose risks to monetary sovereignty, and could trigger “fire sales” if reserve assets collapse.&nbsp;The group advocated for “tokenised unified ledgers” to integrate central bank reserves and government bonds into programmable, secure platforms. As the BIS calls for bold action, WLF’s moves highlight how political figures are increasingly intertwining with high-growth crypto ventures, pushing the boundaries of both financial innovation and regulatory oversight.

The stablecoin audit will detail the reserves backing USD1, which include US dollar deposits, treasuries, and cash equivalents. BitGo is acting as the custodian, and WLF will begin publishing monthly reserve updates to enhance transparency.

World Liberty Financial (WLF), the Donald Trump-linked decentralised finance (DeFi) platform, is preparing to release an independent audit of its stablecoin USD1 and will soon launch a new mobile app aimed at retail crypto investors. WFL co-founder Zak Folkman shared the update during the Permissionless Conference in Brooklyn on June 25. Folkman confirmed that the company had completed its first accounting attestation and would publish the report within days. The audit will detail the reserves backing USD1, which include US dollar deposits, treasuries, and cash equivalents. BitGo is acting as the custodian, and WLF will begin publishing monthly reserve updates to enhance transparency. USD1 has reached a market cap of $2.2 billion since its March launch and operates on Ethereum, BNB Chain, and TRON. “We’re going to have very transparent auditing from a financial level,” Folkman said, emphasising WLF’s commitment to investor confidence. In addition, WLF is developing a user-friendly mobile app designed to simplify crypto use for mainstream investors. The app is expected to go live in the coming weeks. Perhaps most notably, Folkman hinted that the platform’s governance token, known as WLFI, could soon become available for trading. “If you pay attention over the next couple of weeks, I think everyone’s going to be very, very happy,” he said. Trump ties raise ethics concerns WLFI and USD1 have generated hundreds of millions of dollars in revenue for Donald Trump’s family business, intensifying scrutiny from lawmakers and watchdog groups. Critics have raised ethical concerns about potential conflicts of interest, especially as Trump advocates for looser crypto regulations during his presidential campaign. The Trump family reportedly reduced its stake in WLF from 60 per cent to 40 per cent earlier this month, netting over $130 million from the sale and bringing in $190 million in total. WLFI tokens, which provide governance rights, were initially sold to raise capital but were not listed on exchanges. Despite criticism, adoption of USD1 continues to grow. Airdrops and large-scale investments, such as a $2 billion transaction by UAE-based MGX and a $4 million giveaway reaching 85,000 wallets, have helped solidify its presence in the stablecoin market. Stablecoin landscape under scrutiny The rise of USD1 comes amid increasing global regulatory scrutiny of stablecoins. On June 24, the Bank for International Settlements (BIS) issued its strongest warning yet, urging nations to regulate stablecoins and accelerate central bank digital currency development. BIS officials warned that stablecoins lack transparency, pose risks to monetary sovereignty, and could trigger “fire sales” if reserve assets collapse. The group advocated for “tokenised unified ledgers” to integrate central bank reserves and government bonds into programmable, secure platforms. As the BIS calls for bold action, WLF’s moves highlight how political figures are increasingly intertwining with high-growth crypto ventures, pushing the boundaries of both financial innovation and regulatory oversight.

The stablecoin audit will detail the reserves backing USD1, which include US dollar deposits, treasuries, and cash equivalents. BitGo is acting as the custodian, and WLF will begin publishing monthly reserve updates to enhance transparency.

Trump-linked crypto firm plans stablecoin audit and new investor app

The US Federal Reserve has officially removed “reputational risk” from its supervisory guidelines for banks, a move widely seen as a turning point for the cryptocurrency industry. This decision, echoed by similar actions from the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), is expected to unlock long-denied access to banking services for crypto firms long sidelined by regulatory caution. Until now, banks were often hesitant to engage with digital asset businesses due to the perceived damage to their reputation.&nbsp;The unwritten rule led to many crypto companies being “debanked”, a practice criticised by lawmakers and industry players as stifling innovation and undermining financial inclusivity. The Fed’s updated policy pivots towards a more evidence-based risk assessment framework, focusing on financial stability and compliance rather than subjective public perception. While banks can still internally consider reputational risk, it will no longer play a role in supervisory evaluations.<h2>Crypto inches into traditional finance</h2>This regulatory rethink arrives just as traditional finance is showing growing interest in crypto integration. Major institutions such as Mastercard are rolling out hybrid offerings that blend fiat and stablecoin use under a single user interface. Mastercard’s “One Credential” feature, for example, allows consumers to spend both traditional and digital currencies seamlessly through one card.The timing couldn’t be better for crypto investors. With global interest in digital assets rising, Bitcoin has outperformed traditional asset classes over the past decade. A recent survey shows that over 70 per cent of crypto investors use it as a hedge against inflation, while more than 60 per cent report feeling more financially hopeful than before.Data from 2024 underscores this momentum. Over 88,000 individuals became crypto millionaires globally in the past year. Meanwhile, Bitcoin and Ethereum have posted double-digit returns, even amid geopolitical shocks like US airstrikes in Iran a few days ago, which triggered temporary volatility.The global crypto market has bounced back, with market capitalisation rising 3 per cent to $3.3 trillion following the Fed’s announcement. Though interest rates remain unchanged for now, a potential rate cut in July could further buoy crypto valuations.<h2>Can volatile wealth buy peace of mind?</h2>Yet, as crypto becomes more mainstream, a new narrative is emerging, one that grapples with the emotional toll of living in a volatile wealth system. While some investors enjoy financial freedom and autonomy, others face growing stress. The same market that mints millionaires can just as easily erase life savings overnight.Retail investors report heightened financial anxiety during downturns, and crypto-related thefts topped $2 billion in 2024 alone. The risks are real, and the pressure to stay ahead, technologically and financially, is constant.As crypto becomes part of daily financial life, from shopping with stablecoins to accessing blockchain-based lending, the big question remains: can digital money buy real happiness? The answer is complicated. While crypto may offer a lifeline in a crumbling economic environment, it also demands resilience, vigilance, and above all, balance.

The Fed’s decision to strip out reputational risk from bank oversight marks a significant step in bridging the gap between crypto and traditional finance.

The US Federal Reserve has officially removed “reputational risk” from its supervisory guidelines for banks, a move widely seen as a turning point for the cryptocurrency industry. This decision, echoed by similar actions from the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), is expected to unlock long-denied access to banking services for crypto firms long sidelined by regulatory caution. Until now, banks were often hesitant to engage with digital asset businesses due to the perceived damage to their reputation. The unwritten rule led to many crypto companies being “debanked”, a practice criticised by lawmakers and industry players as stifling innovation and undermining financial inclusivity. The Fed’s updated policy pivots towards a more evidence-based risk assessment framework, focusing on financial stability and compliance rather than subjective public perception. While banks can still internally consider reputational risk, it will no longer play a role in supervisory evaluations. Crypto inches into traditional finance This regulatory rethink arrives just as traditional finance is showing growing interest in crypto integration. Major institutions such as Mastercard are rolling out hybrid offerings that blend fiat and stablecoin use under a single user interface. Mastercard’s “One Credential” feature, for example, allows consumers to spend both traditional and digital currencies seamlessly through one card. The timing couldn’t be better for crypto investors. With global interest in digital assets rising, Bitcoin has outperformed traditional asset classes over the past decade. A recent survey shows that over 70 per cent of crypto investors use it as a hedge against inflation, while more than 60 per cent report feeling more financially hopeful than before. Data from 2024 underscores this momentum. Over 88,000 individuals became crypto millionaires globally in the past year. Meanwhile, Bitcoin and Ethereum have posted double-digit returns, even amid geopolitical shocks like US airstrikes in Iran a few days ago, which triggered temporary volatility. The global crypto market has bounced back, with market capitalisation rising 3 per cent to $3.3 trillion following the Fed’s announcement. Though interest rates remain unchanged for now, a potential rate cut in July could further buoy crypto valuations. Can volatile wealth buy peace of mind? Yet, as crypto becomes more mainstream, a new narrative is emerging, one that grapples with the emotional toll of living in a volatile wealth system. While some investors enjoy financial freedom and autonomy, others face growing stress. The same market that mints millionaires can just as easily erase life savings overnight. Retail investors report heightened financial anxiety during downturns, and crypto-related thefts topped $2 billion in 2024 alone. The risks are real, and the pressure to stay ahead, technologically and financially, is constant. As crypto becomes part of daily financial life, from shopping with stablecoins to accessing blockchain-based lending, the big question remains: can digital money buy real happiness? The answer is complicated. While crypto may offer a lifeline in a crumbling economic environment, it also demands resilience, vigilance, and above all, balance.

The Fed’s decision to strip out reputational risk from bank oversight marks a significant step in bridging the gap between crypto and traditional finance.

Crypto finds new ground as Fed lifts reputational risk barrier

Amid the escalating tensions between Israel and the Islamic Republic, a pro-Israel hacking group by the name Predatory Sparrow (Gonjeshke Darande in Persian) has allegedly taken the responsibility of a cyberattack on Iran’s largest cryptocurrency exchange, leading to the destruction of approximately $90 million worth of digital assets. Several multiple crypto tracking firms believe that this group lost all of the proceeds from the heist after reportedly 'burning' them in process. The attack reportedly occurred on Wednesday, 18 June 2025 on the Nobitex exchange. According to blockchain forensics firms Elliptic and TRM Labs, the hackers had transferred the funds into blockchain wallets for which they did not possess cryptographic keys, rendering the assets inaccessible.&nbsp;&nbsp;<h2>Crypto ‘burning’</h2>&nbsp;This method, which is also known as crypto 'burning', was deliberately carried out to deliver a political message to the Iranian government rather than gain financial profit. The funds are now inaccessible after they were stored in “vanity addresses” for which they do not have the cryptographic keys, The Guardian reported.&nbsp;Assets or Cryptocurrencies including Bitcoin, Ethereum, and Dogecoin were reportedly taken out from wallets linked to Nobitex and sent to burn addresses. Some of these addresses included phrases or words targeting Iran's Islamic Revolutionary Guard Corps (IRGC), such as “Fu*kIRGCTerroristsNoBiTEX.” The Ethereum tokens were sent to the well-known "0x...dead" burn address, which is a recognised method for permanently removing crypto from circulation.&nbsp;<h2>Source code leaked?</h2>&nbsp;Later, in a social media post on X, Predatory Sparrow confirmed that it had targeted Nobitex and later released its source code. Nobitex, which alleges to serve over seven million users, has previously faced scrutiny for being associated with IRGC-affiliated figures. The exchange went offline following the breach. It later confessed via social media post that it had experienced 'unauthorised access' and had deactivated its website and app to investigate what happened.&nbsp;

<blockquote class="twitter-tweet">Time&#39;s up - full source code linked below. ASSETS LEFT IN NOBITEX ARE NOW ENTIRELY OUT IN THE OPEN. بازمانده دارایی های شما در نوبیتکس هم اکنون در معرض دید و خطر هستند But before that, lets meet Nobitex from the inside: Exchange Deployment (1/8) <a href="https://t.co/jiMfBpNXwd">pic.twitter.com/jiMfBpNXwd</a>&mdash; Gonjeshke Darande (@GonjeshkeDarand) <a href="https://twitter.com/GonjeshkeDarand/status/1935593397156270534?ref_src=twsrc%5Etfw">June 19, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;This attack just comes a day after this Predatory Sparrow claimed it's responsibility for destroying the data at Bank Sepah, which is the state-owned bank of &nbsp;Iran. The group’s actions closely follows recent Israeli airstrikes on Tehran’s nuclear facilities and are seen as part of a broader digital and geopolitical confrontation between Israel and Iran.Predatory Sparrow is assumed of having ties with the Israeli intelligence, and has previously targeted Iranian infrastructure. The group's name is viewed as a counterpoint to "Charming Kitten," an Iranian cyber-espionage unit.&nbsp;The major concern is that recovery of the stolen crypto is impossible, as Blockchain analysis confirms that none of the stolen funds were moved to crypto exchanges or mixer. Analysts suggest that the symbolic destruction of the funds was aimed at damaging Iran’s capacity to use cryptocurrency to evade international sanctions.

According to blockchain forensics firms Elliptic and TRM Labs, the hackers had transferred the funds into blockchain wallets for which they did not possess cryptographic keys, rendering the assets inaccessible. 

Amid the escalating tensions between Israel and the Islamic Republic, a pro-Israel hacking group by the name Predatory Sparrow (Gonjeshke Darande in Persian) has allegedly taken the responsibility of a cyberattack on Iran’s largest cryptocurrency exchange, leading to the destruction of approximately $90 million worth of digital assets. Several multiple crypto tracking firms believe that this group lost all of the proceeds from the heist after reportedly 'burning' them in process. The attack reportedly occurred on Wednesday, 18 June 2025 on the Nobitex exchange. According to blockchain forensics firms Elliptic and TRM Labs, the hackers had transferred the funds into blockchain wallets for which they did not possess cryptographic keys, rendering the assets inaccessible. Crypto ‘burning’ This method, which is also known as crypto 'burning', was deliberately carried out to deliver a political message to the Iranian government rather than gain financial profit. The funds are now inaccessible after they were stored in “vanity addresses” for which they do not have the cryptographic keys, The Guardian reported. Assets or Cryptocurrencies including Bitcoin, Ethereum, and Dogecoin were reportedly taken out from wallets linked to Nobitex and sent to burn addresses. Some of these addresses included phrases or words targeting Iran's Islamic Revolutionary Guard Corps (IRGC), such as “Fu*kIRGCTerroristsNoBiTEX.” The Ethereum tokens were sent to the well-known "0x...dead" burn address, which is a recognised method for permanently removing crypto from circulation. Source code leaked? Later, in a social media post on X, Predatory Sparrow confirmed that it had targeted Nobitex and later released its source code. Nobitex, which alleges to serve over seven million users, has previously faced scrutiny for being associated with IRGC-affiliated figures. The exchange went offline following the breach. It later confessed via social media post that it had experienced 'unauthorised access' and had deactivated its website and app to investigate what happened.

According to blockchain forensics firms Elliptic and TRM Labs, the hackers had transferred the funds into blockchain wallets for which they did not possess cryptographic keys, rendering the assets inaccessible.&nbsp;

‘Jacked, burned, and roasted’: How pro-Israel hackers stole $90 million from Iran and leaked source code?

Three Chinese bitcoin mining hardware giants—Bitmain, Canaan, and MicroBT—are establishing manufacturing operations in the United States as a strategic response to escalating US-China trade tensions and rising national security concerns in the US.&nbsp;This transformation marks a significant realignment of the cryptocurrency mining supply chain, one that could reshape the future of global crypto infrastructure.Bitmain, Canaan, and MicroBT collectively control more than 90 per cent of the global bitcoin mining hardware market. According to Frost &amp; Sullivan, the combined market share by computing power sold of the three firms has reached 95.4 per cent as of December 2023.&nbsp;Despite China’s 2021 ban on domestic crypto activity, these manufacturers maintained global dominance by focusing on high-performance chips tailor-made for mining.Canaan has taken steps to distance itself from Chinese oversight, relocating its headquarters to Singapore and reporting that 40 per cent of its 2024 revenue came from the US. Canaan’s VP Leo Wang explained that the US move was about both avoiding tariffs and reducing customer costs, but heavy investment was being held back due to the unpredictability of trade policy.<h2>US tariffs reshape crypto supply chains</h2>The shift began after President Donald Trump, during his second term, imposed sweeping tariffs under his “Liberation Day” trade policy. The administration introduced a 30 per cent import duty on high-tech equipment, including bitcoin mining hardware, with an added 20 per cent on Chinese-origin imports.To remain competitive in the lucrative US market, where more than 30 per cent of global bitcoin mining occurs, Chinese manufacturers are now moving production to American soil.&nbsp;Bitmain, the largest mining hardware maker by sales, began US manufacturing in December 2024. Canaan followed in early 2025, launching pilot production lines in response to volatile tariff policies. MicroBT also announced a localisation strategy to avoid tariffs and get closer to its US customer base.Reuters reported that Guang Yang, chief technology officer at Conflux Network, said, “The US-China trade war is triggering structural, not superficial, changes in bitcoin’s supply chains. This is a long-term shift.”<h2>Security concerns persist despite US production</h2>While manufacturing in the US may mitigate tariff impacts, it hasn’t solved the problems as national security concerns persist. Reuters reported that Sanjay Gupta, chief strategy officer at US-based Auradine (a domestic rival backed by Marathon Digital or MARA), warned that Chinese-made mining rigs pose cybersecurity and infrastructure risks.“Hundreds of thousands of these rigs are now connected to the US electrical grid,” said Gupta. “It’s not just an economic dependency; it’s a strategic vulnerability.”Bitmain is already feeling the regulatory pinch. Its AI-focused subsidiary, Sophgo, was recently added to the US Entity List, effectively banning it from accessing US technologies. While Sophgo is not directly tied to bitcoin mining, the designation underscores the broader suspicion US authorities have toward Chinese tech firms.MicroBT and Canaan, meanwhile, are cautiously exploring US partnerships with data centres and energy providers while avoiding drawing undue regulatory attention.&nbsp;Industry insiders warn that further scrutiny could expand to mining hardware manufacturers as part of a broader decoupling in tech infrastructure between the two nations.<h2>A billion-dollar industry at a crossroads</h2>The bitcoin mining hardware sector is projected to grow to $12 billion by 2028, making the battle over supply chains a high-stakes commercial struggle. As mining becomes more energy-intensive and reliant on specialised chips, the question of who controls the upstream hardware becomes increasingly critical.This wave of Chinese firms relocating operations to the US is about more than tariffs; it represents a strategic realignment driven by economic, technological, and geopolitical forces.&nbsp;As America pushes to assert technological independence in critical sectors, Chinese hardware makers are repositioning themselves to stay relevant.The next few years will reveal whether the US can create a homegrown alternative to Chinese dominance or whether Chinese firms, through strategic localisation, will remain the major players in the backbone of bitcoin mining.&nbsp;(With inputs from agencies)

Bitmain, Canaan, and MicroBT are restructuring global supply chains as crypto mining meets geopolitics.

Three Chinese bitcoin mining hardware giants—Bitmain, Canaan, and MicroBT—are establishing manufacturing operations in the United States as a strategic response to escalating US-China trade tensions and rising national security concerns in the US. This transformation marks a significant realignment of the cryptocurrency mining supply chain, one that could reshape the future of global crypto infrastructure. Bitmain, Canaan, and MicroBT collectively control more than 90 per cent of the global bitcoin mining hardware market. According to Frost & Sullivan, the combined market share by computing power sold of the three firms has reached 95.4 per cent as of December 2023. Despite China’s 2021 ban on domestic crypto activity, these manufacturers maintained global dominance by focusing on high-performance chips tailor-made for mining. Canaan has taken steps to distance itself from Chinese oversight, relocating its headquarters to Singapore and reporting that 40 per cent of its 2024 revenue came from the US. Canaan’s VP Leo Wang explained that the US move was about both avoiding tariffs and reducing customer costs, but heavy investment was being held back due to the unpredictability of trade policy. US tariffs reshape crypto supply chains The shift began after President Donald Trump, during his second term, imposed sweeping tariffs under his “Liberation Day” trade policy. The administration introduced a 30 per cent import duty on high-tech equipment, including bitcoin mining hardware, with an added 20 per cent on Chinese-origin imports. To remain competitive in the lucrative US market, where more than 30 per cent of global bitcoin mining occurs, Chinese manufacturers are now moving production to American soil. Bitmain, the largest mining hardware maker by sales, began US manufacturing in December 2024. Canaan followed in early 2025, launching pilot production lines in response to volatile tariff policies. MicroBT also announced a localisation strategy to avoid tariffs and get closer to its US customer base. Reuters reported that Guang Yang, chief technology officer at Conflux Network, said, “The US-China trade war is triggering structural, not superficial, changes in bitcoin’s supply chains. This is a long-term shift.” Security concerns persist despite US production While manufacturing in the US may mitigate tariff impacts, it hasn’t solved the problems as national security concerns persist. Reuters reported that Sanjay Gupta, chief strategy officer at US-based Auradine (a domestic rival backed by Marathon Digital or MARA), warned that Chinese-made mining rigs pose cybersecurity and infrastructure risks. “Hundreds of thousands of these rigs are now connected to the US electrical grid,” said Gupta. “It’s not just an economic dependency; it’s a strategic vulnerability.” Bitmain is already feeling the regulatory pinch. Its AI-focused subsidiary, Sophgo, was recently added to the US Entity List, effectively banning it from accessing US technologies. While Sophgo is not directly tied to bitcoin mining, the designation underscores the broader suspicion US authorities have toward Chinese tech firms. MicroBT and Canaan, meanwhile, are cautiously exploring US partnerships with data centres and energy providers while avoiding drawing undue regulatory attention. Industry insiders warn that further scrutiny could expand to mining hardware manufacturers as part of a broader decoupling in tech infrastructure between the two nations. A billion-dollar industry at a crossroads The bitcoin mining hardware sector is projected to grow to $12 billion by 2028, making the battle over supply chains a high-stakes commercial struggle. As mining becomes more energy-intensive and reliant on specialised chips, the question of who controls the upstream hardware becomes increasingly critical. This wave of Chinese firms relocating operations to the US is about more than tariffs; it represents a strategic realignment driven by economic, technological, and geopolitical forces. As America pushes to assert technological independence in critical sectors, Chinese hardware makers are repositioning themselves to stay relevant. The next few years will reveal whether the US can create a homegrown alternative to Chinese dominance or whether Chinese firms, through strategic localisation, will remain the major players in the backbone of bitcoin mining. (With inputs from agencies)

Bitmain, Canaan, and MicroBT are restructuring global supply chains as crypto mining meets geopolitics

Chinese bitcoin mining giants shift to the US amid tariffs and security scrutiny

India’s youngest crypto millionaires are reshaping the digital economy. Founders of platforms like WazirX, CoinDCX, and Polygon made their fortunes before turning 30, proving that blockchain and cryptocurrency offer immense opportunities for tech-savvy youth.

India’s youngest crypto millionaires are reshaping the digital economy. Founders of platforms like WazirX, CoinDCX, and Polygon made their fortunes before turning 30, proving that blockchain and cryptocurrency offer immense opportunities for tech-savvy youth.

5 youngest Indian crypto millionaires under 30

The Pig-Butchering scam is a long-term fraud where scammers build trust—often through fake romances, then lure victims into investing in fake cryptocurrency platforms, ultimately stealing their money. Watch this report to know about this unique type of scam.

Pig-butchering: How cryptocurrency scammers swindle your money online

Pakistan is planning to legalise cryptocurrency trading, to further attract international investment and integrate blockchain technology into its economy, newly appointed CEO of Pakistan Crypto Council Bilal bin Saqib said.&nbsp;
This comes at a crucial time when the country's economy is dealing with massive debt.
&ldquo;The country aims to devise a clear regulatory framework for governing digital-asset activities to boost the local ecosystem," Saqib told Bloomberg TV in an interview.
Stressing that Pakistan is no longer standing idly by, Saqib said, "We hope to attract international investment because Pakistan is a low-cost, high-growth market with 60% of the population under 30 years old."
Also read: <a href="https://www.wionews.com/south-asia/pakistans-tallest-man-naseer-soomro-dies-after-prolonged-illness-8868282">Who was Naseer Soomro? Pakistan&rsquo;s tallest man dies after prolonged illness</a>
He added that we have a local workforce ready to build Web3.&nbsp;
Following the US president's footsteps, Saqib said, "Trump is making cryptocurrency a national priority, and every country, including Pakistan, will have to follow suit."
Pakistan's central bank has been warning against cryptocurrency for years now, citing concerns over fraud and money laundering.&nbsp;
However, Saqib highlighted that with Pakistan ranking ninth globally in crypto adoption, it has become clear that the demand for digital assets is too large to ignore.
Also read: <a href="https://www.wionews.com/india-news/instead-of-spreading-lies-vacate-our-territory-india-blasts-pakistan-for-its-remarks-on-jammu-and-kashmir-8866539">&lsquo;Instead of spreading lies, vacate our territory&rsquo;: India blasts Pakistan for its remarks on Jammu and Kashmir</a>
Currently, millions of crypto users are already active in the country, Saqib said, adding that this move could position Pakistan as a rising player in the global blockchain and Web3 ecosystem.&nbsp;
<h2>Why Pakistan wants to legalise crypto trading</h2>
Several factors led to the country's decision to make such a major shift in policy towards crypto legalisation, Saqib stressed.
An estimated 15-20 million Pakistanis are already trading digital assets, highlighting significant local adoption.
Additionally, global trends, with countries like the US and UAE embracing crypto-friendly policies, put pressure on Pakistan to stay competitive and avoid being left behind.
Moreover, there is a potential for economic growth, as a regulated crypto sector could attract foreign investment and foster technological innovation.&nbsp;
Also read: <a href="https://www.wionews.com/business-economy/pakistans-7-billion-imf-bailout-review-due-8760117">Pakistan's $7 billion IMF bailout review due</a>
<h2>Pakistan's debt-ridden situation</h2>
Pakistan is indebted with more than 20 loans which it took from the International Monetary Fund (IMF) since 1958, with the latest being approved in September 2024 for $7 billion.&nbsp;
The country stands as the fifth-largest debtor to the IMF. During its approval, Pakistan assured the global lending organisation, that it would be its last loan.&nbsp;
Also read: <a href="https://www.wionews.com/business-economy/imfs-global-economic-outlook-global-growth-to-reach-33-in-2025-8631520">IMF's global economic outlook: Global growth to reach 3.3% in 2025</a>
(With inputs from agencies)

Pakistan, south asia: Pakistan's central bank has been warning against cryptocurrency for years now, citing concerns over fraud and money laundering.

Pakistan is planning to legalise cryptocurrency trading, to further attract international investment and integrate blockchain technology into its economy, newly appointed CEO of Pakistan Crypto Council Bilal bin Saqib said. This comes at a crucial time when the country's economy is dealing with massive debt. “The country aims to devise a clear regulatory framework for governing digital-asset activities to boost the local ecosystem," Saqib told Bloomberg TV in an interview. Stressing that Pakistan is no longer standing idly by, Saqib said, "We hope to attract international investment because Pakistan is a low-cost, high-growth market with 60% of the population under 30 years old." Also read: Who was Naseer Soomro? Pakistan’s tallest man dies after prolonged illness He added that we have a local workforce ready to build Web3. Following the US president's footsteps, Saqib said, "Trump is making cryptocurrency a national priority, and every country, including Pakistan, will have to follow suit." Pakistan's central bank has been warning against cryptocurrency for years now, citing concerns over fraud and money laundering. However, Saqib highlighted that with Pakistan ranking ninth globally in crypto adoption, it has become clear that the demand for digital assets is too large to ignore. Also read: ‘Instead of spreading lies, vacate our territory’: India blasts Pakistan for its remarks on Jammu and Kashmir Currently, millions of crypto users are already active in the country, Saqib said, adding that this move could position Pakistan as a rising player in the global blockchain and Web3 ecosystem. Why Pakistan wants to legalise crypto trading Several factors led to the country's decision to make such a major shift in policy towards crypto legalisation, Saqib stressed. An estimated 15-20 million Pakistanis are already trading digital assets, highlighting significant local adoption. Additionally, global trends, with countries like the US and UAE embracing crypto-friendly policies, put pressure on Pakistan to stay competitive and avoid being left behind. Moreover, there is a potential for economic growth, as a regulated crypto sector could attract foreign investment and foster technological innovation. Also read: Pakistan's $7 billion IMF bailout review due Pakistan's debt-ridden situation Pakistan is indebted with more than 20 loans which it took from the International Monetary Fund (IMF) since 1958, with the latest being approved in September 2024 for $7 billion. The country stands as the fifth-largest debtor to the IMF. During its approval, Pakistan assured the global lending organisation, that it would be its last loan. Also read: IMF's global economic outlook: Global growth to reach 3.3% in 2025 (With inputs from agencies)

Heavily indebted Pakistan seeks to legalise cryptocurrency to attract global investment

India's Central Bureau of Investigation (CBI) arrested Lithuanian national and Russian resident Aleksej Besciokov for allegedly using the cryptocurrency exchange Garantex to launder criminal proceeds.&nbsp;
The arrest was made by the CBI and the Kerala police at the US request.&nbsp;
The officials called him a "fugitive", saying that he was attempting to flee the country at the time of his arrest.&nbsp;
&ldquo;On a request submitted by the USA, the Ministry of External Affairs, acting under the Extradition Act, 1962, issued a provisional arrest warrant on March 10, 2025, against the subject from ACJM Patiala House Court in Delhi. The IPCU, CBI coordinated with Kerala Police for the arrest of fugitive criminal Aleksej Besciokov,&rdquo; a CBI spokesperson said in a statement.
Also read: <a href="https://www.wionews.com/entertainment/tamannaah-bhatia-denies-involvement-in-alleged-rs-24-crore-cryptocurrency-fraud-fake-misleading-and-false-8766221">Tamannaah Bhatia denies involvement in alleged Rs 24 million cryptocurrency fraud: 'Fake, misleading, and false'</a>
Besciokov is wanted for trial in the US District Court for the Eastern District of Virginia.&nbsp;
<h2>Who is Alexsej Besciokov?</h2>
Alexsej Besciokov, a 46-year-old Lithuanian national, was on vacation with his family, when he was arrested by Varkala police on Tuesday evening. Moreover, he is a Russian resident.&nbsp;
Besciokov is also the co-founder of Garantex, a cryptocurrency exchange sanctioned by the US government in 2022.&nbsp;
In an indictment against Besciokov, the US Department of Justice revealed that he is currently on the US Secret Service's Most Wanted list.
Also read: <a href="https://www.wionews.com/world/telegram-channels-with-russian-links-offering-cryptocurrency-for-attacks-on-mosques-and-muslims-in-uk-8765549">Telegram channels with Russian links 'offering cryptocurrency' for attacks on mosques and Muslims in UK</a>
Notably, Aleksandr Mira Serda (40), a Russian national living in the United Arab Emirates, has also been named in the indictment. Serda is the co-founder of Garantex.&nbsp;
According to the Justice Department, Garantex has handled at least USD 96 billion in cryptocurrency transactions since April 2019.&nbsp;
Between 2019 and 2025, Besciokov allegedly &ldquo;controlled and operated&rdquo; Garantex, enabling the laundering of at least $96 billion in cryptocurrency for transnational criminal groups, including terrorist organisations, and violating sanctions, as per US Secret Service documents, according to Reuters.
Also read: <a href="https://www.wionews.com/business-economy/asian-crypto-hubs-hong-kong-singapore-lead-young-traders-drive-indias-crypto-boom-8758879">Asian crypto hubs: Hong Kong, Singapore lead, young traders drive India's crypto boom</a>
Last week, the US Justice Department announced charges against two administrators of the exchange.
(With inputs from agencies)

World, trending: In an indictment against Besciokov, the US Department of Justice revealed that he is currently on the US Secret Service's Most Wanted list.

India's Central Bureau of Investigation (CBI) arrested Lithuanian national and Russian resident Aleksej Besciokov for allegedly using the cryptocurrency exchange Garantex to launder criminal proceeds. The arrest was made by the CBI and the Kerala police at the US request. The officials called him a "fugitive", saying that he was attempting to flee the country at the time of his arrest. “On a request submitted by the USA, the Ministry of External Affairs, acting under the Extradition Act, 1962, issued a provisional arrest warrant on March 10, 2025, against the subject from ACJM Patiala House Court in Delhi. The IPCU, CBI coordinated with Kerala Police for the arrest of fugitive criminal Aleksej Besciokov,” a CBI spokesperson said in a statement. Also read: Tamannaah Bhatia denies involvement in alleged Rs 24 million cryptocurrency fraud: 'Fake, misleading, and false' Besciokov is wanted for trial in the US District Court for the Eastern District of Virginia. Who is Alexsej Besciokov? Alexsej Besciokov, a 46-year-old Lithuanian national, was on vacation with his family, when he was arrested by Varkala police on Tuesday evening. Moreover, he is a Russian resident. Besciokov is also the co-founder of Garantex, a cryptocurrency exchange sanctioned by the US government in 2022. In an indictment against Besciokov, the US Department of Justice revealed that he is currently on the US Secret Service's Most Wanted list. Also read: Telegram channels with Russian links 'offering cryptocurrency' for attacks on mosques and Muslims in UK Notably, Aleksandr Mira Serda (40), a Russian national living in the United Arab Emirates, has also been named in the indictment. Serda is the co-founder of Garantex. According to the Justice Department, Garantex has handled at least USD 96 billion in cryptocurrency transactions since April 2019. Between 2019 and 2025, Besciokov allegedly “controlled and operated” Garantex, enabling the laundering of at least $96 billion in cryptocurrency for transnational criminal groups, including terrorist organisations, and violating sanctions, as per US Secret Service documents, according to Reuters. Also read: Asian crypto hubs: Hong Kong, Singapore lead, young traders drive India's crypto boom Last week, the US Justice Department announced charges against two administrators of the exchange. (With inputs from agencies)

Who is Aleksej Besciokov? India arrests Russian resident at US request for running $96 bn crypto scam

India’s cryptocurrency market is witnessing a sharp rise, driven by retail traders from smaller cities. In the October-December quarter of 2024, trading volumes on the country’s four largest crypto exchanges surged to $1.9 billion. This surge comes as more Indians, especially young traders, look for alternative income sources.

Young Indians bet big on crypto trading

Bitcoin mining in the US is not just a digital revolution—it's driving economic growth, creating jobs, and reshaping local communities. This report dives into the numbers and implications of this rapidly evolving sector.

Report: US bitcoin mining industry generates over 31,000 jobs

Argentina’s President Javier Milei is under fire after endorsing a cryptocurrency that saw a dramatic rise and fall within hours. The digital token, named $-libra, was promoted by Milei on the social media platform X, where he described it as an investment tool that could boost Argentina’s economy.

Milei’s crypto post triggers $4.6 bn surge, then crash

India is reviewing its crypto stance. This is according to a Reuters exclusive report. Economic Affairs Secretary Ajay Seth, in an interview with Reuters, mentioned shifts in crypto regulations across multiple jurisdictions as a reason for the change in India's approach to crypto regulations.

Report: India reassesses stance on crypto amid global shifts

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