Outgoing FSB Chair Klaas Knot says stablecoins and ETFs are accelerating crypto’s integration into traditional finance, raising systemic risk concerns. The Financial Stability Board (FSB) is sounding the alarm on growing risks from the crypto sector, warning that interlinkages with traditional finance are nearing a critical threshold. Speaking in Madrid on Thursday, outgoing FSB Chair Klaas Knot said that while crypto does not yet pose a systemic risk to traditional finance, that status may not last much longer. “We may be approaching a tipping point here,” he said. Knot noted that entry barriers for retail investors have “dropped significantly,” particularly with the introduction of crypto exchange-traded funds. Crypto ETFs allow investors to gain exposure to digital assets without managing private keys, using crypto wallets or navigating exchanges. Read more
Binance’s rollout in Syria features a full access launch, allowing Syrians to trade at least 300 tokens, including Bitcoin, XRP, Toncoin and more. Binance, one of the world’s largest crypto exchanges, became one of the first crypto trading platforms to launch in Syria after the easing of US and European Union sanctions in May. Syrian residents can now access Binance’s platform and trade crypto assets like Bitcoin (BTC), the company announced on Thursday. The launch follows US Secretary of State Marco Rubio’s May 23 decision to lift sanctions on Syria, which was followed by the EU lifting all economic restrictions on the country. Read more