Report | Crypto

South Korea’s FSS said API trading now makes up 30% of crypto turnover and warned it will crack down on abusive automated trading patterns, local media reported Monday. South Korea’s Financial Supervisory Service (FSS) said Monday that API-based trading now accounts for about 30% of crypto buy-and-sell turnover, warning that some traders are using automated tools to inflate volumes and manipulate prices. According to reports from Yonhap News Agency and Maeil Business Newspaper, the regulator warned that some traders are using automated tools to inflate volumes and manipulate prices, citing cases involving repeated small trades, spoofed orders and coordinated activity across multiple accounts.  The FSS said it will launch targeted investigations into accounts suspected of using APIs for excessive or abnormal trading patterns, signaling closer scrutiny of automated trading activity in the market.  Read more

Polymarket links briefly appeared under mainstream outlets in Google News results for event-driven queries but were later removed. Polymarket betting markets reportedly appeared inside Google News results alongside established news publishers before disappearing. A Google spokesperson told The Verge that the platform’s appearance in News was an error. “This site briefly appeared in Google News in error, and it is no longer surfacing in News,” spokesperson Ned Adriance reportedly said. Before removal, Polymarket links were shown directly beneath mainstream outlets when users searched event-driven queries. In one example cited by website Futurism, a search for “will ships transit the strait” related to the Strait of Hormuz returned a Polymarket market predicting outcomes on vessel passage alongside reporting from Reuters and The Guardian. Read more

With a potential scheduling conflict, several senators want to know if the president plans to attend a luncheon for memecoin holders in Florida or just seeking to generate fees. Three US senators have reportedly asked one of the people behind US President Donald Trump’s memecoin whether the president intends to “dangle access” to himself at a luncheon event, given he is already planning to attend the White House Correspondents’ Association Dinner the same day.  According to a Thursday Politico report, Senators Elizabeth Warren, Richard Blumenthal, and Adam Schiff sent a letter to Bill Zanker, the individual behind the launch of the memecoin Official Trump (TRUMP). The lawmakers questioned whether Trump had been leveraging his appearance at a luncheon event scheduled for April 25, which the memecoin project announced in March. “[O]rganizers are promoting a conference by dangling access to President Trump to potential attendees (and in doing so, are encouraging purchases of his meme coin that will generate tran...

The decision closes a legal battle spanning more than a year, after Dunamu moved to overturn the sanction and halt its enforcement. A South Korean court has canceled the Financial Intelligence Unit’s (FIU) three-month partial business suspension of Dunamu, the operator of crypto exchange Upbit, according to local reports. Yonhap News Agency reported on Tuesday that the Seoul Administrative Court sided with Dunamu in its lawsuit against the FIU, overturning the sanction tied to alleged Anti-Money Laundering (AML) violations.  The court said clear rules existed for transactions above 1 million won (about $675), but found that regulations for smaller transfers were not specific enough, weakening the basis for enforcement within the case.  Read more

Empty tankers will reportedly be permitted to pass through the waterway under the US-Iran deal, but certain ships will need to pay a tariff of $1 per barrel of oil in Bitcoin. Hours after US President Donald Trump claimed that Iran and the United States had agreed to a two-week ceasefire that included opening the Strait of Hormuz, Iranian authorities are reportedly considering charging ships using the waterway in cryptocurrency. According to a Wednesday Financial Times report, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union said empty oil tankers will be able to pass through the Strait of Hormuz without incurring charges, but certain ships will need to pay a tariff of $1 per barrel of oil in Bitcoin (BTC). The spokesperson, Hamid Hosseini, reportedly said Iranian authorities would also assess each ship using the waterway over the two-week period to ensure it wasn’t transporting weapons. Read more

The draft proposal from South Korea’s ruling party reportedly bars stablecoin interest and calls for technical standards to ensure interoperability across blockchain networks. South Korea’s ruling Democratic Party is reportedly preparing a draft bill that would classify stablecoins as foreign exchange payment instruments and require tokenized real-world assets (RWAs) to be backed by assets held in trust.  Citing an integrated draft of the proposed Digital Asset Basic Act, the Seoul Economic Daily reported on Wednesday that stablecoins used in cross-border transactions would be treated as “means of payment” under the Foreign Exchange Transactions Act, placing related businesses under oversight even without separate registration. The draft bill would also require issuers of tokenized RWAs to place underlying assets in managed trusts under the Capital Markets Act.  Read more

Argentine lenders are reportedly testing JPMorgan’s JPM Coin to improve settlement speed and efficiency, even as the central bank maintains restrictions on crypto services. Argentine banks are reportedly testing JPMorgan’s deposit token infrastructure for back-end settlement workflows, even as the country’s central bank still bars lenders from offering most crypto-related services to clients, according to local outlet iProUP. A group of financial institutions has begun piloting JPM Coin, a deposit token designed for institutional use. Banco CMF is among the confirmed participants, working through its newly launched corporate unit QORP as part of JPMorgan’s minimum viable product, per the report. “In the first phase, banks are expected to work on integrating available services to verify improvements in settlement times and interbank reconciliations of integrated banks,” Maximiliano Cohn, chief information officer of CMF, reportedly told the outlet. Read more

The $500 billion valuation would put Tether ahead of every US bank except JPMorgan Chase, surpassing Bank of America and placing it among the world’s largest financial firms. Tether is pressuring investors to commit to a fundraising round at a $500 billion valuation within the next two weeks, saying that it may delay the raise if demand falls short. The El Salvador-based firm has been seeking fresh capital since late last year but has faced resistance from investors wary of the valuation, The Information reported Friday, citing unnamed sources. If commitments fall short of expectations, the company is likely to delay the raise. The $500 billion target would place Tether among the world’s largest financial firms, exceeding every US bank except JPMorgan Chase. JPMorgan, the largest bank in the world, has a market capitalization of about $794.55 billion, while the second-largest bank in the country, Bank of America, has a market cap of $352.86 billion. Read more

The reported acquisition talks come as South Korea is considering a 20% cap on major crypto exchange shareholders, which would force major platforms to restructure ownership. South Korean brokerage Korea Investment & Securities (KIS) is reviewing a potential stake in crypto exchange Coinone, according to Korean media reports and company comments, though no deal has been finalized. Citing people familiar with the matter, the Korea Herald reported that KIS started engaging with regulators and politicians as part of a broader process tied to a potential investment in Coinone. Coinone also said no specific transaction had been decided. The news comes as South Korea considers a proposal to cap major shareholders’ stakes in domestic crypto exchanges at 20%, a move that could force ownership changes across parts of the sector if enacted. Coinone Chairman Cha Myung-hoon reportedly controls about 53.44% of the exchange, meaning a stake sale could become one way to adapt if the proposed cap advances into law. Read more

According to the company CFO, Bithumb was “strengthen[ing] accounting policies and internal controls” ahead of its IPO plans, already delayed from 2025. South Korea-based cryptocurrency exchange Bithumb is reportedly expecting its initial public offering (IPO) sometime after 2028, in another delay after restructuring and regulatory hurdles. According to a Tuesday report from Maeil Business News Korea, a Bithumb official said that it would “focus on preparing for the listing until 2027.” CFO Jeong Sang-gyun said at the company’s annual shareholder meeting that Bithumb was “strengthen[ing] accounting policies and internal controls” following an IPO advisory contract with Samjong KPMG. Shareholders reconfirmed CEO Lee Jae-won for a two-year appointment at the Tuesday meeting, but the delayed IPO timeline was the latest after Bithumb initially expected a 2025 listing. Under Lee, the exchange faced a six-month suspension and a $24 million fine from South Korean authorities for alleged anti-money-laundering violati...

Google and lenders move to finance a $5 billion Texas data center for Anthropic as a US judge blocks a federal push to restrict the AI firm’s use. Google is preparing to support a multibillion-dollar data center project in Texas leased to Anthropic as competition for AI infrastructure accelerates. The project, operated by Nexus Data Centers, could exceed $5 billion in its initial phase, with Google expected to provide construction loans, Financial Times reported on Friday, citing people familiar with the matter. A consortium of banks is also competing to arrange financing by mid-year, per the report. According to the report, Anthropic recently signed a lease for the 2,800-acre campus, which forms part of its broader infrastructure tie-up with Google. Construction is already underway, supported by early-stage debt financing from Eagle Point, a publicly traded closed-end investment company. Read more

US authorities launched the “Operation Red Sunset” probe into Bitmain last year over potential espionage and grid risks. Senator Elizabeth Warren has reportedly asked the US Commerce Department to explain how it is handling potential national security risks tied to Chinese crypto mining giant Bitmain, following previous reports that the firm has been under federal scrutiny. In a letter sent Thursday to Commerce Secretary Howard Lutnick, Warren requested documents and communications related to Bitmain, which manufactures a large share of the world’s Bitcoin mining equipment, Bloomberg reported on Friday. In November last year, it was reported that US authorities had launched an investigation into Bitmain over potential national security risks. The probe, known as “Operation Red Sunset” and led by the US Department of Homeland Security, aimed to examine whether Bitmain’s ASIC machines could be remotely accessed for espionage or used to disrupt the US power grid. Read more

Brent crude oil, the global benchmark stands at about $107 per barrel at the time of writing. Onchain perpetual futures linked to real-world commodities like precious metals and oil have surged in trading volume, signaling an investor rotation from altcoins to commodity-linked digital assets, according to a report published Thursday by digital asset bank Sygnum. Trading volume for oil and precious metals perpetual futures markets on the Hyperliquid decentralized exchange (DEX) accounts for over 67% of HIP-3 contracts in Q1 2026, also known as “Builder-Deployed Perpetuals,” on the Hyperliquid platform, according to the report. Previously, indexes accounted for about 90% of HIP-3 trading activity, but this has fallen to about 17%, according to Sygnum. Read more

The SEC’s handling of cases involving Justin Sun and Elon Musk was among the factors that caused the agency’s top enforcement official to quit, according to sources. Update (March 25, 12:18 am UTC): This article has been updated to add a response from the SEC. The US Securities and Exchange Commission's former top enforcement official reportedly clashed with the regulator’s top brass before resigning last week, with part of the reason being how the agency handled cases involving those close to US President Donald Trump. Margaret Ryan, the ex-director of the SEC's Division of Enforcement, wanted to pursue fraud and other charges in cases involving those in Trump’s orbit, but was resisted by SEC Chair Paul Atkins and other Republican political appointees, Reuters reported on Monday, citing people familiar with the matter. Read more

Bithumb was reportedly given a six-month partial suspension by South Korea’s Financial Intelligence Unit for alleged anti-money laundering failures. Bithumb, South Korea’s second-largest cryptocurrency exchange by trading volume, is reportedly seeking to reappoint CEO Lee Jae-won despite recent alleged anti-money laundering failures and other controversies, according to the Korea Times. The exchange will convene its regular shareholders’ meeting on March 31, and a proposal to keep Lee in the top job will be put to shareholders, the Korea Times reported on Sunday, citing industry sources. His current term expires at the end of the month, and a successful renewal would keep Lee as the exchange’s CEO for another two years. Cointelegraph has contacted Bithumb for comment. Read more

UK Finance said that tokenized deposits could play a “vital role” in a future multi-money system alongside other digital assets. Banks are exploring tokenized deposits as they test ways to move commercial bank money onto blockchain-based payment and settlement infrastructure, according to a new report from real-world asset data platform RWA.io The report, which was authored by RWA.io with contributions from industry participants including UK Finance, Citi, BNY, JPMorgan’s Kinexys, Standard Chartered, ABN Amro and Digital Asset, argues that tokenized deposits are emerging alongside stablecoins and central bank digital currencies as part of a broader onchain cash stack. Tokenized deposits are digital representations of traditional bank deposits on blockchain or other distributed ledger infrastructure. Unlike many stablecoins, they are direct liabilities of the issuing bank and sit within existing banking frameworks, including deposit insurance, capital requirements, and Anti-Money Laundering and Know Your Custo...

Indian crypto exchange CoinDCX says the fraud complaint is part of a wider impersonation scam, citing more than 1,200 fake sites using its brand. Indian crypto exchange CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal have reportedly been arrested in India following a police complaint alleging their involvement in a crypto investment fraud. The Economic Times reported Saturday that the pair were arrested by the Thane Police on allegations of criminal breach of trust, citing local officials. Other local media, including Entrackr, reported that the founders had been called for questioning rather than arrested. The case reportedly centers on a website that allegedly posed as the CoinDCX platform and stemmed from a first information report (FIR) filed by a 42-year-old insurance consultant who claimed to have lost about 71 lakh Indian rupees (roughly $75,000) after being lured to invest via the fake site, according to an earlier report by the Times of India. Read more

The South American country will hold its presidential election in October 2026, and incumbent Luiz Inácio Lula da Silva is running for re-election. Brazil’s Finance Minister, Dario Durigan, is putting crypto tax policy on the back burner until after the country’s presidential elections in October 2026 to avoid pushing for “divisive” tax changes during an election year.  Regulators and government officials originally slated a public consultation on crypto tax policy for later this year, which may be delayed until 2027, but still “remains on the radar,” sources familiar with the matter told Reuters. Brazil ended its no tax policy on gains from smaller cryptocurrency sales or transfers in June 2025, shifting to a 17.5% flat tax on crypto capital gains, including those made from offshore and self-custodial holdings. Read more

Five companies, including bank affiliates and a major conglomerate, are competing for Vietnam’s first crypto exchange licences as authorities plan to restrict offshore trading. Five Vietnamese companies are reportedly competing to launch the country’s first licensed crypto exchanges as authorities move to bring trading onshore and ban overseas platforms. Five companies have passed an initial qualification round, Reuters reported on Tuesday, citing a March 12 finance ministry document. The group reportedly includes affiliates of private banks Techcombank, VPBank and LPBank, alongside stockbroker VIX Securities and conglomerate Sun Group. VPBank and Sun Group reportedly confirmed their licence applications to Reuters. Vietnam opened applications for licenses to operate crypto exchanges in January. The move came after new procedures issued by the finance ministry and a law that, for the first time, defines crypto assets as property while still banning their use as legal tender or for payments. Read more

Forensic analysis of lobbyist Mauricio Novelli’s phone reportedly uncovered a draft document outlining a $5 million payment tied to Argentina's president's promotion of the Libra token. New forensic findings from the phone of crypto lobbyist Mauricio Novelli have revealed a draft document suggesting a possible $5 million agreement connected to Argentine President Javier Milei’s promotion of the Libra token, according to local media reports. The document, recovered from Novelli’s iPhone during a judicial investigation into the Libra crypto scandal, outlines a three-part payment structure totaling $5 million. Screenshots of the note surfaced after expert materials held by prosecutor Eduardo Taiano since November were made public, Argentine outlet El Destape reported. The draft note was reportedly written in English on Feb. 11, 2025, just three days before Milei posted about the Libra token on X. “Hello friends, this is the final agreement discussed with H,” the text begins, which is believed to refer to crypto ...