Exporters can now fund imports with overseas earnings without first selling their foreign currency at official rates, the Financial Times reported. Iran’s central bank has reportedly eased foreign currency controls to encourage businesses to bring overseas earnings home, including through cryptocurrency, amid tightening US sanctions. This includes using Tether’s USDt (USDT) and Bitcoin (BTC) to settle cross-border transactions through Iranian cryptocurrency exchanges, the Financial Times reported Wednesday. Exporters can also use their earnings to finance imports directly without first selling their foreign currency through the government’s exchange platform at official rates, the report said. Read more
The proposed Builders Bank would offer federally supervised digital asset custody but would not accept deposits or issue loans. Jack Dorsey’s payments company Block seeks to establish a federally regulated trust bank to provide custody services for Bitcoin and stablecoins. Block said Tuesday it had submitted an application to the Office of the Comptroller of the Currency (OCC) to create Builders Bank & Trust, an uninsured national trust bank. If approved, the bank would operate under OCC supervision and offer custody and related fiduciary services. Block said the charter would give its custody operations a consistent national framework as the business expands. The proposed bank would not accept deposits or make loans, separating it from a conventional commercial bank. Read more
Gemini’s local entity is authorized to provide digital payment token and cross-border money transfer services without standard transaction-volume limits. Crypto exchange Gemini has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), completing its transition from in-principle approval granted nearly two years ago. On Wednesday, Gemini said the license was awarded to Gemini Digital Payments Singapore, its local entity. The MAS Financial Institutions Directory lists the company as authorized to provide digital payment token services and cross-border money transfers. MPI license holders can provide regulated payment services without being subject to the transaction-volume limits imposed on standard payment institutions. However, MAS said major payment institutions face more comprehensive regulation because their operations’ scale poses greater risks. Read more
US prosecutors said Lam organized an international network that targeted cryptocurrency holders through social engineering and home break-ins. Singaporean national Malone Lam pleaded guilty to participating in a racketeering conspiracy that US prosecutors say used social engineering and home break-ins to steal and launder more than $245 million in cryptocurrency. On Tuesday, the US Justice Department said that Lam organized the international operation, identified prospective victims and coordinated other conspirators. The enterprise was formed through connections on online gaming platforms and operated from no later than October 2023 through at least May 2025, according to court documents. The plea establishes criminal responsibility nearly two years after Lam was charged over the theft of more than 4,100 Bitcoin, worth over $230 at the time, from a Washington, DC resident. Read more