Crypto Outlook

KuCoin is closing the accounts of users from Russia and Belarus due to sanctions The restrictions cover access to all products, services, and features of the crypto exchange. Users will receive an email notification with deadlines and instructions for an orderly closure. If no notification has been received, no action is required. In addition, KuCoin support will advise on closing positions and withdrawing funds. This month, crypto exchanges Bitget and MEXC also introduced restrictions against…

Kalshi raised $1 billion at a $40 billion valuation The Series G funding round was led by Wellington Management and Sequoia Capital. It also included Morgan Stanley, a16z Frontier, and others. Sequoia Capital has participated in every Kalshi funding round since 2021, during which the company has raised $3.77 billion. The new valuation is 81% higher than the previous May valuation of $22 billion, when the company raised $1.2 billion. Kalshi is now almost twice as valuable as Polymarket, whose l…

The largest crypto hack of Binance: $6.34 billion The crypto exchange, together with stablecoin issuers, froze $3 billion. More than $2.4 billion of that is in Tether and Circle. Ripple (RLUSD), WLFI (USD1), First (FDUSD), and others were also involved in the freeze. North Korean hackers were allegedly involved in the hack. They used Tornado Cash, carrying out automated money laundering through thousands of transactions. The attackers also borrowed 19,800 WETH ($44.6 million) on Aave, using 60 …

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Google Cloud introduces an MPC service for institutional BTC custody The cloud custody service allows financial institutions to jointly authorize and sign cryptocurrency transactions. It does not give either party control over the full private key. The offering is currently in preview. As a result, Google is providing it with potentially limited support. As of October 1, the company has expanded its BTC security rules. They now include transaction amount assessment, destination address type de…

Chainalysis traced North Korean cryptocurrency transactions through the Russian crypto exchange Garantex The U.S. Treasury imposed sanctions on 10 individuals and 1 legal entity for supporting North Korea’s efforts to recruit IT specialists. North Koreans finance their military through cryptocurrency theft. In particular, North Korean hackers are linked to the $1.5 billion Bybit hack in 2025. They are also accused of yesterday’s hack of Binance, worth up to $6.3 billion, which became the larges…

ECB President Christine Lagarde will step down in February 2027 She has headed the bank for 7 years, since November 2019. During Lagarde’s presidency, the ECB advanced work on the digital euro and launched the Pontes system (DLT settlements). However, she opposed adding cryptocurrencies to central bank reserves. In addition, she has been linked to the refusal to grant a MiCA license to Binance in order to promote the digital euro. According to Polymarket, BIS chief Hernández de Cos is the favo…

Companies are massively refusing to tokenize their shares on OKX-ICE JPMorgan, Adobe, Intel, Oracle, Alphabet, Wells Fargo, and Goldman Sachs have spoken out against it. Initially, OKX-ICE planned to tokenize 62 stocks. However, 33 companies already — 53% — have rejected the idea. OKX-ICE used temporary SEC exemptions to begin trading. At the same time, companies can, within a month after a proposal is submitted, prohibit tokenizing their shares by a specific issuer. In September, Nasdaq advise…

Binance has applied for a crypto license in Brazil The crypto exchange has suspended trading in 22 cryptoassets for local clients in order to comply with the requirements. The restrictions also include crypto lending, margin trading, and other services. Binance filed an application with the Central Bank ahead of the October 30 deadline through its local unit, BBrasil. At the same time, it emphasizes that the license will give Brazilians access to cryptoassets, stablecoin trading, payment, and …

USDC has overtaken USDT in euro trading Circle’s stablecoin share grew from 10% in January 2024 to 56%. This was driven by MiCA regulations, which restricted the use of USDT. USDC also overtook its rival in euro liquidity. Its order book is 40% larger than USDT’s. Stablecoin-euro trading pairs are the main channel Europeans use to enter and exit the crypto market. In the US, a similar shift in market structure could happen from July 2028, when part of the GENIUS Act will take effect. Platforms…

South Korean lawmakers are considering postponing the cryptocurrency tax to 2029. The tax was supposed to take effect on January 1, 2027. It would have imposed a 22% tax on crypto profits, of which 2% would be a local tax for investors earning more than 2.5 million Korean won ($1.9 thousand) per year. It has already been delayed several times since it was first proposed in 2020. This time, South Korea is considering the delay because of the United States, which officials say accounts for half …

Strive bought 6.2 thousand BTC for $511 million The purchases took place from October 17 to 23, increasing the company’s BTC holdings to 43 thousand ($3.5 billion). The purchases were financed by a $630 million placement of STRC preferred shares. The placement can be increased to $1 billion. Strive CEO Matt Cole said they plan to become the second-largest public company holding BTC by the end of the year. To do so, they need to buy just 1 thousand BTC ($80.5 million). As of October 23, Strive …

Ripple received final OCC approval for a banking license The federally supervised company will manage the reserves of Ripple USD (RLUSD), including collateral and digital asset custody. The token itself will continue to be issued by Ripple, which is regulated by the New York Department of Financial Services. RLUSD, with a market capitalization of $2.6 billion, is the 8th-largest stablecoin. The OCC said it encourages the development of payment stablecoin capabilities for banks. It noted that t…

Argentine court clears Javier Milei in LIBRA token case Judge Marcelo Martínez de Giorgi dismissed the criminal case against the president following a motion by prosecutor Eduardo Taiano. The court cleared all 11 people involved in the case without taking formal statements from them as suspects. This also includes the president’s sister, who also serves as the President’s chief of staff. The opposition had previously claimed that she received payments from the token’s developers. The court als…

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The US tax authority will reduce penalties for tax violations The head of criminal investigations, Jarod Koopman, said they plan to launch the program by the end of November. This will make it possible to use the new measures for the upcoming tax filing season. The IRS wants to reduce the processing time for violation documents from one year to 120 days. Koopman emphasized that the fines will be reduced, with the option of paying in installments. However, he did not specify the amount. Undecla…

Netanyahu proposes using blockchain to bypass sanctions The prime minister has ordered a plan to be prepared for its use in light of sanctions imposed by 12 countries linked to Palestine. However, he stressed that cryptocurrency is not the only method and that he is not sure it will be used. Netanyahu’s statements come on the eve of tomorrow’s parliamentary elections. According to Polymarket, Netanyahu’s chance of remaining in office is 27%. At the same time, Bank of Israel Governor Amir Yaron…

Visa and Mastercard are building infrastructure for stablecoins; the chances of the U.S. passing a cryptocurrency market law in 2026 have fallen to 3.5%. Crypto Recap No. 168 Week 44, October 19–25, 2026 The intermediaries that cryptocurrency promised to bypass are building infrastructure for it. Card networks, banks, and Asian central banks are embedding stablecoins and tokenized deposits into payments, compliance, and cross-border settlements. In exchange for access to their scale, crypto is …

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JPMorgan: CFTC, SEC and OCC partially offset the failure of the Clarity Act The bank’s analysts predict that their rulings could help encourage institutional participation in the short term. However, they emphasize that only legislation will make the framework sustainable in the long term. The crypto industry is relying on piecemeal regulatory measures that could be rolled back in two years. This could happen if Democrats win the presidential election. As a result, political and legal risk pre…