NewsBriefs - CoinDesk's owner secures crypto trading and custody licenses in Germany, plans EU expansion
01/09/2025 00:30Bullish DE Custody GmbH, part of Bullish Group, obtained licenses for crypto asset trading and custody from the German Federal Financial Sup...
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CoinDesk's owner secures crypto trading and custody licenses in Germany, plans EU expansion
Bullish DE Custody GmbH, part of Bullish Group, obtained licenses for crypto asset trading and custody from the German Federal Financial Supervisory Authority (BaFin). This regulatory approval positions Bullish DE for expansion across the European Economic Area under the MiCA framework. Concurrently, Marco Bodewein was appointed as Managing Director of Bullish DE, enhancing the company's leadership with his extensive experience in financial services and digital asset management.
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CoinDesk's owner secures crypto trading and custody licenses in Germany, plans EU expansion
Bullish DE Custody GmbH, part of Bullish Group, obtained licenses for crypto asset trading and custody from the German Federal Financial Supervisory Authority (BaFin). This regulatory approval positions Bullish DE for expansion across the European Economic Area under the MiCA framework. Concurrently, Marco Bodewein was appointed as Managing Director of Bullish DE, enhancing the company's leadership with his extensive experience in financial services and digital asset management.
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Bitfinex relocates derivatives operations to El Salvador after securing DASP license
Bitfinex Derivatives has relocated its operations to El Salvador, having obtained a Digital Asset Service Provider license. This move enables Bitfinex to implement innovative trading solutions and extend crypto services within the region's evolving digital economy. Users must accept new terms of service to access the derivatives services now managed by Bitfinex Derivatives El Salvador S.A. de C.V.
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SoSoValue secures $15 million Series A funding at $200 million valuation
Crypto market data provider SoSoValue raised $15 million in a Series A round, co-led by HongShan and SmallSpark.ai, reaching a $200 million valuation. The funding, completed via a simple agreement for future equity (SAFE) with a token warrant, marks a 300% valuation increase from its post-seed valuation. Besides financing, SoSoValue launched a crypto indices protocol and four wrapped tokens on the Ethereum Layer 2 network, Base, offering diverse exposures such as MAG7.SSI and MEME.SSI.
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South Korea plans to lift ban on institutional crypto trading, reports FSC
South Korea, through the Financial Services Commission (FSC), intends to lift restrictions allowing local institutions to trade cryptocurrencies. The FSC aims to enable institutional investors to access crypto exchanges and is collaborating with the Digital Asset Committee to implement these changes, starting with non-profit organizations. This shift aligns with President Yoon Suk-yeol's efforts to encourage the local crypto sector and establish a regulatory framework for stablecoins, token listings, and crypto exchanges.
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Arbitrum's Orange Finance hacked, approximately $787,000 in crypto assets stolen
Orange Finance confirmed a security breach where a hacker accessed its administrative controls and upgraded smart contracts. PeckShieldAlert reported that the hacker transferred about $787,000 in crypto to an external wallet. The attackers manipulated the platform’s code to execute the unauthorized transfers. Orange Finance advises users to cease all contract interactions and revoke any permissions while they investigate and address the security incident.
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Bhutan’s Gelephu Mindfulness City integrates Bitcoin, Ether, and BNB into its strategic reserves
Gelephu Mindfulness City (GMC) in Bhutan has become one of the first Special Administrative Regions to include major digital assets like Bitcoin, Ether, and BNB in its strategic reserves. This move aims to enhance GMC's economic resilience and is aligned with its focus on blockchain technology and technological innovation. The decision to recognize these crypto tokens as part of GMC's reserves follows the enactment of GMC Law No. 1 of 2024, promoting a regulated yet progressive digital asset ecosystem.
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Fidelity predicts nation-state Bitcoin reserves to spur crypto growth in 2025
Fidelity Digital Assets predicts a significant growth in the crypto market by 2025, driven by more nation-states, central banks, and sovereign wealth funds establishing strategic Bitcoin reserves. The firm highlighted the successful experiences of Bhutan and El Salvador and noted the risks nations face by not allocating to Bitcoin. Fidelity's report also indicates a potential secret accumulation of Bitcoin by nation-states and forecasts an expansion in structured digital asset products and tokenization.
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Sol Strategies secures $25 million credit line for SOL token investments and staking
Sol Strategies, now focusing solely on the Solana ecosystem, has secured a $25 million unsecured credit facility to invest in SOL tokens and enhance its staking operations. This strategic funding, bearing a 5% annual interest, marks a significant shift in the firm's investment direction, previously known as Cypherpunk Holdings. With this move, Sol Strategies aims to become a major player within the Solana ecosystem, leveraging large-scale purchases and its substantial staking of over 1.5 million SOL tokens (worth approximately CAD$450 million).
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Bitcoin’s correlation with stocks resurfaces
Bitcoin’s correlation with the S&P 500 has climbed back to 0.88, indicating a renewed alignment between the two markets. This marks a shift from Bitcoin’s recent outperformance, where it rose 47% since Donald Trump’s election, compared to the S&P 500's modest 4% gain. Analysts attribute the reemerging correlation to macroeconomic factors, including the Federal Reserve’s revised rate cut projections and a stronger US dollar, which continue to weigh on both crypto and traditional markets. Despite strong on-chain support for Bitcoin, its movement is increasingly influenced by broader market trends, suggesting potential short-term risks ahead.
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Gemini settles with CFTC for $5 million over misleading claims
Gemini Trust Co., founded by the Winklevoss twins, has agreed to pay $5 million to settle a Commodity Futures Trading Commission (CFTC) lawsuit. The CFTC alleged that Gemini made misleading statements during its bid to launch the first US-regulated Bitcoin futures contract. The settlement, which avoids trial, was reached without Gemini admitting or denying the claims. This settlement is part of broader regulatory enforcement efforts over the cryptocurrency sector.
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Fed vice chair Michael Barr to step down, cites need for stablecoin regulation
Michael Barr, Vice Chair for Supervision at the US Federal Reserve, announced he will step down from his position in late February, staying on as a member of the Board of Governors. Barr, known for advocating stablecoin regulation, cited potential distractions over his role and the efficiency of fulfilling his duties as reasons for his resignation.
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GSR secures UK FCA approval to enhance global crypto trading
GSR, a global crypto trading firm, has received approval from the UK's Financial Conduct Authority (FCA) for GSR Markets UK Limited, making it the first crypto liquidity provider to be authorized by both the FCA and the Monetary Authority of Singapore (MAS). This approval allows GSR to offer over-the-counter and programmatic execution trading services in the UK, highlighting its commitment to high regulatory standards and the expansion of its services to global institutional and professional clients.
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Bitcoin options signal bullish sentiment, traders bet on price rise ahead of Trump inauguration
The Bitcoin market is experiencing a bullish surge, with significant activity at the Deribit exchange focusing on options with strike prices at $110,000 and $120,000. Bitcoin's price rebound to about $99,000 after a recent dip adds to the optimism reflected by a low put-call ratio of 0.24, indicating a strong preference for call options. Upcoming US President Donald Trump's inauguration is expected to further boost market optimism. Additionally, institutional inflows into bitcoin ETFs reinforce this positive market sentiment.
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Ripple Labs reports surge in US deals and hiring ahead of Trump administration
Ripple Labs has experienced an increase in US business and hiring, attributing this growth to the anticipated crypto-friendly policies of the incoming Trump administration. CEO Brad Garlinghouse highlighted significant deals made post-election and a strategic shift to hiring primarily within the US. The company's optimism is reflected in its contribution of $5 million in XRP tokens to Trump's inauguration and a remarkable 300% rise in XRP prices since Trump's electoral victory.
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US government estimates over one million victims in Do Kwon's Terraform Labs case
The US prosecutors overseeing the criminal case against Do Kwon, co-founder of Terraform Labs, estimate that there could be over one million victims worldwide following the ecosystem's collapse. A website will be established to notify these victims and inform them of their rights, as traditional notification methods were deemed impracticable. Kwon, who pleaded not guilty to fraud-related charges, remains a significant figure in an extensive legal examination surrounding the dramatic fall of the Terra ecosystem.
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