• Coinbase stock fell 7% following news of a customer data breach and ongoing SEC investigation
• Hackers bribed overseas support agents to steal user data, demanding a $20 million ransom
• Coinbase expects to spend $180-400 million on customer reimbursements and remediation
• The SEC is investigating Coinbase’s 2021 claim of “100+ million verified users”
• These challenges come as Coinbase prepares to join the S&P 500 index

Coinbase shares tumbled 7% to $244 after the cryptocurrency exchange was hit with a double dose of bad news.

The company revealed that hackers had bribed overseas customer support agents to steal user data while simultaneously confirming an ongoing SEC investigation into potentially inflated user metrics from 2021.

The data breach affected less than 1% of Coinbase’s daily active users. Hackers managed to recruit several overseas support staff who then leaked private customer information.

The attackers demanded a $20 million ransom to prevent public disclosure of the hack.

“These attackers have been contacting our overseas customer support agents, looking for a weak leak, someone who would accept a bribe in exchange for sharing some customer information with them,” explained Coinbase CEO Brian Armstrong in a video message.

“Sadly, they came upon a few bad apples,” he added.

Rather than pay the ransom, Coinbase has committed to fully reimbursing customers who lost funds after being tricked into transferring cryptocurrency to fraudulent accounts.

The company estimates these reimbursements and related remediation expenses could cost between $180 million and $400 million.

In response to the breach, Coinbase has fired the compromised staff members and reported them to law enforcement. The company has also established a $20 million reward fund for information leading to the arrest and conviction of the hackers.

Security Issues Mounting

The data breach comes at a time when the broader cryptocurrency sector faces growing security challenges. According to research firm Chainalysis, cryptocurrency-related hacks are projected to cost about $2.2 billion in 2024 alone.

“Unfortunately as our fledgling sector grows rapidly, it attracts the eye of bad actors, who are becoming increasingly sophisticated in the scope of their attacks and harnessing new AI tools and techniques to bypass fraud prevention measures,” said Nick Jones, founder and CEO of crypto platform Zumo.

Compounding Coinbase’s security troubles is confirmation of an ongoing SEC investigation. The regulator is examining whether Coinbase exaggerated its user counts in past disclosures.

The probe focuses specifically on Coinbase’s claim of having “100+ million verified users” that appeared in its marketing materials and IPO documentation in 2021.

Paul Grewal, Coinbase’s Chief Legal Officer, described the investigation as “a hold-over inquiry from the previous administration about a metric we stopped reporting two and a half years ago, which was fully disclosed to the public.”

Grewal noted that Coinbase now focuses on “the more pertinent statistic of monthly transacting users” instead.

The company discontinued reporting the “verified users” metric in 2022, stating in financial filings that it no longer believed the figure provided meaningful information about business performance.

To address the SEC inquiry, Coinbase has engaged the law firm Davis Polk & Wardwell.

Critical Timing

These challenges couldn’t come at a more pivotal moment for Coinbase, which is preparing to join the S&P 500 index next week.

The inclusion in this prestigious index represents a major milestone for cryptocurrency acceptance in mainstream finance. It will result in Coinbase stock being added to many index-tracking funds.

Despite dropping the “verified users” metric in 2022, the SEC probe has continued even after the regulator dropped its 2023 enforcement lawsuit against Coinbase under the Trump administration.

The combined news of the data breach and ongoing SEC investigation sent Coinbase stock sliding 7% in morning trading on Friday, May 16, 2025.

Coinbase has confirmed it will implement additional consumer protections to prevent similar security breaches in the future.

The latest security incident follows a pattern of challenges facing cryptocurrency companies as they grow and attract more attention from both investors and malicious actors.

The company’s planned entry into the S&P 500 next week remains on track despite these recent setbacks.

The post Coinbase (COIN) Stock: Drops 7% Following Customer Data Breach & SEC User Count Investigation appeared first on CoinCentral.

• Coinbase reported Q1 revenue of $2.03 billion, missing Wall Street estimates of $2.12 billion
• Earnings were $65.6 million (24 cents per share), down from $1.18 billion a year ago
• Trading volumes declined: consumer volume fell 17% and institutional volume dropped 9% from Q4
• Coinbase announced plans to acquire Dubai-based Deribit for $2.9 billion
• The company saw growth in stablecoin revenue while transaction revenue declined 19% from Q4

Coinbase shares fell in after-hours trading Thursday following the release of its first-quarter financial results, which showed revenue missing analyst expectations despite growth in certain segments.

The cryptocurrency exchange reported revenue of $2.03 billion for the quarter ended March 31. This represented a 24% increase from the $1.64 billion reported a year ago.

However, the figure fell short of the $2.12 billion consensus estimate from analysts tracked by LSEG.

Earnings came in at $65.6 million, or 24 cents per share. This marked a steep decline from the $1.18 billion, or $4.40 per share, earned in the same period last year.

On an adjusted basis, excluding the impact of crypto investments, Coinbase reported earnings of $527 million, or $1.94 per share.

The company’s transaction revenue totaled $1.26 billion for the quarter. This represented a 19% decrease from the fourth quarter of 2024.

🚨 Coinbase Q1 Earnings Miss

🔹 Revenue: $2.03B (missed estimates)

🔹 EPS: $1.94, down from $2.53 YoY

🔹 Stock dips 3% after-hours despite Bitcoin rally, now trading at $203

🔹 Q2 outlook lags: $600M–$680M services rev. vs. $704M expected

💥 Coinbase confirmed its $2.9… pic.twitter.com/yT304aDObJ

— Trader Edge (@Pro_Trader_Edge) May 9, 2025

Trading Volumes Show Downward Trend

Consumer trading volume fell 17% from the fourth quarter to $78.1 billion. The company noted that volume at the end of last year was elevated by Donald Trump’s election and expectations of a more favorable regulatory environment for cryptocurrencies.

Institutional trading volume also decreased, falling 9% from the fourth quarter to $315 billion.

The first quarter saw some positive developments for cryptocurrency markets. Bitcoin reached an all-time high of nearly $110,000 on January 20.

However, market conditions deteriorated in April. Concerns about President Trump’s tariff policy created volatility that dampened investor appetite for riskier assets like cryptocurrencies.

Bitcoin prices plunged from their January peak to below $75,000 by early April following the “Liberation Day” tariff announcement.

Despite these challenges, Coinbase reported generating approximately $240 million in transaction revenue in April alone.

For the second quarter, the company expects subscription and service revenue to range between $600 million and $680 million.

The company warned that growth in stablecoin revenue in the second quarter will likely be offset by lower blockchain rewards due to decreased asset prices.

Strategic Expansion Through Acquisition

In a major strategic move announced Thursday morning, Coinbase revealed plans to acquire Dubai-based Deribit for $2.9 billion.

Deribit is a major crypto derivatives exchange. The acquisition represents the largest deal in the crypto industry to date.

The purchase is expected to help Coinbase broaden its footprint outside the United States and strengthen its derivatives business.

Anil Gupta, vice president of investor relations for Coinbase, stated that the deal will help the company gain more market share in the crypto derivatives market.

Greg Tusar, Coinbase’s vice president of institutional product, said the acquisition “complements the record growth we’ve already seen in our own derivatives business.”

Coinbase highlighted that its derivatives business continued to grow market share during the first quarter even before the acquisition announcement.

The company is working to diversify beyond trading, as it remains somewhat subject to the volatility of Bitcoin prices.

Subscription and services revenue rose 9% from the fourth quarter to $698.1 million. This growth was “driven primarily by stablecoin revenue,” according to the company.

CEO Brian Armstrong expressed optimism during the earnings call, stating that Coinbase is “financially better positioned than ever to capitalize on opportunities” and that the “business has been resilient even in an uncertain macro environment.”

The company also expressed hope that the Trump administration’s favorable views on crypto will benefit the industry, particularly through potential regulatory clarity around stablecoins.

Coinbase stock finished regular trading Thursday up 5.1% as Bitcoin prices rose above $100,000, but shares fell approximately 3% in after-hours trading following the earnings announcement.

Year-to-date, Coinbase shares are down nearly 17%.

The post Coinbase (COIN) Stock: Q1 Earnings Show Revenue Below Expectations Despite 24% Growth appeared first on CoinCentral.

• Coinbase acquired Dubai-based Deribit for $2.9 billion, the largest deal in crypto industry history
• The acquisition consists of $700 million in cash and 11 million shares of Coinbase Class A common stock
• The deal establishes Coinbase as a global leader in crypto derivatives by open interest and options volume
• Deribit facilitated over $1 trillion in trading volume last year with $30 billion in current open interest
• This acquisition reflects increasing competition among exchanges to dominate the growing crypto derivatives market

Coinbase has agreed to acquire Dubai-based cryptocurrency derivatives exchange Deribit for $2.9 billion, marking the largest deal in the crypto industry to date. The acquisition, announced on Thursday, May 8, 2025, consists of $700 million in cash and 11 million shares of Coinbase Class A common stock, with the transaction expected to close by the end of the year.

The news had an immediate positive impact on Coinbase’s market performance. Shares of Coinbase rose more than 5% following the announcement.

This strategic move positions Coinbase as an international leader in crypto derivatives by open interest and options volume. Greg Tusar, Coinbase’s vice president of institutional product, highlighted this in a company blog post.

The acquisition could help Coinbase compete more effectively with major players like Binance. While Coinbase operates the largest marketplace for cryptocurrency trading within the United States, it has a smaller share of the global crypto market where Binance is dominant.

🚨 Coinbase Q1 Earnings Miss

🔹 Revenue: $2.03B (missed estimates)

🔹 EPS: $1.94, down from $2.53 YoY

🔹 Stock dips 3% after-hours despite Bitcoin rally, now trading at $203

🔹 Q2 outlook lags: $600M–$680M services rev. vs. $704M expected

💥 Coinbase confirmed its $2.9… pic.twitter.com/yT304aDObJ

— Trader Edge (@Pro_Trader_Edge) May 9, 2025

Global Derivatives Strategy

Deribit brings impressive performance metrics to the table. The platform facilitated more than $1 trillion in trading volume last year and currently has about $30 billion of open interest.

Deribit CEO Luuk Strijers expressed enthusiasm about the merger. “We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,” he stated.

The deal offers immediate financial benefits to Coinbase. Tusar noted that Deribit has a “consistent track record” of generating positive adjusted EBITDA that is expected to grow as a combined entity.

“One of the things we liked most about this deal is that it’s not just a game changer for our international expansion plans — it immediately diversifies our revenue and enhances profitability,” Tusar told CNBC.

The acquisition comes during a favorable regulatory environment for the crypto industry. The first ever pro-crypto White House has fueled increased M&A activity in recent weeks.

In March, crypto exchange Kraken agreed to acquire NinjaTrader for $1.5 billion. Last month, Ripple agreed to buy prime broker Hidden Road.

Industry Impact

The deal reflects the increasing importance of financial derivatives for cryptocurrency exchanges. Industry executives view this as part of a growing competition among digital asset exchanges and brokerages to dominate the burgeoning crypto derivatives market.

Spencer Yang, co-founder of Fractal Bitcoin, noted that “Global derivatives trading is a key driver of growth for Coinbase.”

The merger establishes Coinbase as the world’s largest crypto derivatives platform by open interest, according to the exchange’s announcement post.

Jeff Park, Bitwise’s head of alpha strategies, called the acquisition “might be the best ‘value’ deal in crypto I’ve ever seen,” adding it is “a coup for Coinbase.”

Coinbase already has a strong presence in perpetual futures, with approximately $10 billion in daily trading volume as of May 8. It also operates a US-based derivatives trading platform listing more than 20 futures contracts.

Deribit is recognized as the largest crypto options exchange, with about $30 billion in open interest. The platform does not serve US-based traders, according to its website.

With this acquisition, Coinbase “has captured all possible regulated and self-regulated derivatives products,” according to Yang, who also noted that “Deribit is the platform of choice for global traders for Bitcoin and Ethereum options.”

The deal was structured as a cash-and-stock transaction, allowing Coinbase to maintain financial flexibility for potential future acquisitions. As of December 31, Coinbase had $8.5 billion in cash on its balance sheet.

The post Coinbase Acquires Deribit for $2.9 Billion: Crypto Derivatives Market Expansion appeared first on CoinCentral.

• Coinbase has agreed to acquire crypto options trading platform Deribit in a $2.9 billion deal.
• The transaction will be completed using a mix of cash and Coinbase stock.
• This acquisition marks the largest deal in Coinbase’s history to date.
• Deribit processed around $1.2 trillion in crypto derivatives volume in 2024.
• The deal strengthens Coinbase’s position in the fast-growing global derivatives market.

Coinbase has agreed to acquire crypto options trading platform Deribit in a deal valued at $2.9 billion. The transaction, structured as a combination of cash and stock, would mark Coinbase’s largest acquisition. With this move, Coinbase aims to expand its global presence in the crypto derivatives market.

Acquisition Boosts Coinbase’s Global Derivatives Ambitions

Coinbase has accelerated its derivatives expansion to match growing demand and remain competitive with global trading platforms. After acquiring FairX, Coinbase launched international futures offerings to support its global strategy. The acquisition of Deribit will significantly strengthen Coinbase’s offshore derivatives infrastructure.

Deribit, based in Dubai, recorded $1.2 trillion in trading volume during 2024, indicating its strong foothold in the sector. Its market dominance aligns with Coinbase’s objective to deepen exposure in high-volume trading segments. Coinbase views this acquisition as a strategic opportunity to enhance its derivatives liquidity engine.

Regulatory permissions are still required to complete the license transfer to Coinbase from Deribit’s Dubai-based entity. The Dubai Virtual Assets Regulatory Authority granted Deribit a full license in late 2024. Coinbase will need final approval to operate the exchange under its brand.

Coinbase expands with Deribit Dubai move

Deribit’s platform will allow Coinbase to offer perpetual futures and options to professional clients outside its U.S. market. This positions Coinbase to compete more directly with offshore platforms currently dominating global crypto derivatives trading. The move adds a licensed and high-volume exchange to Coinbase’s international portfolio.

Deribit previously operated from Panama but transitioned to Dubai to meet evolving regulatory frameworks and compliance expectations. The platform holds a VARA license, enabling Coinbase to serve qualified entities under defined legal protections. This acquisition gives Coinbase a crucial foothold in a key regulatory jurisdiction.

Coinbase’s strategy centers on gaining regulatory clarity and operational efficiency in major jurisdictions outside the United States. The Deribit deal aligns with Coinbase’s broader goal to grow responsibly under credible licensing structures. Pending approvals, Coinbase will integrate Deribit’s operations into its global platform.

Crypto Firms Expand amid Regulatory Optimism

The crypto derivatives space has seen significant M&A activity, with Coinbase following similar moves by key competitors. In early 2025, Kraken agreed to acquire futures broker NinjaTrader for $1.5 billion. These deals reflect broader efforts to gain share in high-margin derivatives trading.

Coinbase acted on growing confidence in global regulatory trends and market readiness for mature trading platforms. Washington’s signals of supportive policy reforms have further encouraged large-scale consolidation across the sector. Coinbase’s acquisition represents a calculated step to scale globally and meet increasing institutional demand.

The post Breaking: Coinbase Expands Globally with $2.9B Deal to Buy Deribit Platform appeared first on CoinCentral.

• Binance holds more Bitcoin than customer balances by over 12,000 BTC.
• USDT reserves exceed user holdings by approximately 600 million tokens.
• Binance holds 3 billion more USDC than customer account totals.
• FDUSD reserves show a surplus with 107.84 percent coverage.
• Ethereum reserves exceed user balances by over 8,000 ETH.

Binance has released a new proof-of-reserves report confirming that significant token holdings exceed customer balances across multiple assets. The data, published on May 8, covers 37 cryptocurrencies and reveals a consistent reserve surplus. This transparency update strengthens Binance’s operational credibility as centralized exchanges remain under global regulatory focus.

Binance Maintains Strong Bitcoin Reserve Surplus

Binance reported holding 616,886.378 Bitcoin, exceeding the customer net balance of 604,886.378 BTC. This reflects a reserve coverage ratio of 102.06%, confirming a surplus of nearly 12,000 BTC. The data supports Binance’s aim to maintain full backing for client-held assets.

Binance continues to prioritize user asset security through on-chain verification and transparent reporting. The report is part of ongoing efforts to prevent trust deficits after past industry disruptions. Moreover, this surplus demonstrates Binance’s ability to support immediate customer withdrawals without liquidity concerns.

The consistent Bitcoin reserve surplus indicates effective custody practices and reserve control mechanisms. Binance’s transparent approach also serves as a benchmark for centralized exchange accountability, aligning with increasing demands for verifiable on-chain asset management.

USDT and USDC Reserves Show Surplus

Binance disclosed over 29.6 billion Tether (USDT) in reserves, while customer balances stand around 29 billion USDT. This results in a 102.07% coverage ratio, indicating surplus liquidity of approximately 600 million USDT. The surplus signals strong backing and redemption capability for the stablecoin.

The report further shows that Binance holds over 8.6 billion USD Coin (USDC) compared to 5.6 billion user balances. This gives a high reserve-to-asset ratio of 152.19%, representing a surplus of 3 billion USDC. The large gap reflects an enhanced liquidity buffer for USDC withdrawals.

Additionally, Binance reported holding more than 82 million FDUSD, beyond what users hold. The coverage ratio for FDUSD stands at 107.84%, showing continued support for stable asset coverage. Binance maintains strong reserve management across these stablecoins, reinforcing operational reliability.

BUSD Leads with Highest Reserve Ratio

Binance holds 5,289,954 Ethereum (ETH), exceeding customer ETH balances by over 8,000. This represents a reserve coverage of 100.15%, ensuring that all user ETH assets remain fully backed. Binance continues to reflect surplus reserves for Ethereum.

Solana (SOL) reserves also showed a positive gap, with the exchange holding roughly 2,000 SOL more than customer accounts. The reserve coverage slightly exceeds user holdings, reaffirming Binance’s commitment to accurate asset management. This also indicates that SOL withdrawals are fully covered.

Ripple (XRP) holdings amounted to about 2.6 billion XRP, exceeding user balances by 76 million. The reserve ratio stands at 102.99%, ensuring complete coverage. Meanwhile, despite reduced market usage, Binance’s BUSD reserves show the highest ratio, with 206.04% coverage.

Binance Reopens Fiat Access in America

Binance US has restarted USD transfers after halting them in June 2023. Services resumed in February 2025 following regulatory adjustments. The platform had paused USD transactions due to SEC-related compliance actions.

With the resumption, Binance signals a renewed focus on maintaining fiat access for US-based customers. The restart also coincides with the publication of the latest reserves report, demonstrating Binance’s broader strategy to maintain transparency across digital and fiat assets.

The proof-of-reserves data and the reopening of USD transfers highlight Binance’s strengthened compliance efforts. These developments may support ongoing engagement with financial authorities.

The post Binance New Report Hints at Unexpected Reserves Across Top Tokens appeared first on CoinCentral.

• Bunq adds crypto trading to its app, powered by Kraken.
• Crypto now live on Bunq in 6 EU countries.
• Users can buy and sell 300+ coins via bunq Crypto.
• Bunq plans to expand crypto service across Europe.
• New feature meets rising demand for easy crypto investing.

Bunq, Europe’s second-largest neo bank after Revolut, has officially introduced cryptocurrency trading through its mobile banking platform. The new feature, called “bunq Crypto,” went live on April 29 in six European Union countries: the Netherlands, France, Spain, Ireland, Italy, and Belgium. U.S.-based cryptocurrency exchange Kraken powers the service.

As of tonight…we’re introducing Crypto! ₿ 🚀

Powered by Kraken, ease into the world of digital currencies directly from your bunq app — from buying to selling, it's just a tap away. Explore a wide range of cryptocurrencies safely and start today! 💸

Disclaimer: Not investment… pic.twitter.com/w3emuLLT6m

— bunq (@bunq) April 29, 2025

The offering enables Bunq users to buy and sell more than 300 digital assets, including Bitcoin, Ethereum and Solana. The platform integrates crypto trading directly within the banking app, allowing users to manage traditional banking services and digital asset investments from a single interface. Bunq stated that this move addresses customers’ demand for a secure, user-friendly crypto investing platform that aligns with a licensed bank’s simplicity and regulatory assurance.

Expansion Strategy and Regulatory Compliance

Bunq confirmed plans to expand the crypto feature across the wider European Economic Area in phases. The neobank has also submitted license applications in the United States and the United Kingdom, aiming to extend its crypto and banking services into these markets. The company emphasized that bunq Crypto complies with MiCA regulations and is registered as a Virtual Asset Service Provider (VASP), ensuring adherence to current EU regulatory frameworks.

Bunq CEO Ali Niknam highlighted that regulatory clarity in recent months contributed to the timing of the crypto launch. He added that the bank now feels confident in offering digital asset investments to the public while maintaining full compliance as a regulated financial institution. The crypto partnership with Kraken combines traditional finance infrastructure with the expertise of one of the longest-operating crypto exchanges.

User Growth and Broader Financial Offering

Founded in 2012, Bunq now serves over 17 million users across Europe and holds over €8 billion in user deposits. The neobank offers digital financial services including current and savings accounts, debit cards and mortgages. The company posted net profits of €85.3 million in 2024, marking its second consecutive year of profitability and reflecting a 65% increase from the previous year.

Research conducted by Bunq found that 65% of European citizens prefer a single platform for managing banking, savings and cryptocurrency investments. Over half of those surveyed expressed interest in crypto trading but noted that existing platforms failed to meet their ease-of-use and security requirements. The introduction of bunq Crypto is designed to respond to this demand.

This initiative follows Bunq’s earlier move to offer stock and exchange-traded product investments. The neobank aims to serve digital nomads and modern consumers with an all-in-one platform to save, spend, and invest. Adding crypto trading aligns with a broader industry trend of traditional financial platforms integrating digital asset services.

The post Bunq Launches Crypto Trading With Kraken in 6 EU Nations appeared first on CoinCentral.

• Russia plans a state-run crypto exchange.
• Only wealthy investors can use it.
• Others get access via crypto derivatives.
• Aim: regulate and legalize crypto use.
• Rules may change; opinions are mixed.

Russia’s Ministry of Finance and the Central Bank have announced plans to jointly launch a government-backed cryptocurrency exchange designed exclusively for super-qualified investors. The initiative will operate within the framework of an Experimental Legal Regime (ELR), which allows selected financial innovations to be tested under specific regulatory conditions. The exchange is not intended to function within Russia’s domestic financial infrastructure but will enable the legal circulation of crypto assets for certain operations currently conducted under the ELR.

Russian Finance Minister Anton Siluanov announced that the Ministry of Finance and the central bank will jointly establish a cryptocurrency exchange exclusively for “super-qualified investors,” aiming to legalize and regulate certain crypto transactions. The platform may be newly…

— Wu Blockchain (@WuBlockchain) April 23, 2025

Finance Minister Anton Siluanov confirmed the development during a recent ministry meeting. According to him, the platform will help move cryptocurrency operations out of the unregulated space. “Together with the Central Bank, we will launch a crypto exchange for super-qualified investors. Crypto assets will be legalized, and crypto operations will be brought out of the shadows,” Siluanov said. He emphasized that only operations falling under the legal experimental regime would be supported, indicating that the platform’s reach will remain limited to highly controlled conditions.

Eligibility Criteria and Potential Adjustments

The Central Bank has outlined stringent criteria for investors eligible to participate in the new exchange. To qualify as a super-qualified investor, individuals must hold a minimum of 100 million rubles (approximately $1.2 million) in securities and deposits, or have an annual income of at least 50 million rubles (around $600,000). These thresholds reflect a targeted approach to limit access to high-net-worth individuals capable of managing the inherent risks of cryptocurrency trading.

However, officials indicated that these requirements are subject to further review. Osman Kabaloev, Deputy Director of the Finance Ministry’s Financial Policy Department, stated that the current criteria are provisional and may be revised. “Perhaps it will be in this format or these indicators will be somehow adjusted in one direction or another – this is possible. I think there will be a wide range of discussions,” Kabaloev noted. The final eligibility rules are expected to emerge through ongoing consultations between financial regulators and market participants.

Derivatives Access for Broader Investor Base

While the direct trading of cryptocurrencies will be restricted to super-qualified investors, the broader category of qualified investors will still have access to crypto through derivatives. These financial instruments will not involve actual crypto delivery but will be linked to the value of digital assets. Such derivatives are planned to be made available on platforms like the Moscow Exchange and SPB Exchange once appropriate regulations are in place.

Moscow Exchange Managing Director Vladimir Krekoten recently confirmed that the platform is prepared to launch crypto-linked derivative products in 2025, pending regulatory approval. SPB Exchange has also voiced support for regulatory efforts that would enable the trading of crypto-based instruments, emphasizing their potential for portfolio diversification.

In addition, various brokerage firms have expressed interest in offering crypto instruments to clients as soon as the legal framework permits. However, divergent views persist within the financial community. While some see the crypto market as a viable competitor to traditional capital markets citing volatility and the lack of fundamental backing for digital assets.

This move to establish a centralized, regulated exchange aligns with Russia’s broader strategy to develop legal mechanisms for crypto usage. Authorities continue to explore the role of digital assets in cross-border transactions and economic resilience.

The post Russia Plans Regulated Crypto Exchange for Super-Qualified Investors  appeared first on CoinCentral.

• Binance now requires full sender and receiver info for crypto transfers in South Africa.
• New rules mean incomplete transfer info may delay or block your transaction.
• Only deposits and withdrawals are affected, not trading.
• South African users must re-login from April 24 to continue using Binance.
• Binance is following South Africa’s new crypto compliance rules starting April 30.

Binance has announced the implementation of new compliance measures for users in South Africa, beginning April 30, 2025. The changes are in direct response to local regulatory requirements aimed at strengthening the oversight of crypto transactions.

Binance to strengthen compliance rules for crypto transfers in South Africa@binance will implement new compliance measures for South African users starting April 30, requiring detailed sender and recipient information for all cryptocurrency deposits and withdrawals,…

— CoinNess Global (@CoinnessGL) April 23, 2025

Under the new rules, all crypto deposits and withdrawals will require detailed sender and receiver information. For incoming transactions, users must provide the sender’s full name, country of residence, and the name of the originating exchange, where applicable. Similarly, outgoing transactions will require the full name and details of the beneficiary.

These measures apply only to deposits and withdrawals. Binance confirmed that trading and other platform services will remain unaffected by the compliance update. To facilitate the changes, South African users will be required to re-login to their accounts starting April 24.

Failure to Provide Details May Delay Transactions

Binance cautioned that incomplete information could lead to delayed transactions or the reversal of funds to the sender. A pop-up prompt will request the necessary details during the transaction process. Any missing data may result in non-execution of the transaction.

The compliance update is part of broader efforts by South African regulators to bring clarity and control to the country’s fast-growing crypto market. These steps follow warnings from the Financial Sector Conduct Authority (FSCA) and directives from the South African Revenue Service (SARS), both of which are urging exchanges and users to comply with registration and reporting requirements.

South Africa Expands Regulatory Oversight

South Africa’s approach to crypto regulation has intensified in recent months. In March 2025, the FSCA issued warnings against two unauthorized crypto firms, Afriinvest and Mutualwealth, for operating without licenses and offering high-return schemes. Additionally, SARS mandated the registration of all individuals and businesses involved in digital assets starting April 2025.

In parallel, the FSCA granted licenses to 59 crypto service providers, with over 260 applications still under review. These actions highlight the government’s commitment to building a regulated crypto ecosystem.

The country’s crypto market is forecast to generate $278 million in revenue by the end of 2025, with projections indicating steady growth through 2028. Binance’s compliance measures align with this evolving regulatory environment, ensuring continued operations within South Africa’s legal framework.

The post Binance Enforces New Crypto Rules for South African Users appeared first on CoinCentral.

• Coinbase drops XRP futures—big and small.
• XRP gets futures boost on Coinbase.
• Trade XRP futures now—nano to standard.
• XRP joins Coinbase’s futures lineup.
• XRP futures go live, fully regulated.

Coinbase has expanded its CFTC-regulated derivatives platform with the official listing of XRP futures contracts, offering both standard and nano versions. According to the company’s announcement on April 21, the new listings allow traders to gain exposure to XRP in a regulated environment, with both contract types settling in U.S. dollars. The launch marks a continuation of Coinbase’s strategy to diversify its crypto derivatives offerings for both institutional and retail investors.

Coinbase Derivatives, LLC now offers CFTC-regulated futures for $XRP. https://t.co/omSNu0aEoC

— Coinbase Institutional 🛡️ (@CoinbaseInsto) April 21, 2025

The standard XRP futures contract represents 10,000 XRP, while the nano XRP futures contract is structured to cover 500 XRP. These products are designed to cater to different market participants, with the nano variant targeting smaller institutions and retail traders by offering lower capital requirements. Both products are benchmarked to the MarketVector Coinbase XRP index.

The contracts are self-certified with the U.S. Commodity Futures Trading Commission (CFTC), meaning they meet the regulatory standards required for listing. Coinbase stated the new XRP futures contracts are intended to offer capital-efficient exposure to XRP, one of the most actively traded cryptocurrencies by market capitalization.

Broader Derivatives Offering and Regulatory Context

The addition of XRP futures follows earlier product launches by Coinbase Derivatives, LLC, including futures contracts for Solana (SOL) and Hedera (HBAR), which went live in February 2025. With the inclusion of XRP, Coinbase’s derivatives exchange now supports over 20 crypto-based contracts in addition to traditional commodity-linked products such as gold, silver, natural gas, and crude oil.

Coinbase is not the first exchange to offer regulated XRP futures in the U.S. Bitnomial introduced similar contracts earlier. Coinbase’s listing is expected to provide broader market access due to its larger institutional reach and more extensive infrastructure.

The launch comes amid favorable legal developments surrounding Ripple Labs, the developer of XRP. A key federal ruling in July 2023 found that Ripple’s programmatic sales of XRP did not constitute securities transactions. In March 2025, the U.S. Securities and Exchange Commission (SEC) decided to withdraw its appeal, allowing the ruling to stand. This legal clarity has contributed to increased interest in XRP-related financial products, including derivatives and fund offerings.

Institutional Interest and Market Impact

Coinbase’s move to offer XRP futures coincides with a rising number of institutional applications for XRP-related investment products. Asset managers including Bitwise, Canary Capital, 21Shares, and Franklin Templeton have submitted filings to the SEC for exchange-traded products involving XRP, suggesting broader demand for exposure to the digital asset.

By introducing both standard and nano XRP futures, Coinbase aims to meet varying trading needs across the investor spectrum. The standard contracts provide large institutions with significant exposure and liquidity, while the nano contracts offer smaller market participants an accessible entry point into futures trading.

This development underscores Coinbase’s ongoing commitment to building a comprehensive suite of regulated derivatives.  Coinbase position as a leading platform for digital asset trading in compliance with U.S. regulatory standards.

The post Coinbase Expands Derivatives Platform with Standard and Nano XRP Futures appeared first on CoinCentral.

• OKX is relaunching in the U.S. two months after settling with DOJ for $500 million
• The exchange named Roshan Robert as U.S. CEO and established headquarters in San Jose, California
• OKX is introducing a new wallet for American users to store and trade cryptocurrencies
• The company pleaded guilty to operating an unlicensed money transmitting business and will pay for an external compliance consultant through 2027
• The relaunch comes amid a more favorable regulatory environment for crypto under President Trump

Seychelles-based cryptocurrency exchange OKX announced on Tuesday its official relaunch in the United States, just two months after reaching a $500 million settlement with the Department of Justice. The company has appointed Roshan Robert as its U.S. CEO and established regional headquarters in San Jose, California.

The relaunch includes a complete overhaul of the exchange’s platform for American users. “It is not just the rebrand. The entire technology interface, everything has changed,” said Robert, who previously served as an executive at crypto prime broker Hidden Road before it was acquired by Ripple for $1.25 billion in April.

OKX is also introducing a new wallet designed specifically for U.S. customers to store and trade cryptocurrencies. American users of OKCoin, OKX’s sister company, will be “seamlessly migrated” to the new OKX platform, which promises “deeper liquidity, lower fees and advanced trading tools.”

🇺🇸 Bringing a New Alternative to America 🇺🇸

We're officially launching in the US with our centralized exchange & powerful multi-chain Web3 Wallet.

Roshan Robert will lead our expansion as US CEO, and our headquarters will be in San Jose, California.

More:… pic.twitter.com/VaACoqIydn

— OKX (@okx) April 16, 2025

Settlement Details and Compliance Measures

The company’s renewed focus on the U.S. market follows a February settlement with the Department of Justice. Prosecutors alleged that OKX failed to implement adequate anti-money laundering processes and improperly solicited U.S. customers without proper registration.

As part of the agreement, OKX paid a $500 million fine and pleaded guilty to one count of operating an unlicensed money transmitting business. The company also agreed to fund an external compliance consultant through February 2027.

“For over seven years, OKX knowingly violated anti-money laundering laws and avoided implementing required policies to prevent criminals from abusing our financial system,”

said Matthew Podolsky, Acting U.S. Attorney for the Southern District, in the settlement announcement.

OKX defended its position in a blog post, stating:

“There were no allegations of customer harm, no charges against any company employee and no government appointed monitor as part of the settlement.”

Robert emphasized that OKX has invested heavily in compliance infrastructure.

“We’ve built a comprehensive, risk-based global compliance program that includes enhanced due diligence, a robust KYC process, customer risk rating systems, advanced fraud detection, AML tools, geo-blocking, and market surveillance technologies,”

he said.

Market Strategy and Regulatory Environment

The timing of OKX’s U.S. relaunch coincides with a shift toward a more crypto-friendly regulatory environment under President Donald Trump’s administration. However, Robert noted that OKX’s plans to increase its U.S. presence predate Trump’s second term.

“We were preparing our compliance infrastructure, our risk management infrastructure for the last year and a half or so,” Robert explained. He began discussions with the exchange in summer 2024 and officially joined in September, before the election results were known.

Nevertheless, Robert welcomes the Trump administration’s less aggressive approach to crypto regulation. “The rulemaking will take some time, but there is a path that we can see,” he said.

As he guides the relaunched OKX U.S., Robert faces established competitors like Coinbase and Kraken. However, he believes the U.S. market isn’t zero-sum and that younger generations’ interest in crypto will expand opportunities for all players.

“The whole digital asset market is an expanding universe,” Robert stated.

OKX is not alone in its renewed interest in the U.S. market under the Trump administration. Token launch platform CoinList recently announced its return to the U.S. after a five-year absence, and there are reports that Binance, the world’s largest crypto exchange, is also considering re-entering the American market.

Hong Fang, who serves as OKX’s global president, previously oversaw the company’s U.S. entity when it operated under the name OKcoin.

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