FTMO has completed its acquisition of OANDA Global Corporation, marking one of the most consequential transactions in the evolution of modern proprietary trading. After securing regulatory approvals from five jurisdictions, FTMO officially closed the deal on December 1, solidifying its move from a leading prop-trading education platform into a diversified group spanning brokerage, technology, and global financial services. The acquisition aligns with FTMO’s long-term ambition to build a fully integrated trading ecosystem capable of serving traders across the professional spectrum. OANDA brings nearly three decades of experience as a globally recognized multi-asset trading platform with regulated entities in major financial hubs including New York, London, Singapore, Tokyo, and Sydney. For FTMO, which has spent the last decade redefining prop trading through education and funded account programs, adding a licensed brokerage with deep infrastructure represents a transformative expansion. It gives FTMO access to new regulatory frameworks, broader product capabilities, and institutional-grade liquidity services that can complement its existing prop model. FTMO’s founders Otakar Šuffner and Marek Vašíček called the transaction a pivotal step in building a “global trading powerhouse.” They noted that OANDA’s established global presence, strong regulatory posture, and technology-driven offerings provide an ideal complement to FTMO’s proprietary trading platform. The acquisition merges two companies with distinct strengths—FTMO’s modern retail prop-trading model and OANDA’s global brokerage infrastructure—creating a multi-vertical group unlike anything currently in the market. How OANDA Strengthens FTMO’s Vision for a Multi-Layer Trading Ecosystem OANDA is one of the world’s most recognized online trading groups, with offerings across FX, indices, equities, commodities, and cryptocurrencies depending on jurisdiction. Its infrastructure spans both retail and corporate client segments, supported by a long-standing reputation for regulated operations, robust risk controls, and market-leading data services. For FTMO, the acquisition brings everything it previously lacked: a globally licensed brokerage arm, deep product diversification, and access to new revenue streams beyond prop evaluation services. The process of securing approvals from five regulators took approximately eight months, underscoring the scale and complexity of the acquisition. This regulatory milestone gives FTMO access to OANDA’s licenses in eight major markets. Maintaining OANDA as a fully standalone business ensures operational continuity while allowing FTMO to explore strategic integration opportunities across technology, customer experience, and product offering. This hybrid model also preserves the OANDA brand—which carries decades of trust among global traders—while enabling long-term collaboration. OANDA CEO Gavin Bambury described the transaction as a “pivotal moment” that will accelerate the company’s growth under the FTMO umbrella. He highlighted OANDA’s longstanding focus on regulated markets and client trust, noting that FTMO’s technology-driven culture will enable new innovation cycles. The combined expertise of both organizations positions them to deliver more advanced, integrated trading experiences for millions of clients worldwide. Takeaway FTMO’s acquisition of OANDA signals a new era: the creation of a global trading group uniting prop trading, brokerage, and technology under one ecosystem. What the Deal Means for Traders, Markets, and the Future of the Industry The acquisition marks a strategic evolution not just for FTMO and OANDA, but for the broader retail and professional trading landscape. As prop trading matures and institutional standards increasingly influence retail platforms, FTMO’s ownership of a globally regulated broker could reshape how prop firms operate. Access to OANDA’s infrastructure may enable FTMO to offer more integrated account structures, enhanced execution environments, and new trading tools designed for both aspiring and advanced traders. Combining FTMO’s modern prop-trading education model with OANDA’s regulatory footprint also sets a foundation for innovation in compliance, risk oversight, and trader development. With OANDA operating as a standalone brand, both companies can collaborate on technology enhancements—particularly in data, analytics, and multi-asset trading. The deal could spark a wave of consolidation as trading firms seek to bridge the gap between prop models and licensed brokerage capabilities. The transaction was supported by major advisors: Milbank LLP served as legal counsel to CVC, with Nomura and Santander acting as joint financial advisors. FTMO retained J.P. Morgan as financial advisor and Latham & Watkins LLP as legal counsel. While financial terms remain undisclosed, the strategic implications are clear: FTMO is positioning itself for long-term global expansion. Its acquisition of OANDA represents one of the most ambitious moves in the retail trading industry in recent years, establishing a multi-platform group poised to influence the next chapter of global market participation.

Bright Point International Financial (SG) is strengthening its position in Asia’s fast-growing foreign exchange and precious metals markets through an expanded technology partnership with Integral. As a Derivatives Trading and Clearing Member of the Singapore Exchange, BPI is accelerating its digital infrastructure upgrade with a set of institutional-grade tools designed to raise execution quality, enhance pricing, and boost operational agility across its trading ecosystem. The move reflects surging regional demand for diversified FX products and more sophisticated access to metals markets. The latest implementation includes Integral’s Price Engine, Distribution, Liquidity Aggregation, and Trading products—elements that together form a high-performance connectivity and pricing environment for brokers. With Asia seeing increased interest in instruments such as non-deliverable forwards (NDFs) and outright forwards, BPI aims to support higher volumes and attract a wider client base across both institutional and expanding emerging market segments. The deployment equips BPI with the low-latency infrastructure required to compete in a market where timing, precision, and liquidity are paramount. Raymond Mok, Managing Director at BPI, said the partnership enhances both operational efficiency and client servicing. He noted that the technology’s scalability and seamless integration will allow the firm to respond more rapidly to market shifts. The upgrade aligns with BPI’s strategy to build a more robust trading framework and strengthen its offerings in one of the world’s most dynamic FX regions. How Integral’s Price Engine and Synthetic Cross Capabilities Transform BPI’s Workflow Integral’s Price Engine sits at the core of the new architecture, providing ultra-low latency pricing and access to deep liquidity from a wide range of bank and non-bank liquidity providers. These tools allow BPI to refine execution quality and incorporate institutional best practices into its trading operations. The real-time price feeds are especially valuable for FX derivatives such as NDFs, which are experiencing sharp growth across Asian markets driven by increased hedging needs and rising currency volatility. BPI will also benefit from Integral’s automated conversion capabilities for precious metals—a key feature for clients who prefer to price gold and other metals in grams or kilograms rather than troy ounces. As demand for precious metals trading accelerates in Asia, this functionality enables BPI to offer more seamless and localized trading experiences. It supports market participants looking to capitalize on metals volatility while maintaining familiar regional pricing formats. One of the most impactful components is Integral’s support for synthetic crosses. Traders can create currency and metal pairs beyond dollar-denominated benchmarks, enabling BPI to offer more localized FX crosses such as SGD, HKD, and THB pairs. This comes at a time when regional markets are increasingly seeking alternatives to USD-based trading structures. By enabling synthetic crosses, BPI can diversify its client base, serve a wider range of payment and settlement needs, and position itself as a regional specialist in tailored FX solutions. Takeaway BPI’s expanded partnership with Integral equips the broker with advanced pricing, liquidity and synthetic cross capabilities—positioning it to meet rising Asian demand for diversified FX and precious metals trading. What the Partnership Means for BPI’s Regional Strategy and Client Services The integration with Integral’s technology represents a significant step in BPI’s broader regional expansion strategy. As Asia becomes a more sophisticated hub for FX and commodities trading, brokers must deliver high-performance workflows that meet growing expectations for speed, accuracy, and product breadth. By adopting Integral’s modular and scalable systems, BPI is positioning itself to win market share among institutions seeking efficient cross-border execution and customized currency solutions. Beyond trading performance, the partnership also supports BPI’s ambition to broaden its role in the payments ecosystem. The ability to offer deliverable currencies tied to synthetic crosses enables the firm to meet payment and settlement requirements for financial institutions across emerging markets. This strengthens BPI’s relevance not just as a trading venue, but as a liquidity and infrastructure provider capable of supporting complex regional FX flows. Integral CEO Harpal Sandhu noted that the collaboration enhances both trading operations and client experience. With optimized workflows and expanded product capabilities, BPI can intensify its presence as a regional specialist in both currency and metals markets. The partnership underscores a clear market trend: technology-enabled brokers with deep liquidity connectivity and flexible pricing engines are increasingly shaping the competitive landscape in Asian FX markets. For BPI, the upgrade provides a foundation for long-term growth built on speed, diversification, and client-centric services.

Hong Kong, Hong Kong, December 2nd, 2025, Chainwire Cronos Labs today announced the appointment of Edward Adlard as the Head of Ecosystem, where he will drive ecosystem growth, strategic partnerships and the next phase of institutional tokenization and AI-driven on-chain innovation across the Cronos network. Edward joins Cronos Labs with a unique blend of Web2 operating scale and Web3 ecosystem leadership. Most recently, he served as CEO of Instalabs, operating a regulated, institutional cross-chain bridge. Prior to that, Edward was VP of Growth, Business Development and Strategy at Tezos, where he led ecosystem strategy and chaired the Tezos Foundation’s investment committee, directing capital toward high-impact builders and infrastructure. Before transitioning into Web3, Edward worked for Amazon, where he held several leadership roles across the UK and EU. He led the turnaround of the Amazon Money Store UK, earning expanded responsibility to oversee Amazon Money Store products across Europe. Edward also led EU operations for Prime Video free content, supporting multi-country expansion and driving global operational improvements across Amazon’s video supply chain. “I’m excited to join Cronos Labs at a pivotal moment for the network,” said Edward. “Cronos has an active community, a strong technical foundation and proven high-performance infrastructure. The next chapter is about accelerating ecosystem growth by deploying cutting edge new use cases that drive an increase in users, liquidity and builders. I believe Cronos is uniquely positioned to benefit from the maturing of global crypto regulations due to its institutional ready stack, compliance ready primitives and opportunity to more deeply partner with Crypto.com. Edward will oversee ecosystem strategy, growth programs, partner integrations and developer-facing initiatives that strengthen Cronos’ position as a leading network for users, builders, and institutions. About Cronos Cronos is a leading blockchain ecosystem, supported by Crypto.com and more than 500 application developers and contributors representing an addressable user base of more than 150 million people around the world. Cronos' mission is to to build the DeFi infrastructure that makes tokenized markets open, compliant and usable by billions. The Cronos universe encompasses 3 chains: Cronos EVM, the leading Ethereum-compatible blockchain built on the Cosmos SDK; Cronos POS, a leading Cosmos chain for payments and NFTs; and Cronos zkEVM, a new high performance layer 2 network secured by Ethereum. Cronos ranks among the top 15 blockchain ecosystems, encompassing more than 6 billion dollars of user assets. Since inception, it has securely settled more than 100 million transactions. Transaction fees are paid in Cronos ($CRO), a blue chip cryptocurrency. Cronos is supported by Cronos Labs, a Web3 start-up accelerator focused on DeFi, GameFi and the development of the Cronos ecosystem. For more information, visit https://cronos.org or follow @cronos_chain on X. Contact Danielle Hrin Kuek danielle.hrin@cronoslabs.org

Prague, Czech Republic, December 2nd, 2025, FinanceWire FTMO, a global leader in modern prop trading, has completed the acquisition of OANDA Global Corporation (“OANDA”), one of the world's leading online trading groups. The transaction has been in process since the beginning of this year, when FTMO signed a purchase agreement with the previous owner, CVC Asia Fund IV (“CVC”), subject to customary regulatory approvals. In November, FTMO secured the last necessary regulatory approval, and on December 1, successfully finalized the deal. According to FTMO founders Otakar Šuffner and Marek Vašíček, this marks a key milestone in their journey to build a global trading powerhouse covering modern prop trading, brokerage and other relevant services. OANDA is a leading global digital platform for active traders, offering multi-asset trading, currency data, and analytics to retail and corporate clients. Since its founding in 1996, OANDA has established regulated entities and leadership teams in many of the world's most active financial markets, including New York, Toronto, London, Warsaw, Singapore, Tokyo and Sydney. The group had been owned by the investment fund CVC since 2018. For FTMO, a leading technology company focused on education and proprietary trading support, this represents another in a series of successful strategic acquisitions. The successful closing of the transaction was subject to securing approvals from a total of five regulators, a comprehensive process that took approximately eight months. FTMO obtained the final necessary approval in November, and on December 1, FTMO successfully closed the acquisition. The parties do not disclose the value of the transaction. FTMO plans to maintain the OANDA group as a fully standalone business. “We will continue to focus on our core business – a modern prop trading platform where we rank among the leaders. The long-term plan is to build a trading powerhouse, which will service traders on all levels – modern prop trading, brokerage with the relevant tools. OANDA, a broker with licenses in eight key markets across the world, is the perfect fit to this vision,” explains Otakar Šuffner, co-founder and CEO of FTMO, regarding the motivation behind the acquisition. “We are excited to work with OANDA’s team, given their impressive track record in complex regulated markets, strong approach to risk management and customer-centric philosophy. We believe that our connection will be beneficial for the whole market including our customers. Together, we form a unique group of companies with extensive expertise that has not existed on the market up until now,” adds Marek Vašíček, fellow co-founder and CTO of FTMO. Gavin Bambury, CEO of OANDA, commented: “Today, we mark a pivotal moment as OANDA officially joins the FTMO ecosystem. OANDA’s strength has always been rooted in our commitment to operating as a client-focused, trusted, regulated global group. This acquisition enables us to significantly accelerate our growth, and to deliver even more innovative, integrated and smarter trading experiences for our clients.” In connection with the transaction, Milbank LLP (Hong Kong) acted as its legal advisor to CVC, while Nomura and Santander served as its joint financial advisors. FTMO retained J.P. Morgan as financial advisor and Latham & Watkins LLP as legal advisors. About FTMO | press kit FTMO is a leading global provider of educational and training services, offering its clients the opportunity to test and develop their trading skills and risk management. FTMO delivers its services in more than 140 countries worldwide. Since its founding in 2015, the company has won the Deloitte Fast 50 award for the fastest-growing tech companies in Central Europe five times. Its founders were named EY Technology Entrepreneurs of the Year 2022 in the Czech Republic and have received several other awards as well. About OANDA | factsheet  Founded in 1996, OANDA is one of the world's leading online trading groups, offering multi-asset trading, currency data, and analytics to retail and corporate clients around the globe. From its roots providing free exchange rate data on the Internet to launching a FX trading platform that helped pioneer web-based currency trading, OANDA remains dedicated to building smarter trading experiences. With regulated entities in many of the world's most active financial markets, including New York, Toronto, London, Warsaw, Singapore, Tokyo, the British Virgin Islands and Sydney, OANDA enables retail clients to trade in a variety of asset classes on an award-winning trading platform. Depending on geographical location, these may include derivatives of FX, equity indices, shares, commodities, treasuries, precious metals, and digital currencies. About CVC  CVC is a leading global private markets manager with a network of 30 office locations throughout EMEA, the Americas, and Asia, with approximately €200 billion of assets under management. CVC has seven complementary strategies across private equity, secondaries, credit and infrastructure, for which CVC funds have secured commitments of approximately €243 billion from some of the world’s leading pension funds and other institutional investors. Funds managed or advised by CVC’s private equity strategy are invested in approximately 150+ companies worldwide, which have combined annual sales of over €165 billion and employ over 600,000 people. For further information about CVC users can visit: https://www.cvc.com/. CVC has one of the largest and longest-established pan-regional office networks of any private equity business in Asia and has been active in the region since 1999. CVC’s Asia private equity strategy is focused on control, co- control and structured minority investments in high quality businesses in core consumer and services sectors across Asia. Typical enterprise values are between $250 million and $1.5 billion. For further information about CVC’s Asia Pacific funds users can visit: www.cvc.com/strategies/asia/. Contact Global CMO Darren Moffett OANDA dmoffett@oanda.com

Historically, December tends to be a positive month for the S&P 500 (US SPX 500 mini on FXOpen): → Since the 1950s, the index has risen in more than 70% of Decembers. → The typical monthly gain is around +1.0%. Whether the index will continue upward in 2025 depends on the Federal Reserve’s meeting on 10 December and other factors, including geopolitical developments. Market interest is further heightened by a scheduled statement from Trump at the White House today (22:00 GMT+3), though the details remain undisclosed. Chart Analysis of the S&P 500 Bullish indicators: → The recovery from November’s lows has been strong, with a roughly 5% gain in just 10 days. → Prices have climbed above the blue trendline, which has served as a support level since summer. → The recent pullback (highlighted in red) may be a temporary consolidation, forming a Bull Flag pattern. Bearish indicators: → The red downward trajectory remains intact. → Recent price movements show potential Head and Shoulders and Quasimodo patterns, suggesting sellers could reassert control near the upper boundary. In the near term, the former resistance around 6785 could act as a support zone. Overall, the S&P 500 (US SPX 500 mini on FXOpen) appears poised to remain in a cautious stance, reacting to upcoming economic data delayed by the government shutdown. FXOpen offers spreads from 0.0 pips and commissions from $1.50 per lot. Enjoy trading on MT4, MT5, TickTrader or TradingView trading platforms! The FXOpen App is a dedicated mobile application designed to give traders full control of their accounts anytime, anywhere. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Bitunix, one of the world’s fastest-growing professional derivatives exchanges, has been awarded “Best Emerging Exchange of the Year” by the FinanceFeeds Awards 2025.  The exchange industry today is defined by heavy competition and fast-moving user expectations. Traders want deep liquidity, hundreds of pairs, and advanced tools that allow them to manage risk across spot and derivatives markets. At the same time, regulators are applying pressure, and users are more cautious about security after high-profile failures in recent years.  Bitunix started out with a simple goal — to give both pro traders and everyday users a safe, transparent place to trade. Fast forward to today, the exchange has already attracted over 3 million active users and sees more than $5 billion move through its platform every single day. It’s also gained strong credibility, with listings on CoinMarketCap, CoinGecko, and CoinGlass putting it among the most recognized exchanges out there. Bitunix offers a variety of services and features: spot markets, perpetual futures with up to 125x leverage, and access to over 700 trading pairs across hundreds of tokens and contracts. The platform packs in multi-chart layouts, 20+ technical indicators, TradingView Pro, and its unique “Ultra K-line” charts for a smoother trading experience. Furthermore, for traders who like flexibility, there’s copy trading, hedge mode, and plenty of order types to match different trading styles. What the Award Means The “Best Emerging Exchange of the Year” award shines a spotlight on the pace of change in the global digital asset trading sector. In a market dominated by established giants, new exchanges are judged not only on their ability to attract users but on how well they can deliver scale, innovation, and security in a short period of time. Recognizing a winner in this category means identifying a platform that has broken through a crowded field to offer a compelling mix of products, technology, and trust. For Bitunix, winning this award is a stamp of confidence. It shows the platform can offer traders both variety and depth while keeping things secure with 1:1 Proof of Reserves, MPC-based custody, and top-tier protection through partners like Fireblocks and Cobo. Add in regular audits from Hacken, insurance coverage with Nemean, and regulatory licenses across the U.S., Canada, and the Philippines, and it’s clear Bitunix is building a future on trust, transparency, and compliance. “Winning Best Emerging Exchange of the Year is an incredible honor for our whole team and community,” said Gemma Liu, marketing manager at Bitunix. “From day one, our goal has been to create a platform traders can truly count on—fast, transparent, and secure. This award shows that our vision is resonating and that users value the tools, products, and support we’ve worked hard to deliver.” Bitunix isn’t just about spot and derivatives markets. From staking and savings to dual investment products, the platform offers multiple passive income options as well. On top of that, fiat onramps in 30+ currencies via Visa, Mastercard, MoonPay, and P2P transfers make it easy for anyone, anywhere, to get started. By catering to both everyday traders and institutions, Bitunix breaks down barriers and brings real utility to digital assets. Recently, Bitunix introduced the Bitunix Care Fund, a dedicated user-protection reserve designed to strengthen trust and safety across the platform. Built with an initial allocation of 30 million USDC, the fund acts as a financial safety net to protect users in the event of unexpected incidents, technical issues, or market turbulence. Customer support has been another big driver of its reputation. With 24/7 multilingual live chat, traders highlight Bitunix’s responsiveness and reliability as a key reason they stick around. “This award recognizes exchanges that cut through the noise with real innovation and growth—and Bitunix has done just that,” said FinanceFeeds EIC, Nikolai Isayev. “In a short time, they’ve built a global community, launched advanced trading products, and demonstrated a strong commitment to transparency and security. It’s that mix of rapid progress with responsible practices that made Bitunix stand out as this year’s Best Emerging Exchange,” This award also signals how the digital asset exchange landscape is broadening. Emerging platforms are no longer niche alternatives; they are building global communities of millions of users, offering fiat on-ramps in dozens of currencies, and rolling out features once reserved for the largest incumbents. Honoring an exchange in this category shows where growth in the industry is happening—on platforms agile enough to innovate while still meeting the demands of professional traders and everyday users alike. Furthermore, Bitunix exchange has recently also been honored with the ‘Breakthrough Platform of the Year’ award by leading Latin American cryptocurrency news platform Cripto Informe, at Cripto Latin Fest 2025.

What happened: XM gets the green light from the UAE’s top regulator XM has secured a Category 5 license from the Securities and Commodities Authority (SCA) in the United Arab Emirates — a milestone the broker has been working toward as it strengthens its presence in the Middle East. For a company with more than 15 million clients globally, the approval represents a major step in bringing its services closer to traders in one of the world’s fastest-developing financial hubs. The UAE’s regulatory landscape has evolved quickly, and SCA authorization isn’t something that arrives easily. It signals that XM’s operational, compliance, and transparency standards meet the strict benchmarks set by the country’s market watchdog. In practice, it means XM can now serve traders across the Emirates through a fully licensed local entity, offering the same conditions and support systems that built its global reputation. “The UAE has established itself as a world-class financial hub, and receiving authorization from the SCA underscores our commitment to long-term growth and trust in the region,” said Menelaos Menelaou, co-Chief Executive Officer, XM. “We are proud to now offer UAE clients the same award-winning services and high standards of transparency that define XM globally.” Investor Takeaway The UAE is becoming a highly competitive market for regulated brokers. XM’s SCA approval places it ahead of peers still working through licensing. Why this matters: Regulation is shaping the next phase of brokerage growth For years, the Middle East attracted global brokers looking for expansion, but the regulatory clarity wasn’t always there. Today, the UAE has flipped that reality — establishing itself as a jurisdiction where compliance isn’t just expected but rewarded. This shift has made SCA licensing a kind of credibility test for brokers targeting the region. XM now joins a select group that can operate transparently and directly under UAE oversight. For traders, that carries weight. Many have grown more cautious about offshore entities and are asking tougher questions about safety, transparency, and dispute resolution. Having a regulator like the SCA behind a broker offers reassurance that operations are being monitored and that industry standards are being enforced. This license also supports XM’s broader regional strategy. The company can now offer its full suite of services — from platforms and tools to educational programs — through its dedicated UAE website, www.xm.ae, available in both Arabic and English. It’s a localized experience, not a redirected global service. How XM fits into the broader UAE brokerage landscape The UAE has become a focal point for global brokers, but approvals remain selective. Several brands are still navigating the licensing process, and some have adjusted their regional plans entirely while awaiting clarity. Against that backdrop, XM’s approval offers a competitive edge: early presence, structured compliance, and a clear runway for growth. XM’s advantage also comes from what it brings to the table — deep educational resources, multilingual support, and trading conditions that have historically resonated with emerging and mature markets alike. These strengths often matter more in regions where retail traders are rapidly increasing their sophistication and demand clearer guidance. While XM’s global recognition certainly played a role, the SCA license officially unlocks its ability to engage with local traders on their terms, through an entity overseen by a regulator they know and trust. Investor Takeaway As regulatory expectations rise, brokers with strong compliance track records will gain more traction. XM’s approval reflects this shift. What comes next: XM prepares a localized, UAE-first offering With authorization secured, XM is expected to deepen its operational footprint across the Emirates. The company now offers streamlined onboarding for UAE residents, as well as access to its full product range — including multi-asset trading, advanced platforms, and its well-known educational lineup. Support services and trading resources will be available directly through the new UAE-specific platform, giving clients a smoother and more locally aligned experience. XM’s broader ambition is clear: become a long-term, fully regulated player in a region where trading interest continues to grow at a rapid pace. As the UAE cements its status as a global center for finance and fintech, XM’s SCA license marks both a regulatory win and a strategic investment in the market’s future. For traders in the region, it adds another trusted, internationally recognized broker to an industry where credibility is increasingly non-negotiable.

Equiti Group, a global fintech provider, has partnered with TraderEvolution, a multi-market trading platform provider known for its modular, customisable solutions for brokers and banks worldwide. The partnership marks a key step in the Group’s work to deliver faster and more flexible trading across regions, giving clients greater responsiveness in rapidly changing markets and the tools they need to make informed decisions in different trading environments. TraderEvolution’s technology enables broader product access, stronger execution and a smoother operational flow. The partnership will support new asset classes and improved platform performance, allowing Equiti to deliver a more advanced trading offering and maintain world-class solutions for clients worldwide. Commenting on the agreement, Husam Al Kurdi, Equiti Cyprus CEO, said: "This partnership with TraderEvolution aligns with our ambition to widen the product range and market access available to our clients. It complements the strong foundation we already have in place and supports our ongoing work to provide a seamless and adaptable trading experience across regions. Our priority is to ensure clients have the reach and usability required to navigate global markets confidently." Roman Nalivayko, CEO, TraderEvolution Global said: “We are delighted to see a growing number of well-established brokerages selecting TraderEvolution as their core trading engine. TraderEvolution’s multi-asset strengths and back-end-first architecture give brokers unparalleled control and flexibility, empowering them to efficiently manage operations across all asset classes and deliver a seamless, customizable trading experience for their clients.” The agreement lays the foundation for continued collaboration, strengthening Equiti’s commitment to delivering innovative, high-performance trading solutions that empower clients worldwide.

Blockchain bridges are essential for enabling interoperability between different blockchain networks, allowing assets and data to move seamlessly across ecosystems. However, these bridges are increasingly becoming high-risk targets for hackers. Understanding the vulnerabilities and how to mitigate them is crucial for developers, investors, and users navigating the decentralized finance (DeFi) space. Key Takeaways Blockchain bridges remain one of the most fragile pieces of DeFi infrastructure due to their complexity and high-value custody. Most bridge exploits occur as a result of smart contract bugs, weak verification processes, or compromised validator keys. Centralized or poorly distributed validator structures significantly increase the risk of large-scale fund losses. Developers can reduce risks through decentralized verification, formal audits, strong key management, and continuous monitoring systems. Users must limit exposure, choose well-audited bridges, and remain proactive about revoking approvals and monitoring security updates. What Are Blockchain Bridges? Blockchain bridges are protocols that connect two or more blockchains, enabling users to transfer tokens and data across networks. They typically operate by locking assets on the source chain and minting equivalent tokens on the destination chain. While bridges expand liquidity and facilitate multi-chain interactions, their complex architecture exposes them to a range of security risks. Common Security Vulnerabilities in Blockchain Bridges Smart Contract Flaws: Most bridges rely on smart contracts to manage cross-chain asset transfers. Flaws in these contracts — such as logic errors, improper validation, or upgradeable contract vulnerabilities — can allow hackers to mint tokens without backing assets or withdraw funds illicitly. Past incidents, like the Poly Network and Wormhole hacks, highlight how minor coding errors can lead to losses of hundreds of millions of dollars. Weak Cross-Chain Verification: Bridges must verify asset transfers from the source chain before releasing tokens on the destination chain. Weak verification methods — such as trusting relayers without cryptographic proofs or skipping state validation — can lead to fraudulent withdrawals or duplicated token minting. This vulnerability underscores the importance of robust Merkle-proof or light-client verification mechanisms. Centralized Validator Risks: Many bridges rely on a small number of validators or multisignature wallets to approve transfers. If private keys are compromised through phishing, insider attacks, or poor key management, attackers can approve unauthorized transactions. The 2022 Ronin Bridge hack, which resulted in over $600 million stolen, illustrates this centralization risk. Custodial and Economic Risks: Bridges holding large amounts of assets are inherently custodial. If the bridge is compromised, wrapped tokens may become unbacked, threatening the value of those assets. Mismanagement, coding flaws, or hacks can trigger cascading losses across multiple chains, impacting the broader DeFi ecosystem. Insufficient Audits and Monitoring: Complex bridge protocols require rigorous testing, audits, and continuous monitoring. Lack of proper audits or real-time monitoring can allow vulnerabilities to go unnoticed until exploited. Implementing formal verification, continuous auditing, and anomaly detection systems is critical to mitigating risks. Lessons from Major Bridge Exploits The Ronin Bridge exploit in 2022 exposed how dangerous compromised validator keys can be, as attackers used them to approve fraudulent withdrawals that drained over $600 million from the network, a pattern that appeared again the same year when a smart contract verification flaw in the Wormhole Bridge allowed an attacker to mint unbacked wrapped ETH and steal roughly $320 million. A similar weakness surfaced in 2021 during the Poly Network hack, where improper authorization checks in its cross-chain messaging system enabled an attacker to redirect more than $600 million worth of assets, although much of it was later returned. These incidents were followed by the Multichain breach in 2023, which stemmed from centralized control and suspected key compromise, ultimately leading to losses exceeding $130 million and reaffirming the systemic risks posed by poorly decentralized and weakly secured bridge infrastructures. How to Mitigate Blockchain Bridge Risks For developers Developers must conduct comprehensive formal audits and repeated stress tests on all smart contracts to identify logic errors, weak access controls, and edge-case failures before deployment. Multiple independent audit firms should review the code, while internal teams carry out ongoing testing to reduce the chances of overlooked vulnerabilities. Instead of relying on centralized multisignature wallets, bridge protocols should adopt decentralized validator sets or implement zero-knowledge proof and light-client verification systems, which reduce single points of failure and strengthen trust minimization across chains. Strict key management practices must also become a priority, with the use of hardware security modules, multi-layer authentication, secure storage environments, and regular key rotation policies to prevent unauthorized access. In addition, strong governance structures should be put in place to ensure that no single party can unilaterally control, update, or override the bridge’s core functions. To further reduce risk, development teams should deploy real-time monitoring systems capable of tracking abnormal patterns in cross-chain transactions and automatically triggering alerts or emergency pauses when suspicious activity appears. For users Users should prioritize bridges that maintain transparent audit records, strong decentralization, and consistent security updates, while avoiding platforms that rely on opaque structures or a small group of validators. Exposure to bridged assets should remain limited by transferring only what is necessary and avoiding long-term storage of funds in wrapped tokens, as these remain tied to the security of the bridge’s underlying infrastructure. To strengthen personal security, users should regularly revoke unnecessary token approvals through approved tools and stay updated on protocol alerts, security notices, and vulnerability disclosures to respond quickly if a bridge becomes compromised. Conclusion Blockchain bridges are critical for the growth of DeFi and multi-chain ecosystems, but they remain one of the most vulnerable components in crypto infrastructure. Developers and users must prioritize security through robust design, auditing, and risk management to prevent the massive losses that continue to occur. Frequently Asked Questions (FAQs) What is a blockchain bridge?A blockchain bridge is a protocol that enables the transfer of assets and data between two or more separate blockchain networks. Why are blockchain bridges frequent targets for attacks?Blockchain bridges hold large amounts of locked assets and often rely on complex, vulnerable verification systems, which makes them attractive targets for hackers. What is the most common vulnerability in blockchain bridges?Smart contract flaws combined with weak cross-chain verification are the most common vulnerabilities exploited in bridge attacks. Are decentralized bridges safer than centralized ones?Decentralized bridges generally reduce single points of failure, but they still require strong code security and proper validator incentives to remain safe. Can users recover funds lost in a bridge hack?In most cases, recovered funds are rare unless the attacker voluntarily returns them or authorities track and freeze assets through coordinated intervention.

What Did Vanguard Change—and Why Now? Vanguard has reversed one of its most rigid policies in recent years, deciding to allow both ETFs and mutual funds that primarily hold cryptocurrencies to trade on its brokerage platform, Bloomberg reported Monday. The move follows pressure from both retail and institutional clients, marking a sharp departure from the asset manager’s previous position. As recently as August 2024, CEO Salim Ramji said Vanguard had no plans to offer or launch crypto ETFs, repeating the company’s long-standing stance that digital assets did not fit its product lineup. The firm also declined to support the spot bitcoin ETFs rolled out by rivals BlackRock and Fidelity earlier that year. The new policy takes effect Tuesday and applies to funds with exposure to assets such as bitcoin, ether, solana and XRP. It does not mean Vanguard will create its own crypto products, but customers will now be able to buy and sell third-party funds backed by digital assets. Investor Takeaway Vanguard’s reversal removes one of the last major barriers separating traditional portfolios from crypto ETFs. Tens of millions of brokerage accounts can now access regulated crypto funds without switching platforms. Why Is This a Meaningful Shift for U.S. Investors? Vanguard is the world’s second-largest asset manager, servicing more than 50 million brokerage customers who oversee more than $11 trillion, according to Bloomberg. For years, the firm stood as the largest holdout among major financial institutions refusing to touch crypto products. Its refusal limited access for millions of long-term investors who rely exclusively on Vanguard for retirement accounts and index strategies. That barrier is now gone. Allowing crypto-backed ETFs and mutual funds to trade on Vanguard’s platform makes digital assets accessible to one of the biggest retail and retirement client bases in global finance. The change also narrows the gap between Vanguard and competitors that moved earlier into the ETF wave triggered by the SEC’s approval of spot bitcoin ETFs in January 2024 and spot ether ETFs that summer. According to Bloomberg, internal reviews around crypto-product access had been underway since at least September. The firm ultimately concluded that client demand, the behavior of crypto ETFs during market swings and improvements in fund servicing made the shift workable. “Cryptocurrency ETFs and mutual funds have been tested through periods of market volatility, performing as designed while maintaining liquidity,” said Andrew Kadjeski, head of brokerage and investments at Vanguard, according to Bloomberg. “The administrative processes to service these types of funds have matured, and investor preferences continue to evolve.” How Does This Fit Into the Wider ETF Landscape? Crypto ETFs in the U.S. have expanded rapidly over the last two years. After bitcoin and ether products gained approval, issuers began launching ETFs tied to assets such as XRP, Solana, Dogecoin and Litecoin. The pipeline continues to grow: Bloomberg Senior ETF analyst Eric Balchunas said last week he expects more than 100 new crypto ETFs to hit the market within the next six months. By October, over 150 cryptocurrency-based exchange-traded product filings were active across roughly 35 different digital assets. Vanguard’s updated policy gives these issuers access to a distribution channel previously closed off to them. For investors, this means more freedom to build crypto allocations inside traditional portfolios, especially in retirement accounts where many savers keep the bulk of their capital. It also brings crypto ETFs closer to the status of mainstream asset classes, placed alongside equity index funds, bond funds and sector ETFs on one of the country’s most widely used platforms. What Comes Next for Vanguard and the Broader Market? While Vanguard’s reversal is notable, it does not signal a shift toward launching its own crypto products. The firm is expected to remain focused on index-driven strategies across equities and fixed income. But by opening its doors to third-party crypto ETFs and mutual funds, it clears a path for users who want controlled, regulated exposure without leaving the Vanguard ecosystem. The bigger impact will likely be felt across the ETF industry. With Vanguard no longer blocking access, issuers gain a massive audience of long-term investors who tend to hold positions through market cycles. That could bolster liquidity across the entire crypto-ETF segment and support the next wave of product development. Crypto and traditional finance continue to blend, and this latest policy shift removes another dividing line. For the first time, tens of millions of Vanguard customers can trade crypto funds on the same platform where they manage their index portfolios.

What Did Investigators Shut Down—and Why? Cryptomixer.io, one of the longest-running bitcoin-mixing services, has been taken offline in a coordinated operation by Swiss and German authorities. The site, active since 2016, was described by investigators as one of the largest crypto mixers used to conceal flows tied to criminal activity. Germany’s Federal Criminal Police Office (BKA) said it worked with prosecutors in Frankfurt and law enforcement in Zurich to dismantle the platform last Wednesday. Cryptomixing services break up and blend cryptocurrency transactions to obscure their origin. While mixers can be used for privacy, authorities say they have become core infrastructure for cybercrime, ransomware payouts and laundering operations linked to large criminal groups. According to the BKA, Cryptomixer.io generated billions of euros in revenue, “most of which were gained from criminal activities.” The operation seized servers in Switzerland, took control of the platform’s internet domain and confiscated more than 12 terabytes of data. Authorities also recovered Bitcoins worth over €25 million ($29 million). Investor Takeaway Another major mixer takedown tightens the net around crypto services used for ransomware and illicit flows. Law enforcement is increasingly coordinating across borders, raising compliance expectations for privacy-focused tools. How Did the Operation Unfold? The shutdown was led by Swiss authorities in Zurich, with Europol, EU agencies and U.S. investigators participating. The BKA said the data seized during the raid will help identify other cybercrime schemes connected to the mixer. “The findings will also contribute to the investigation of further cybercrimes,” the agency said. Europol, in a separate statement, said the service was accessible both through the regular internet and the dark web. Investigators believe Cryptomixer.io supported a range of illicit operations including ransomware networks, money-laundering chains and cybercriminal marketplaces. The seizure fits into a broader trend: mixers that once operated quietly on the edges of the crypto economy are now top priorities for police as blockchain analysis improves and international task forces focus on ransomware groups. Previous enforcement actions against Blender.io, Tornado Cash relayers and ChipMixer have already shifted the landscape for privacy services. Why Has Cryptomixing Become a Target? Mixers became popular as bitcoin’s transparency increased. Every transaction on the chain can be traced, making unshielded transfers easy to link to wallets, exchanges or real-world identities. Criminal groups—especially ransomware operators—turned to mixers to mask ransom payments before cashing out or routing funds through exchanges. Regulators and law enforcement argue that the majority of mixer volume now comes from illicit sources. Blockchain analytics firms have reported that the largest inflows to mixers in recent years originate from ransomware payouts, darknet markets, stolen funds and sanctioned entities. Cryptomixer.io’s scale and longevity made it a high-value target. Operating for nine years, the service handled substantial flows at a time when ransomware attacks hit record levels across Europe and the United States. Authorities say shutting it down removes a key tool used by groups responsible for major breaches. What Comes Next for the Investigation? The 12 terabytes of seized data are expected to play an important role in identifying wallets, transaction patterns and cross-chain movement tied to other cybercrime schemes. Investigators did not release details on suspects or possible arrests. The domain seizure suggests that the platform will not return online, though cloned or successor services often appear after major takedowns. Europol has been coordinating multi-country crypto investigations more frequently as ransomware attacks increase in frequency and scale. The agency’s statement noted that Cryptomixer.io was “suspected of facilitating cybercrime,” and said investigators are examining its role in laundering funds across both public web infrastructure and dark-web channels. With the platform offline, authorities are expected to trace transactions routed through the mixer over its nine years of operation. The extent of those flows, coupled with the size of the data seizure, indicates that the investigation will continue to expand. The shutdown highlights a continued tightening of enforcement against crypto privacy tools that have become central to cybercrime operations. As cross-border cooperation deepens, mixers that operate openly on the web may face growing scrutiny from regulators and police.

What Does the Macquarie Acquisition Give Nomura? Nomura has finalized its $1.8 billion takeover of Macquarie’s US and European public asset management business, its largest global expansion since the Lehman Brothers acquisition in 2008. The deal shifts roughly $166 billion in client assets under Nomura Asset Management and creates a new global unit: Nomura Asset Management International. The group will combine three pieces: the acquired Macquarie public-markets business, Nomura Capital Management (its private-markets arm), and its long-running high-yield specialist, Nomura Corporate Research and Asset Management. Together, they form a wider platform that spans equities, fixed income, multi-asset strategies, private credit and leveraged loans. “This transaction marks a significant step towards our 2030 Management Vision,” president and CEO Kentaro Okuda said. “It boosts our assets under management and diversifies and strengthens our platform.” Investor Takeaway The acquisition raises Nomura’s global asset-management profile and brings a US mutual-fund franchise that the firm lacked for decades. Execution risk now shifts to integrating teams, retaining managers and keeping clients onboard. Why This Business Matters: A 90-Year Franchise Changes Owners The unit Nomura is buying carries deep roots in American public markets. It traces back to Delaware Investments, founded in 1929 in Philadelphia. Macquarie purchased Delaware in 2010, rebranded it in 2017, and expanded it further through its 2021 acquisition of Waddell & Reed. The operation now spans equities, fixed income and multi-asset strategies and employs more than 700 staff. Those teams — along with the long-running “Delaware Funds by Macquarie” lineup — now fall under Nomura. For the Japanese group, this finally delivers a large US public-markets footprint after years of trying to build one organically. The new platform combines this heritage with Nomura’s existing strengths in global high yield and private credit. NCRAM has operated since 1991, and Nomura Capital Management, created in 2024, has grown into the center of the firm’s private-markets strategy. Merging these capabilities gives Nomura a broader set of products across public and private markets. Who Will Run Nomura Asset Management International? Leadership continuity is central to the integration. Shawn Lytle — former president of Delaware Investments and head of Macquarie Group Americas — will take over as CEO. His appointment brings familiarity for the 700 employees moving to Nomura, many of whom have worked under him for more than a decade. Robert Stark, CEO of Nomura Capital Management and head of Investment Management in the Americas, becomes president and deputy CEO. Stark played a central role in building Nomura’s credit and private-markets capabilities and is now responsible for helping align those units with the acquired public-markets platform. In Tokyo, Yoshihiro Namura remains the senior executive sponsor overseeing the combined global business. Why Did Macquarie Sell — and Why Maintain a Partnership? Macquarie is not exiting asset management; it is doubling down on the part of the industry where it has scale: private markets. The Australian group has become a major force in infrastructure, renewable energy, transport assets, private real estate and private credit. Recent multi-billion-dollar exits and allocations demonstrate this focus. Selling the public-markets franchise gives Macquarie a cleaner model and frees capital for private-assets expansion. But the two groups are not severing ties. Macquarie and Nomura have arranged a strategic partnership that includes product distribution and joint work on investment strategies. Macquarie gains continued access to Nomura’s retail and institutional networks in Japan and Asia, while Nomura can tap Macquarie’s scale in alternative assets. What This Deal Means for Nomura’s Global Strategy The acquisition is the clearest step yet in Nomura’s long effort to raise its global relevance in asset management. Since the Lehman acquisition, the firm has spent years rebuilding its overseas business after uneven returns and restructuring cycles. Public-markets exposure in the US was a missing piece throughout that period. With this transaction, Nomura gains long-established US mutual funds, a European institutional business, and an experienced bench of portfolio managers. The challenge now sits in integration: keeping investment processes intact, retaining senior managers, and maintaining relationships with clients who have been tied to the Delaware-Macquarie franchise for decades. Even so, the direction is clear. The combined group brings Nomura closer to its 2030 target of a larger, more diversified global asset-management business. This is its most consequential move on that path in more than 15 years.

What Prompted the Leadership Change? Trading.com Markets Inc., one of the few retail foreign-exchange brokers operating under full U.S. regulatory oversight, has named longtime executive Theofanis Pantelides as its next CEO. The change appears in the firm’s latest FDM Business Disclosure filing with the National Futures Association and takes effect in December 2025. Pantelides replaces Søren Haagensen, who had overseen the company’s U.S. licensing and early operations. According to his LinkedIn profile, Haagensen has now left the firm after more than three years in senior roles at the U.S. subsidiary. [caption id="attachment_174018" align="alignnone" width="622"] Søren Haagensen[/caption] The appointment brings the firm’s most technically oriented executive into the top job at a moment when the U.S. entity is shifting from its years-long launch process to the day-to-day discipline required of a CFTC-registered Retail Foreign Exchange Dealer. Investor Takeaway Trading.com’s U.S. business is moving from a licensing-heavy phase to an operations-heavy phase. Elevating a COO with engineering roots reflects the practical demands of running an RFED under tight CFTC and NFA rules. Who Is Pantelides, and Why Him? Pantelides joined Trading.com in 2019 as Chief Information Officer and helped build the technology stack that supported the firm’s delayed U.S. rollout. He later stepped into the COO role, taking responsibility for operational controls, reporting systems and platform performance — all areas central to an RFED’s survival in a small but demanding market. His earlier career includes senior engineering positions at Integral Development Corp. and FxPro Financial Services, where he worked on pricing engines and execution infrastructure. That background places him in a rare category: a CEO with direct engineering experience running one of the few remaining U.S. retail-FX brokers. Given the compliance environment, a CEO who understands the technical mechanics of execution, routing, order controls and supervisory systems is not a luxury — it is a requirement for avoiding operational lapses. How Does the U.S. RFED Environment Shape This Move? Trading.com Markets Inc., headquartered on Broad Street in New York, holds RFED registration and NFA membership, subjecting it to strict capital, reporting and supervisory rules. The firm is prohibited from offering CFDs or crypto trading in the U.S. and is limited to spot FX. In 2024, the NFA fined the company $50,000 for late financial and trade reporting and for weaknesses in internal controls. While the penalty was small, it underlined the compliance burden RFEDs face. The same systems flagged in the action — audit trails, monitoring tools, escalation processes — fall under the remit Pantelides managed as COO. His move into the CEO role therefore reads less as a branding exercise and more as a practical restructuring around the firm’s most important operational priorities. Investor Takeaway The U.S. retail-FX field has shrunk to a handful of players. Reliability, reporting accuracy and execution quality matter more than marketing muscle, which makes a technically fluent CEO valuable. What Does Haagensen’s Exit Tell Us About Trading.com’s Timeline? Haagensen’s tenure unfolded in two distinct stages. From 2019 to 2021, he helped build the regulatory architecture and guide the firm through its RFED application — one of the most complex licensing paths in U.S. financial services. Between 2022 and 2025, he oversaw Trading.com’s live operations, daily supervision and rollout of its U.S. platform. His background — spanning two decades at Société Générale, followed by senior roles at Integral and smartTrade — aligned well with the company’s pre-launch and early-launch needs. With the regulatory foundation now in place and the operational environment stabilizing, his departure closes the “build and license” era for the business. Where Does Trading.com Go From Here? The U.S. retail-FX sector has been shrinking for more than a decade due to leverage caps, capital rules and the supervision required to operate as a CFTC-registered dealer. Only a small cluster of RFEDs and futures brokers remain.

Bitcoin (BTC) is now worth $86,032, down 0.7% over the last 7 days. The cryptocurrency shot above $92,000 for a brief time before falling back. Its trading range over the past 24 hours has been between $85,694.01 and $91,904.65. Bitcoin's market cap is $1.72 trillion, and its 24-hour trading volume exceeds $62.7 billion. This pullback shows that volatility is higher near weekly highs, which has been followed by strong selling pressure that has slowed bullish momentum. The asset's success is happening in a market where short-term gains have given way to longer-term stability. Traders have faced turbulent conditions, with Bitcoin struggling to hold gains after testing resistance levels. This situation has made technical indicators even more important, especially when the digital asset is approaching key levels in established trend models. Brandt's Logarithmic Model Shows Risks in the Green Zone Peter Brandt, a veteran trader and analyst, has pointed out Bitcoin's place in his own logarithmic trend model. He warns that the cryptocurrency is approaching the upper limit of the lower green zone. In this model, green zones correspond to periods of relative stability and accumulation. However, being close to the upper edge has historically come before cycle bounces toward higher resistance areas, which are usually followed by strong corrections. Brandt presented his analysis in the form of a thorough graphic. He said, "Not to burst anyone's bubble, but the upper boundary of the lower green zone starts at sub-$70s, and the lower boundary support is in the mid-$40s." How long will it be until Saylor's Shipmates ask about the lifeboats? $BTC."  The model shows that the upper limit of the lower green zone starts in the sub-$70,000 range, and that foundational support extends to the mid-$40,000 range. Support is currently at $61,254, but it might go down to $36,750, with resistance between $222,246 and $333,369. Historical examples demonstrate the model's predictive power. Bitcoin reached its highest point in December 2017, when it hit $20,076 near the top green limit. It then fell sharply, reaching support around $3,100 at the bottom edge. In the same way, the asset hit $69,290 in November 2021 but couldn't stay at that level, dropping to $15,500 by November 2022. These examples show how green zone tops have been reversal points that have triggered drawdowns lasting months. What This Means For Institutional Holders and Saylor's Plan Brandt's mention of "Saylor's Shipmates" appears aimed at big institutions, especially MicroStrategy and its outspoken executive chairman, Michael Saylor. His company has a lot of Bitcoin as a fundamental treasury asset. The commentary suggests that a drop into the lower green zone might make leveraged investors more anxious, raising concerns about cost bases, margin pressures, and the need for contingency planning—metaphorically, "life-boats" in a stormy market. One person disagreed, saying that Bitcoin's inability to break through the top boundary of its long-term channel shows weakness, which could cause it to break down below the lower trend line. Brandt doesn't agree with this negative view, but he does say that prior trends make these dangers more likely. Data on Liquidation Shows Decline of Bullish Bets Recent liquidation indicators show that long positions are being hit harder than short positions during the downturn, adding to the technical concerns. Over the last 4 hours, total liquidations reached $20.37 million. Longs made up $18.12 million of that, and shorts made up $2.25 million. The number rose to $191.91 million over 12 hours, with long liquidations totalling $186.56 million and short liquidations totalling $5.35 million.  In the last 24 hours, a total of $205.50 million was lost, with $188.55 million coming from optimistic wagers and $16.94 million coming from bearish bets. This data shows that upside leverage is unwinding quickly, as traders who bet on more rallies have to cover.  The fact that losses are mostly on longs fits with the recent sell-off, which might make things worse if sentiment becomes worse. In short, Brandt's green zone notice puts Bitcoin at a critical point, where previous reversals and current liquidations could test the resolve of high-profile holders like Saylor's camp. As the market moves through these levels, it will be important to keep a tight eye on support levels to see if this is just a normal downturn or the start of bigger problems.

What Did the CFTC Approve and How Is Bitnomial First to Market? Bitnomial has become the first exchange allowed to offer spot cryptocurrency trading under direct oversight of the U.S. Commodity Futures Trading Commission. The Chicago-based platform received clearance after its self-certified rulebook took effect on Friday, allowing it to list both leveraged and non-leveraged spot crypto products. Customers will be able to buy, sell and finance digital assets on a federally regulated commodities exchange — something the U.S. has not had until now. The approval follows months of discussions between the CFTC and registered exchanges. Acting CFTC head Caroline Pham confirmed in November that the agency had been working with DCMs on potential spot listings. She has said publicly that the CFTC already has the authority to supervise spot crypto commodities without new legislation. Bitnomial’s green light creates a new category in American crypto markets: spot trading inside the commodities regulatory perimeter, not through banking regulators or securities rules. It also marks the first time leverage will be allowed on a CFTC-regulated spot product. Investor Takeaway Bitnomial is the first venue to bring spot crypto into U.S. commodities regulation. The approval gives DCMs a route to offer spot trading without waiting for new laws or Congress-led reforms. How Did the SEC and CFTC Clarify the Legal Path? The SEC and CFTC issued a joint clarification stating that current law does not block registered exchanges from listing certain crypto commodity products, including leveraged versions, as long as the platforms coordinate with the agencies. The statement removes a long-standing assumption that new statutes were needed before spot crypto could be traded on regulated U.S. venues. The agencies said exchanges registered with either regulator may list spot crypto commodities provided the assets are treated as commodities and the exchange works directly with staff on listing procedures, surveillance and risk practices. The clarification effectively settles a key procedural question: whether registering as a DCM is enough to operate spot markets. The answer, according to both agencies, is yes — with the right coordination. This stance arrives during a period of growing activity at the CFTC, which has taken a more assertive role in bringing retail crypto markets under its umbrella. The agency has long overseen derivatives tied to Bitcoin and Ether. Spot trading, however, sat in a gray area. Bitnomial is the first to turn that area into a supervised market. Which Exchanges Could Follow Bitnomial? The approval sets up a path for other designated contract markets — including Coinbase, Kalshi and Polymarket — to add spot crypto trading if they pursue similar processes. Coinbase already holds DCM status through its acquisition of FairX. Prediction-market operators like Kalshi and Polymarket also hold CFTC registrations and now have clearer rules for listing spot products tied to crypto commodities. If any of these firms take the same route, the U.S. could soon see a cluster of CFTC-regulated spot markets instead of a single entry. That would move parts of the crypto economy into a regulatory model that resembles metals and agricultural commodities rather than securities oversight. Such a shift would also reshape how leverage and financing are handled for retail users. Bitnomial’s approval includes leveraged spot trades — a structure that mirrors margin trading on derivatives platforms but now under federal supervision. The CFTC’s willingness to permit leverage on spot products indicates that the agency sees crypto commodities as fitting within its established rulebook for collateral, custody and capital requirements. Investor Takeaway More DCMs may seek spot listings after the SEC–CFTC clarification. The next movers to watch are Coinbase, Kalshi and Polymarket, all of which already have the required registrations. What Comes Next for U.S. Crypto Markets? Bitnomial’s rollout will test how much demand exists for spot crypto trading inside a commodities-regulated framework. The move introduces a venue where surveillance, margin rules and trade reporting follow federal standards rather than voluntary industry practices. It also gives the CFTC a direct window into retail spot activity — something the agency has sought for years. Whether other exchanges follow quickly will depend on product design, risk models and agency coordination. But after Friday’s approval, the procedural path is no longer theoretical. Registered DCMs now have a clear method to launch spot crypto markets without waiting for Congress to rewrite the regulatory map.

What Triggered YZiLabs’ Attempt to Take Control? YZiLabs, a family office linked to Changpeng Zhao, has launched an activist campaign to take control of BNB Network after saying the company’s rollout has stalled and investor communication has broken down. In a new Schedule 14A filed Monday, the firm accused current management of slow execution, thin investor updates, and delays on core regulatory filings. The push comes just months after YZiLabs and 10X Capital backed a $500 million PIPE that transformed the former nicotine-vape manufacturer CEA Industries into BNB Network (ticker: BNC), a listed vehicle meant to give institutions long-term exposure to BNB. At the time, leadership pitched the plan as a way to create the largest publicly traded BNB treasury in the United States. BNB Network’s stock initially jumped more than 600% in July following the PIPE, which included $400 million in cash and $100 million in crypto. CEO David Namdar and former CalPERS CIO Russell Read, both brought in during the transaction, said the pivot was designed to build a transparent institutional entry point into the Binance-linked ecosystem. YZiLabs now says the rollout has fallen off track. Investor Takeaway The BNB Network turnaround story is colliding with falling BNB prices and a widening discount to NAV. Governance tension is now a central part of the investment case. What Is YZiLabs Claiming in Its Filing? The Schedule 14A outlines several complaints. YZiLabs says the company has delivered slow or incomplete filings, minimal investor-relations outreach, and almost no institution-facing marketing. It also claims Namdar has promoted other digital-asset treasury ideas while BNB Network’s rollout stalled. YZiLabs is also challenging the influence of 10X Capital, which it says holds a dominant presence on the board while also acting as an asset manager tied to the project. The filing seeks to expand the board, roll back recent bylaw changes, and install a new set of directors through a written-consent process. If most outstanding shares approve, control would move to Zhao’s family office without the need for a shareholder meeting. The activist move represents a sharp reversal from the cooperative tone surrounding the PIPE just a few months earlier. What was pitched as a high-visibility BNB treasury vehicle is now caught in a governance fight over momentum, communication and strategic focus. How Much Pressure Is Coming From the Market Backdrop? BNB is trading near a three-month low just above $800, according to The Block’s price data. That slide is weighing directly on BNB Network’s treasury, which currently shows roughly 515,000 BNB valued around $412 million at an average cost of $851. BNC shares fell nearly 11% in early Monday trading to $6.35. The drop widened the discount to its reported NAV of $8.09 per share and pushed the stock’s mNAV multiple to roughly 0.8× — a level that tends to draw scrutiny when a company’s entire pitch is transparent asset exposure. For a vehicle meant to mirror BNB’s value, the growing gap between the share price and the underlying treasury is now a critical issue. YZiLabs says management has not acted quickly enough to address investor concerns or provide clear reporting during a volatile stretch for the token. Investor Takeaway Discount-to-NAV structures leave little room for weak communication. With BNB sliding and liquidity thinning, any delay in reporting or messaging can widen the gap further. What Comes Next for BNB Network? If YZiLabs gathers enough written consents, it could replace much of the board and take control without calling a shareholder meeting. Such moves are rare but legally allowed under the company’s structure. If the firm falls short, a drawn-out governance dispute may follow, especially with BNB prices under pressure and institutional holders watching the discount. The Block has reached out to Namdar, BNB Network and a YZiLabs representative but has not yet received a reply. The months ahead will show whether BNB Network can stabilize its rollout or whether control shifts to YZiLabs, setting up a new direction for the publicly traded BNB treasury.

What Does Shinhan’s Investment Mean for 24X? Shinhan Securities has taken a minority stake in 24X US Holdings, marking its first investment in a U.S. stock exchange. The deal brings South Korea’s second-largest brokerage into the only SEC-approved venue cleared to operate U.S. equity trading for 23 hours per weekday. The move lands as Asian participation in U.S. mega-cap stocks continues to grow and as brokerages look for ways to serve customers who trade outside U.S. hours. 24X began operating in October with hours running from 4:00 a.m. to 8:00 p.m. ET. Pending final approvals and infrastructure updates, it plans to extend to a 23/5 schedule in the second half of 2026, staying open from Sunday evening through Friday evening with a one-hour daily maintenance window. The platform, founded by electronic-trading veteran Dmitri Galinov, has marketed itself as the first U.S. national exchange built for a global audience used to non-stop markets. Shinhan’s stake follows a similar investment by Japan’s Rakuten Securities in May. With demand for U.S. equities rising across Asia, the two deals signal growing interest in securing access to extended-hour execution. Korean and Japanese retail traders frequently transact in U.S. giants such as Nvidia, Tesla and Apple late at night; longer hours would allow them to trade during daytime at home. Galinov welcomed the backing from Shinhan and Rakuten, saying the investment will help expand 24X’s presence. “This significant investment will advance our mission to deliver enhanced liquidity, transparency, and efficiency to traders in U.S. equities wherever they may be based,” he said. Investor Takeaway A second major Asian brokerage taking a stake in 24X points to rising offshore demand for U.S. equities and a competitive push to offer daytime access in Asian time zones. Why Is the Market Moving Toward Near-24-Hour Equity Trading? The idea of continuous equity markets has been circulating for more than a decade. Crypto trading introduced retail investors to 24/7 price discovery, removing the concept of “market hours.” At the same time, global retail interest in U.S. stocks increased sharply after 2020, with Asian investors becoming a steady source of liquidity in U.S. large-cap names. Nasdaq and the NYSE offer pre-market and after-hours windows, but they are limited and fragmented. Several alternative trading systems experimented with extended sessions, yet none pursued national-exchange status with a near-continuous schedule. The SEC’s approval of 24X marked a break from long-standing reluctance rooted in concerns about clearing cycles, overnight supervision and the risk of thin liquidity during quiet periods. Changes in clearing technology have reduced some of these worries, especially as settlement cycles shorten and reconciliation tools improve. Advocates of longer hours argue that a global investor base and round-the-clock news cycles make rigid U.S. trading windows outdated. How Does Asian Demand Tie Into the 24X Model? Shinhan and Rakuten’s involvement reflects Asia’s growing influence on U.S. market flow. Korean regulators regularly report record ownership of offshore equities, while Japan’s brokers have expanded fractional-share programs and low-cost access to U.S. stocks. Taiwan and Singapore show similar patterns, with younger investors trading U.S. technology stocks through mobile apps. Access to 24X’s liquidity pool could give Asian brokers an advantage: clients would no longer need to stay awake past midnight to trade U.S. earnings events or macro releases. It would also make price discovery more responsive to news in Asia and Europe, tightening the feedback loop between regions. For 24X, early alignment with Asian brokers builds a user base that is already accustomed to active cross-border trading and may help ensure deeper liquidity during non-traditional U.S. hours. Investor Takeaway Asian retail flows have become a global force in U.S. equities. If 24X succeeds with 23-hour trading, demand from these markets could help stabilize liquidity during extended hours. What Comes Next for 24X and the Future of Market Hours? Galinov has a history of building high-speed trading platforms, including FastMatch, the FX matching engine later bought by Euronext. 24X follows the same pattern: expand access, cut costs and reach traders beyond traditional market boundaries. The exchange traces part of its origins to Bermuda, where it developed extended-hour FX and digital-asset platforms. Moving into regulated U.S. equities marks an escalation of that model, with ambitions to challenge the entrenched dominance of Nasdaq and NYSE by offering a structure tailored to a global retail audience. If the 23-hour model holds, it could push established exchanges to revisit their hours and potentially bring U.S. equities closer to the always-open environment familiar in crypto and FX. Market-structure debates will continue around supervision, liquidity and resiliency, but the direction of travel is clear: global participation is pulling U.S. markets toward longer trading windows. Shinhan’s investment adds momentum to that shift. As foreign demand grows, the boundary of “U.S. market hours” may be defined less by Wall Street tradition and more by global trading behavior.

Crypto exchange-traded products (ETPs) have seen a dramatic positive spin after investors poured roughly $1 billion into them over the past week. The surge comes after a sustained period of outflows, which lasted four consecutive weeks due to risk-off sentiment, price turbulence, and macro uncertainty that pushed capital out of crypto investment vehicles. But as crypto markets hit fresh low price zones, institutional and professional investors appear to be stepping back in to purchase assets at a discount, interpreting falling prices as an entry window rather than a warning sign. The inflow is now being framed as a potential shift in investor mindset, signaling renewed confidence in crypto ETP-based exposure. Are Crypto ETP Investors Bargain Hunting or Seeking Early-Stage Accumulation? Observers say the ETP inflows don’t appear to be a simple bounce because they also show signs of deliberate positioning. After several weeks of declining digital asset valuations, large investors seem to be treating the dip as a value opportunity. For them, exchange-traded products (ETPs) offer a less volatile exposure path than direct token custody, with compliant structures and institutional-level protections. In particular, capital flowed into Bitcoin and multi-asset ETPs, as investors deployed capital into baskets rather than making token-specific moves. This suggests a mindset geared toward broad exposure and accumulation rather than short-term speculation. It also highlights a psychological aspect of investing, where many large investors seem comfortable entering during bearish market weeks than during market rallies. This is a sentiment shift from chasing highs to accumulating lows — and for some analysts, that’s the first sign of a maturing institutional crypto culture. Market Sentiment and Potential Reactions While the $1B inflow is significant, its real meaning lies in what it says about investor confidence. After four weeks of withdrawals, the renewed inflow suggests that institutions are not abandoning crypto, but they’re selectively re-engaging. There is also a structural angle to it because in times of market uncertainty, ETPs offer a risk-buffered and compliance-friendly way to hold crypto exposure. Currently, many investors still distrust centralized exchanges or self-custody providers, but ETPs offer something similar to exchange-traded funds (ETFs), making them a familiar and legally safer entry point. The inflow also raises the possibility that ETPs could influence market support. If the trend continues, sustained institutional buying through these vehicles could stabilize prices and restore upward pressure.  However, if macroeconomic conditions worsen with high interest rates, regulatory uncertainties, or unexpected negative catalysts, capital could swing back into outflows just as quickly. Ultimately, if the ETP inflows continue, this week may be remembered as the point where sentiment quietly began turning. If they do not, it may instead mark a positive market correction that faded under pressure. For now, the market has its first sign of renewed confidence, and investors have placed a $1 billion bet on stabilization instead of collapse.

Options Technology has marked a five-year milestone with ConnectWise Cloud Backup, highlighting a partnership that has quietly become a key pillar of the firm’s AtlasWorkplace platform. Since 2020, the two companies have combined enterprise-grade backup infrastructure with the operational needs of financial institutions that depend on fast, compliant, and uninterrupted access to their Microsoft 365 environments. What began as a technical integration has since matured into a fully embedded layer of resilience across AtlasWorkplace customers worldwide. Over time, the collaboration has delivered an increasingly automated and scalable approach to data protection. Clients benefit from unlimited backups, continuous monitoring, and assured recoverability—capabilities that have become non-negotiable as financial firms expand digital operations and face growing compliance expectations. The partnership has allowed Options to focus its engineering resources on performance, security, and cloud enablement while delegating the complexities of large-scale data backup to an equally specialized provider. Leadership from both companies underscored the strategic value of this alignment. Options CEO Danny Moore described the collaboration as a foundation for delivering global resilience to hedge funds, asset managers, and institutional clients. ConnectWise EVP Russell Humphries echoed this, noting that their technology is supporting some of the most demanding industries in the world. Their shared messaging underscores how backup technology—often overlooked—is now central to modern financial infrastructure. Why Backup and Recovery Have Become Critical for Financial Firms The rise of hybrid cloud platforms and round-the-clock trading has pushed backup systems from a routine IT concern into a strategic requirement for financial institutions. Microsoft 365 has become the operational backbone for communication, compliance, and data sharing, but its native retention settings are not designed for the strict regulatory environments in which hedge funds, brokers, and asset managers operate. As a result, third-party backup remains essential to preserving data integrity and meeting global oversight requirements. In this context, the Options–ConnectWise integration provides financial firms with a stronger defense against data loss, accidental deletion, ransomware, and operational disruption. Lightning-fast recovery is particularly relevant in a sector where downtime can trigger trading delays, client communication failures, and even regulatory penalties. A fully managed recovery process helps ensure that institutions can restore operations without depending on internal IT bandwidth during an outage or attack. The broader industry environment also reinforces the need for layered protection. Regulators across the U.S., U.K., Europe, and Asia have increasingly emphasized operational resilience, mandating that firms maintain provable continuity plans and tested recovery workflows. With AtlasWorkplace offering managed security, cloud services, and compliance-ready frameworks, integrating ConnectWise Cloud Backup strengthens the platform’s alignment with these emerging standards while keeping operational risk low for clients. Takeaway Financial firms face rising expectations around resilience and compliance, making third-party cloud backup essential. Partnerships like Options–ConnectWise offer ready-made protection that reduces operational risk while supporting rapid recovery during incidents. What This Milestone Signals for the Future of AtlasWorkplace The five-year mark arrives as Options continues expanding its global cloud strategy. Recent developments—including new Microsoft direct billing capabilities across Latin America and the Caribbean, private AI deployment with atNorth, and the launch of AtlasInsight Capture 200—showcase a company broadening its footprint in advanced infrastructure. The maturity of its ConnectWise partnership reflects how tightly backup and recovery have become woven into that evolution. With financial institutions shifting further into cloud-native models, AtlasWorkplace’s reliance on ConnectWise’s automation, scale, and AI-backed threat resilience positions Options to maintain competitive performance standards. As firms demand faster collaboration tools, heightened security, and measurable compliance outcomes, fully managed cloud backup becomes a baseline expectation rather than an optional service. The partnership ensures Options can continue meeting those expectations without sacrificing global reach or customization. Looking forward, both companies indicated interest in deepening technical integration and expanding service capabilities. As markets adopt more AI-driven workflows and regulatory frameworks become increasingly digital-first, the need for resilient data ecosystems will only grow. The enduring collaboration between Options and ConnectWise positions AtlasWorkplace as a platform capable of supporting future innovation while maintaining the rigorous security and continuity requirements of institutional finance.

Ripple, a leading blockchain payments company, has received approval from the Monetary Authority of Singapore (MAS) to expand the scope of its Major Payment Institution (MPI) license held by its local subsidiary, Ripple Markets APAC Pte. Ltd. The expanded license allows Ripple to offer a broader range of regulated payment services, including digital payment token (DPT) services, cross-border and domestic money transfers, and end-to-end payments infrastructure covering fund collection, custody, token swaps, and payouts. Monica Long, Ripple President, said, “MAS has set a leading standard for regulatory clarity in digital assets, and we deeply value Singapore’s forward-thinking approach. Ripple has always taken a regulation-first approach and Singapore is proof that innovation thrives when rules are clear. This expanded license strengthens our ability to continue investing in Singapore and to build the infrastructure financial institutions need to move money efficiently, quickly, and safely.” Fiona Murray, Ripple Vice President and Managing Director for Asia Pacific, highlighted that the Asia-Pacific region leads global digital asset usage, with on-chain activity rising roughly 70% year-over-year, and Singapore at the center of that growth. She emphasized that the expanded license allows Ripple to better support the institutions driving this growth by offering a comprehensive suite of regulated payment services, delivering faster and more efficient payments to clients across the region. Ripple Payments combines digital payment tokens with a global payout network to enable fast, transparent, and reliable cross-border payments for banks, fintechs, and crypto companies. The platform handles the underlying blockchain and operational complexity, allowing clients to launch digital payment services without the cost or burden of infrastructure management. Since establishing its Asia-Pacific headquarters in Singapore in 2017, Ripple has used the city-state as a strategic hub for regional expansion. With the expanded MPI license, Ripple joins a select group of blockchain-enabled firms globally authorized to provide regulated crypto payment services, a move expected to accelerate adoption of compliant, institutional-grade cross-border payment solutions in the region. Ripple’s RLUSD Stablecoin Secures Regulatory Approval in Abu Dhabi Recently, Ripple’s USD-backed stablecoin, RLUSD, has received regulatory approval from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), enabling licensed firms in the financial centre to use the token for regulated activities. The approval, under the designation of “Accepted Fiat-Referenced Token,” allows RLUSD to be used in payments, collateral, treasury operations, and other enterprise-grade functions across the region. The regulatory green light strengthens RLUSD’s standing as a fully compliant settlement asset, supporting Ripple’s push to expand its institutional footprint in the Middle East. Since its launch in late 2024 under a US charter, RLUSD has achieved significant adoption, reaching over $1 billion in market capitalization and gaining traction among banks and payment firms seeking a dollar-pegged stablecoin with transparent reserves and redemption assurances. Industry analysts say the approval could accelerate the use of RLUSD for cross-border payments and corporate treasury management in the region, while also reinforcing Ripple’s broader strategy of providing regulated, institution-ready digital payment solutions across key international markets.