The US Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on two individuals and a company based in the United Arab Emirates (UAE) for allegedly aiding North Korea’s use of digital assets in illegal activities.
The sanctions target Lu Huaying and Zhang Jian, along with Green Alpine Trading, LLC, a front company linked to a broader scheme of money laundering. These actions aim to disrupt a network that, according to US authorities, funnels millions of dollars to North Korea’s nuclear weapons and missile programs.
North Korea has a history of using digital assets and cybercrimes to fund its military efforts, employing IT workers and hackers to generate funds that are often obscured through complex laundering operations. The sanctions focus on Sim Hyon Sop, a representative of North Korea’s state-run Korea Kwangson Banking Corporation, who has been previously sanctioned. Sim is accused of using a mix of cryptocurrency cash-outs and money mules to move funds back to the regime for its military projects.
Under the new sanctions, any property owned by the designated individuals or entities in the US is blocked, and US citizens and companies are prohibited from engaging in transactions with them. Non-compliance could lead to further enforcement actions, even against those outside the US. The move reflects a coordinated effort with the UAE to combat North Korea’s destabilizing activities. It highlights the importance of international cooperation in tackling illicit financial networks that exploit new technologies, including cryptocurrencies.
European Parliament Member from France, Sarah Knafo, has called on the EU to embrace Bitcoin by establishing national strategic reserves and rejecting the European Central Bank’s (ECB) proposal for a digital euro. In a video shared on her X account, Knafo advocated for European nations to develop their crypto-mining industries and cease increasing taxes on cryptocurrency holders. She highlighted Bitcoin as a means to secure freedom and protect citizens from the overreach of centralised financial systems.
Knafo, citing the example of El Salvador‘s adoption of cryptocurrency and the US plans for a Bitcoin reserve, criticised the EU for clinging to outdated financial systems that are prone to inflation and crises. She warned that the ECB’s digital euro could lead to an over-centralised system, where officials could control transactions and potentially exclude individuals from the banking system for expressing dissenting opinions.
Knafo also pointed to the growing global trend of nations considering Bitcoin reserves to safeguard their financial stability, with countries like Japan, Russia, and Brazil exploring similar initiatives. She argued that Bitcoin could serve as a more reliable financial system, offering long-term protection from economic mismanagement.
The call for a Bitcoin reserve reflects the increasing global recognition of decentralised finance as a potential solution to financial instability, with various countries looking to Bitcoin as a safeguard for national funds.
Bit Trade, the operator of Kraken in Australia, has been fined $8 million for offering an unapproved margin lending product to over 1,100 customers. The Federal Court of Australia ruled that the company breached financial regulations by failing to assess customer suitability and neglecting to provide a Target Market Determination (TMD), a document essential for ensuring products are appropriately matched to consumers’ needs.
The Australian Securities and Investments Commission (ASIC) revealed that customers lost $7.85 million due to the product, with one individual losing $6.3 million. Justice John Nicholas criticised Bit Trade’s actions as “serious” and profit-driven, calling out the company for its delayed response to compliance issues. In addition to the fine, Bit Trade was ordered to cover ASIC’s legal costs.
Kraken was disappointed with the ruling, arguing that Australia’s regulatory framework lacks clarity and calls for tailored cryptocurrency laws. However, ASIC Chair Joe Longo described the decision as a turning point for consumer protection, urging digital asset firms to meet compliance obligations. The regulator is currently consulting with the crypto industry on updates to its guidance, though critics claim the government’s inaction has left the sector in “regulatory limbo.”
Bitcoin prices have reached a new record, surpassing $107,000 amid speculation that President-elect Donald Trump might establish a Bitcoin strategic reserve. The milestone came shortly after prices broke through $106,000, reflecting growing optimism in the cryptocurrency market.
Meanwhile, MicroStrategy announced a $1.5 billion bitcoin purchase, adding 15,350 bitcoins at an average price of $100,386 each. The company now holds 439,000 bitcoins, worth $47 billion, and has seen its market cap soar from $1.1 billion in 2020 to nearly $100 billion. The firm’s shares have surged by 527% this year, boosted by Bitcoin’s rally and its forthcoming inclusion in the Nasdaq 100 index.
Despite its impressive growth, analysts suggest MicroStrategy may face challenges in joining the S&P 500 due to concerns over profitability. Current accounting rules restrict how gains from bitcoin holdings are recorded, although new standards expected in January 2025 could help the company more accurately reflect its bitcoin-related gains.
Bitget has secured a Bitcoin Service Provider licence from El Salvador’s Central Reserve Bank, allowing the platform to offer Bitcoin-to-fiat exchanges, payments, and custody services in the country. This licence is part of Bitget’s strategy to strengthen its global regulatory position and expand its presence in Latin America.
El Salvador, which made Bitcoin legal tender in 2021, has become a hub for cryptocurrency adoption. With this new licence, Bitget aims to tap into the country’s growing crypto market, which serves as a gateway to the wider region. The company is also pursuing a Digital Assets Service Provider licence from El Salvador’s National Commission of Digital Assets to extend its services to other cryptocurrencies.
In addition to its progress in Latin America, Bitget has secured Virtual Asset Service Provider licences in Poland and Lithuania and recently re-entered the UK market through a partnership with Archax. The company also plans to set up a dedicated team in El Salvador to strengthen its local presence.
Ripple has confirmed that its RLUSD stablecoin, backed by the US dollar, will begin trading globally on 17 December. The launch follows approval from the New York Department of Financial Services (NYDFS) on 10 December. Ripple’s RLUSD stablecoin is 100% supported by US dollar deposits, short-term government Treasurys, and other cash equivalents. Initially, it will be available on major crypto platforms such as Uphold, MoonPay, and Archax, with plans for further listings in the coming weeks.
Ripple aims to target global adoption of RLUSD, with its partner network facilitating its use across regions including the Americas, Asia-Pacific, the UK, and the Middle East. The company plans to integrate RLUSD into its Ripple Payments protocol by early 2025 to support cross-border settlement and treasury remittance. Ripple also envisions RLUSD playing a role in decentralized finance protocols and trading tokenized real-world assets on-chain.
As part of the RLUSD launch, Ripple has appointed former banking officials, including Raghuram Rajan, former governor of the Reserve Bank of India, and Kenneth Montgomery, former vice president of the Federal Reserve Bank of Boston, to its advisory board. These appointments are aimed at strengthening the stablecoin’s regulatory and operational strategy. Ripple’s focus on compliance and reliability aims to position RLUSD as a leading player in the future of global payments.
Thailand’s former Prime Minister, Thaksin Shinawatra, has urged the government to delve deeper into cryptocurrencies to stay competitive in an increasingly digital world. Speaking at a lecture in Hua Hin, Shinawatra highlighted the growing importance of understanding digital assets, noting that global digitisation reshapes economies. He remarked on the proliferation of cryptocurrencies and emphasised that Thailand must adapt to avoid falling behind.
The country has already taken significant steps in exploring the digital economy. The Securities and Exchange Commission launched a regulatory sandbox earlier this year, allowing businesses to experiment with digital assets in a controlled environment. Meanwhile, the government fulfilled its campaign promise to distribute 10,000 baht in digital cash to 45 million residents as an economic stimulus.
Private institutions are also making moves, with Kasikornbank becoming Thailand’s first licensed crypto custodian in September. Regulatory shifts have further opened the door for mutual and private funds to invest in digital assets. Additionally, the Bank of Thailand collaborates with Hong Kong on tokenised cross-border settlements, cementing its role in shaping the region’s digital finance future.
Bitcoin surged to a record $106,509 on Sunday before settling at $103,804.71 on Monday as investors watched for an expected interest rate cut from the Federal Reserve later this week. The flagship cryptocurrency is up nearly 8% this month and an astonishing 145% for the year, reflecting growing confidence in its future. Ether also rose, approaching the $4,000 mark, while the broader crypto market remained steady.
Anticipation of a 25-basis-point interest rate cut has fuelled optimism among Bitcoin investors. Lower rates, which weaken the dollar and expand the money supply, have historically correlated with higher Bitcoin prices. Bitcoin’s performance is now likened to tech stocks, which also thrive in low-rate environments.
Meanwhile, shares of MicroStrategy jumped 4% after the company announced its inclusion in the Nasdaq 100 and QQQ ETF. This news further bolstered market sentiment, as institutional interest in Bitcoin and related stocks continues to rise.
The US Supreme Court has dismissed an appeal by Nvidia, rejecting its attempt to block a securities fraud lawsuit accusing the chipmaker of misleading investors about its reliance on the volatile cryptocurrency market. The decision upholds a lower court’s ruling, allowing a 2018 class-action lawsuit led by Swedish investment firm E. Ohman J:or Fonder AB to proceed. The justices, offering no explanation in their one-line order, had previously expressed hesitation about addressing the case’s technical and factual complexities during November arguments.
The lawsuit centres on allegations that Nvidia’s leadership, including CEO Jensen Huang, downplayed how much of the company’s 2017-2018 revenue growth stemmed from crypto-related purchases. Nvidia’s chips gained popularity during the cryptocurrency boom but faced a sales slump when the market cooled in late 2018, leading to a drop in the company’s stock price. A federal judge initially dismissed the case, but the Ninth Circuit Court of Appeals revived it, concluding that plaintiffs sufficiently alleged Nvidia knowingly made misleading statements.
Nvidia has denied wrongdoing and vowed to continue its defence, emphasising the need for clear standards in securities litigation to protect shareholders. However, the plaintiffs argue their case is well-supported by expert analysis and insider accounts. Deepak Gupta, representing the shareholders, called the Supreme Court’s dismissal a victory for corporate accountability. President Biden’s administration backed the investors, reflecting broader concerns about corporate transparency in securities practices.
This case mirrors another recent Supreme Court decision involving Meta, where justices also dismissed a securities fraud lawsuit. Both rulings highlight the challenges of navigating legal thresholds for investor class actions under stringent US securities laws.
Australia‘s Federal Court has fined Bit Trade, the local operator of cryptocurrency exchange Kraken, A$8 million ($5.1 million) for unlawfully offering credit facilities to over 1,100 customers. The ruling came after the Australian Securities and Investments Commission (ASIC) filed civil proceedings against the company, accusing it of non-compliance with regulations for its margin trading product.
ASIC revealed that Bit Trade failed to assess whether its margin extensions—a form of credit repayable in digital assets like bitcoin or national currencies—were suitable for customers. This led to combined customer losses exceeding $5 million, while Bit Trade charged over $7 million in fees and interest. The court classified the margin extension product as a credit facility requiring a specific consumer suitability document, which the company had not provided.
In a statement, Kraken expressed disappointment, arguing the ruling could stifle economic growth in Australia. The exchange emphasised its willingness to work with regulators to shape the evolving cryptocurrency framework. The case marks a milestone for ASIC, as it is the first penalty imposed on a company for failing to provide a target market determination for a financial product.
