Russian authorities have initiated a criminal investigation against the founders of UAPS and Cryptex, accusing them of generating over $40 million in illegal profits. It follows allegations of running unlicensed banking operations, unauthorised access to protected information, and creating a payment infrastructure that supported cybercriminal activities. The probe is being led by Moscow’s Investigative Committee.
UAPS, established in 2013, and Cryptex, launched in 2018, were primarily used by criminals for illegal currency exchanges and money laundering. In 2023 alone, the network saw more than $1.2 billion in illicit transactions. Russian law enforcement conducted 148 raids across 14 regions, detaining 96 suspects, many of whom face charges of organised crime and illegal banking.
The investigation comes just days after OFAC sanctioned Cryptex and its founder, Sergey Ivanov, accusing them of laundering funds linked to ransomware attacks and darknet markets. US authorities have labelled Ivanov’s other exchange, PM2BTC, as a major money laundering concern.
The US Securities and Exchange Commission (SEC) has announced its intention to appeal a recent court ruling that limits its authority to oversee cryptocurrency markets. This decision stems from a July 2023 ruling by US District Judge Analisa Torres, which concluded that the XRP token sold by Ripple Labs on public exchanges does not qualify as a security. As a result, the approximately $757 million in sales of XRP would not fall under the protective regulations enforced by the SEC.
Ripple Labs, which could also appeal aspects of the ruling, has expressed its frustration with the SEC’s move. CEO Brad Garlinghouse labelled the decision to appeal as ‘misguided’ and ‘infuriating,’ yet he remained confident, stating that XRP’s status as a non-security is currently upheld in law. This ongoing legal battle could have significant implications for the broader regulatory landscape surrounding cryptocurrencies in the US.
Polkadot (DOT) has faced a significant downturn, falling nearly 8% in the last 24 hours as rising tensions in the Middle East have prompted investors to seek refuge in safer assets. Currently trading around $4.16, DOT has lost crucial support levels, leaving sellers firmly in control.
The week has been challenging for Polkadot, with the token quickly losing the gains it achieved just a week ago. After rebounding from a low of $3.98 in mid-September to a high of $4.96, the altcoin struggled to maintain its momentum, failing to break the $5 barrier. Following a weekend of selling pressure, DOT saw a sharp decline, slipping below critical support levels and closing Monday at $4.44. Despite a brief attempt to recover, the ongoing geopolitical issues have led to further losses.
Currently, DOT is hovering around $4.10, with strong support at the $4 mark. Should selling pressure continue, it may test this level, which could attract buyers. Analysts suggest that this downturn might present a buying opportunity, noting that DOT is nearing the end of its accumulation phase and could soon break out from its descending triangle pattern. Many believe that long-term prospects remain positive despite short-term volatility.
Overall, while the market sentiment is bearish at present, experts remain optimistic about Polkadot’s potential for recovery and growth in the near future.
Shiba Inu, the second-largest meme coin, has seen a period of stability after a surge that raised its value by 26.4% over the past week, pushing its market cap above $10.8 billion. This rise coincided with a boost in whale activity and continued outflows from centralised exchanges, suggesting growing investor confidence in the coin.
Despite the positive trends, Shibarium’s network has seen a decline in transaction fees, dropping to 0.0025 BONE. New account additions have slowed, but the total number of Shibarium accounts has reached a record 126,750, showing sustained interest in the ecosystem. A portion of BONE generated within Shibarium is converted into SHIB and burned, impacting Shiba Inu’s value.
Shiba Inu’s price has pulled back slightly after hitting a multi-month high, crossing below key resistance levels. However, with the coin holding above its 50-day and 200-day moving averages, there is potential for further upside if it can turn the resistance at $0.000020 into support.
Solana’s native token, SOL, saw a 9% decline over two days after reaching a peak of $161.80 on 29 September, marking its highest level in seven weeks. The correction mirrored the broader altcoin market capitalisation (excluding stablecoins), which hit approximately $800 billion in late September before dropping to $739 billion on 1 October.
Despite this dip, Solana’s network activity surged in the past week, prompting traders to speculate on SOL’s potential to outperform competitors. Notably, SOL’s price has risen by 10.4% over the past 30 days, indicating positive overall market sentiment. The token remains the fourth-largest cryptocurrency by market capitalisation and ranks third in total value locked (TVL), which measures the amount deposited in the network’s smart contracts.
Solana’s network distinguishes itself with low transaction fees, averaging just $0.02, compared to Ethereum’s $2.50 and BNB Chain’s $0.08. The cost-efficiency, coupled with the network’s scalability, positions Solana as a strong competitor, particularly in gaming and mobile applications. Recent developments, such as the announcement of Gameshift and the upcoming Seeker smartphone, are seen as potential catalysts for increased network demand.
Ethereum and TRON continue to dominate the stablecoin market, controlling a combined $144.4 billion, which accounts for nearly 84% of the total supply. According to CoinGecko, Ethereum leads with $84.6 billion, while TRON holds $59.8 billion, primarily driven by demand for Tether.
Despite growth in both networks, Ethereum’s market share has dipped, influenced by factors such as the Terra UST collapse and the rise of layer 2 solutions. TRON also saw its market share shrink despite increasing supply, as the stablecoin landscape diversifies.
Other networks, such as the BNB Chain, have faced challenges, notably a sharp decline in stablecoin supply due to Binance USD’s regulatory issues. However, newer blockchains like Coinbase’s Base rapidly growing, indicating a more competitive future. Stablecoins are playing an increasing role in global finance, with their usage expanding in emerging markets for purposes beyond crypto trading.
Kazakhstan’s financial regulators have frozen $1.2 million in cryptocurrency and shut down 19 illegal over-the-counter platforms, marking a significant step in their ongoing crackdown on unlicensed crypto activity. These platforms, with a combined turnover exceeding $60 million, were operating illegally and posed risks related to money laundering and terrorism financing.
In addition to freezing funds, the Financial Monitoring Agency has targeted illegal crypto-mining operations. Since the start of the year, authorities have dismantled nine mining sites and seized around 4,000 mining rigs. Furthermore, more than 5,500 unlicensed online exchangers have been blocked as part of this broad regulatory effort.
Kazakhstan’s attempts to tighten its control over the crypto industry extend to major international players. In December 2023, the country banned the US-based crypto exchange Coinbase, accusing it of violating local laws regarding the trading of uninsured digital assets.
Binance, the world’s leading cryptocurrency exchange, has secured regulatory approval in Argentina, marking its official entry into the country’s market. By registering with Argentina’s National Securities Commission, Binance can now offer its full range of crypto services to local users, providing access to various digital currencies.
This approval is part of Binance’s broader strategy to expand into regions with strong potential for crypto adoption, such as Latin America. The company’s web and mobile applications are now available throughout Argentina, enabling users to trade, buy, and sell cryptocurrencies like Bitcoin and Ethereum.
Despite legal challenges faced by its former CEO in the US, Binance continues to prioritise global expansion. Recent regulatory successes in India, Kazakhstan, and Indonesia have further solidified its presence worldwide.
Musicians worldwide are increasingly turning to platforms like Wavlake and Fountain, where they can earn Bitcoin in the form of satoshis for streaming their songs. Artists like Ainsley Costello and Joe Martin have reported making more from these platforms than from traditional DSPs like Spotify, where payments are typically low. For example, Costello earned over $13,000 in bitcoin in one year through Wavlake, compared to just $750 in five years on traditional streaming platforms.
These platforms operate under a Value for Value model, allowing listeners to tip artists directly with satoshis, creating a stronger connection between fans and musicians. With the introduction of the “zap” feature, fans can send micropayments quickly, bypassing the complexity of other systems. Nostr, a decentralised social media protocol, is also gaining popularity among musicians, helping them share their work more effectively and engage with their community.
As these new platforms grow, many artists believe they offer a fairer and more profitable alternative to traditional music industry practices. Musicians like Joe Martin encourage others to join platforms like Wavlake and Nostr to take control of their careers and foster more direct relationships with their fans.
Ohio Senator Niraj Antani has introduced a bill to allow residents to pay their state and local taxes using cryptocurrencies such as Bitcoin. Announced at the end of September, the proposal aims to push Ohio into the digital age by embracing cryptocurrencies for government transactions, giving taxpayers a modern option to settle their obligations. Senator Antani emphasised the importance of keeping the state’s economy innovative, stating that cryptocurrencies represent both the present and the future.
The new proposal follows a similar attempt in 2018, which was short-lived due to bureaucratic issues. Antani’s bill is designed to avoid the hurdles that caused the previous initiative to fail. By explicitly mandating the acceptance of crypto payments for taxes, the legislation seeks to establish Ohio as a leader in crypto integration for public services. The bill also proposes allowing state universities and pension funds to invest in digital assets, offering more financial flexibility.
However, concerns have emerged about potential privacy risks, with critics arguing that the move could expose taxpayers’ crypto transactions to government scrutiny. The bill is currently awaiting committee assignment and must navigate the legislative process before being enacted. If successful, Ohio would follow in the footsteps of states like Colorado, which introduced a similar programme in 2022.
