In Nagpur, India, flower shop owner Ashish Nagose is one of many young Indians turning to cryptocurrency trading as a way to supplement their income. With regulations tightening around equity derivatives in India, Nagose hopes that trading in crypto assets like Bitcoin and Ethereum can provide stability during slower months for his family-owned flower business. His efforts reflect a broader trend among young Indians who are increasingly looking to cryptocurrencies as a source of income, with the crypto market in India growing rapidly.
The surge in cryptocurrency trading volumes on Indian exchanges has been remarkable, more than doubling in the last quarter of 2024. As of now, young retail traders, particularly in smaller cities like Jaipur, Lucknow, and Pune, are driving much of the interest in crypto. Many of these individuals are seeking opportunities to earn more in a country where job growth has not kept pace with the economy. With India’s crypto market projected to grow to $15 billion by 2035, local platforms like CoinSwitch are seeing increasing numbers of users.
However, this rise in crypto interest is not without challenges. The Indian government has imposed steep taxes on crypto trading and has issued warnings about the risks and volatility of these digital assets. Despite these concerns, young traders like Sagar Neware are determined to make a living through crypto, aiming to restart their family’s business with the money they earn from trading.
The surge in crypto trading in India is also drawing attention to the need for regulatory oversight. While the government has yet to adopt comprehensive regulations for cryptocurrencies, it has warned of potential risks to macroeconomic stability. Despite the central bank’s caution, India’s young crypto enthusiasts are undeterred, continuing to learn and trade in hopes of a more prosperous future.
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Crypto exchange Bybit has seen a dramatic drop in reserves, losing over $6 billion in just two days. The mass withdrawals came after a $1.4 billion exploit on 21 February, sparking panic among users. Data shows that Bybit processed $2.5 billion in withdrawals on 22 February and another $3.26 billion the following day, bringing its total assets down from $16.9 billion to $10.8 billion.
The biggest outflows were in stablecoins and Bitcoin, with users withdrawing more than $2.3 billion in USDT and over $1.5 billion in BTC. Some of these funds were reportedly transferred to Binance and over-the-counter (OTC) platforms, raising speculation over whether Bybit sold Bitcoin or used it as collateral to cover Ethereum withdrawals.
Despite the turbulence, the exchange managed to process all withdrawals without major disruptions. Bybit’s CEO, Ben Zhou, reassured users that the platform had resolved its Ethereum shortfall and maintained full backing of customer assets on a 1:1 basis. However, the incident has reignited concerns about security and liquidity in the crypto industry.
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Dubai’s financial regulator has officially recognised Circle’s USDC and EURC stablecoins, marking a major milestone for digital assets in the region. The Dubai Financial Services Authority (DFSA) has approved both tokens under the new regulatory framework of the Dubai International Financial Centre (DIFC), an independent economic zone.
The DIFC, operating since 2004, enforces strict rules on digital assets, permitting only officially recognised tokens for financial services. With this approval, Circle becomes the first stablecoin issuer to receive regulatory clearance in Dubai, strengthening its presence in the global crypto market.
Circle’s success in Dubai follows recent regulatory approvals in the European Union and Canada, where the company has secured compliance with new crypto asset laws. Meanwhile, rival stablecoin issuer Tether has also expanded in the UAE, gaining approval for USDT in the Abu Dhabi Global Market in late 2024.
This recognition underlines Dubai’s growing influence in the regulated digital asset space, positioning the city as a key hub for blockchain innovation and stablecoin adoption.
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KuCoin’s European subsidiary has applied for a Markets in Crypto-Assets (MiCA) licence in Austria, aiming to expand its services across the European Economic Area. The move aligns with the exchange’s efforts to comply with EU regulations and strengthen its position in the European market. If approved, KuCoin will operate as a regulated crypto-asset service provider, offering secure and compliant digital asset services.
The company has chosen Vienna as its regional headquarters, citing Austria’s strong regulatory framework and access to skilled professionals in the crypto and fintech sectors. KuCoin CEO BC Wong called the MiCA application a major milestone in the company’s global strategy, emphasising its commitment to compliance and transparency. Two industry veterans, Oliver Stauber and Christian Niedermüller, have been appointed to oversee KuCoin EU’s operations.
Austria has emerged as a key player in Europe’s evolving crypto landscape, attracting major exchanges due to its structured regulatory approach. The MiCA framework, set to be fully implemented by the end of 2024, provides a single licensing system for crypto firms to operate across all EEA member states. With several international exchanges securing licences, KuCoin’s application is part of a broader trend as crypto companies race to establish a foothold in the European market.
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Nigeria has filed a lawsuit against cryptocurrency giant Binance, demanding $79.5 billion in damages for alleged economic losses and $2 billion in unpaid taxes. The case, brought by Nigeria’s Federal Inland Revenue Service (FIRS), claims that Binance’s unregistered operations in the country have negatively impacted its currency and evaded significant tax obligations.
The lawsuit also seeks penalties and interest on the unpaid taxes, pushing the total amount even higher.
Authorities allege that Binance played a role in destabilising Nigeria‘s naira by becoming a primary platform for local currency trading. In 2024, two Binance executives were detained as part of a broader crackdown on cryptocurrency platforms.
The FIRS argues that Binance holds a “significant economic presence” in Nigeria, making it liable for corporate income tax for 2022 and 2023, plus a 10% penalty and a 26.75% interest rate on unpaid sums.
Binance, which has stopped trading in the naira and is contesting the charges, is also facing four counts of tax evasion, including non-payment of value-added tax and aiding users in tax avoidance. Separate money laundering charges have been filed by Nigeria’s anti-corruption agency, which Binance has denied.
The exchange previously stated that it is working with Nigerian authorities to address potential historic tax issues.
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Kraken is gearing up to re-enter the Indian market after being banned in 2024 for breaching anti-money laundering regulations. The exchange is working closely with local authorities to obtain the necessary approvals and has appointed Vishesh Khurana, a prominent industry figure, to lead its expansion efforts. Kraken’s co-CEO, Arjun Sethi, is also expected to play a key role in shaping its strategy in India.
India’s Financial Intelligence Unit blacklisted Kraken and eight other offshore exchanges last year for failing to comply with anti-money laundering laws. To operate legally, exchanges must register with the FIU, adhere to Know-Your-Customer requirements, and report suspicious transactions. Some firms may also need to settle outstanding tax obligations before resuming operations. Binance and KuCoin have already secured approval, raising expectations that Kraken may soon follow suit.
Despite its global success, Kraken is under scrutiny over its ties to Dave Portnoy, the controversial founder of Barstool Sports. Portnoy has been linked to memecoin schemes and accused of market manipulation, with critics arguing his actions undermine trust in the sector. Many in the crypto community have questioned Kraken’s continued support for him, with some openly criticising the exchange for backing someone they believe is harming the industry’s reputation.
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The Czech National Bank (CNB) is exploring Bitcoin’s potential as part of its reserve management strategy, according to Governor Aleš Michl. He emphasised that Bitcoin should not be dismissed outright and urged central bankers to study its underlying technology. While the CNB has not committed to buying Bitcoin, its board has approved an analysis of new asset classes, including the cryptocurrency.
Michl acknowledged Bitcoin’s extreme volatility and clarified that this initiative is not an endorsement but an effort to understand its risks and benefits. If CNB were to allocate even a small portion of its €140 billion reserves to Bitcoin, it could become the first Western central bank to invest in the asset publicly. However, sources suggest that potential exposure would be minimal, likely below 1% of total reserves.
Other European central bankers remain sceptical despite Michl’s openness to financial innovation. German central bank governor Joachim Nagel compared Bitcoin to the 17th-century tulip bubble, calling it neither safe nor liquid. European Central Bank President Christine Lagarde also dismissed Bitcoin as a reserve asset, stating that it fails to meet the ECB’s criteria for stability and transparency. However, Michl remains committed to diversifying CNB’s investments, including increasing its holdings in US stocks.
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Three Dutch firms have joined forces to launch EURQ, a blockchain-based digital euro designed to merge decentralised technology with traditional financial systems. The collaboration, involving Quantoz Payments, NPEX, and Dusk, marks the first time a licensed stock exchange will integrate electronic money tokens into its operations. The initiative, fully compliant with European regulations, aims to provide businesses and individuals with a secure, regulated digital euro.
EURQ is built to meet the Markets in Crypto-Assets Regulation (MiCA) requirements, allowing the seamless trading of real-world assets on-chain via the Dusk and NPEX networks. Quantoz Payments will establish a regulatory-compliant framework, enabling faster and more efficient cross-border transactions. The initiative is expected to set a new standard in financial innovation, demonstrating how blockchain can enhance existing monetary systems.
The project’s leaders stress that EURQ is more than just a stablecoin—it is a true digital representation of the euro, fully approved by regulators. They see it as a significant step towards integrating digital assets into mainstream finance, promoting greater transparency and trust within the financial sector. This development highlights the evolving role of blockchain in regulated markets, paving the way for further advancements in digital finance.
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Hong Kong is considering approving derivatives and margin lending for virtual assets, aiming to strengthen its position as a global hub for digital assets, according to the Securities and Futures Commission (SFC). This move is part of the city’s broader strategy, initiated in 2022, to become a leading virtual asset trading centre, particularly after China’s cryptocurrency ban in 2021. The SFC’s CEO, Julia Leung, announced the potential inclusion of derivative products and margin lending for professional investors, highlighting ongoing efforts to enhance Hong Kong’s competitiveness in the sector.
As part of its regulatory push, the city has already issued nine virtual asset trading platform licences, with more applications under review. One such licence was granted to Bullish Group, the parent company of CoinDesk. Additionally, financial secretary Paul Chan noted that the government is working on advancing regulations for stablecoins, further solidifying Hong Kong’s ambitions in the digital asset space.
The city will soon release a detailed roadmap for virtual asset growth, which will outline future plans. Meanwhile, Hong Kong competes with cities like Singapore and Dubai, also striving to become leading centres for digital finance. The latest developments come amid a broader global shift in the cryptocurrency market, which has seen significant interest from institutional investors following regulatory changes in the US under President Trump.
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Two men have been charged in connection with a cryptocurrency fraud that saw a 75-year-old man from Aberdeenshire lose more than £100,000. The case, reported to police in July, led to an extensive investigation by officers from the north east division CID.
Following inquiries, officers travelled to Coventry and Mexborough on Tuesday, working alongside colleagues from West Midlands Police and South Yorkshire Police.
The coordinated operation resulted in the arrests of two men, aged 36 and 54, who have now been charged in relation to the fraud allegations.
Police have not yet disclosed details of how the scam was carried out, but cryptocurrency frauds often involve fake investment schemes, phishing scams, or fraudulent trading platforms that lure victims into handing over money with promises of high returns.
Many scams also exploit a lack of regulation in the digital currency sector, making it difficult for victims to recover lost funds.
Authorities have urged the public to remain vigilant and report any suspicious financial activity, particularly scams involving cryptocurrencies.
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