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The French gambling regulator is investigating Polymarket, a cryptocurrency-based prediction market, to ensure compliance with gambling laws after a trader made significant bets on Donald Trump's election victory. The trader, known as Fredi9999, may have operated multiple accounts with potential profits exceeding $85 million. Polymarket, which is not accessible to US users due to legal issues, saw a surge in activity during the US presidential election, with bets totaling nearly $3.7 billion. The platform allows users to trade cryptocurrency for shares predicting specific outcomes, with profits based on the difference between share prices and a $1 payout. [Extracted from the article]

A French trader known as Fredi9999 may have made over $85 million on Polymarket bets that Donald Trump would win the US presidential election, according to a new analysis by Chainalysis Inc. This estimate is higher than the initial $48 million profit previously reported. The trader is now linked to as many as 11 accounts, with ten of them cashing out winnings to two crypto exchange accounts, indicating a shared owner. Polymarket is under scrutiny by France's gambling regulator for compliance with regulations, as betting on the platform surged during the US election, reaching over $3.6 billion in trading volume. [Extracted from the article]

The French gambling regulator is investigating Polymarket, a cryptocurrency-based prediction market, to ensure compliance with local laws due to increased user activity around the US presidential election. A French trader, known as Fredi9999, placed significant bets on the platform in favor of Donald Trump, potentially earning $48 million. Polymarket, based in New York, saw a surge in trading activity during the election, despite being banned for US users following a 2022 settlement with the US Commodity Futures Trading Commission. Traders on Polymarket use cryptocurrency to buy shares predicting outcomes, with the platform displaying profits based on share prices and payouts. [Extracted from the article]

A French trader known as Fredi9999 on the Polymarket predictions platform is set to make around $48 million in profits from bets on the outcome of the US election, particularly on Donald Trump's victory. Despite concerns of market manipulation, Polymarket confirmed that the trader is a French national with financial experience who simply wanted to bet on Trump's chances. The trader, who described himself as a European investor and statistician, favored prediction markets over traditional polls and viewed Bitcoin as the best play for his bets. [Extracted from the article]

Republican Bernie Moreno, a car dealer and blockchain entrepreneur, defeated incumbent Democrat Sherrod Brown in Ohio's senate race, marking a significant victory for crypto companies that supported his campaign. Pro-crypto super PAC Fairshake spent $40 million to help Moreno win, with donors including Coinbase Global Inc. and Ripple Labs Inc. Moreno's victory was seen as a test of the crypto industry's significant financial contributions to candidates in this election cycle. The election results also showed a growing number of pro-crypto candidates being elected to Congress, with Bitcoin reaching a record high following Donald Trump's election as the 47th president of the United States. [Extracted from the article]

Crypto advocates celebrated as Donald Trump's reelection and down-ballot wins for pro-crypto politicians were secured through significant industry support in the US elections. Trump, once a skeptic, garnered millions in industry backing by promising to make America a Bitcoin superpower. The market responded positively to Trump's victory, with Bitcoin and other tokens rallying. Industry leaders like Coinbase and the Winklevoss twins invested heavily in supporting pro-crypto candidates, signaling a potential new era for the industry. Various crypto advocates and executives expressed optimism for constructive crypto policies under the new administration, anticipating an end to regulatory challenges faced in the past. [Extracted from the article]

Republican Bernie Moreno defeated incumbent Democrat Sherrod Brown in Ohio's senate race, a victory celebrated by crypto companies that heavily supported Moreno's campaign. Brown, a crypto skeptic and chairman of the Senate Banking Committee, faced opposition from pro-crypto super PAC Fairshake, which spent $40 million on Moreno's campaign. Moreno's win is seen as a test of the significant financial backing the crypto industry provided to candidates in this election cycle, with over 240 pro-crypto candidates winning seats in the House of Representatives and 14 in the Senate. [Extracted from the article]

Circle Internet Financial Ltd. has recently increased fees for cashing out its USDC stablecoin, with additional charges for near-instant redemptions exceeding $2 million a day. The company justifies these fees as necessary for providing instant liquidity globally, similar to traditional financial institutions. Competition in the stablecoin market has intensified, with Circle facing challenges from larger rivals like Tether Holdings Ltd. Despite struggles, Circle is still pursuing plans for a stock-market listing after a failed merger attempt in 2022. [Extracted from the article]

A French trader has been identified as the individual behind large bets on Polymarket predicting a Donald Trump victory in the upcoming US presidential election. The trader, known as Fredi9999, has extensive trading experience and a financial services background. Polymarket, which does not allow US users, conducted an investigation and found no evidence of market manipulation by the trader. Betting on the election is a popular offering on Polymarket, with Trump's chances ranked at 61.6% on the platform. [Extracted from the article]

Polymarket, a cryptocurrency-based predictions market, is verifying that its big spenders are not based in the US due to trading restrictions. Some users, including one with the username Fredi9999, have placed millions of dollars in bets favoring Donald Trump's re-election. Despite polls showing Trump trailing, heavy betting on Polymarket has pushed the implied probability of his victory to 64%. The platform, which was fined by the CFTC in 2022, does not allow US users but can be accessed through virtual private networks. [Extracted from the article]

Northern Data AG, a company with Tether Holdings Ltd. as its main shareholder, is considering selling its crypto mining business to focus on expanding its artificial intelligence operations. The potential sale of Peak Mining would allow Northern Data to invest in its AI solutions unit, including a generative artificial intelligence cloud platform. The company's decision is influenced by the current market environment for cryptocurrencies, with Bitcoin's price increasing by over 60% this year. Tether, which owns around 46% of Northern Data, operates its own Bitcoin mining business in El Salvador and Uruguay. [Extracted from the article]

Bitcoin's price surged past $67,000, marking its highest level in over two months, but quickly became volatile as the US elections approached. Factors such as market conditions and political events contributed to this volatility, leading to fluctuations in Bitcoin's value. Despite the recent price movements, interest in Bitcoin futures and perpetuals has increased significantly, indicating growing institutional demand for cryptocurrencies. [Extracted from the article]

Bitcoin's price briefly exceeded $67,000, its highest level in over two months, before experiencing a decline due to increased volatility in the digital asset sector ahead of the US elections. The cryptocurrency reached $67,878 before settling at around $65,796. The industry's Fear and Greed Index has indicated that 2024 has been the greediest year for Bitcoin, suggesting a need for a cooling-off period. Bitcoin futures and perpetuals open interest saw a significant increase, with interest rising by approximately 33,000 Bitcoin ($2.1 billion). [Extracted from the article]

(Bloomberg) -- Bitcoin surpassed $67,000 for the first time since July as a rally in US stocks helped to renew optimism for riskier assets such as cryptocurrencies."Sentiment jumped sharply to 'greed,"' analysts at FxPro wrote in a note Tuesday.The largest cryptocurrency gained as much as 2.45% to $67,520 as of 9:58 a.m. in New York.©2024 Bloomberg L.P.By Emily NicolleReported by Author [Extracted from the article]

Copper Technologies Ltd., a crypto custodian, has hired Amar Kuchinad, a former Goldman Sachs managing director, as its new CEO. Kuchinad will replace Dmitry Tokarev, the founder of Copper, who will become a founder director on the company's board. Copper aims to attract traditional financial firms as clients and expand its presence in the US market. The company plans to focus on providing blockchain services to traditional financial companies and is seeking regulatory licenses in the US, including a BitLicense in New York. Copper recently processed $121.2 billion in trading volume on its off-exchange settlement platform for digital assets, ClearLoop. [Extracted from the article]

Copper Technologies Ltd., a crypto custodian, has appointed Amar Kuchinad, a former Goldman Sachs managing director, as its new CEO. Kuchinad will replace Dmitry Tokarev, the founder of Copper, who will become a founder director on the company's board. Copper aims to attract traditional financial firms as clients and expand its presence in the US market. The company plans to focus on providing blockchain services to traditional financial companies and is seeking regulatory licenses in the US, including a BitLicense in New York. Copper's off-exchange settlement platform, ClearLoop, has seen significant growth in trading volume. [Extracted from the article]

Coinbase Global Inc. plans to remove unauthorized stablecoins from its crypto exchange in the European Economic Area by the end of the year. This move is in response to new regulations set by the European Union, known as MiCA, which require stablecoin issuers to hold e-money authorization in at least one member state. Coinbase will provide an update next month on its plans, including options for users to convert their stablecoins to compliant versions. Other exchanges, such as OKX, Bitstamp, and Uphold, have already restricted access to Tether's stablecoins in Europe ahead of the new regulations. [Extracted from the article]

Coinbase Global Inc. has announced that it will delist all unauthorized stablecoins from its crypto exchange in the European Economic Area by the end of the year. This move is in response to new regulations set by the European Union to oversee the crypto industry, known as MiCA. Coinbase intends to restrict services to EEA users in connection with stablecoins that do not meet the MiCA requirements. Other exchanges, such as OKX, Bitstamp, and Uphold, have already taken similar actions. [Extracted from the article]

Commercial and central banks will be able to conduct live trials of digital-asset transactions on the Swift messaging network starting next year. This move aims to promote widespread institutional adoption of blockchain technology. The change will link up the various platforms on which banks have been experimenting with blockchain technology, preventing the emergence of "digital islands." Swift, a global network that delivers secure messages between financial institutions, began experimenting with blockchain-based transactions in 2021 and will now conduct trials directly on its live network. The value of Swift depends on the number of banks that use it, so incorporating blockchain technology is crucial for its continued relevance. [Extracted from the article]

Christian Angermayer, a cryptocurrency, biotech, and psychedelics investor, has left England for Lugano, Switzerland, due to the UK's plans to raise taxes on offshore wealth of affluent residents. Angermayer, a German native who lived in the UK for the past decade, explored relocating to New York and Dubai as well. The UK's political parties have targeted non-domiciled residents, including top bankers and multibillionaires, to raise funds for spending on voters. Angermayer criticized the planned changes to the non-dom framework, calling them a "huge mistake" and potentially a bigger act of national self-harm than Brexit. [Extracted from the article]

Christian Angermayer, a prominent investor in cryptocurrency, biotech, and psychedelics, has left the UK for Lugano, Switzerland, due to the UK's plans to increase taxes on offshore wealth for affluent residents. Angermayer, a German native who lived in the UK for the past decade, explored other potential relocation options such as New York and Dubai. The UK's political parties have targeted non-domiciled residents, including top bankers and billionaires, to raise additional funds. The Labour Party, in particular, plans to eliminate inheritance tax breaks on assets held in overseas trusts, which has caused concern among non-doms. Angermayer believes these changes are a mistake and could lead to a wealth exodus from the UK. Switzerland, with its political stability, high standard of living, and preferential tax treatment, has become an attractive destination for the super-rich. Lugano, in particular, has become a crypto-friendly city, allowing individuals and businesses to settle bills in Bitcoin or the Tether stablecoin. Angermayer holds various blockchain investments and has introduced Tether to other businesses. [Extracted from the article]

Companies like Robinhood and Revolut are considering entering the stablecoin market, hoping to challenge Tether's dominance. Tether's USDT currently accounts for over two-thirds of the $170 billion digital-asset sector. However, with the European Union implementing stricter regulations, Tether may face delisting if it doesn't have the appropriate permits. Circle Internet Financial, the issuer of USDC, already has the required license. Stablecoins are also being used for payments, and there is a growing interest in issuing stablecoins from various financial institutions. [Extracted from the article]

Revolut, Europe's most valuable fintech, is launching a standalone app called Revolut Invest to compete with Robinhood and eToro in the retail investor market. The app will offer nearly 5,000 assets, including stocks, ETFs, commodities, and bonds, with flat fees for equity and bond investments. Currently being tested in Greece, Denmark, and the Czech Republic, the app will be introduced in other European countries by the end of the year. Revolut's goal is to become a global bank and rival industry giants like JPMorgan and Barclays. The company already allows trading on its main banking app, but the standalone app will target new customers and include a premium subscription tier called Trading Pro. Revolut had 45 million customers as of June, with over 3 million using its investment services. The app will expand to other jurisdictions over time, including the UK, US, Singapore, and Australia. [Extracted from the article]

A cryptocurrency project supported by Donald Trump and his sons is being developed to promote the dominance of the US dollar in decentralized finance (DeFi). The project, called World Liberty Financial, aims to drive the mass adoption of DeFi by using stablecoins, which are tokens that track traditional currencies like the dollar. The Trump-backed project plans to issue its own cryptocurrency called WLFI, with 70% of the tokens reserved for insiders. However, entering the DeFi space comes with risks, as many projects have been hacked or involved in scams. [Extracted from the article]

The detention of Telegram founder Pavel Durov has had a significant impact on the crypto venture capital sector, particularly on Toncoin, a digital token closely associated with the messaging app. Toncoin attracted investments from major firms such as Pantera Capital Management, Animoca Brands, and Mirana Ventures, with Pantera investing over $100 million earlier this year. However, Durov's detention on charges related to criminal activity on Telegram has raised concerns about the future of Toncoin. The token's value has dropped, and investors are now assessing the potential impact on Telegram's user base. Token deals, which involve investments in tokens instead of traditional equity, offer advantages such as quicker exits and more up-to-date project evaluations, but they also come with high volatility and immediate visibility of losses. [Extracted from the article]

OpenSea, a popular nonfungible token (NFT) marketplace, has received a Wells Notice from the US Securities and Exchange Commission (SEC), indicating the regulator's intention to sue the company. The SEC alleges that the tokens on OpenSea's platform are unregistered securities. This notice is part of a series of enforcement actions taken by the SEC against the crypto industry. OpenSea has mentioned the SEC's actions against artists and has pledged $5 million to cover legal fees for NFT artists and developers who receive a Wells notice. Despite facing challenges, OpenSea remains committed to its vision of empowering individuals and fostering creativity. [Extracted from the article]

Stablecoins, which are cryptocurrencies designed to track the value of the US dollar, are becoming noticeable players in the US Treasury market. However, their presence is still relatively small compared to other buyers, such as money-market mutual funds and corporate giants like Berkshire Hathaway. The growth and influence of stablecoin issuers in the Treasury market will depend on the continued growth of the crypto market and potential legislation. While stablecoins are primarily used in crypto markets, there is also demand for them in emerging economies as a means of remittance and protection against weakening traditional currencies. [Extracted from the article]

The US political landscape is becoming more favorable for the crypto industry, which is causing concern for aspiring crypto hubs like Hong Kong, Singapore, and Dubai. Republican presidential candidate Donald Trump is courting the sector and pledging to make the US the "crypto capital of the planet." Democratic nominee Kamala Harris has yet to take a stance on crypto, but there are signs that her advisers are seeking a reset of ties with the industry. This shift in the crypto center of gravity back to the US could impact investment and personnel moves in the industry. [Extracted from the article]

Tether Holdings Ltd., the operator of the largest stablecoin, reported a net operating profit of $1.3 billion in the second quarter. This was due to interest earned from its holdings of US Treasuries, which helped offset the decline in the value of Bitcoin. Tether's USDT token has a market value of over $114 billion, and the company stated that its net profit for the first half of the year was a record $5.2 billion. Tether increased its ownership of Treasuries in the quarter, with most of its reserves deposited in Treasuries to earn profits on interest paid. The company's financial statements are attested by BDO, but it has not yet undergone a full financial audit. [Extracted from the article]

Tether Holdings Ltd., the operator of the largest stablecoin, reported a net operating profit of $1.3 billion in the second quarter. This was due to interest earned from its holdings of US Treasuries, which helped offset the decline in the value of Bitcoin. Tether's USDT token has a market value of over $114 billion, and the company stated that its net operating profit for the first half of the year was a record $5.2 billion. Tether increased its ownership of Treasuries in the quarter, with most of its reserves deposited in Treasuries to earn profits on interest paid. The company's financial statements are attested by BDO, but it has not yet undergone a full financial audit. [Extracted from the article]

Bitcoin's price dropped below $67,000 as traders reacted to news that the US government may sell some of its cryptocurrency holdings. The US Treasury has accumulated billions of dollars in seized cryptocurrencies, which President Donald Trump has proposed using as a strategic reserve if he is elected. Bitcoin had briefly reached $70,000 on Monday but fell by 2.2% to $65,875 during Asian trading hours on Tuesday. Meanwhile, Ether continued to gain value, hovering around the $3,400 mark, despite outflows from newly-established spot Ether exchange-traded funds in the US. The Grayscale Bitcoin Trust saw a drop in shares of up to 10% in pre-market trading on Tuesday. [Extracted from the article]

Cantor Fitzgerald LP, an investment bank, has announced plans to launch a Bitcoin financing business to provide leverage to cryptocurrency investors. The company will allocate $2 billion to fund the lending activities of the business, with the possibility of increasing this allocation in the future. Cantor will partner with select Bitcoin custodians for this venture. The announcement was made by Cantor's Chairman and CEO, Howard Lutnick, at a Bitcoin-themed conference in Nashville. Cantor Fitzgerald already acts as a custodian for Tether Holdings Ltd. and has provided financing to various digital-asset companies. [Extracted from the article]

Crypto betting site Polymarket is experiencing a surge in wagers due to the unpredictable and volatile US presidential election. The platform is upgrading to handle the high volume of incoming funds and will incorporate software from MoonPay to allow users to pay for bets using bank transfers and credit cards. Betting volumes on Polymarket have reached a record $260 million in July, and over $366 million has been wagered on the winner of the November election. Polymarket, which is not available in the US, was fined by the US Commodity Futures Trading Commission in 2022 but continues to operate abroad. [Extracted from the article]

According to Bloomberg, the potential return of Donald Trump to the White House in November could lead to a weaker dollar. Analysts suggest that this could benefit Bitcoin and other riskier assets like gold. However, the article notes that the rally in Bitcoin is more driven by market expectations of a weaker dollar under a Republican administration rather than Trump's explicit support for the cryptocurrency industry. The article also highlights that Trump's view on the dollar is a departure from the traditional US stance of supporting a strong dollar. The likelihood of a second Trump presidency has decreased since Joe Biden dropped out of the race and endorsed Kamala Harris, with the dollar expected to benefit from a Harris campaign. However, the impact on Bitcoin is uncertain, as its price can be influenced by various factors and narratives. [Extracted from the article]

Block Inc.'s consumer-payments platform, Cash App, will be closing its operations in the UK on September 15. The UK was Cash App's first international market when it launched in 2018. The decision to close the platform is part of Cash App's strategic approach, which prioritizes its focus on the United States and deprioritizes global expansion. Cash App, launched in 2013, is a well-known arm of Block, the fintech company led by Jack Dorsey. The announcement comes after US financial regulators probed Cash App in February following allegations of inadequate due diligence on customers. Block reported a gross first-quarter profit of $2.09 billion, with $1.26 billion generated by Cash App globally. [Extracted from the article]

Crypto trading platform Abra has acquired several private cryptocurrency trusts from Valkyrie Investments. The deal includes trusts for Tron and Zilliqa, as well as several trusts that have not yet been launched. Abra may consider making some of the trusts publicly traded in the future. Abra recently settled with 25 US state financial regulators for operating without appropriate licenses and will return $82.1 million in cryptoassets to US customers. Valkyrie has been offloading portions of its business, including its primary exchange-traded funds business, and its co-founder and CEO resigned last month. [Extracted from the article]

Crypto trading platform Abra has acquired several private cryptocurrency trusts from Valkyrie Investments. The deal includes trusts for Tron and Zilliqa, as well as several trusts that have not yet been launched. Abra may consider making some of the trusts publicly traded in the future. Abra recently settled with 25 US state financial regulators for operating without appropriate licenses and will return $82.1 million in cryptoassets to US customers. Valkyrie has been offloading portions of its business and its co-founder and CEO resigned last month. [Extracted from the article]

MoonPay, a crypto payments company, is expanding in the UK and plans to hire more than 20 people for its office in London. The company expects to have over 100 employees in London by next year. MoonPay is attracted to the UK due to its friendly regulations and access to skilled talent. The company is also applying for an electronic money license in the UK. Other fintech companies, such as Stripe Inc., have also been expanding in London. [Extracted from the article]

Standard Chartered Plc's crypto subsidiary, Zodia Markets Ltd., is in discussions to acquire part of Elwood Capital Management Ltd., a digital-asset business backed by hedge fund manager Alan Howard. The deal, expected to be completed this month, would give Zodia Markets licenses as a virtual asset service provider and investment business in Jersey. Standard Chartered has been expanding its presence in digital assets and plans to set up a trading desk for Bitcoin and Ether. Zodia Markets, which previously closed its crypto exchange due to low demand, now focuses on offering cross-border settlement services. [Extracted from the article]

Bitcoin and other cryptocurrencies are experiencing a decline in prices despite President Joe Biden's poor performance in a recent debate, which some believed would benefit Donald Trump and his pro-crypto stance. Traders attribute the market's current state to factors such as the expected selling of Bitcoin from the bankrupt exchange Mt. Gox and the distribution of additional tokens by smaller digital currencies. Altcoins, which are alternative cryptocurrencies to Bitcoin, have seen a significant decrease in market capitalization, with many venture capitalists and founders selling their tokens. The low volatility in Bitcoin and Ether has also affected altcoins, although memecoins focused on US politics and celebrities have seen growth. [Extracted from the article]

Binance, the world's largest cryptocurrency exchange, is closing a loophole in its Link Plus program that allowed prime brokers to earn additional revenue at the expense of the exchange. The program allowed prime brokers to offer fee rebates to clients that they would not normally be entitled to, resulting in extra income for the brokers. Binance's changes to the program, effective July 1, will tie clients directly to the tier status their trading volumes warrant and remove the ability to bundle client accounts. This move may impact the revenues of many prime brokers. Binance's decision is aimed at ensuring transparency and fairness and upholding compliance standards. [Extracted from the article]

Kanav Kariya, the president of Jump Trading's crypto unit, has announced his departure from the company. This comes after a challenging period for both Kariya and Jump, as they were involved in one of the largest collapses in the crypto industry. Jump Crypto, known for being a top market-making firm for digital assets, was a major supporter of the failed TerraUSD stablecoin project. Kariya's departure follows a settlement between Terraform Labs Inc. and the US Securities and Exchange Commission, in which Jump's involvement was discussed but not accused of wrongdoing. The Commodity Futures Trading Commission is reportedly investigating Jump's crypto trading and investment activities. Despite these challenges, Jump remains active in the sector and continues to expand internationally. [Extracted from the article]

Standard Chartered Plc is reportedly setting up a trading desk for Bitcoin and Ether, becoming one of the first global banks to enter spot cryptocurrency trading. The new desk will be part of the bank's FX trading unit and will be based in London. While banks like Goldman Sachs have been trading cryptocurrency derivatives for years, regulations have prevented them from directly dealing in the underlying assets. Standard Chartered has been working with regulators to meet institutional demand for Bitcoin and Ethereum trading, and it already owns stakes in two crypto firms. The bank has also launched a blockchain unit to tokenize traditional assets. [Extracted from the article]