News linked to this event type.
On the 19th of this month, Trump signed an executive order requiring enhanced scrutiny of banking activities conducted by non-citizens in the United States and directing the U.S. Department of the Treasury to issue formal guidance to financial institutions for identifying and reporting suspicious activities—including evasion of payroll taxes, concealment of true account holders, and off-the-books wage payments. Citing the need to restore integrity in the financial system and guard against structural risks, the executive order requires the U.S. Department of the Treasury, the Consumer Financial Protection Bureau (CFPB), and federal financial regulators to promulgate new rules within 60 to 180 days. These rules include strengthening customer due diligence for individuals without work authorization and their employers; incorporating potential deportation and income loss into assessments of loan repayment capacity; and intensifying investigations into illicit financial activities designed to circumvent the Bank Secrecy Act (BSA)—such as misuse of Individual Taxpayer Identification Numbers (ITINs), shell companies, and transaction structuring.
According to Securities Times, the China Securities Regulatory Commission (CSRC), in collaboration with eight other ministries and commissions, issued the “Notice on Regulating Cross-border Securities, Futures, and Fund Business Activities of Mainland Chinese Investors,” further clarifying regulatory requirements for such industry-related business activities. Tiger Brokers stated that it will strictly adhere to the industry-wide regulatory standards promulgated by regulators and steadily advance its compliance efforts. Tiger Brokers noted that since 2023, the company has fully ceased opening accounts for users holding mainland Chinese identities and simultaneously halted all external advertising, marketing promotions, and related activities. It has also continuously strengthened account review, identity verification, and anti-fraud management mechanisms. As of the end of the first quarter of 2026, mainland Chinese clients’ assets accounted for approximately 10% of the Group’s global total assets.
According to CNBC, James Comer, Chairman of the U.S. House Committee on Oversight and Government Reform, has launched an investigation into prediction market platforms Kalshi and Polymarket, demanding that both companies detail their measures to prevent insider trading—including identity verification, enforcement of geographic restrictions, and mechanisms for detecting anomalous trading activity. Comer stated that internal records from these platforms are critical for identifying improper traders and assessing whether the platforms have fulfilled their legal obligations. Previously, Polymarket was reported to have hosted suspicious trades related to U.S. actions concerning Iran and Venezuela; Kalshi had also suspended the accounts of three congressional candidates who placed bets on their own election outcomes. Comer has directed both companies to submit the relevant documents by June 5.
According to Securities Times, on May 22, the China Securities Regulatory Commission (CSRC) and the Securities and Futures Commission (SFC) of Hong Kong jointly issued notices updating guidance on cross-border securities, futures, and fund business activities involving mainland Chinese investors. Futu stated that these guidelines and regulations represent unified industry-wide requirements, and it will steadily advance its compliance efforts strictly in accordance with regulatory requirements. Futu emphasized that it had earlier completely ceased opening accounts for applicants holding mainland Chinese identity documents and has continuously strengthened efforts against fraudulent account openings—rejecting tens of thousands of non-compliant account applications over the past two years. Futu has consistently engaged proactively with regulators and adhered to their rectification requirements. As of the end of Q1 2026, mainland Chinese clients with assets accounted for 13% of the Group’s total clients with assets.
Odaily Odaily reports: Futu responds: It has completely stopped opening accounts for applicants with mainland China identity and has been continuously working to crack down on fraudulent account openings, rejecting tens of thousands of non-compliant account applications over the past two years.Futu has always actively communicated with regulatory authorities and complied with rectification requirements. As of the end of the first quarter of 2026, the number of customers with assets in mainland China has dropped to 13% of the total number of customers with assets across the group. (Securities Times)
According to Cointelegraph, prediction market platform Polymarket is seeking entry into the Japanese market and aims to obtain regulatory approval for prediction markets from the Japanese government by 2030. The report states that Polymarket has appointed Mike Eidlin, Japan Head of crypto firm Jupiter, to lead its local operations in Japan and advance related compliance efforts. Japan maintains strict regulation over online gambling, permitting only a limited number of government-authorized activities—such as horse racing and public lotteries. Although Polymarket has not yet received authorization to operate in Japan, its Japanese regional X (formerly Twitter) account has already amassed over 53,000 followers. Meanwhile, under regulatory pressure and amid competition from platforms like Kalshi, Polymarket’s monthly nominal trading volume declined nearly 15% month-on-month in April.
According to Yicai Global, Futu Holdings’ U.S.-listed shares fell over 40% in pre-market trading. On the news front, China’s Securities Regulatory Commission (CSRC) plans to confiscate all illegal gains generated by Tiger Brokers, Futu Holdings, and Longbridge—both domestically and overseas—and impose strict penalties in accordance with the law. In response, a customer service representative stated that the company has taken note of the relevant regulatory developments and is carefully reviewing the details; it will issue an official response once information is complete. Currently, the company’s business operations remain normal, and customers’ account assets and all services are unaffected.
Polymarket staff member Shantikiran Chanal posted on platform X, stating that they have taken note of the security reports related to reward distribution, and that user funds and market settlements remain safe. The investigation indicates that a private key leak occurred in a wallet used for internal operations, and the issue is not related to contracts or core infrastructure. Further updates will be provided.Previous report: ZachXBT stated that the Polymarket UMA CTF Adapter contract allegedly came under attack on Polygon, with over $520,000 having been drained.
According to Bloomberg, South Korea’s Korea Communications Standards Commission has launched a formal investigation into prediction market platform Polymarket to determine whether it offers illegal gambling content and violates South Korean law. The report states that South Korea will hold local elections in June, and several Polymarket trading markets related to the election results have already emerged, enabling users to place bets on outcomes using cryptocurrency assets. South Korea enforces strict anti-gambling regulations, permitting only government-licensed forms of betting, such as horse racing and sports betting. Polymarket previously stated that its market prices are formed through participant trading, and the platform itself does not set odds.
Today, the Securities and Futures Commission (SFC) of Hong Kong issued a circular outlining the monitoring measures that should be implemented when opening accounts and maintaining client relationships. The circular follows the SFC’s review of account-opening practices at 12 securities brokerage firms. The review identified several significant deficiencies, including inadequate due diligence on account-opening documents, acceptance of suspicious or forged documents during the account-opening process, and weaknesses in managing cross-border agency relationships with overseas intermediaries. The SFC expressed serious concern about the risk that client accounts could be misused for suspicious or unlawful transactions—and thereby exacerbate money laundering and terrorist financing risks. The SFC requires all licensed corporations to conduct internal reviews as soon as practicable to detect whether any suspicious or forged documents were accepted for account opening. The SFC has also set out additional measures that licensed corporations must adopt when opening and managing accounts for Mainland Chinese investors. These additional measures include closing investment accounts opened using suspicious or forged documents; closing dormant investment accounts with zero balances; and, when opening new investment accounts, obtaining a written declaration from the investor and requiring that all settlement and fund withdrawal activities be conducted exclusively through bank accounts held in the investor’s name at qualified banks.
According to Blue Whale News, the China Securities Regulatory Commission (CSRC) announced that it has initiated an investigation into Tiger Brokers (NZ) Limited, Futu Securities International (Hong Kong) Limited, and Longbridge Securities (Hong Kong) Limited—and their related domestic and overseas entities—for illegally conducting securities business within mainland China, and has issued a prior notice of administrative penalty. In response, Tiger Brokers stated: “The company has noted the relevant notice and will fully cooperate with the regulatory authorities in accordance with regulatory requirements. Currently, all of the company’s business operations are running normally. Tiger Brokers consistently prioritizes compliance and maintains close communication with regulatory authorities.”
According to an official announcement, following a recent review, Binance will add monitoring tags to the following tokens on May 22, 2026: Alchemix (ALCX), Cookie DAO (COOKIE), DODO (DODO), Epic Chain (EPIC), Heima (HEI), Hashflow (HFT), Storj (STORJ), Synapse (SYN), and Alien Worlds (TLM). Tokens with monitoring tags may exhibit higher volatility and risk compared to other listed tokens. Binance will closely monitor and continuously review these tokens. Trading these monitoring-tagged tokens carries risks, and these tokens may no longer meet the listing criteria, potentially leading to delisting.
Anchorpoint Financial, OSL Group, and PantherTrade have successfully completed the first end-to-end financial transaction of Hong Kong's first approved stablecoin, HKDAP, on the Ethereum public chain. This digital asset operates under the regulation of the Hong Kong Monetary Authority.The technical execution of this transaction was jointly carried out by Anchorpoint Financial, a fintech firm backed by Standard Chartered Hong Kong, along with digital brokerage firms OSL Group and PantherTrade. During this blockchain test, participants directly converted traditional physical Hong Kong dollars into reserve assets, triggering the minting of on-chain digital balances. Upon completion of the transaction, the tokens were converted back to fiat bank balances through a redemption agreement. Standard Chartered provided the custodial architecture and trust services for this process.The stablecoin is scheduled to begin its phased public issuance towards the end of the second quarter of this year. (financefeeds)
THORChain has released its fourth update regarding the Asgard vault intrusion incident, publishing the ADR028 proposal and opening voting for node operators. The proposal indicates that the protocol will first absorb losses through its Protocol-Owned Liquidity (POL), with the remaining portion to be borne by synthetic asset holders. The exact proportion is still under evaluation. The POL will be reduced to zero as a result, and the proposal suggests allocating a portion of system revenue over time to gradually replenish it. This plan does not involve minting new RUNE, selling RUNE, or diluting holder equity.On the technical side, the GG20 version will be temporarily retained with a patch upgrade. Trading will resume after the vulnerability is fixed and a successful node rotation is completed. A slower, more security-focused release cadence is planned for the future.Regarding the slashing mechanism, unrelated nodes sharing the same vault as the attacker will be protected, while the attacker's node will be fully slashed. The recovered RUNE will be paired with recoverable assets from the affected vault, and any excess RUNE will be burned.Additionally, THORChain has offered a white-hat bounty to the attacker to recover funds. If a portion of the funds is recovered, the recovery plan will be adjusted proportionally. THORChain emphasizes its commitment to remaining neutral and permissionless, stating it will not censor the attacker's swap transactions after trading resumes.Currently, node operators are voting on the overall direction and principles of the proposal. The specific figures in the ADR are indicative and will be adjusted later via the Mimir mechanism. The goal is to restart the network as soon as possible. A "yes" vote means developers can proceed further along this path.
: Galaxy Digital founder Mike Novogratz testified in the Delaware Court of Chancery that the U.S. Securities and Exchange Commission (SEC) made it very difficult for the company to proceed with the planned $1.2 billion merger with BitGo in 2021. The merger was the largest cryptocurrency merger plan at the time. Galaxy Digital canceled the deal in August 2022, and BitGo subsequently demanded a $100 million termination fee from Galaxy Digital.Mike Novogratz stated that regulatory approval was unlikely to be achieved, and BitGo failed to provide the required financial information on time, thus forfeiting its right to the $100 million termination fee. BitGo CEO Mike Belshe, however, said BitGo had provided all necessary information. The trial is currently expected to conclude this week, and the judge will decide whether BitGo is entitled to the $100 million fee. (Cointelegraph)
Binance CEO Richard Teng responded to a related report by The Wall Street Journal on platform X, stating that the report still contains "fundamental errors" regarding the facts and Binance's commitment to its compliance framework.Richard Teng stated that the transactions mentioned by The Wall Street Journal all occurred before the relevant individuals were sanctioned, and Binance did not allow any sanctioned individuals to trade on the platform.He also said that Binance had proactively investigated the matter before being contacted by The Wall Street Journal and had provided the relevant facts to the publication, but this information was not published.Furthermore, Richard Teng emphasized that Binance has a "zero tolerance" policy for illegal activities, has established an industry-leading compliance system, and will continue to cooperate with U.S. and global law enforcement agencies to combat financial crime.Previous news: WSJ: Over $850 Million in Funds Linked to Iranian Regime Transferred Through Binance Over the Past Two Years
the prediction market platform Polymarket is seeking approval from the Japanese government and plans to operate its prediction market business in Japan by 2030. It has already appointed local representatives to carry out lobbying efforts.According to reports, Polymarket views Japan as a significant yet underdeveloped market. Due to Japan's strict gambling regulations, Polymarket currently blocks Japanese users from participating in prediction market transactions.Under Japanese criminal law, habitual gambling is punishable by up to three years in prison, while operating a gambling business can lead to a maximum of five years in prison. A Polymarket spokesperson stated that the company has observed "substantial organic interest" from users in Japan and the Asia region and continues to evaluate opportunities to expand global market access in a compliant manner. (Bloomberg)
Jeremy Allaire, CEO of Circle, posted on X announcing that cirBTC is即将 launched. Circle Wrapped Bitcoin (cirBTC) is a tokenized Bitcoin backed 1:1 by native Bitcoin, issued by Circle on the Ethereum mainnet and the Arc network. Each cirBTC is backed 1:1 by native Bitcoin held in custody by regulated entities within the Circle group.
According to Cointelegraph, a petition in South Korea calling for the abolition of the 22% tax on cryptocurrency investment gains has surpassed the 50,000-signature threshold, triggering the mandatory review mechanism of the National Assembly’s Committee on Strategy and Finance. The petition currently has over 52,000 signatures. This tax policy is scheduled to take effect in January 2027. Petitioners argue that taxing crypto assets is significantly heavier than taxation applied to other asset classes, which will increase investors’ burdens, restrict upward mobility—especially for younger demographics—and potentially lead to industry contraction and capital and talent flight. Meanwhile, South Korea’s cryptocurrency market continues to shrink: total crypto asset holdings have declined from approximately 121.8 trillion KRW (about $83.3 billion) in January 2025 to roughly 60.6 trillion KRW (about $41.4 billion) in February 2026. Daily trading volume across the country’s top five exchanges has also plummeted—from $11.6 billion in December 2024 to $3 billion.
the South Korean government plans to inject some of the excess tax revenue from the semiconductor industry boom in cash into a new sovereign wealth fund set to launch in the second half of this year. The fund originally planned to raise 20 trillion won through in-kind contributions, such as government-held shares in state-owned enterprises, but has now decided to add several trillion won in cash, expanding its seed capital to nearly 30 trillion won (approximately $20 billion).The fund is a growth-oriented fund aimed at making medium to long-term investments in promising companies at the growth stage within South Korea's strategic industries. The relevant establishment bill is expected to be submitted to the National Assembly in June, with the funds included in the 2027 budget proposal.