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first_img Brazilian Bank Expands Cryptocurrency Services, Regulatory Framework Takes Shape

Brazilian banks are expanding their cryptocurrency services for customers. According to Folha de S.Paulo, Brazil's largest asset management bank, Itaú, now offers 15 types of cryptocurrencies, including Bitcoin, Ethereum, and the US dollar stablecoin USDC, through its investment app. Brazil's largest fintech company, Nubank, has listed 28 types, and Banco do Brasil, the most profitable state-owned bank in Brazil, has seen transaction volumes exceed 11 million reais (approximately 2.1 million USD) since launching direct purchase services for Bitcoin and Ethereum in January of this year.However, customer cryptocurrency transactions have not entered the banks' balance sheets. A document from the central bank dated March 2026 shows that Brazilian banks hold zero virtual assets on their books. Over the past year, Itaú, Bradesco, Santander, Banco do Brasil, and Nubank have all expanded their cryptocurrency product lines, while the Brazilian cryptocurrency market has also reached record sizes. According to data from the Brazilian Federal Revenue Service, Receita Federal, Brazilians transferred 505.5 billion reais (approximately 98.7 billion USD) through cryptocurrencies in 2025, more than five times that of 2020, with corporate transactions accounting for 98.3%.This move by banks coincides with the implementation of regulations. In 2022, Brazil passed the "Virtual Asset Legal Framework," granting regulatory authority to the central bank. Three resolutions issued in November 2025 require any institution allowing customers to trade, hold, or send cryptocurrencies to obtain a license, meet minimum capital requirements, and segregate customer accounts, with a compliance deadline of October 30, 2026.

first_img The cryptocurrency trading volume in the Middle East and North Africa reached 350 billion USD, doubling compared to 2022

The latest report from the Bitcoin Policy Institute shows that due to the Iran conflict, the annual blockchain transaction volume in the Middle East and North Africa is expected to reach $350 billion in 2025-2026, more than three times the approximately $100 billion in 2022. The report points out that regional conflicts typically accelerate capital outflows, but the Iran conflict presents a different dynamic: an increasing amount of capital is shifting towards digital assets, highlighting the growing role of cryptocurrencies (especially Bitcoin) as a hedge against economic and geopolitical uncertainty.The report states that after the outbreak of the conflict, Bitcoin initially fell in sync with other risk assets, but then investors shifted from higher-risk cryptocurrencies to Bitcoin, raising its market capitalization share to a one-month high of 64.8%. In countries like Egypt, Turkey, Lebanon, and Iran, due to currency devaluation, more people are increasingly using Bitcoin and dollar-pegged stablecoins to preserve value. Meanwhile, Gulf countries like the UAE and Bahrain are attracting crypto firms and institutional investors by establishing regulatory frameworks.Chainalysis data also shows that after the US-Israel airstrikes from February 28 to March 2, approximately $10.3 million left Iranian crypto exchanges. The report believes that in countries suffering from sanctions, conflict, or currency instability, cryptocurrencies have become tools for preserving and transferring value outside the traditional financial system, while regulated Gulf markets continue to attract institutional capital.

first_img Harmony proposed to shut down the blockchain and migrate the ONE token to Ethereum

The Layer 1 blockchain Harmony, once a major competitor to Ethereum, proposed to shut down its mainnet on Sunday, citing threats from AI entities and nation-state actors as too severe. The Harmony team stated on X that since the mainnet launched in 2019, the community has experienced multiple attacks and transformations, and now it is time to completely discontinue the Harmony network. To mitigate the threats, the team proposed migrating the ONE token to Ethereum and redirecting the issuance of newly minted tokens to its new initiative "The Remix Economy for AI Video."According to the proposal, the migration will determine the allocation of alternative tokens received by each holder on Ethereum based on the ONE balance recorded at the final block of the network (i.e., a snapshot), covering wallets, staked tokens, validator rewards, smart contracts, and centralized exchanges. The alternative tokens will be airdropped to the same wallet address on Ethereum, and exchanges will also migrate to the new tokens. Although the proposal states that holders do not need to submit a claim, multi-signature vaults, liquidity pools, and on-chain applications cannot be migrated, and users are urged to exit all smart contracts by September 10, 2026. Harmony also proposed to pay eligible validators and their delegators in four installments from a pool of $1.372 million, provided that validators maintain their stakes, sign agreements, and serve governance roles.This migration proposal is the latest case of blockchain networks facing increased scrutiny due to attacks. In August of this year, Harmony confirmed it was attacked, with the attackers creating approximately 4 billion unauthorized ONE tokens, prompting the team to release a patch and consider a rollback.

first_img The Polish prosecutor's office has filed charges against the fifth suspect in the Zondacrypto case

According to CoinDesk, the Polish prosecutor's office has charged Roman Ż., a former business partner of the missing BitBay/Zondacrypto founder Sylwester Suszek, with two counts, including fraud.Roman Ż. was arrested last Saturday in the Silesia region of Poland, and his lawyer stated that he had assisted in managing the exchange before BitBay was renamed Zonda. Roman Ż. denies the charges and has provided a detailed statement to investigators, with police seizing valuable watches and documents related to Zondacrypto during the search.The prosecutor's office stated that the arrest was ordered due to concerns that Roman Ż. would flee upon learning of plans to travel to China, with his lawyer describing the trip as a business trip and stating that he held a return ticket for September 13. The court will decide whether to continue detaining Roman Ż. during the investigation.Previously, BitBay was renamed Zondacrypto in 2021, and the exchange ceased trading in April, following customer withdrawal freezes, with estimated losses of at least 35 million zlotys (approximately 9.4 million USD). The Estonian Financial Intelligence Unit partially suspended the license of the brand entity BB Trade Estonia OÜ. The Polish prosecutor's office has launched an investigation into suspected large-scale fraud and money laundering, receiving over 3,600 complaints as of June.The case is also related to Suszek's disappearance in March 2022, with the prosecutor's office merging the Zondacrypto investigation with the Suszek missing person case in August.
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