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SBI Holdings acquires Bitbank for $289 million, creating Japan's largest cryptocurrency exchange; bipartisan U.S. senators urge CFTC to investigate Polymarket's "deceptive marketing."

According to BBX data, last weekend Japan's largest financial group completed the most important cryptocurrency acquisition, and U.S. bipartisan senators launched a new regulatory offensive against prediction market platforms. The core developments are as follows:SBI Holdings, Inc. (Tokyo Stock Exchange: 8473) announced the acquisition of the Japanese cryptocurrency exchange Bitbank (privately held) for approximately $289 million. After the transaction is completed, SBI's cryptocurrency business will surpass all competitors, creating Japan's largest cryptocurrency exchange. SBI Holdings is one of Japan's largest independent financial services groups, already owning cryptocurrency-friendly network bank SBI Shinsei Bank, cryptocurrency asset custodian SBI Digital Asset Holdings, and multiple Bitcoin mining and cryptocurrency venture capital investments. Bitbank is one of Japan's largest spot BTC exchanges and holds an official cryptocurrency exchange license from the Financial Services Agency (FSA) of Japan. This acquisition marks a shift for traditional Japanese financial institutions from "strategic trial" in the cryptocurrency sector to "scale acquisition dominance," alongside the joint stablecoin plan of the three major banks: Mitsubishi UFJ ($MUFG), Sumitomo Mitsui ($SMFG), and Mizuho ($MFG) (targeting March 2027), forming the most intensive wave of cryptocurrency layout in Japan's financial industry by 2026.U.S. Senators John Curtis (Republican, Utah) and Adam Schiff (Democrat, California) reported on June 28 that they jointly sent a letter to the CFTC, urging it to conduct a formal investigation into the prediction market platform Polymarket (privately held), citing a "concerning" investigative report regarding Polymarket's "deceptive marketing" practices, which accused it of systematic misleading in user acquisition and risk disclosure. This is the third regulatory offensive against prediction market platforms initiated by Congress this year (previously, the House Oversight Committee launched an insider trading investigation on May 22); the two senators come from different parties, which is significant. For Robinhood Markets, Inc. (NASDAQ: $HOOD), this investigation poses indirect pressure—Robinhood's prediction market/event contract business (which achieved a record daily trading volume in June) faces the same regulatory qualitative disputes as Polymarket; however, Robinhood's defensive advantage lies in its ongoing application for a CFTC Designated Contract Market (DCM) license, providing a clearer compliance path compared to Polymarket.

first_img Polymarket has reached an exclusive partnership with OneFootball, reaching 645 million fans before the World Cup starts

Polymarket announced on Thursday that it has signed an exclusive partnership agreement with the Berlin digital football platform OneFootball, which will connect the prediction market to OneFootball's 200 million monthly active users and 645 million fan ecosystem about two weeks before the start of the 2026 FIFA World Cup. Polymarket will be the only prediction market partner within the OneFootball app, and competitors like Kalshi will not be allowed to enter this product.This is Polymarket's seventh major football partnership this year and the first collaboration aimed at media application distribution channels, having previously signed agreements with MLS, LaLiga, Serie A, Lazio, and DAZN.According to analysis by the Pew Research Center, since July 2024, sports have accounted for 39% of Polymarket's total trading volume. The 2026 World Cup champion market has seen a cumulative trading volume of over $1.2 billion since its launch last July, while the broader World Cup category market totals approximately $1.3 billion.OneFootball has previously launched the OFC token based on Base and Ethereum, as well as the points system BALLS. The integration with Polymarket will convert user engagement into actual transactions. OneFootball has raised over $300 million in funding, with investors including Liberty City Ventures, Animoca Brands, and Adidas.

SBI Holdings plans to acquire equity in the Japanese cryptocurrency exchange Bitbank, seeking to include it as a subsidiary

Japanese financial giant SBI Holdings has begun negotiations to acquire shares in the cryptocurrency exchange platform Bitbank, aiming to turn it into a consolidated subsidiary. SBI Chairman and President Yoshitaka Kitao stated that the company has submitted a letter of intent for the acquisition and has started discussions with Bitbank regarding capital and business cooperation. The specific timing and structure of the acquisition will be determined after due diligence and internal procedures are completed.Bitbank is one of Japan's major domestic cryptocurrency exchange platforms and has not experienced any hacking incidents since its establishment in 2014, with security as its core selling point. As cryptocurrency assets are gradually incorporated into Japan's Financial Instruments and Exchange Act, SBI believes that integrating Bitbank into the group will enhance its position in the Japanese cryptocurrency market. This move comes as SBI continues to consolidate its cryptocurrency exchange platform SBI VC Trade. Last month, SBI incorporated another exchange platform, Bitpoint Japan, into this department to streamline operations and improve profitability.Earlier this week, Bitbank also launched Japan's first credit card linked to cryptocurrency assets, allowing users to pay bills using assets like Bitcoin based on their exchange holdings, and offering a 0.5% cashback on cryptocurrency asset spending.
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