Kraken’s parent company, Payward, receives preliminary approval from Dubai VARA to conduct crypto business.
Kraken’s parent company, Payward, announced it has received preliminary approval from the Dubai Virtual Assets Regulatory Authority (VARA) in the United Arab Emirates for a brokerage, investment, and management license, paving the way for expanding its crypto business in the UAE.
Payward expects to offer spot, margin, and OTC trading, staking services, and Kraken Prime—its institutional offering—through a locally regulated entity, along with peer-to-peer crypto asset transfer functionality.
[ChainCatcher]
The wife of The Sandbox co-founder Sebastien Borget was nearly kidnapped in France. Police say it may be related to crypto assets.
On May 21st, news broke that the wife of The Sandbox co-founder and COO Sebastien Borget recently experienced an attempted kidnapping at her home in Villenoy, Seine-et-Marne, France.
Reports citing French media state that a suspect disguised as a delivery person rang the doorbell to lure her to open the door, after which 5 accomplices wearing hoods broke into the house and attempted to force her into a vehicle. Neighbors intervened after hearing the commotion, and the suspects fled. Police subsequently intercepted a ride-hailing vehicle and arrested two teenage suspects, seizing a fake handgun, restraints, and hoods at the scene.
Preliminary investigations suggest that the case is related to cryptocurrency. France has recorded over 100 kidnapping or attempted kidnapping incidents related to crypto assets since 2023.
[PANews]
On Polymarket, the probability of SpaceX’s market capitalization exceeding $2.00T on its first day of listing is currently reported at 73%.
According to Polymarket data, the probability of the market betting that SpaceX’s market capitalization will exceed $2 trillion on its first day of listing is 73%. The current trading volume for this prediction market is $2.14 million.
Previously, The Wall Street Journal reported, citing insiders, that Elon Musk’s rocket company SpaceX plans to officially list on June 12.
[Foresight News]
Hong Kong SFC Issues Virtual Asset Trading Platform License to NewBX, Bringing the Number of Licensed Platforms to 13
According to updated information on the official website of the Hong Kong Securities and Futures Commission, NewBX Limited’s digital asset trading platform, Bixin, has obtained a virtual asset trading platform operating license.
The institution is authorized to conduct Type 1 (securities trading) and Type 7 (providing automated trading services) regulated activities, and has also been licensed under the Anti-Money Laundering and Terrorist Financing Ordinance to operate a virtual asset trading platform.
To date, the number of licensed virtual asset trading platforms in Hong Kong has increased to 13, with 6 applicants for virtual asset trading platforms.
[Odaily]
WTI and Brent crude oil rose by about $2 in the short term, while spot gold fell by more than $20 in the short term.
According to Gate data, U.S. and Brent crude oil rose by approximately $2 in the short term, currently trading at $102.56/barrel and $102.42/barrel, respectively.
Spot gold fell by more than $20 in the short term, with the latest price at $4,516.52/ounce.
Regarding news, the Supreme Leader of Iran stated that near-weapon-grade uranium must remain within Iranian territory.
[Odaily Planet Daily]
Iran’s Supreme Leader: Weapon-grade uranium must remain within Iran
According to Reuters, two sources said that Iran’s Supreme Leader has ordered that uranium approaching weapons-grade must remain within Iran.
The Supreme Leader’s directive reflects a consensus within Iran’s system.
[Odaily]
Hyperliquid ETF saw a net inflow of $25.50 million on Wednesday.
According to data from SoSoValue and Dune Analytics, the newly launched Hyperliquid ETF recorded a net inflow of $25.50 million on Wednesday, exceeding the total net inflow of $22.35 million in the previous five days.
In addition, Bitwise announced the wallet address of its Hyperliquid ETF on Wednesday and announced that it will use 10% of the ETF management fee to hold HYPE on its balance sheet.
[Odaily]
Planet Daily
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Arthur Hayes: HYPE will soon hit an all-time high, with the $150 target getting closer;
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A whale increased its HYPE short position to $20.00 million, with a floating loss of over $1.88 million;
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Chainalysis: Tax evaders are using “new digital assets” to evade taxes;
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The Transit Finance attacker deposited 832.9 ETH, worth approximately $1.80 million, into Tornado Cash;
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An address has staked $15.33 million worth of HYPE and is currently profiting $3.00 million;
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Syndicate Labs decided to close due to the sharp market contraction;
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Macquarie Group reduced its holdings of Bitcoin and Ethereum ETFs and increased its holdings of Circle and BitMine shares;
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A whale was attacked with suspected personal coercion, with losses reaching $6.70 million;
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HSBC: Samsung and the union have reached an agreement, and the market focus is expected to return to fundamentals;
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loracle.hl’s short position in HYPE exceeds $100.00 million, with a liquidation price of $69.49.
The Russian Ministry of Finance and the Central Bank plan to finalize the draft law on cryptocurrency market regulation next week.
According to TASS, the Russian Ministry of Finance and the Russian Central Bank plan to finalize the draft law on cryptocurrency market regulation next week and submit it to the State Duma for a second reading.
Deputy Minister of Finance Ivan Chebeskov announced the news to reporters on the sidelines of the “Russian Digital Financial System: Digital Currency, Tokenization and Artificial Intelligence” conference.
[ChainCatcher]
UBS raised its September Brent crude oil price forecast to $105 per barrel.
UBS announced that it has raised its September Brent crude oil price forecast by $10 to $105.00 per barrel, and its West Texas Intermediate crude oil price forecast to $97.00 per barrel.
It stated that if supply disruptions persist for an extended period, oil prices may rise sharply in the short term to trigger significant demand destruction, and still believes that the risk of crude oil prices is skewed to the upside in the short term.
[Golden Ten]
Kraken’s parent company Payward receives preliminary approval from Dubai’s VARA to conduct cryptocurrency business
Kraken’s parent company, Payward, announced that it has received preliminary approval from the Dubai Virtual Assets Regulatory Authority (VARA) in the United Arab Emirates for a brokerage, trading, investment, and management license, paving the way for its expansion of crypto business in the UAE.
Payward expects to offer spot, margin, and OTC trading, staking services, and Kraken Prime—its institutional client offering—through a locally regulated entity, along with peer-to-peer crypto asset transfer functionality.
[Foresight News]
BitMart Futures will list URNM (Sprott Uranium Miners ETF)
According to the official announcement, BitMart will launch the URNMUSDT perpetual contract on May 21, 2026, at 20:00 (UTC+8), supporting up to 10x leverage.
[Odaily]
SpaceX and Tesla collectively hold $2.30B in Bitcoin, potentially ranking as the fifth-largest publicly traded company BTC holder.
Bitcoin Treasuries.NET posted on X, stating that SpaceX and Tesla, both owned by Elon Musk, currently hold a combined total of 30,221 Bitcoin, valued at $2.3 billion.
If consolidated, they would become the fifth-largest publicly traded company holder of Bitcoin.
[ChainCatcher]
Missouri Attorney General Accuses Crypto ATM CoinFlip of Charging Excessive Fees and Facilitating Fraudulent Transactions
Missouri Attorney General Catherine Hanaway has filed a lawsuit against GPD Holdings LLC, the operator of CoinFlip, alleging that the cryptocurrency ATM network charges excessive fees while facilitating fraudulent transactions.
The complaint states that approximately 350 cryptocurrency ATM-related cases have been reported in Missouri over the past two years, with losses linked to CoinFlip and similar self-service kiosks potentially reaching millions of dollars. The lawsuit seeks consumer restitution, civil penalties of up to $1.826 million, and an injunction prohibiting the company from operating in the state. The complaint alleges that CoinFlip profits by charging fees of up to 21.9% on transactions conducted through its self-service kiosks.
CoinFlip, founded in 2015, operates more than 140 ATMs across Missouri. These machines are located in convenience stores, liquor stores, vape shops, and gas stations.
[Foresight News]
Missouri Attorney General Sues CoinFlip, Accusing Its Cryptocurrency ATMs of Facilitating Fraud
Missouri Attorney General Catherine Hanaway has filed a lawsuit against GPD Holdings, the operator of CoinFlip, alleging that the cryptocurrency ATM network facilitated fraudulent transactions while charging high fees, violating state consumer protection laws.
Missouri has reported approximately 350 cases related to cryptocurrency ATMs over the past two years, with potential losses of millions of dollars. The lawsuit seeks compensation for consumers, a maximum civil penalty of $1.826 million, and an injunction prohibiting the company from operating in the state.
[theblock]
Tokenized securities settlement platform Seturion partners with Societe Generale and others to build a blockchain securities settlement system.
Seturion, the tokenized securities settlement platform under the Stuttgart Stock Exchange Group, has partnered with Société Générale, its crypto subsidiary SG-Forge, and online broker flatexDEGIRO to jointly build a blockchain-based securities settlement system in Europe.
Société Générale will issue tokenized structured securities—including turbo warrants and investment certificates—on this platform. SG-Forge, which holds authorization to operate in France’s crypto-asset markets, will use its euro- and US dollar-backed stablecoins (EURCV and USDCV) to settle transactions. Meanwhile, flatexDEGIRO will connect the platform with European retail distribution channels to launch tokenized securities trading services.
[Odaily]
Fantasy Top to shut down, says trading card game model was ‘never built’ for crypto
Onchain trading card platform Fantasy.top announced that it will shut down after over two years of operations. According to an official X post, the team decided to shutter Fantasy.top after months of consideration and exploration of alternative options.
Fantasy.top’s pseudonymous co-founder Kipit says the platform failed due to one core reason — building crypto on top of a trading card game (TCG) model, which are fundamentally incompatible with each other. “We tried to put crypto on top of a model that was never built for crypto,” Kipit wrote. “Every crypto TCG has failed. TopShot, SoRare, and now us. This isn’t a coincidence. It’s structural.”
While the financial value of legacy trading cards, such as Yu-Gi-Oh and Pokémon, derives from the quality of the game and loyalty of its fanbase, crypto TCGs make the financial value their main entry point for players, Kipit explained, adding that this attracts investors, not gamers. “You stop building a game and start managing an economy,” Kipit wrote. “That’s the trap, and we walked straight into it.”
The Fantasy.top co-founder said the same pattern is seen “everywhere” in crypto, and is the “defining issue” for many failed projects, including social tokens. Kipit’s also criticized the current culture of projects’ native token launches, only to have the value depreciated significantly soon after. “A token before product-market fit is poison,” Kipit wrote. “Every employee thinks about the price. Every user thinks about the price. You stop building and start managing sentiment.”
The co-founder said he now understands the reason traditional finance has strict guardrails against such practices, as they protect retail investors from underprepared companies. “Crypto skipped that filter entirely, and we are paying the price across the entire space,” Kipit wrote.
Fantasy.top was subject to similar speculation earlier this year, when multiple X users who claimed to be angel investors in the project alleged that the platform is refusing to refund investments, and “ghosting” related inquiries. Other users of Fantasy.top criticized the project for allegedly dropping the core game feature to pursue prediction markets.
Fantasy.top leaders previously responded to the claims by saying that the company has been fully self-funded through product revenues, and investor funds remain untouched. The latest statement reiterated that every pre-seed and seed investor will be reimbursed in full — “one dollar back for every dollar in.” “We can do this because we never had to spend the money to operate. The business funded itself,” the post stated.
The Blast Layer 2-based game that let users trade “hero” cards of crypto influencers once broke into DeFiLlama’s top 10 crypto protocols by fees and revenue generated, alongside Pump.fun in 2024, after raising $4.25 million in a seed round led by Dragonfly and previous backing from Alliance DAO.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
[The Block]
Bybit Wealth Management’s “Crazy Thursday” launches a time-limited ETH campaign this week
Bybit’s Wealth Management “Crazy Thursday” promotion this week features ETH. Eligible new users can deposit USDT or ETH to earn ETH rewards with an annualized return rate of 555%.
[Foresight News]
Kraken’s parent company Payward receives preliminary approval from Dubai’s VARA to conduct cryptocurrency business
Kraken’s parent company, Payward, has announced that it has received initial approval from the Dubai Virtual Assets Regulatory Authority (VARA) in the United Arab Emirates (UAE) for a brokerage, investment, and management license, and will expand its crypto business in the UAE.
Payward expects to offer spot, margin, and OTC trading, staking services, and Kraken Prime services for institutional clients through a local regulated entity, as well as support user-to-user crypto asset transfer functions.
[Odaily]
Bitwise’s HYPE ETF has purchased and staked $19.78M worth of HYPE.
According to Arkham monitoring, Bitwise has disclosed the address for its HYPE ETF.
The address has purchased and staked $19.78 million worth of HYPE to date, and has currently profited $2.40 million.
[Foresight News]
Today’s Market Pulse
The crypto market navigates contrasting regulatory environments with expansion in Dubai and Hong Kong while facing enforcement in Missouri, as innovative ETF products and traditional finance integration reshape the industry.
Key Themes
Regulatory Divergence
What’s happening: Kraken’s parent Payward receives Dubai VARA approval for comprehensive crypto services, while Hong Kong SFC issues its 13th license to NewBX, signaling growing regulatory frameworks in progressive jurisdictions. Conversely, Missouri AG sues CoinFlip for excessive fees and facilitating fraud, highlighting enforcement risks in less crypto-friendly environments.
Why it matters: This divergence creates strategic opportunities for established players to expand in regulated markets while smaller operators face increased compliance pressures. The Dubai approval particularly notable as it covers full brokerage, margin, OTC, and staking services.
Near-term implication: We may see further consolidation as crypto companies strengthen compliance teams to navigate the patchwork of global regulations.
ETF Innovation and Adoption
What’s happening: Hyperliquid ETF attracts $25.5M in a single day, while Bitwise’s HYPE ETF purchases and stakes $19.78M of underlying assets, sharing profits with holders through staking rewards.
Why it matters: These ETFs aren’t just passive vehicles but active participants in the underlying ecosystems, creating positive feedback loops and demonstrating innovative product structures beyond traditional market ETFs.
Near-term implication: Successful ETF models with active management elements may spur more asset managers to develop similar hybrid products, potentially increasing overall institutional capital inflows.
Traditional Finance Integration
What’s happening: Seturion partners with Societe Generale and flatexDEGIRO to build blockchain securities settlement, while traditional commodity markets see renewed interest with BitMart listing uranium ETF futures.
Why it matters: This represents a deeper integration of blockchain into traditional finance infrastructure rather than just speculative assets, potentially increasing utility and stability for crypto technologies.
Near-term implication: More mainstream financial institutions may explore blockchain solutions for traditional assets, blurring the lines between CeFi and DeFi.
RichSilo Verdict
Smart money should monitor the regulatory arbitrage opportunities in emerging markets like Dubai while maintaining compliance vigilance in jurisdictions with increasing enforcement. The successful ETF models with active management elements suggest a potential evolution toward more sophisticated financial products that bridge traditional and crypto markets. Key catalysts to watch include further regulatory clarity in major markets, institutional adoption of blockchain settlement systems, and the performance of SpaceX’s potential listing which could significantly impact market sentiment given the 73% probability of exceeding $2T valuation.
