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According to Bloomberg Law, a group of victims who lost their life savings in the collapse of the FTX exchange filed a lawsuit against the Silicon Valley law firm Fenwick & West LLP on May 14, seeking $525 million in damages.The plaintiffs accuse the law firm, which served as FTX's primary external legal advisor for many years, of knowingly assisting FTX in violating fiduciary duties and misappropriating billions of dollars in customer assets, while also helping to set up shell companies and implement communication controls to cover up related evidence.FTX founder Sam Bankman-Fried was arrested after the exchange's collapse in 2022 and was convicted on seven counts of fraud and money laundering, receiving a 25-year prison sentence.

According to Crowdfund Insider, digital bank Revolut announced that its trading division, Revolut Trading Ltd, has received an extension of permissions approved by the UK's Financial Conduct Authority (FCA) to launch more comprehensive investment and wealth management services in the UK market.Under the newly approved Variation of Permissions (VoP) license, Revolut can now manage investment portfolios for clients and participate in certain transactions as a principal. This means that the platform will be able to offer leveraged investment products, professionally managed portfolios, and customized wealth management services for high-net-worth users in the future, all of which will be integrated into its mobile application, alongside everyday banking and payment tools.It is reported that Revolut plans to further introduce AI-driven portfolio recommendation tools, continuing its transformation into a "one-stop financial platform." Earlier this year, Revolut officially obtained a full banking license in the UK. Analysts believe that the FCA's approval indicates an increase in its maturity as a regulated financial institution, while also reflecting that fintech companies are accelerating their competition with traditional banks and wealth management institutions.

Cryptocurrency market maker and liquidity provider B2C2 has obtained a crypto asset service provider (CASP) license issued by the Luxembourg Financial Supervisory Authority (CSSF), officially incorporating it into the EU's Markets in Crypto-Assets Regulation (MiCA) framework.With this license, B2C2 can provide over-the-counter spot trading services across the 27 EU member states and some European Economic Area countries through the MiCA "passporting mechanism," achieving unified compliance for cross-border digital asset liquidity access. The company stated that this approval makes it one of the first global OTC liquidity providers authorized under the MiCA framework, having previously completed VASP registration in Luxembourg in 2024.B2C2 CEO Thomas Restout stated that obtaining MiCA authorization reflects the company's long-term commitment to compliance and governance, and will further enhance its service capabilities in the institutional crypto market. As the MiCA transition period approaches (expected to end in July 2026), more and more crypto companies are accelerating their compliance efforts in the EU, including Coinbase and Kraken, which are also advancing their licensing systems in different jurisdictions in Europe.

According to Money Today, the Financial Services Commission of South Korea will announce detailed rules for tokenized securities in July, preparing for implementation in February next year. The country's financial authorities will allow the issuance of fragmented investment securities by bundling various underlying assets and will develop a roadmap for the tokenization of traditional securities such as stocks and bonds.The Financial Services Commission stated that previously it was prohibited to bundle underlying assets for the issuance of fragmented securities, but now it plans to allow bundling of similar assets within a certain scope. The Commission emphasized that market order and investor protection are fundamental prerequisites, but regulation will not be the primary focus. The annual investment limit for fragmented investment securities issuance platforms is set at 10 million to 20 million Korean won, with crowdfunding limited to 5 million won per project, totaling 10 million won. The annual selling limit for over-the-counter trading of non-listed stocks is 300 million won, while for investment contract securities in over-the-counter trading, it is 40 million won.

Binance announced that due to third-party system maintenance, Binance Alpha tokenized securities trading services are currently in temporary maintenance status, and users are temporarily unable to place orders or conduct transactions.Binance stated that user asset security is not affected, and the platform is actively communicating with the third party to promote service recovery. Users will be notified as soon as the relevant functions are restored.

Caixin reported that a private banking client was sentenced to immediate imprisonment for 6 months and fined HKD 500,000 for deliberately providing false information in CRS declarations, becoming the first case in Hong Kong to be criminally convicted for violating CRS rules.CRS 2 is a revision of the OECD's Common Reporting Standard and the term for the Crypto-Asset Reporting Framework (CARF), which will take effect on January 1, 2026. On March 27, 2026, the Hong Kong government published the "2026 Taxation (Amendment) (Automatic Exchange of Financial Account Information) Bill" in the gazette, which was submitted for its first reading in the Legislative Council on April 1 and is expected to be implemented starting January 1, 2027, marking Hong Kong's entry into the fast track for local legislation of CRS 2.CRS 2 explicitly includes cryptocurrencies in the mandatory reporting scope, along with stablecoins, crypto derivatives, certain NFTs, central bank digital currencies, and specific electronic money products. Crypto trading platforms, custodians, and related funds are required to fulfill KYC obligations and report information to tax authorities, systematically blocking the pathways for concealing wealth through crypto assets.

The lending protocol HyperLend on HyperEVM tweeted that it will gradually stop the USDH lending service process. Within 48 hours, users will not be able to continue providing or borrowing USDH on HyperLend. Meanwhile, the team encourages users to actively repay any USDH loans they hold.Previously, it was reported that Coinbase has become the official USDC fund deployment agency for Hyperliquid, and USDH will gradually exit the market over time. As part of this collaboration, Native Markets has agreed to grant Coinbase the right to purchase USDH brand assets. In the coming months, users will continue to exchange USDH for USDC or fiat currency through the USDH dashboard of Native Markets without any fees.

The founder of the AI agency platform Bankr, deployer, tweeted that he has raised about $100,000 to provide free LLM inference services for Bankr ecosystem projects. Projects currently being built in the Bankr ecosystem will soon be able to access free inference credits. However, before officially starting the distribution, the team will first launch a new feature that "the entire industry will love," with specific details to be announced later.

According to Protos, Myanmar has proposed introducing the death penalty for criminals who use violent means to coerce victims into participating in cryptocurrency scam centers. According to the draft of the country's Anti-Cyber Fraud Bill, criminals who use violence, torture, illegal arrest and detention, or cruel treatment against others to force them to commit cyber fraud will be sentenced to death.The bill will be submitted to parliament for review in June. In addition, operators of scam centers or perpetrators of cryptocurrency scams will face life imprisonment. Last month, the President of Myanmar reduced all death sentences to life imprisonment.

In the early morning of May 14 (UTC+8), in the final of the 2026 Coppa Italia, Inter Milan ultimately defeated Lazio with a score of 2:0, successfully lifting the championship trophy. As the official sleeve sponsor of Inter Milan Football Club, Gate was deeply involved in this peak event. During the final, Gate Europe CEO Giovanni Cunti was invited to attend the sponsor partner luncheon hosted by the club and watched the match from the box, witnessing the team's moment of glory alongside Inter Milan legends Esteban Cambiasso, Fabio Galante, and Francesco Toldo. This victory not only marks another important milestone in the deepening strategic cooperation between Gate and Inter Milan but also injects strong brand momentum into Gate's internationalization process.In addition, with Inter Milan winning the championship again this season, Gate will hold the "Gate x Inter XIII: Champion's Circle" offline reception in Milan on May 21. During the event, guests will visit Inter Milan's headquarters and engage in interactive exchanges with Inter legend Fabio Galante and executives. Leveraging the global attention of top international sporting events, Gate is continuously deepening the integration of Web3 with mainstream culture and strengthening its brand recognition and influence in the European and global markets.

American financial services giant Charles Schwab has begun to phase in the "Schwab Crypto" service for eligible U.S. retail customers, allowing users to trade Bitcoin and Ethereum directly.According to official information, users can view and manage their crypto assets directly through their existing Schwab accounts, with custody provided by Charles Schwab Premier Bank, while Paxos offers underlying custody and trade execution services. The platform charges a transaction fee of 0.75% of the transaction amount, and currently does not support external wallet deposits and withdrawals. Additionally, this service is not yet available to residents of New York and Louisiana. Charles Schwab currently manages approximately $12 trillion in client assets, with its clients holding about 20% of the assets in U.S. spot crypto ETFs.

The OpenAI official status page shows that OpenAI is investigating multiple service outages, with the Codex 5.5 engine experiencing a high error rate, particularly affecting free users. All Codex users have also seen an increase in latency for gpt 5.5.In addition, the Realtime API's SIP/WebRTC process has experienced interruptions, which has been officially marked as "under investigation," and the related issues have persisted for several hours. The official website notes that the impact of the outage varies depending on subscription level and the models and features used.

According to Jinshi reports, Federal Reserve's Goolsbee stated that the rise in service sector inflation is concerning.

Coinbase has expanded its on-chain crypto lending product, adding support for Solana (SOL), allowing users to borrow up to $100,000 by collateralizing SOL. This lending service is based on the integration of Coinbase with the DeFi lending protocol Morpho on the Base network, which previously supported collateralized lending for crypto assets like BTC and ETH.Ben Shen, Head of Financial Services and Loyalty Products at Coinbase, stated that the addition of SOL collateral is an important step for Coinbase to become "the best platform for trading and holding Solana," and reflects its strategy to build an "Everything Exchange." Data shows that since the launch of this crypto lending product last year, Coinbase's cumulative loan issuance has exceeded $2.3 billion. Among these, Bitcoin remains the primary collateral asset, with a cumulative loan amount of $2.17 billion; ETH collateralized loans are about $110 million, and XRP is $31.6 million, followed by assets like cbETH, DOGE, ADA, and LTC.Last month, Coinbase also expanded this lending business to the UK market, continuing to advance its on-chain financial services layout. Although Coinbase announced a net loss of $394.1 million in the first quarter last week and laid off about 14% of its workforce, CEO Brian Armstrong still stated that in the future "all finance will migrate on-chain," and Coinbase is positioning itself around this trend. Several institutions, including Bernstein, Benchmark, and Rosenblatt, have recently maintained a "buy" rating on Coinbase stock, with Bernstein believing that Coinbase is gradually validating the feasibility of its "Everything Exchange" strategy.

According to monitoring by Catcher Predict, in the predicted market Polymarket for the event "LoL: Invictus Gaming vs. Bilibili Gaming (BO3) - LPL Group Stage," the "Odd" option in the sub-market "Odd/Even Total Kills" has experienced a dramatic fluctuation in win rate, soaring from 50% an hour ago to the current 90% (a fluctuation of 40%). Please note the impact of related breaking news.

According to the official Stellar blog, the Stellar Development Foundation and the Bermuda government announced that Bermuda will migrate key payment and financial service activities to the Stellar network to advance its plan to build the world's first fully on-chain national economy. Local residents will be able to receive salaries, pay merchants and government fees, and hold and transfer digital assets through a Stellar-based digital wallet. Bermuda government agencies plan to pilot payments based on stablecoins, and financial institutions will have access to tokenized tools, with related assets also usable for government payment scenarios such as social welfare distribution. Officials stated that this move is expected to reduce the current card transaction fees for local merchants, which can be as high as 3% to 5% or even 10%, improve payment efficiency, and strengthen digital financial infrastructure.

The Stellar Development Foundation and the Government of Bermuda jointly announced that Bermuda will migrate key payment and financial services to the Stellar network, officially advancing the construction of a "fully on-chain national economy."The plan relies on Bermuda's 2018 Digital Asset Business Act regulatory framework, aiming to significantly reduce local merchants' payment processing costs from 3% - 5% or even higher.According to the plan, Bermuda residents will be able to receive salaries, merchant payments, pay government fees, and hold digital assets through digital wallets on the Stellar network in the future.The government will pilot stablecoin payments, and financial institutions will have access to tokenized tools, with related assets also being used for government payment scenarios such as social service disbursements.

According to Jinshi reports, Federal Reserve's Goolsbee stated that the worst part of the April Consumer Price Index is the inflation in the service industry.

Bitfinex announced that it has obtained a Digital Asset Service Provider (DASP) license in El Salvador, further expanding its compliant business footprint in the Latin American region and officially completing regulatory coverage of its full business line in the country.With this approval, Bitfinex's core spot trading platform has been incorporated into El Salvador's regulatory system, forming a complete compliance framework alongside the previously licensed Bitfinex Securities and Bitfinex Derivatives, covering spot trading, derivatives, and tokenized securities business.

According to a report by the Korea Herald, data obtained by South Korean National Power Party member Kang Min-guk from the Financial Supervisory Service shows that as of May 4, a total of 15 virtual asset service providers have ceased operations in South Korea, affecting approximately 1.949 million users, with frozen assets amounting to 22.1 billion won (14.87 million USD). Among them, only 6 operators have transferred user assets to the Digital Asset Protection Foundation, involving 1.92 million users and assets of about 2.36 billion won (1.59 million USD). Only 131 users have recovered their assets through the foundation, accounting for 0.006% of all users, with returned assets of about 74.52 million won (50,000 USD), which is only 0.3% of the total assets.Member Kang pointed out that current laws do not require service providers to transfer user assets to the foundation when ceasing operations, lacking legal enforcement mechanisms, and the foundation has not actively promoted the asset recovery application process. He urged the Financial Supervisory Service to expedite the advancement of the second phase of legislation to strengthen user protection mechanisms.