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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.

The parent company of the New York Stock Exchange, ICE, has partnered with OKX to jointly establish a cryptocurrency joint venture, OKXICE

According to Bloomberg, the parent company of the New York Stock Exchange, Intercontinental Exchange (ICE), announced a joint venture with cryptocurrency trading platform OKX in the cryptocurrency field called OKXICE.This collaboration marks a deep integration between traditional financial infrastructure giants and leading cryptocurrency trading platforms, seen by the market as an important signal of institutional capital further embracing crypto assets.Currently, both parties have not disclosed the specific business scope and operational details of the joint venture. ICE previously operated the cryptocurrency futures platform Bakkt, and this collaboration with OKX may further strengthen its strategic layout in the digital asset field.Former New York Governor Andrew Cuomo will serve as co-chairman of the joint venture between Intercontinental Exchange (ICE) and cryptocurrency exchange OKX, while Trabue Bland, Senior Vice President of ICE Futures Exchange, will serve as the other co-chairman. The joint venture plans to operate a U.S. registered broker-dealer and futures broker, subject to regulatory approval, to help OKX expand its U.S. customer base while allowing its overseas users to access ICE futures and the New York Stock Exchange's tokenized stock market.Cuomo has served as a policy advisor to OKX since 2023 and previously assisted the company in responding to a federal investigation, with OKX pleading guilty in 2025 and paying over $504 million in fines. In March of this year, ICE invested $200 million in OKX, corresponding to a valuation of $25 billion, and obtained a seat on the OKX board.
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