institutions

According to Bloomberg, informed sources revealed that financial institutions such as Goldman Sachs, Citigroup, Santander Bank, and Deutsche Bank have committed approximately $270 million in funding for a joint stablecoin project.

Coinbase legal advisor Molly Abraham stated that six institutions, including Coinbase, prediction market platform Kalshi, Kraken's parent company Payward, DRW Holdings, Jump Trading, and Paradigm, have applied to the U.S. court to submit amicus curiae briefs in support of the U.S. Commodity Futures Trading Commission (CFTC) regarding its regulatory authority over individual perpetual contracts.The related institutions argue that, according to the Commodity Exchange Act and the regulatory framework for securities futures established by the U.S. Congress in 2000, such products should be classified as securities futures rather than securities swaps. The aforementioned institutions also believe that preventing innovative products from being compliant and listed in the U.S. will only drive trading activities offshore.

The Canadian government has announced a budget bill that will prohibit federally regulated financial institutions from directly issuing cryptocurrencies and require stablecoins to be issued only through independent non-financial subsidiaries regulated by stablecoin laws.According to the budget bill announced on November 5 local time, the issued cryptocurrencies must include reserve safeguards such as redeemability at face value and asset segregation, while not being included in public deposit insurance and government guarantee programs. The Bank of Canada will be responsible for the registration of issuers and the supervision and enforcement of regulatory compliance. Meanwhile, the regulatory framework for stablecoins is expected to take effect next fall.

According to Cointelegraph, the European Central Bank, the European Commission, and the European Securities and Markets Authority are jointly soliciting nominations for a working group led by the industry, which will establish unified standards for the holding and settlement of tokenized securities.Eligible applicants include EU industry associations, global institutions, private enterprises, and fintech companies, which can apply to join the European Tokenized Standards Group (ETSG) by November 27. The relevant work will commence in January 2027, with the aforementioned three EU institutions participating as observers.The working group will develop technical and market standards to assist businesses in holding and settling tokenized securities across different Distributed Ledger Technology (DLT) platforms, ensuring that these platforms can be compatible with existing financial systems.According to its scope of responsibilities, the working group plans to produce the first set of standards by early 2028. These standards will support Appia, which is the blueprint for the European tokenized financial market developed by the euro system.The three institutions warned that market fragmentation could limit the benefits brought by tokenization, and the working group may propose recommendations on how EU regulators can encourage businesses to adopt its standards. In September of this year, the euro system launched the Pontes system, allowing financial institutions to settle wholesale transactions of tokenized assets in central bank money.

On November 6, the Hong Kong Securities and Futures Commission released a consultation summary, proposing to further restrict unregulated entities from using names that may mislead the public into believing they are regulated, and plans to extend these restrictions to the virtual asset sector.According to the proposed amendments, Hong Kong will introduce similar restrictions under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, focusing on virtual asset trading platforms, as well as virtual assets that are unrelated to securities or futures contracts but can be traded or settled through virtual asset trading platforms. Unauthorized entities will be subject to restrictions on the use of relevant titles to prevent the public from mistakenly viewing them as regulated entities. The related proposals have received broad support from the market.The Securities and Futures Commission stated that it will further finalize the draft amendments to the Securities and Futures Ordinance and the Anti-Money Laundering Ordinance, and submit them to the Legislative Council for review and approval.

According to Bloomberg, Wall Street's reaction to the U.S. midterm elections shifted from positive to negative in about 24 hours. The sell-off on Thursday spread from retail investors to hedge funds, long-only asset management firms, and quantitative strategies, causing a loss of approximately $3.7 trillion in market value for U.S. stocks in a single day, with the Nasdaq 100 index recording its largest drop since March 2020. Initially, the stock market rose after the elections due to the reduction of event risk and a decline in oil prices, but investors later reassessed the risks of Democratic scrutiny on data center expansion.In the first half hour after the market opened on Thursday, retail investors were the first to sell for profit, followed by hedge funds and long-only firms. Data from Vanda Research shows that the net selling scale of retail investors on that day was second only to two days during the pandemic shock in March 2020. Its strategist Viraj Patel pointed out that while retail and systematic investors were actively selling, institutional buyers chose to step back. The decline subsequently triggered mechanical selling, with Nomura strategist Charlie McElligott estimating that based on the negative gamma exposure during Thursday's trading, for every 1% drop in the market, options market makers would generate an additional selling pressure of about $7 billion.Volatility control funds estimated that they needed to reduce their holdings by about $61 billion in stocks based on market changes at the time, with about $25 billion in sales still being executed on Wednesday. The rebalancing of leveraged ETFs is expected to bring about an additional $47 billion in stock sales. Vanda estimated that commodity trading advisors sold about $13 billion in S&P 500 and Nasdaq futures. Goldman Sachs' prime brokerage trading desk estimated that fundamental long-short funds lost about 1.3% on Thursday, while technology-themed funds fell over 4%. The basket of stocks in storage, optical networks, data centers, and AI semiconductors dropped by 12% to 15% that day, and the VIX index rose from 16.6 points at the opening to nearly 28 points at the close.

The Indian Computer Emergency Response Team (CERT-In) issued a security advisory stating that the hacker group "Crafty Falcon" is utilizing publicly available artificial intelligence tools to conduct high-speed automated intrusions, having breached non-bank lending institutions, fintech companies, and cryptocurrency exchanges. The agency described the related threats as "ongoing and persistently active."The advisory specifically named four intrusion tools: ARTEX, PentAGI, Cairn, and CyberStrikeAI. Cybersecurity researchers indicated that at least two of these tools are associated with China. CrowdStrike previously stated that ARTEX, developed in China, has been used to attack South Korean banks since the end of September, and a hacker group linked to China has used this tool to target over 200 organizations in at least 14 countries. CERT-In did not specify the attackers or the operational location of the group, nor did it state that the attacks were state-sponsored or led; all of the aforementioned tools are available for free.

The dust has settled on the U.S. midterm elections, with the Democratic Party winning control of both chambers of Congress, and Trump has stated that he accepts the election results. After the uncertainty dissipated, the market rebounded significantly, with the S&P 500 index rising nearly 2% in a single day, the Dow Jones index increasing by over 3%, and the VIX experiencing its largest single-day drop since April 2025. Institutions such as JPMorgan, Nomura, HSBC, and Citadel Securities have successively released bullish reports.The core logic is that institutions had significantly deleveraged before the election, and short positions in the stock market were close to a five-year high. Citadel Securities stated that the net position of CTAs in U.S. stocks is approximately negative 3.3 standard deviations, placing it in the 10th percentile since 2018. Retail investors have net bought nearly $33 billion over 22 consecutive trading days since October 5, and the corporate buyback authorization window has also quickly reopened, with new authorizations reaching $1.5 trillion this year.Tech stock valuations are compressing simultaneously. The price-to-earnings ratio of the Nasdaq 100 has dropped to 19.1 times, the lowest since October 2022; the price-to-earnings ratio of semiconductor components has fallen to 13.8 times. HSBC views the Anthropic IPO as a key turning point for a comprehensive bullish trend in tech stocks. Historical data shows that since 1938, the S&P 500 has risen in 95% of the years in the 12 months following midterm elections, with an average increase of about 14%.

Coinbase posted on platform X that Coinbase Prime now offers regulated global options and perpetual contract trading services for institutions in the United States and other eligible regions, and provides a unified liquidity pool for traders in the United States and globally.

On-chain investigator ZachXBT updated the investigation, stating that over $27 million in abnormal withdrawals from centralized exchanges have been discovered related to European institutions that were previously suspected of being hacked, bringing the total amount of funds involved in the incident to over $133 million. Some withdrawals from the exchanges occurred after the initial disclosure of the incident.ZachXBT proposed an unverified hypothesis that the incident may involve a large financial institution located in Western Europe that has been attacked, and the relevant situation may currently be covered up. It also stated that due to the lack of proper incident disclosure, over $30 million has been transferred for laundering, and EU law enforcement agencies may have had the opportunity to freeze this portion of the funds.

Injective announced the launch of a priority trading channel for institutions.Injective stated that the service is currently in a limited production phase, providing institutions with earlier execution feedback, while the final settlement of trades is still completed by the full validator network.

The Chief Executive Officer of the Hong Kong Securities and Futures Commission, Ashley Alder, stated at the Hong Kong FinTech Week 2026 that the Hong Kong Securities and Futures Commission plans to establish a cybersecurity framework for licensed institutions and impose higher requirements on higher-risk institutions to enhance their ability to withstand AI-driven cyber threats.Alder also mentioned that Hong Kong institutions are at the forefront of tokenization, and tokenization must bring substantial economic benefits to the market in order to achieve scalable development.

According to a report by the Korean News Agency, the Bank of Korea (central bank) has begun monitoring the market, requesting banks and securities companies to provide updates on their virtual asset-related businesses and assessments of related risks. On the 23rd of last month, the Bank of Korea sent relevant requests to 18 banks (including the five major banks: KB, Shinhan, Hana, Woori, and NH Nonghyup) and 13 securities companies, asking them to participate in the "Survey on the Current Status of Financial Institutions Entering the Virtual Asset Market."The survey covers the organizational structure and budget of each institution regarding virtual assets, the current status of market access, assessments of business-related risks, and risk management measures. The survey also addresses the potential impact on financial institutions if a major event occurs at the largest virtual asset exchange in the domestic market (such as a large-scale hacking attack leading to temporary operational disruption). Additionally, the survey focuses on other risk scenarios, such as significant price declines of virtual assets like Bitcoin, continuous shrinkage of trading volume, or other financial institutions suffering substantial losses due to virtual asset-related events.

According to Decrypt, Cantor Fitzgerald analysts believe that the market correction following the Binance hack provides a buying opportunity, and they expect the stock prices of Coinbase, Robinhood, and Strategy to rebound after the panic subsides.TD Cowen believes that this attack exposes Binance's own security vulnerabilities rather than issues with Bitcoin's underlying technology, and views the correction as an opportunity to increase holdings in Bitcoin and publicly listed companies.Compass Point stated that Binance's liquidity is sufficient to cover the losses, but customer compensation may put pressure on the supply of stablecoins, with Coinbase and Hyperliquid potentially taking on some of the business.Moody's pointed out that this incident highlights the cybersecurity risks of hot wallets and the concentration risk of large centralized intermediaries.

According to Bloomberg, Uber has participated in a blockchain investment pilot with institutions such as HSBC and Franklin Templeton, utilizing HSBC's tokenized deposits to purchase a tokenized money market fund issued by Franklin Templeton on Thursday and selling it on Sunday, thereby earning an additional 1.5 days of returns.This model achieves investment and settlement of funds through a public blockchain, allowing companies to avoid selling assets before the traditional market closure on Fridays. This pilot also involves Tradeweb and Fireblocks, with liquidity and settlement provided by Canton Network.

According to CoinDesk, analysts from three Wall Street firms—Cantor Fitzgerald, TD Cowen, and Compass Point—believe that despite Binance experiencing a hack of approximately $6.3 billion, there are currently no sufficient signs indicating that this event will threaten the entire cryptocurrency market, and the previous trend of market recovery is unlikely to be interrupted.Cantor Fitzgerald analyst Ramsey El-Assal pointed out that Tether has frozen over $1.5 billion in stolen assets, Circle has frozen about $800 million, Ripple has frozen about $200 million, and Binance claims that the total amount of frozen stolen funds is approximately $3 billion. He believes that the cryptocurrency industry is gradually enhancing its ability to respond to such security incidents and expects that after market panic subsides, cryptocurrency-related stocks like Coinbase, Robinhood, and Strategy are likely to rebound, advising investors to buy on dips.TD Cowen analyst Lance Vitanza believes that this attack exposes security weaknesses in Binance's own transaction signature infrastructure, rather than issues with the underlying technology of cryptocurrencies like Bitcoin. The market sell-off may provide an opportunity to increase holdings in Bitcoin and stocks of publicly traded companies that hold Bitcoin.Compass Point analysts believe that Binance has sufficient liquidity to cover the funding gap, expecting that its excess USDT reserves, BTC reserves, and USDC funds are enough to cover the losses. However, the firm also warns that Binance's compensation to customers may put pressure on the supply of stablecoins and could drive users to shift from centralized exchanges to competing platforms such as Coinbase, Bullish, and Hyperliquid.

According to a report by Reuters on October 28, three South Korean financial institutions reported data breaches on Wednesday. Cryptocurrency exchange Bithumb stated that its internal mobile system was hacked, resulting in the leakage of personal information, and it is investigating whether member data was included. Brokerage firm Daishin Securities reported that approximately 38,000 customer information records were leaked and has taken emergency measures. Asset management company Mirae Asset Global Investments also confirmed a hacking incident, and authorities are assessing the situation. Reuters stated that it was unable to immediately contact spokespersons from the three institutions for comments.The report noted that these incidents occurred after 16 financial institutions in South Korea (including banks) were attacked by hackers. Earlier this month, the South Korean Financial Services Commission stated that related incidents have caused approximately 100,000 data breaches to date. Additionally, reports indicate that the Seoul Science and Technology Department and the Korea Internet & Security Agency have urged website operators to check for PHP vulnerabilities, which could allow attackers to execute malicious commands on servers without logging in.