The Office of the Comptroller of the Currency (OCC) has granted Crypto.com conditional approval for a bank trust charter, allowing it to potentially operate as a federally regulated bank. This approval positions Crypto.com alongside other major crypto firms like Circle and Ripple, which have also received similar approvals. The move signals a growing acceptance of cryptocurrency companies within the traditional banking framework.
Bitcoin's weekly candle closed below a significant moving average for the first time in over two years, suggesting potential new price lows. This technical break could indicate further downward pressure on Bitcoin prices, which have already been volatile due to macroeconomic factors and market sentiment. The development is closely watched by traders and analysts as a possible precursor to a deeper market correction.
Austria's financial regulator has instructed KuCoin's EU operations to stop onboarding new business until it addresses staffing shortfalls in anti-money laundering and sanctions compliance roles. This regulatory action highlights the increasing scrutiny crypto exchanges face in maintaining robust compliance frameworks. KuCoin must appoint necessary compliance officers to resume its expansion in the European market.
Bitcoin experienced a significant selloff over the weekend, losing about $100 billion in market value due to tariff policy uncertainties, before rebounding above $66,000. The volatility reflects the broader market's sensitivity to geopolitical and economic developments. Analysts caution that while the immediate recovery is positive, underlying risks remain due to ongoing macroeconomic tensions.