Vladimir Okhotnikov, alleged co-founder of the Forsage Ponzi scheme, has been extradited from Thailand to the United States where he pleaded not guilty to charges related to the $340 million fraud. Forsage is accused of defrauding investors worldwide by operating a fraudulent investment platform. The case highlights ongoing international efforts to combat crypto-related financial crimes.
CME Group is set to begin 24/7 trading for its cryptocurrency futures and options on May 29, following a significant increase in trading volume. This move positions CME to compete with ICE's New York Stock Exchange, which is developing a tokenized securities platform for continuous operations. The expansion reflects growing demand for round-the-clock trading in digital assets.
Following recent regulatory changes, Japan's financial giants SBI and Rakuten are developing their own crypto investment trusts. This development comes after Japan's cabinet approved a bill reclassifying crypto under the Financial Instruments and Exchange Act, facilitating greater institutional participation in the crypto market. The move could significantly boost crypto adoption in Japan.
Societe Generale is advancing its stablecoin strategy by integrating SG-FORGE's EUR CoinVertible and USD CoinVertible into the Canton Network. This initiative aims to enhance collateral, repo financing, and settlement operations, bringing stablecoins closer to institutional market infrastructure. The bank's move underscores the growing role of stablecoins in traditional financial systems.
Circle, the issuer of USDC, has launched Arc, a new layer-1 blockchain designed specifically for stablecoin-native finance. Arc aims to facilitate stablecoin transactions and financial services, enhancing the ecosystem for digital currencies. This development represents Circle's strategic expansion into blockchain infrastructure to support its stablecoin offerings.