XRP Derivatives Contracts to Launch on Bitflyer
Bitflyer, a major Japanese cryptocurrency exchange, has announced plans to introduce XRP derivatives contracts, expanding its leveraged trading offerings. Previously limited to Bitcoin CFDs, the platform will now include Ethereum (ETH) and XRP in its leveraged trading product, "bitFlyer Crypto CFD." This development was shared via a tweet, emphasizing Bitflyer's commitment to providing diverse investment opportunities. The new trading pairs, ETH-CFD/JPY and XRP-CFD/JPY, will join the existing BTC-CFD/JPY pair. This marks a significant step for XRP, the fourth-largest cryptocurrency, as it gains further traction in the derivatives market. (Source: U.Today, https://u.today/xrp-derivatives-contracts-to-arrive-on-major-japanese-crypto-exchange-details)
SEC Closes Investigation Into Gemini
Gemini Trust Co., owned by the Winklevoss twins, has announced that the U.S. Securities and Exchange Commission (SEC) has closed its investigation into the crypto exchange without taking any action. Cameron Winklevoss shared the news on X, while the SEC and Gemini declined to comment further. This development comes as a relief for Gemini, which has faced regulatory scrutiny in the past. The closure of the investigation signals a potential shift in the SEC's approach to crypto regulation. (Source: Bloomberg, https://www.bloomberg.com/news/articles/2025-02-26/gemini-s-winklevoss-says-sec-closed-investigation-with-no-action)
IRS Crypto Reporting Rule Faces Repeal
The U.S. House Ways and Means Committee has advanced a Congressional Review Act challenge to nullify IRS reporting requirements for decentralized cryptocurrency exchanges. The rules, introduced during the Biden administration, have faced criticism for being unworkable and potentially encouraging tax evasion. The committee's 26-16 vote moves the repeal closer to a full House vote. If successful, this could mark a significant rollback of regulatory measures targeting the crypto industry. (Source: Bloomberg Tax, https://news.bloombergtax.com/daily-tax-report/crypto-exchange-irs-reporting-rule-moves-closer-to-house-repeal)
Bybit Offers $140M Bounty After Record Hack
Bybit, a Dubai-based crypto exchange, has announced a $140 million bounty to trace and freeze funds stolen in a $1.4 billion Ethereum heist. The hack, attributed to the North Korean Lazarus Group, is the largest crypto theft in history. Bybit CEO Ben Zhou revealed that bounty hunters have already recovered $4.23 million. Preliminary investigations suggest the breach originated from malicious code targeting Bybit's Ethereum Multisig Cold Wallet. The company is taking steps to enhance security and prevent future incidents. (Source: TechCrunch, https://techcrunch.com/2025/02/26/hacked-crypto-exchange-bybit-offers-140-million-bounty-to-trace-stolen-funds/)
A Mixed Weekend for Crypto
The crypto industry experienced a turbulent weekend as the SEC dropped enforcement actions against Coinbase and Robinhood, signaling a shift in regulatory strategy. Meanwhile, the Department of Justice imposed $504 million in penalties on OKX for operating an unlicensed money transmitting business. Additionally, Bybit suffered a record $1.5 billion hack, with $40 million of the stolen funds recovered so far. These events highlight the ongoing challenges and regulatory complexities facing the crypto sector. (Source: Banking Dive, https://www.bankingdive.com/news/mixed-weekend-for-crypto-bybit-coinbase-robinhood-sec-okx/741059/)
Sources:
- XRP Derivatives Contracts to Arrive on Major Japanese Crypto Exchange: Details
- Gemini’s Winklevoss Says SEC Closed Investigation With No Action
- Crypto Exchange IRS Reporting Rule Moves Closer to House Repeal
- On-Chain Data Reveals Binance’s Strategy Behind Massive Ethereum And Solana Sell-Off
- Hacked crypto exchange Bybit offers $140M bounty to trace stolen funds
- A mixed weekend for crypto
