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The Financial Times has recently reported on alleged compliance breaches at Binance, with leaked internal documents revealing that hundreds of millions of dollars have flowed through accounts flagged for suspicious activity, despite the exchange having committed to enhancing its controls as part of a 2023 settlement with US authorities.

Former Prosecutor Flags Binance Activity As Suspicious

According to the data reviewed by the Financial Times, multiple accounts associated with alarming red flags—such as links to terror financing, unusual login patterns, and failed identity verifications—continued to operate after the firm’s plea agreement. 

Among the accounts flagged, 13 suspicious accounts processed $1.7 billion in transactions, with $144 million occurring after the settlement was reached. 

One particularly questionable account received over $177 million in crypto across two years, exhibiting suspicious behavior like changing its banking details 647 times in just 14 months, cycling through 496 unique accounts across the Americas. 

Stefan Cassella, a former federal prosecutor, remarked, “That qualifies as suspicious. It looks like someone is acting as a money-transmitting business.”

Further deepening the controversy is an account who moved $93 million through Binance between 2021 and 2025. Part of this money allegedly derived from a network later accused by US officials of covertly transferring funds for Iran and the Lebanese group Hezbollah. 

Exchange Claims Robust Compliance Measures

The leaked documents also show that all 13 accounts received a combined total of $29 million in Tether’s USDT stablecoin from accounts that Israel subsequently froze under anti-terrorism laws. 

Nearly all of these transactions stemmed from four crypto wallets tied to Tawfiq Al-Law, a Syrian alleged to have funneled funds for Hezbollah and Iran-backed Houthi forces. Israel seized these accounts in May 2023, and the US Treasury sanctioned Al-Law in March 2024.

In response to these allegations, Binance asserted that it “maintains strict compliance controls and a zero-tolerance approach to illicit activity,” claiming that it has “robust systems in place to flag and investigate suspicious transactions.” 

Following the settlement, both the Justice Department and Treasury appointed independent monitors in May 2024 to oversee Binance’s compliance measures. However, many of the transactions the FT examined occurred after this oversight began.

Jessica Davis, a former intelligence official from Canada, noted that “a relaxed compliance environment” followed President Trump’s pardon for Binance’s former CEO Changpeng Zhao (CZ) earlier this year. Davis claimed: 

Previously, the incentive was: keep your CEO out of jail. Yes, there are fines, but part of the problem is that we’re just talking about so much money being made on these platforms that even a billion-dollar fine becomes fairly meaningless.

At the time of writing, the exchange’s native token, BNB, was trading at $867.42. This is over 37% lower than its all-time high of $1,369, which was reached in October of this year. 

Featured image from DALL-E, chart from TradingView.com

Bitcoin (BTC) is entering the final trading days of 2025 stuck between improving demand signals and a market structure that limits upside. Prices have remained range-bound in the high-$80,000 area as thin holiday liquidity and year-end positioning mute the impact of shifting sentiment.

At these levels, Bitcoin is trading near the average cost basis of U.S. spot ETF holders, creating a key pressure zone. On-chain data shows neither panic selling nor strong inflows, pointing instead to consolidation as traders wait for a clearer catalyst in low-liquidity conditions.

Bitcoin ETF Breakeven Levels Shape Short-Term Risk

A large share of ETF-linked capital is now sitting near breakeven, making price behavior around this zone especially sensitive. Analysts note that a clean break below the $88,000 area could encourage more defensive positioning, particularly if thin holiday trading amplifies volatility.

On the upside, reclaiming and holding levels above $90,000 would suggest that overhead supply from flat or nervous holders is finally being absorbed.

Despite muted price action, buying interest has not disappeared. Exchange outflows and whale accumulation have picked up in recent days, indicating that some investors are using the range to build positions rather than exit them.

Futures data, meanwhile, shows a gradual reduction in leverage instead of forced liquidations, pointing to controlled risk management rather than stress.

Gold’s Strength Highlights Risk Rotation

While Bitcoin remains range-bound, gold has pushed to fresh all-time highs, underscoring a clear preference for traditional safe havens.

The divergence reflects a market still focused on capital preservation as uncertainty around growth and inflation lingers. Expectations for further rate cuts by the Federal Reserve in 2026 have supported broader risk sentiment, but the impact on crypto has so far been limited by positioning and timing.

Historically, Bitcoin has often lagged major moves in gold, reacting later once liquidity improves and risk appetite returns. For now, that pattern appears intact. With economic data releases light but closely watched, traders are approaching year-end cautiously.

Until liquidity returns in early 2026, Bitcoin may remain capped, even as underlying demand quietly builds beneath the surface.

Cover image from ChatGPT, BTCUSD chart from Tradingview

Bitcoin treasury company Strategy hasn’t announced any new BTC buy this week, but it has made an expansion to its recently-created USD reserve.

Strategy’s USD Reserve Now Stands At $2.19 Billion

As announced by Strategy co-founder and chairman Michael Saylor in an X post, the company has increased its US Dollar (USD) reserve by $748 million. Strategy first created the USD Reserve at the start of December, allocating $1.44 billion to it.

During the announcement of the reserve, Saylor noted, “we believe it will better position us to navigate short-term market volatility while delivering on our vision of being the world’s leading issuer of Digital Credit.” The reserve’s existence didn’t mean that the firm paused Bitcoin acquisitions, as it made a purchase alongside the establishment of the USD reserve itself and on the two Mondays that followed.

The Bitcoin purchase that came alongside the announcement was relatively small, but the two in the following weeks were some of the biggest of the year, each adding nearly $1 billion in tokens to the company’s treasury.

The latest addition to the USD reserve, however, has come without a BTC purchase from Strategy. According to the filing with the US Securities and Exchange Commission (SEC), the firm funded the expansion using sales of its MSTR at-the-market (ATM) stock offering.

Strategy’s USD reserve now holds around $2.19 billion, while its Bitcoin treasury is unchanged from last week’s figure of 671,268 BTC (worth $60.24 billion at the current exchange rate).

Just like how BTC buys from Strategy usually precede a Sunday X post from Saylor with an image of the company’s portfolio tracker, the same tradition appears to be forming for USD reserve expansions as well.

Before the initial announcement, Saylor made the portfolio tracker post with the caption: “What if we start adding green dots?” The chairman usually uses “orange dots” when referring to BTC, so this immediately hinted that something new was brewing.

“Green dots” turned out to be additions to the USD reserve. The Sunday post before the latest purchase also used the same terminology, as Saylor said, “Green Dots ₿eget Orange Dots.”

Strategy continues to be by far the biggest Bitcoin treasury company in the world, as data from BitcoinTreasuries.net shows.

Strategy isn’t the only cryptocurrency treasury firm that has made an announcement on Monday. Bitmine has also shared a new press release with an update for its Ethereum holdings.

Originally a mining-focused company, Bitmine pivoted to an ETH treasury strategy in mid-2025. Since then, the firm has been an active buyer of the cryptocurrency and has established itself as the largest digital asset corporate holder behind Strategy.

Bitmine added 98,852 ETH (around $300.75 million) during the past week and now holds 4,066,062 ETH ($12.37 billion), equivalent to 3.37% of the asset’s total supply in circulation. “We are making rapid progress towards the ‘alchemy of 5%’ and we are already seeing the synergies borne from our substantial ETH holdings,” said Tom Lee, Bitmine chairman.

BTC Price

At the time of writing, Bitcoin is floating around $89,700, up almost 4% in the last seven weeks.

Hong Kong is reportedly exploring new rules that would allow insurance companies to invest in cryptocurrencies and the infrastructure sector as part of its efforts to become a leading hub for digital assets and support broader economic development.

Hong Kong Eyes Crypto Investments For Insurers

On Monday, Bloomberg reported that the Hong Kong Insurance Authority has proposed a set of new rules that could channel insurance capital into digital assets, including cryptocurrencies and stablecoins.

Hong Kong financial authorities have been actively working to develop a comprehensive framework that supports the expansion of the digital assets industry, part of its strategy to become a leading crypto hub in the world.

According to the December 4 presentation reviewed by Bloomberg, the insurance regulator would impose a 100% risk charge on crypto assets, requiring insurers to hold reserves equal to the value of their crypto investments.

Meanwhile, stablecoin investments would be approached differently under the new proposal, with risk charges based on the fiat currency the Hong Kong-regulated token is pegged to.

The Insurance Authority proposal, which could still change in the coming months, will reportedly be open for public consultation from February through April 2026, followed by legislative submissions.

The regulator told Bloomberg that it initiated the review of the risk-based capital regime this year with the main goal of supporting the insurance industry and broader economic development.

Notably, the insurance authority website states that there were 158 authorized insurers in Hong Kong as of June 2025. Moreover, the total gross premiums of the Hong Kong insurance industry were HK$635 billion, worth approximately $82 billion, in 2024.

“We are at the stage of gauging industry feedback and will also put the proposals for public consultation in due course,” a spokesperson for the regulator told the news media outlet.

The proposed insurer framework also addresses new infrastructure rules as the city seeks new growth. The regulator is reportedly planning capital incentives for investments in Hong Kong or on the mainland, as well as for projects listed or issued in the financial hub.

HK’s Stablecoin Landscape

As Bloomberg noted, the Hong Kong Monetary Authority (HKMA) is expected to grant the first batch of stablecoin issuer licenses at the start of 2026. However, some industry players believe that the regulator’s timeline could be delayed.

As reported by Bitcoinist, the People’s Bank of China (PBOC) and other top financial regulators recently affirmed that stablecoins do not qualify as legal tender in the mainland, as they don’t meet regulatory requirements and risk of being used for illegal activities.

Following the pronouncement, multiple analysts suggested that the PBOC’s recent declarations not only sank hopes that Beijing might have softened its stance on cryptocurrencies but also would affect Hong Kong’s efforts to become a hub for the stablecoin industry.

Earlier this year, the HKMA enacted the Stablecoins Ordinance, which directs any individual or entity seeking to issue a fiat-referenced stablecoin (FRS) in Hong Kong, or any Hong Kong Dollar-pegged token, to obtain a license from the regulator.

Multiple companies have applied for the license, with more than 30 applications filed this year, according to local news outlets. The list of applicants includes logistics technology firm Reitar Logtech and the overseas arm of Chinese mainland financial technology giant Ant Group.

According to the founding director of the Law, Innovation, Technology and Entrepreneurship Lab at the University of Hong Kong’s Faculty of Law, Brian Tang, Beijing’s stance means that applicants for Hong Kong’s stablecoin licenses would need to reconsider if the application submitted to the HKMA touches mainland China issuers and users.

A spokesperson stated that the HKMA was reviewing the applications and aimed to begin with a reduced number of licenses. However, they noted that even if Hong Kong proceeds with the original approval schedule, projects that involve the yuan or mainland Chinese institutions would likely be delayed.

In the midst of a transforming crypto landscape in the US following the return of President Donald Trump to the White House, top Wall Street institutions are increasingly seeking to provide investors with opportunities in the digital asset market. 

In line with this growing trend, Bloomberg reported on Monday that JPMorgan — led by the Bitcoin-sceptical CEO, Jamie Dimon — is now considering introducing cryptocurrency trading for institutional clients.

JPMorgan’s Potential Crypto Move

Sources familiar with the bank’s plans revealed that JPMorgan’s markets division is evaluating potential products and services to enhance its presence in the cryptocurrency sector. 

Notably, this exploration could encompass both spot and derivatives trading, although concrete details remain under wraps as discussions are still in preliminary stages.

The impetus for these efforts appears to be rising client interest, particularly in light of recent regulatory changes surrounding digital assets in the US. As these regulatory frameworks become more defined, JPMorgan aims to assess the demand for specific products while also evaluating the associated risks and opportunities.

Bloomberg’s report underscores that while JPMorgan has maintained an active role in blockchain initiatives, a move into crypto trading would mark a significant shift. 

Trump’s administration has appointed regulatory officials friendly to the crypto industry in both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). 

Furthermore, the country’s first stablecoin bill has passed under the GENIUS Act. However, the anticipated crypto market structure bill (CLARITY Act) is not expected to be passed this year, despite bipartisan negotiations, as it is scheduled for January markups. 

JPMorgan’s move also comes as, earlier this month, the Office of the Comptroller of the Currency (OCC) issued a new guidance permitting national banks to act as intermediaries in crypto transactions.

Dimon’s Turnaround

For JPMorgan and its CEO, which once saw the market’s leading cryptocurrency, Bitcoin, as a mere “pet rock,” this strategic pivot signifies a broader adaptation to the evolving investment landscape. 

Dimon’s recent comments suggest a more pragmatic approach. He acknowledged individuals’ rights to invest in Bitcoin, stating, “I defend your right to buy Bitcoin. Go at it,” during an investor conference held in May.

JPMorgan has been proactive in exploring digital asset opportunities, including their recent facilitation of the creation, distribution, and settlement of a short-term bond for Galaxy Digital Holdings LP on the Solana (SOL) blockchain. 

Scott Lucas, who heads the Markets Digital Assets division at JPMorgan, expressed confidence in the growing demand for such innovation, indicating plans to expand the bank’s role in this area. “In the first half of next year, we intend to build on this momentum,” Lucas noted.

Bitcoin was trading at $89,508 at the time of writing, up 1.5% over the previous 24 hours and 7 days. While trading in a limited range, BTC still has a 29% difference between current trading prices and all-time highs set earlier this year, around $126,000.

Featured image from Reuters, chart from TradingView.com 

Data shows the transaction volume of USDT and USDC on Tron is now more than 10 times the transfer volume of the entire XRP network.

Tron Stablecoin Volume Is Significantly Higher Than XRP Activity

In a new post on X, Glassnode lead research analyst CryptoVizArt.₿ has discussed how stablecoin settlement on the Tron network compares against the transaction activity of XRP. Stablecoins are digital assets that have their value pegged to a fiat currency. The vast majority of this space is currently dominated by two tokens tied to the US dollar: USDT and USDC.

These cryptocurrencies are available on several blockchains, with a major one being Tron. Below is the chart shared by CryptoVizArt.₿ that shows the trend in the 90-day simple moving average (SMA) of the combined transfer volume of USDT and USDC on the network over the last few years.

As displayed in the graph, USDT and USDC have seen their Tron volume follow a rapid uptrend during the last year, suggesting that users have increasingly been using the network for stablecoin settlements.

The 90-day SMA value of the metric is currently sitting at $24.2 billion. In the same chart, the analyst has also attached the data for the transfer volume of the XRP blockchain and from its graph, it’s apparent that the network’s transaction activity pales in comparison to the stablecoin settlement that occurs on Tron.

More specifically, XRP observes just $2.2 billion in transfers every day, a tenth of the Tron stablecoin transactions. “This reinforces Tron’s role as a core settlement layer for stablecoin liquidity,” noted CryptoVizArt.₿.

Glassnode’s official X handle has also made a post about how stablecoins compare against the major cryptocurrencies in terms of the metric.

As is apparent in the above chart, USDC is currently the most dominant asset in transaction activity out of the major assets with a volume of $124 billion. Bitcoin is second at $81 billion, while USDT is third at $68 billion.

Among the rest, Solana and Ethereum both beat XRP to the fourth and fifth spots with transaction volumes of $9.6 billion and $7.9 billion, respectively. BNB is just behind XRP at $1.6 billion.

The top two stablecoins combined are pulling $192 billion in transaction activity every day, which is almost twice the transfer volume that the top five non-stablecoin cryptocurrencies are witnessing. “Stablecoins have become the primary liquidity rails, while native asset transfers remain comparatively subdued,” said Glassnode.

XRP Price

At the time of writing, XRP is trading around $1.93, down nearly 2% over the last week.