加密交易所 · 3466

Crypto exchange trading revenue share declined, and Coinbase and others increased stablecoin and prediction markets

Comparative news: In the second quarter, the trading revenue of the three listed crypto exchanges Coinbase, Bullish, and Gemini declined sequentially. The gap between transactional and non-transactional revenue of all three platforms narrowed, and Coinbase reduced the difference from around $132 million to $44 million in one year. Coinbase expanded the layout of products such as stablecoins and prediction markets, and the average USDC holdings increased 44% year over year to $20 billion in the third quarter. Gemini tripled the number of market makers in the forecast market at the beginning of the year. Bullish launched a new rewards program to support the trading business, and adjusted transaction revenue fell 21% month-on-month to $29.9 million in the second quarter, but increased 24% year-over-year. Gemini's trading volume fell 66% year over year to $3.8 billion, and transaction revenue fell 38%.

10h ago

CFTC Chairman: If Congress continues to shelve the Clarity Act, it will push for a regulatory framework for the crypto market

Comparatively speaking, Michael Selig, chairman of the US Commodity Futures Trading Commission (CFTC), said that if the Clarity Act continues to stagnate due to Democratic obstruction, the CFTC will use its existing authority to begin establishing a crypto asset market supervision system and require staff to quickly advance formal rule proposals. Selig has asked staff to look into incorporating the digital asset market structure into CFTC rules, and existing CFTC registrars and currently unregistered crypto exchanges may be included in the scope of regulation. Rules tailored to digital assets may allow leveraged and margin trading. The net inflow of Bitcoin ETF was $606 million, a single-day high since May 1; the net inflow of the Ethereum ETF was $219 million, a new high since September 2025. Over the past 24 hours, the amount of short liquidations in the crypto market has surpassed $1.2 billion, and is close to $5 billion in the past two days.

1d ago

South Korea's Proposed Law Gives FIU Direct Enforcement Powers: Cracking Down on Undeclared Crypto Exchanges

Comparatively, according to Digital Asset, 10 people including South Korea's National Power Party member Yim Tae-young proposed an amendment to the “Specific Financial Information Law” on August 20 to give the Financial Intelligence Service (FIU) direct enforcement powers against undeclared virtual asset service providers. According to the amendments, anyone can report an offense to the FIU. When the FIU receives a report or discovers suspected violations, the FIU can conduct an investigation and analysis, and refer or report the case to the investigating authorities. The proposal points out that although the current law imposes reporting and anti-money laundering obligations on virtual asset service providers, there are no direct enforcement measures against undeclared operators, and there are hidden criminal risks such as money laundering and illegal cross-border transfers, which are difficult to respond quickly with inter-agency coordination alone.

1d ago

US Department of Justice: Iran is accused of hacking the HBO website and stealing academic data

According to Decrypt, according to Decrypt, the US Department of Justice has filed a lawsuit against 17 hackers allegedly belonging to Iran's Mabna Research Institute, accusing them of participating in cyber attacks over several years, including hacking into the US cable network HBO in 2017, stealing data, and then demanding that the other party pay a ransom of about 6 million US dollars in Bitcoin. The prosecution alleges that the organization carried out hacking attacks on behalf of the Islamic Revolutionary Guard Corps of Iran and other Iranian government clients, targeting hundreds of universities, businesses, and government agencies around the world, stealing at least 31.5 terabytes of academic data and intellectual property rights. The organization also targeted over 100,000 professors' accounts around the world and hacked about 8,000 accounts at 144 American universities and 178 foreign universities. The US State Department offered a reward of up to $10 million to collect the whereabouts of 5 of these defendants. The US Treasury recently imposed sanctions on a number of Iranian crypto exchanges and frozen over $131 million in crypto assets linked to Iran's central bank and Revolutionary Guard Corps.

1d ago

Bitcoin nears $72,000, Strategy and Coinbase shares continue their gains

Comparing news, Bitcoin approached $72,000 during the European morning session on Thursday, rising more than 3.5% in 24 hours, with a cumulative increase of 15% since Monday. This round of gains was fueled by multiple benefits, including US Treasury Secretary Scott Bessent's announcement of a treasury repurchase plan and Trump urging Congress to advance the Clarity Act at the White House crypto campaign. Crypto-related stocks rose at the same time. Bitcoin's largest corporate holder, Strategy (MSTR), rose 10% in the premarket; CoinDesk parent company Bullish (BLSH) rose 5%, up more than 9% on Wednesday; Bitcoin mining company MARA Holdings (MARA) and crypto exchange Coinbase (COIN) also continued their gains before the market. According to CheckonChain data, Bitcoin has recovered several key technical levels and on-chain cost lines, including the short-term holder cost benchmark of $67,138 and the 200-day simple moving average of $68,969. The next key resistance level is the real market average of $75,689. If it continues to stand at this level, it means that active investors are generally in a state of fluctuation, which is expected to further strengthen the bullish sentiment.

2d ago

OKX prohibits employees in Hong Kong and transit through China from using Claude

According to Bloomberg, crypto exchange OKX has banned employees based in Hong Kong or passing through China from using Anthropic's Claude AI model. Previously, OKX's business account was temporarily suspended. The restrictions are intended to respond to Anthropic's adjustments to the relevant regional usage policies. OKX requires affected employees to switch to other AI tools to ensure compliant operations.

2d ago

Revenue is cut! Korean crypto exchanges can't handle it anymore

Source: Shenchao TechFlow Article: Cookie Original title: Shortage of revenue from the Korean Crypto Exchange: The most profitable business can't escape the decline in liquidity, the business most like traditional finance, and is also most constrained by cycles like traditional finance. Key points: Dunamu, the parent company of Upbit and Bithumb, the two largest crypto exchanges in Korea, released financial reports for the first half of 2026 on the same day. Revenue was almost down (down about 49% year on year), but profit performance was extremely uneven: Dunamu's net profit was 108.4 billion won (down 74.1% year on year), while Bithumb had a net loss of 108.7 billion won (profit of 55 billion won in the same period last year). The main reason for the decline: The total trading volume of South Korea's licensed Korean won exchanges fell 49.5% year-on-year in the second quarter, and fee revenue declined simultaneously with the overall contraction of the market. Profit difference: Dunamu has better cost control and remains profitable; Bithumb's losses include digital asset impairment and regulatory penalties, and the operating profit margin is less than 9%. Capital flow: South Korea's retail capital is shifting from the crypto market to AI and semiconductor concept stocks (Samsung Electronics, SK Hynix), and a 22% crypto profits tax will be introduced in 2027, curbing the will to trade. IPO process: Dunamu received an investment of about 1.5 trillion won from Samsung affiliates and others, and cooperated with Naver Financial to advance the KRX listing; Bithumb plans a three-phase IPO, targeting 2028, but current financial performance is under pressure. Industry reflection: The business model, which accounts for nearly 100% of transaction fees, showed strong cyclical characteristics. The profit margin fell from 88% in 2021 to the current 14%. Exchange valuation logic faced open market torture and transformed into a key issue. South Korea's two largest crypto exchanges simultaneously handed over a nearly symmetrical recession report card. On August 14, Upbit's parent company Dunamu submitted its report for the first half of 2026 to the Korea Financial Supervisory Service (FSS) electronic disclosure system. Bithumb's semi-annual report also surfaced on the same day. Looking at the two financial reports together, it's like two perspectives on the same recession. Dunamu's consolidated revenue for the first half of the year was 408.1 billion won, down 49.1% year on year; operating profit was 111.5 billion won, down 79.7% year on year; net profit was 108.4 billion won, down 74.1% year on year. Bithumb's revenue for the first half of the year was 168.8 billion won, down 48.7% year on year; operating profit was 14.9 billion won, down 83.4% year on year; net loss was 108.7 billion won, compared to net profit 55 billion won for the same period last year. Revenue declines were almost the same, all around 49%. However, there is a huge gap on the profit side. Despite a sharp drop in profits, Dunamu still earned 108.4 billion won. Bithumb directly turned into losses, and the amount of losses even exceeded Dunamu's net profit. At the same ebb, the revenue of the two companies at different levels fell at the same time. The reason is simple: the total trading volume of the five licensed Korean won exchanges (Upbit, Bithumb, Coinone, Korbit, Gopax) in the second quarter fell 49.5% year over year to about US$146.4 billion. The overall market has shrunk in half, and handling fee revenue has naturally shrunk in half. But why is Dunamu still profitable and Bithumb losing money? The difference is revenue structure and cost control. Upbit's trading platform revenue for the first half of the year was approximately 395.5 billion won, accounting for 97% of total revenue. Bithumb has a higher percentage, and almost 100% comes from transaction fees. Both are highly dependent on transaction fees, but Dunamu has better control on the cost side. Bithumb's losses include digital asset impairment losses and administrative expenses associated with regulatory penalties. One more number explains the problem. At its peak in 2021, Dunamu left an operating profit of 88 won for every 100 won of revenue. By the second quarter of 2026, this figure became 14 won. The operating profit margin dropped from 88% to 14%. In five years, same company, same business model. Bithumb's situation is more extreme. The operating profit for the first quarter was only 2.8 billion won, and the net loss was 86.9 billion won, including significant digital asset impairment and compliance rectification expenses. Although the business level recovered in the second quarter, the first half of the year as a whole remained a net loss. Where did the money go? The decline in South Korea's crypto trading volume is directly linked to a structural shift in local capital flows. 2026...

3d ago22#Bithumb

Bitcoin Volatility Drops to Cycle Low, Traders Turn to AI Stocks and Predictive Markets

Comparatively, Bitcoin's volatility recently fell to a multi-year low. The actual 30-day volatility was about 42%, while the S&P 500 index was about 18%. The gap in volatility between the two is the smallest in history. The market is at a standoff between buyers and sellers, and the sell-off by enterprises and mining companies limits room for growth, while the clearance of leverage and the continued accumulation of long-term holders limited the decline. As Bitcoin's volatility declined, some short-term traders began to shift their risk appetite to assets such as AI stocks, tokenized stocks, stock perpetual contracts, and predictive markets. According to NYDIG research, short-term traders are more likely to chase volatility, narrative momentum, and potential returns, and traders seeking 5x or 10x returns can now choose between Bitcoin, Nvidia, gold, stock perpetual contracts, 0DTE options, and sporting event contracts. According to the data, the monthly trading volume of traditional asset perpetual contracts on crypto trading platforms has increased from US$52 billion in January to US$268 billion in June, an increase of more than fivefold in half a year. Meanwhile, Korean retail traders have clearly switched from cryptocurrencies to AI-related stocks, and trading volume on major Korean crypto exchanges dropped by up to 80% year over year. CoinDesk pointed out that the Bitcoin market is currently more like a dormant state, where declining transaction participation, deep market contraction, and regulatory uncertainty are all reducing volatility. If US crypto regulations make substantial progress, the macro environment changes, or new market narratives emerge, the current low volatility pattern may be broken, and weak liquidity may further amplify price fluctuations. BTC price on Friday at 5pm EDT$65,500 or above Under $65,500 Powered by Moment Predict. Earn points. Unlock the Airdrop Edit Delete CryptoBTC price on Friday at 5pm EDT$65,500 or aboveUnder $65,500 Resolves Yes if the simple average of the sixty seconds of CF Benchmarks' Bitcoin Real-Time Index (BRTI) before 5 PM EDT is above 65499.99 at 5 PM EDT on Aug 21, 2026. Outcome verified from CF Outcomes. Not all cryptocurrency price data is the same. While checking a source like Google or Coinbase may help guide your decision, the price used to evaluate this market is based on CF Benchmarks' evaluation Real Time Index (RTI). At the last minute before expiration, 60 RTI prices are expensive. The official and final value is the average of these prices. Note: this event is directional.crypto2026-08-222026-08-22t 06:59:59.999 Z https://moment.vision/mapi/uploads/openai/images/20260818180527_351744376fc6f3dc.jpg6a849f2737100b9ab8ae0529

4d ago

Kraken announces opening of US stock trading to European users

Comparing news, crypto exchange Kraken announced that it has opened US stock trading services to European users. Eligible users can now directly trade US stocks through the Kraken platform, further expanding their traditional financial asset trading product line. Kraken has continued to promote compliance and product diversification in recent years. While providing cryptocurrency transactions, Kraken has gradually introduced traditional securities assets such as stocks and ETFs to meet the needs of European users for one-stop investment services.

4d ago

Half a year has passed, are second-tier US crypto exchanges doing well?

Source: Foresight News Author: Eric Original title: Half a year has passed, how are second-tier crypto exchanges in the US doing? Halfway through 2026, the crypto market didn't experience the rebound that many were looking forward to. Bitcoin fell by more than 30% in the first half of the year. At one point, it fell below $60,000, and the industry's spot trading volume shrank by more than 20% for two consecutive quarters. The much-anticipated CLARITY Act has run aground in the Senate, and expectations of regulatory loosening have also been delayed. Coinbase portrayed this chill with a report card that lost more than $750 million in half a year. As the leading cryptocurrency exchange in the US, this is still the case, and second-tier exchanges are having an even worse time. According to recently disclosed financial reports for the second quarter, although some second-tier exchanges have achieved performance growth, their market share continues to be compressed. Gemini, who relied on blood transfusions from the founder to prolong their lives, let's talk about the worst family. Gemini's total revenue for the second quarter was $45.5 million, up 37% year over year, but exchange revenue fell 38% year over year, leaving only $12.5 million. Spot trading volume shrank 66% from $113 billion in the same period last year to $3.8 billion. Revenue growth was supported by side businesses such as credit cards, collateral, and OTC. Of these, credit card revenue was $16.2 million, up 231% year over year. Gemini had a net loss of US$107.7 million in the second quarter, with a cumulative loss of US$217 million in the first half of the year. The platform's assets fell to $8.4 billion from $182 billion a year ago. What is even more troubling is that the credit card business has taken a leap forward. The identity fraud incident discovered in the first quarter continued to ferment in the second quarter, and a transaction loss reserve of 2010 million US dollars was calculated in a single quarter. The contraction came fast and severe. On February 5, Gemini announced its withdrawal from the UK, EU, and Australian markets, which is tantamount to abandoning the overseas territory it has operated for many years. Employees were cut 40% from the high in the third quarter of 2025, leaving only 402 people at the end of the quarter, and marketing expenses were cut 45% year over year. In May, the Winklevoss brothers paid out of their own pockets to inject $100 million into the company at a price of $14 per share through their fund. The founder's premium increase sounds like a vote of confidence, but the market's signal is that the company is no longer able to finance itself externally. This life-saving money paid in bitcoins was then hit by a drop in currency prices, and an impairment was added to the book, directly dragging the adjusted EBITDA for the second quarter to negative 74 million US dollars, which is worse than the first quarter. Stock prices are the most honest voting instrument. Gemini was listed at $28 in September last year, reaching a high of $45.89 on the first day. Today, it has fallen from a high point of more than 88%, or 56% during the year. Citi cut its target price to $4 in April to maintain its sales rating. Bullish, the situation of Bullish being kidnapped by Bitcoin is a bit more complicated. In addition to the exchange, the company also has CoinDesk media, index licensing, and the Consensus Conference, and has a relatively diverse revenue structure. Bullish's second-quarter adjusted revenue was $92.6 million, up 62% year over year. Among them, subscription and service revenue hit a record of $62.7 million. Morgan Stanley and Grayscale all used the CoinDesk index to distribute products. Adjusted net profit for the second quarter was US$14.3 million, reversing losses year over year. Looking at these numbers alone, Bullish seems like the most decent one in the second tier. But the IFRS-caliber report tells a different story. The net loss for the second quarter was US$280 million, mainly due to Bitcoin held in the company's treasury, which recorded a fair value impairment of US$245 million in the second quarter alone. Digital asset sales fell 44% year over year, indicating that the institutional trading business is also shrinking. CEO Tom Farley's answer was to completely change the track. In May, Bullish announced the acquisition of securities registration and transfer agent Equiniti at the Consensus Miami conference. The transaction scale is about 4.2 billion US dollars. It is expected to be completed in early 2027. The goal is to complete the entire chain of tokenized securities from issuance and listing to trading and tracking. On August 12, the company launched its own tokenized stock exchange, which was also approved by the Gibraltar regulator. The story is a popular one, but the capital market isn't buying it right now. Bullish went public with a $37 IPO in August last year, closing at $70 on the first day...

4d agoForesight News#Exchanges