The European Commission has proposed sanctions on 20 non-EU entities, including crypto platforms, as part of a new package that could introduce the bloc’s first country-level ban on foreign crypto services linked to Russian sanctions evasion.

According to the European Commission, the proposed 21st sanctions package targets banks, oil traders, and cryptocurrency platforms that have allegedly provided services to sanctioned Russian individuals and entities. 

European Commission President Ursula von der Leyen said the measures are designed to close remaining channels used to bypass existing restrictions.

Under the proposal, transaction bans would be extended to the listed non-EU entities. In addition, the commission is seeking authority to prohibit crypto services originating from entire non-EU jurisdictions if those countries host platforms that help sanctioned Russian actors continue operating.

“It will act as a strong deterrent for the countries hosting platforms that help Russia evade our sanctions,” von der Leyen said.

Crypto platforms face growing sanctions scrutiny

The proposal arrives as regulators on both sides of the Atlantic increase pressure on crypto infrastructure they believe supports sanctioned states and illicit financial networks.

Chainalysis reported that illicit cryptocurrency addresses received $154 billion in 2025. The blockchain analytics firm also identified substantial activity linked to Russia, citing approximately $93.3 billion in transaction volume involving the ruble-backed stablecoin A7A5, which it said represented a significant portion of state-linked crypto activity.

Earlier this year, blockchain research firm Elliptic identified five crypto exchanges that it said provided financial pathways used to bypass sanctions while operating outside traditional banking oversight.

Recent enforcement actions have already targeted several crypto businesses accused of supporting sanctioned networks. In May, the United Kingdom sanctioned Huobi Global S.A., which authorities linked to HTX, over allegations that it provided services to the Russia-connected A7 network. The UK government imposed asset freezes, payment restrictions, internet service sanctions, and other measures against the company.

Elliptic said the UK action represented the first use of Regulation 17A against a cryptoasset exchange, extending restrictions on correspondent banking relationships and payment processing involving designated entities.

Across the globe, the U.S. Treasury in June designated four Iranian cryptocurrency exchanges, Nobitex, Wallex, Bitpin, and Ramzinex, alleging they helped sanctioned entities access the digital asset ecosystem. Treasury officials said cryptocurrency services had become part of Iran’s efforts to move funds outside traditional financial channels.

Russia prepares domestic crypto framework

While European authorities move toward tighter restrictions, Russia is preparing a comprehensive cryptocurrency regulatory framework expected to be introduced in July.

The planned rules would establish licensed domestic trading platforms, creating a regulated structure for local crypto activity as international scrutiny of Russia-linked digital asset flows continues to increase.

Outside the crypto sector, the European Commission’s latest package also seeks to tighten pressure on Russia’s energy and trade sectors. Proposed measures include additional restrictions on oil vessels and the first sanctions targeting Russian fisheries.

“Our sanctions keep biting hard and cutting deep; they are weakening the economic foundations of Russia’s war effort,” von der Leyen added.

Key Points

• Kraken secured the position of Official Crypto Exchange Supporter for FIFA World Cup 2026
• The agreement encompasses digital asset education, supporter engagement initiatives, and platform awareness throughout North America and European markets
• The tournament will showcase an unprecedented 48 national teams competing in 104 fixtures across 16 metropolitan areas in three nations
• Tournament organizers project a combined audience exceeding six billion spectators worldwide
• Initial fan engagement launches with the FIFA World Cup 2026 Countdown Concert scheduled for June 10

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The cryptocurrency exchange Kraken has secured official supporter status for the FIFA World Cup 2026 tournament. This arrangement spans North American and European territories, emphasizing supporter interaction, cryptocurrency literacy programs, and platform exposure surrounding the global football event.

Romy Gai, FIFA’s Chief Business Officer, indicated the collaboration aligns with the federation’s objectives for enhancing supporter experiences. Arjun Sethi, co-CEO of Kraken, emphasized that football transcends geographical and linguistic barriers, suggesting financial systems should operate similarly.

The 2026 tournament unfolds over seven weeks spanning the United States, Canada, and Mexico. This marks the inaugural expanded format featuring 48 participating nations and 104 total matches. FIFA anticipates cumulative viewership surpassing six billion people globally.

Kraken’s Tournament Engagement Strategy

Kraken plans to leverage the World Cup’s massive platform for introducing football enthusiasts to cryptocurrency technology. The strategy prioritizes educational content, brand recognition, and seamless platform accessibility.

Supporter engagement activities are scheduled throughout the pre-tournament and competition periods. These initiatives will integrate with match broadcasts, football supporter networks, and tournament-related events across both continental regions.

The inaugural public engagement coincides with the FIFA World Cup 2026 Countdown Concert happening June 10. This multi-city concert series represents part of the broader pre-tournament promotional campaign.

The financial details of the FIFA partnership agreement remain undisclosed by Kraken.

Existing Sponsorship Portfolio

Kraken maintains current partnerships with prominent football clubs including Tottenham Hotspur, Atlético de Madrid, and RB Leipzig. The platform additionally sponsors Atlassian Williams Racing in the Formula 1 championship.

These existing agreements positioned Kraken before substantial football and motorsport audiences prior to finalizing the World Cup arrangement. The FIFA deal significantly amplifies that exposure to a worldwide tournament audience.

With more than ten years of operational history, Kraken maintains service across over 190 nations. This established framework will support the company’s World Cup-related programming initiatives.

Cryptocurrency platforms have progressively utilized sports partnerships for reaching audiences beyond traditional trading demographics. Kraken’s strategy emphasizes educational outreach and brand awareness rather than direct trading solicitation.

The 2026 World Cup represents FIFA’s most expansive tournament regarding participating teams and total matches. Spanning three nations and 16 host metropolitan areas, the arrangement provides Kraken extensive geographical reach for its engagement initiatives.

Sethi characterized the tournament as a worldwide platform where football culture and digital finance converge. Both FIFA and Kraken emphasized supporter engagement as the partnership’s fundamental objective.

The June 10 countdown concert launches Kraken’s public-facing World Cup programming. Engagement activities throughout North America and Europe will continue through the tournament’s conclusion.

The initial public offering of Elon Musk’s SpaceX has reportedly seen an oversubscription rate running at almost ​four times the planned offering size, with some analysts suggesting it could be squeezing liquidity from the market.

SpaceX’s IPO (SPCX) has attracted over $250 billion in investor demand, far exceeding the $75 billion it is seeking to raise in what would be the largest public offering ever, with the firm valued at $1.8 trillion, Reuters reported.

Bankers and investors say it is the latest sign that demand is strong, ​as long-only funds have put in “sizable orders,” according to the sources. 

Pricing is expected on Thursday, though demand figures can still shift before then, as some large institutional investors tend to submit orders late in the process.

Tech stocks tumble in IPO hype rotation  

The IPO comes at a time of extreme volatility in markets, with US tech stocks tumbling and crypto markets shedding more than $180 billion over the past week. 

Some analysts have speculated that the market retreat could be partially driven by selling to raise funds for the SpaceX IPO.

“I’m seeing this exactly as the classic pre-mega-IPO liquidity squeeze playing out in real time,” Bitrue Research Institute research lead Andri Fauzan Adziima told Cointelegraph.

“The tanking in crypto and tech stocks right now isn’t random, it’s the direct ‘IPO tax’ from SpaceX’s record-breaking deal, with pricing tomorrow and trading Friday at $135 for a $1.8 trillion valuation,” he said.

“Oversubscription with massive orders confirms the hype, but that excitement is sucking liquidity out of correlated risk assets today, hitting crypto hardest because it’s the most retail-driven and sentiment-tied to growth/tech narratives.”

This isn’t the start of a broader bear market, it’s a “temporary rotation,” he said.

Tech stocks take a hit (five-day) ahead of SpaceX IPO. Source: Barchart

Crypto exchanges rush to offer pre-IPO perps

SpaceX’s growth story is largely tied to its satellite internet business, Starlink, which has become a major source of revenue and profitability. The firm has also touted a $23 trillion market opportunity it claims is ahead for its artificial intelligence offerings. 

Related: SpaceX IPO: ‘Bad news’ for tech stocks but what about Bitcoin?

Crypto exchanges have been quick to capitalize on the IPO hype, with Binance, Coinbase, Kraken and Bybit launching pre‑IPO perpetual futures for SPCX this month. 

Shunyet Jan, head of spot and derivatives at Binance, told Cointelegraph that the strong early traction for Binance’s pre-IPO perpetual futures “reflects growing user interest in gaining regulated-style market exposure to high-profile private companies through this native product.”

Since launch, the products have generated $2.1 billion in cumulative trading volume in just 18 days on Binance, with participation spanning more than 130 countries.

Meanwhile, decentralized exchange Hyperliquid has seen $70 million in trading volume over the past 24 hours, with the current price for its synthetic SpaceX pre-IPO perps at $157, down from $210 when the derivatives launched, according to Hyperdash.

This indicates strong demand with open interest (OI) exceeding $115 million on Hyperliquid alone, and a current prediction of a $1.97 trillion SpaceX valuation. 

Magazine: Vietnam preps crypto pilot, HK pushes tokenization: Asia Express

XRP perpetual futures have started trading on Kalshi, giving U.S. users access to leveraged XRP price exposure.

The cash-settled contract trades under the XRPPERP ticker and has no fixed expiration date.

The launch expands Kalshi’s crypto derivatives offering beyond Bitcoin and Ethereum. It also moves XRP into a regulated market long dominated by offshore exchanges.

XRP contract tracks a regulated price benchmark

Kalshi’s support page lists XRP among 13 crypto assets available through its perpetual futures service. One full XRPPERP contract represents 10,000 XRP, while the minimum order equals one XRP.

The product uses the CME CF XRP-Dollar Real Time Index. Kalshi uses that reference rate for funding and settlement.

Perpetual futures stay open without a maturity date. Regular funding payments help keep the contract price close to the underlying XRP spot market.

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Kalshi used the CFTC self-certification route

Kalshi filed the XRP contract with the Commodity Futures Trading Commission on June 1 under Regulation 40.2(a). The filing self-certified XRPPERP for listing after the close of business that day.

That process differs from the formal review route used for Kalshi’s Bitcoin perpetual contract. Kalshi remains a CFTC-registered designated contract market, and XRPPERP trades within that regulated exchange structure.

The filing says the market includes customer identity checks, trade monitoring, risk-based margin and central clearing. Kalshi can also apply price bands, order limits and position controls.

Early demand supports Kalshi’s crypto expansion

Kalshi’s broader perpetual futures rollout recorded more than $100 million in volume during its first 24 hours. Reported cumulative volume later passed $1 billion within the opening week.

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The XRP launch follows Bitcoin and Ethereum products introduced earlier in June. As crypto.news reported on June 4, XRP and several other altcoin contracts were still awaiting clearance. Kalshi’s updated product pages now show XRP, Solana, Dogecoin and other assets as available.

Kalshi has also filed for a perpetual contract tied to Hyperliquid’s HYPE token. The expansion places it in competition with Coinbase, Kraken and offshore derivatives exchanges.

Perpetual futures widen access but add risk

XRP perpetual futures let traders take long or short positions without owning the token. They can also hold positions without repeatedly moving into new dated contracts.

However, leverage can increase both gains and losses. Funding payments may raise the cost of keeping a position open, while sudden price moves can trigger forced liquidation.

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CME Group chief Terry Duffy has warned that U.S. crypto perpetuals may expose retail traders to risks they do not fully understand. Kalshi states that leverage limits can vary by asset and advises users to check each market before trading.

Prediction market accuracy has suffered under both weak and excessive insider trading enforcement, according to a new academic study that argued a complete ban could leave markets less informative.

According to a June 2 research paper by Balbinder Singh Gill, assistant professor of finance at Stevens Institute of Technology, prediction markets work best under a middle-ground enforcement model rather than a zero-tolerance approach. The study developed an economic framework to examine how insider trading rules affect market participation and price accuracy.

Gill found that stricter enforcement can encourage more traders to participate by limiting insider advantages, but removing insiders entirely can also strip markets of valuable information. As a result, prediction market accuracy follows what the paper described as a “hump-shaped” pattern, improving as enforcement increases up to a point before declining when restrictions become too severe.

Source: Balbinder Singh Gill

The research arrives as regulators and lawmakers have intensified scrutiny of insider trading across prediction markets. In April, the Commodity Futures Trading Commission’s enforcement division warned that traders using non-public information could face enforcement action. A month later, U.S. House lawmakers opened an investigation into Kalshi and Polymarket over insider trading concerns.

Study argues for targeted enforcement

Rather than treating all insider activity the same way, the paper proposed different levels of enforcement based on the source of information.

Under the framework, traders who gain an informational edge through independent research should face little or no enforcement because punishing such activity could discourage information gathering that helps markets produce accurate prices.

A different standard should apply when information is obtained through leaks, stolen documents, classified material, or other forms of misappropriation, the study argued. In those situations, stronger enforcement is warranted because the informational advantage comes from unauthorized access rather than analysis.

At the highest end of the spectrum are participants who can directly influence an outcome they are betting on. According to the paper, those cases carry the highest manipulation risk and justify the toughest enforcement measures.

Recent investigations have highlighted those concerns. Federal authorities opened a probe into former U.S. Representative George Santos after Kalshi reported unusual trading activity linked to a market on whether he would attend the State of the Union address. Authorities alleged Santos publicly stated he would attend, placed a wager that he would not appear, and later skipped the event.

Following similar concerns, Kalshi imposed trading suspensions and financial penalties on local political candidates, including Virginia candidate Mark Moran and Minnesota candidate Matt Klein, after they placed bets on races in which they were competing. Such cases have drawn attention because the trader is not simply forecasting an event but may have the ability to influence the result itself.

Government agencies have also expanded enforcement against traders accused of using classified information. In April, the CFTC and the Department of Justice charged U.S. Army Master Sergeant Gannon Ken Van Dyke with using classified intelligence about a planned military operation targeting Venezuelan President Nicolás Maduro to trade on Polymarket.

According to enforcement filings, authorities relied on Section 746 of the Dodd-Frank Act, often referred to as the “Eddie Murphy Rule,” a provision originally designed to stop government employees from profiting from non-public government reports in commodity markets. The Van Dyke case represented the first known application of that authority to a prediction market platform.

Platforms and companies tighten controls

Even as researchers debate the appropriate level of enforcement, prediction market operators have begun introducing new safeguards.

As previously covered on crypto.news, Kalshi recently announced that users trading in certain sensitive markets, including those tied to corporate performance and national security events, may be required to disclose employment information. The company has also created a market-specific risk scoring system designed to identify contracts with elevated insider trading or manipulation risks.

Those changes followed recommendations from an internal audit committee and growing pressure from regulators and lawmakers.

Two recent cases cited in the study involved traders accused of profiting from privileged information on Polymarket. One involved a Google employee charged with using internal search trend information to earn approximately $1.2 million, while another involved a U.S. soldier accused of trading on classified military knowledge.

Outside the prediction market industry, legal advisers have warned corporations that event contracts are creating new risks around material nonpublic information. 

Corporate law firms have advised companies to update compliance policies and employee handbooks, while some multinational firms are revising insider trading rules and non-disclosure agreements to explicitly cover prediction market activity.

As prediction markets continue to expand, with some financial firms projecting industry volumes could reach $1 trillion by 2030, the debate has increasingly centered on where regulators should draw the line between valuable information discovery and illicit use of privileged information. 

Gill’s research suggests that eliminating insider participation entirely may come with costs of its own, potentially reducing the very price accuracy that prediction markets are designed to provide.

The lobbying arm of crypto futures exchange Hyperliquid and venture capital firm Paradigm has urged the US Treasury to revise a proposed anti-money laundering and sanctions rule for stablecoin issuers.

The Hyperliquid Policy Center and Paradigm said in a letter on Tuesday that some secondary market obligations should be clarified or narrowed “to avoid unintended consequences for permissionless blockchain infrastructure and the DeFi ecosystem.”

The pair said they endorse the Financial Crimes Enforcement Network’s (FinCEN) approach of putting compliance obligations on the “primary market,” such as issuers who have customer information, and taking a “limited approach” to the secondary market, where issuers only see wallets and transactions.

“The same principle should guide the agencies’ implementation of AML and sanctions requirements for stablecoins deployed to permissionless environments,” they argued.

The letter was in response to a rule the Treasury proposed in April to implement GENIUS Act provisions relating to stablecoin issuers, requiring stablecoin issuers to have the capability to block, freeze or reject transactions that violate US law or sanctions on both the primary and secondary markets.

Source: Stefan Schropp

Hyperliquid and Paradigm said the proposal sweeps secondary market activity into an issuer’s compliance perimeter that they “cannot meaningfully police.”

They argued it also treats smart contract interactions as an activity that carries sanctions liability “regardless of whether the issuer has any relationship with, or visibility into, the transacting parties.”

The pair said an issuer who is facing the obligations proposed would be incentivized to only deploy into a permissioned environment, which they argued would see US-regulated stablecoins pulled out of decentralized finance to create “a void filled by unregulated, offshore, non-dollar alternatives.”

Related: Solana Institute CEO says CLARITY Act must shield open-source developers

US President Donald Trump signed the GENIUS Act into law last year, which outlined how stablecoins and their issuers are to be regulated. Federal agencies are currently looking at how to implement the law, which is set to go into effect in January 2027 at the latest.

The Senate is currently debating a crypto bill that could include further rules for stablecoin issuers and remove liability for developers of crypto platforms regarding money laundering and sanctions compliance.

Provisions for the legislation, dubbed the CLARITY Act, are still under discussion, and some lawmakers are pushing for a full Senate vote on the bill before the November elections.

Magazine: The legal battle over who can claim DeFi’s stolen millions

SpaceX’s planned public offering has attracted more than $250 billion in orders, nearly four times the $75 billion it aims to raise. 

The scale has renewed questions about whether the June 12 listing will pull capital from crypto markets.

The IPO is expected to price Thursday at about $135 per share. Orders can still change before final allocations, but early demand shows how much cash investors are preparing to move.

Crypto shows early signs of a liquidity squeeze

As crypto.news reported, the digital asset market lost about $250 billion during the June selloff, while Bitcoin briefly fell below $62,000. The timing supports claims that some investors are rotating toward major technology listings.

SpaceX is not the only pressure. Geopolitical tension, weaker rate-cut hopes and leveraged liquidations have also weighed on Bitcoin and altcoins. The IPO may add strain without being the sole cause.

“That combined selling is what you are seeing right now,” market commentator Bull Theory said.

The statement remains an interpretation because public data does not show how much crypto was sold specifically to fund SpaceX orders.

$2 TRILLION HAS BEEN WIPED OUT FROM US STOCK MARKET IN LAST 2 HOURS.

Two possible reasons for this selloff.

THE FIRST REASON IS SPACEX.

SpaceX lists on June 12 at a $1.77 trillion valuation, raising $75 billion, the largest IPO in US history.

SpaceX allocated 30% of shares… https://t.co/PmeUMBiOax pic.twitter.com/CtmauWtpcf

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— Bull Theory (@BullTheoryio) June 9, 2026

SpaceX trading may keep capital tied up

SpaceX plans to sell $75 billion of stock at a valuation near $1.8 trillion. Reuters reported that retail investors may receive up to 30% of the offering, far above normal IPO allocations.

The demand has reached currency markets. South Korean investors reportedly generated about $1.5 billion in dollar purchases linked to the IPO, adding pressure to the won before those orders cleared.

A strong opening could encourage investors who missed allocations to sell other assets and buy SPCX. A weak debut could ease that pressure, though the stock may remain volatile because only a small portion of SpaceX will trade publicly.

Crypto derivatives signal demand and volatility

Binance, Coinbase, Bybit and Bitget launched SpaceX pre-IPO perpetuals, while Kraken offered tokenized IPO access in more than 110 markets. The products give traders exposure before the stock begins trading.

Hyperliquid’s synthetic SpaceX contract climbed above $200 before retreating toward $165. An earlier SpaceX-linked contract also fell 45% within 30 minutes, liquidating about $1.5 million as thin liquidity worsened the move.

These products do not represent SpaceX shares. Their leverage and limited depth can produce prices that differ sharply from the stock after listing.

Nasdaq entry could extend the liquidity contest

Nasdaq’s updated rules let a large new listing qualify for fast entry into the Nasdaq-100. An eligible company is assessed after seven trading days and can normally enter after 15.

Some analysts estimate that inclusion could trigger $22 billion to $27 billion in passive buying. Nasdaq has not confirmed that figure. Its rules also say fast entry does not require removing another company.

Crypto’s main risk is therefore continued competition for speculative capital. Bitcoin ETF flows, stablecoin reserves and SPCX’s opening performance will show whether pressure continues after the debut.

Blockchain security firm Chainalysis is strengthening its collaboration with South Korea’s national police to crack down on crypto crimes, including those involving North Korea.

Chainalysis said on Wednesday that it signed a memorandum of understanding with the Korean National Police Agency (KNPA), aimed at building investigative capability within South Korea’s law enforcement. 

Chainalysis said one of the driving factors behind the agreement is to better combat North Korea-linked crypto attacks, with South Korea’s police “at the forefront” of tackling these threats. However, Chainalysis’s country director Ryan Kwon said agreement aims to tackle all threats.

“While North Korean-driven attacks are understandably a national security focus, this partnership isn’t designed around a single threat. It’s fundamentally about building institutional capability,” Kwon told Cointelegraph.

Signing ceremony of the MoU between Chainalysis and the Korean National Police Agency. Source: Chainalysis

In April, crypto theft linked to North Korea topped $578 million, largely from attacks targeting Kelp DAO and the Drift Protocol. Research from CrowdStrike found that North Korea-affiliated hackers were responsible for $2 billion in crypto losses in 2025, up 51% from the year before. 

Related: South Korea police raid Bithumb over lawmaker hiring favoritism probe: Report

The agreement will give the KNPA access to personalized training content by Chainalysis, along with professional certification programs and practical training.

“To investigate these cases effectively, Korean investigators need global visibility into illicit fund flows,” Chainalysis said. 

Chainalysis has aided South Korean investigators for years. In September, police in Seoul dismantled an international hacking organization that had stolen approximately $30 million. The investigation began in South Korea but eventually saw investigators track the target to Thailand. 

The MoU comes weeks after South Korean police launched a special multi-agency task force to tackle crypto-based money laundering, called the Money Laundering Eradication Task Force, which is led by the Economic Crime Investigation Division. 

Magazine: North Korea denies crypto hacks, Upbit’s bank tests Ripple: Asia Express

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