Spain’s gambling regulator blocked local users from Polymarket and Kalshi “as a precautionary measure” as authorities there address allegations the prediction markets platforms were in violation of gambling laws. 

On Tuesday, Spain’s Directorate General for the Regulation of Gambling (DGOJ) said the country’s Ministry of Social Rights, Consumption, and Agenda 2030 had opened legal proceedings against the two companies, as they appeared to be operating without necessary licensing. The DGOJ issued an order blocking Spanish users from Kalshi and Polymarket until the proceedings were resolved, expected in three to four months.

“The DGOJ wishes to remind the public that, in Spain — in line with other European jurisdictions — prediction markets are deemed to constitute games of chance when bets are placed on uncertain future outcomes,” according to a Tuesday notice. “Consequently, operating such markets within Spanish territory requires obtaining a specific administrative license.”

Source: Spain’s Ministry of Social Rights, Consumer Affairs, and Agenda 2030

The move by Spanish authorities follows a similar governmental ban in Indonesia, which blocked access to Polymarket on Friday after the platform listed bets on whether President Prabowo Subianto would leave office before the end of his term. Other countries, including Australia, France, Poland, Singapore, Ukraine and Switzerland, have restricted access to Polymarket over gambling concerns, with the platforms also facing US state-level crackdowns and restrictions.

Related: Kalshi valuation doubles to $22B after $1B funding round

A spokesperson for Polymarket told Cointelegraph that the platform was “committed to engaging constructively with relevant authorities in every jurisdiction.” A Kalshi spokesperson declined to comment.

Kalshi and Polymarket are two of the largest prediction markets platforms by trading volume, with combined in weekly notational volume $6.1 billion, according to DeFi Rate.

NYT report shines light on US federal response to prediction markets

On Sunday, the New York Times reported that officials at the Commodity Futures Trading Commission (CFTC) were pushed out of the agency after they voiced concerns about prediction markets like Kalshi and Polymarket.

The financial regulator, under US President Donald Trump’s hand-picked chair, Michael Selig, has taken the stance that the CFTC has “exclusive authority” over the platforms, filing lawsuits against any state authority that challenged this position.

Prediction Market Volume: Kalshi & Polymarket Aggregated Data. Source: DeFi Rate

Lawmakers on the US House of Representatives’ Oversight and Government Reform Committee announced on Friday that they had initiated a probe into Kalshi and Polymarket over insider trading concerns. Committee Chair James Comer cited reports of “suspiciously timed trades” on the platforms ahead of US military actions against Iran, allowing certain users to potentially profit from insider information.

Magazine: 50K investors fight Korean crypto tax, Singapore cancels Bsquared: Asia Express

The UK government has added cryptocurrency exchange HTX to its list of sanctioned entities over its support of Russia.

On Tuesday, UK authorities said that there were “reasonable grounds to suspect” HTX, formerly Huobi Global, has been supporting Russia’s government through financial services and funds facilitated by the A7 Limited Liability Company and Garantex, other sanctioned entities. The crypto exchange, headquartered in Panama, was the latest to be named as part of a crackdown on entities “exploited by Russia to circumvent UK sanctions.”

“If the Kremlin thinks it can evade our sanctions by hiding behind crypto networks and shadow financial systems, it is gravely mistaken,” said UK Foreign Secretary Yvette Cooper.

An HTX spokesperson told Cointelegraph: 

“Regulatory compliance remains our absolute top priority at HTX. We proactively monitor and strictly adhere to regulatory frameworks in all jurisdictions where we operate globally, including the UK.”

Source: HTX Global

Russia continues to face sanctions by multiple countries in the European Union and globally over its military actions in Ukraine, launched in 2022. In April, the European Commission announced a package of crypto-related sanctions targeting stablecoins like A7A5 and digital asset operators linked to Belarus.

Related: UK politician Nigel Farage bought $1.8M house after $6.7M crypto gift

HTX has previously been a target of the UK’s Financial Conduct Authority, which in 2025 opened legal proceedings against the company for illegal crypto promotions on social media. The UK watchdog said HTX had pushed promotions on TikTok, X, Facebook, Instagram and YouTube, in violation of marketing rules.

Russia could criminalize crypto activities with new legislation

In April, Russian lawmakers advanced measures that could allow authorities to impose criminal penalties on unlicensed digital asset services and mandate registration with the country’s central bank. The proposals came alongside bills that passed first reading in the lower house of parliament, imposing limits on crypto for retail investors and reinforcing a prohibition on digital asset payments.

Magazine: 50K investors fight Korean crypto tax, Singapore cancels Bsquared: Asia Express

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

TLDR:

• Micron’s market cap surged from $70 billion to $1 trillion in twelve months, driven by AI memory demand.
• Q3 fiscal 2026 guidance projects $33.5 billion in revenue with gross margins expected to exceed 81%.
• Micron can only fulfill 50% to two-thirds of demand from its largest AI customers in the near term.
• The HBM total addressable market is forecast to grow from $35 billion in 2025 to $100 billion by 2028. 

---

Micron Technology has officially crossed the $1 trillion market capitalization milestone for the first time in its history.

The company’s stock climbed from a $70 billion valuation just twelve months ago. That represents a 14x move in a single year.

AI-driven demand for high-bandwidth memory is widely credited for the dramatic shift in Micron’s financial position.

AI Infrastructure Drives Unprecedented Memory Shortage

Traditional memory markets operated on a predictable boom-and-bust cycle for decades. Oversupply would crush prices, margins would collapse, and weaker players would exit.

That pattern depended on memory being cheap and interchangeable over time. However, the AI buildout has fundamentally changed that dynamic.

Every AI inference call requires DRAM to process. An AI server consumes roughly eight times more DRAM than a traditional server.

High-bandwidth memory, or HBM, required by Nvidia’s H100s and B200s, uses over three times more wafer capacity per bit than DDR5. This creates a supply gap the industry was never built to fill.

As Milk Road AI noted, Micron’s CEO confirmed on camera that the company can only fulfill 50% to two-thirds of demand from its largest AI customers. Samsung raised DRAM list prices approximately 60% since September.

Spot DRAM prices are up roughly 3x year over year, while supplier stockpiles fell from 17 weeks in late 2024 to just two to four weeks by October 2025.

Contract pricing and allocation constraints are now structural features of the market. They are not temporary disruptions that will self-correct within a quarter or two.

The shortage is expected to persist until at least 2028, based on current production timelines from major manufacturers.

Financial Results Reflect Scarcity-Driven Pricing Power

Micron reported Q2 fiscal 2026 revenue of $23.86 billion, up 196% year over year. That result beat estimates by 24%. Gross margins reached 74.4%, more than doubling within a single year.

The company’s gross margin sat below 20% in 2023, making the turnaround notable by any financial measure.

Q3 guidance calls for $33.5 billion in revenue, up over 200% year over year. Gross margins are expected to exceed 81%, with EPS projected at $19.15 against a consensus estimate of $12.05. Management described the current cash generation as levels “not seen in its history.”

UBS raised its price target for Micron to $1,625, pointing to the structural nature of the shortage and locked-in HBM contracts.

Despite those figures, the stock still trades at roughly 8x forward P/E on fiscal 2026 consensus earnings. That multiple is typically associated with slower-growing, lower-margin businesses.

New manufacturing capacity in Boise will not reach full production until mid-2027. The second phase runs to late 2028, and the New York fab does not contribute meaningfully until 2030.

The HBM total addressable market alone is forecast to grow from $35 billion in 2025 to $100 billion by 2028.

The Smarter Web Company has increased its Bitcoin holdings after buying another 10 BTC, adding to its growing treasury strategy.

The Smarter Web Company said in a May 26 disclosure that it purchased 10 Bitcoin at an average price of £55,786 per coin. The UK-listed firm said the deal cost £557,865 and lifted its total Bitcoin holdings to 2,869 BTC.

A further 10 Bitcoin added to The Smarter Web Company treasury taking total Bitcoin held to 2,869 and quarter-to-date Bitcoin yield to 15.43%.

LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8 https://t.co/NUetLMK3DY

Advertisement

— Andrew Webley (@asjwebley) May 26, 2026

According to the company, its total Bitcoin investment now stands at £232.48 million. The firm also reported an average purchase cost of £81,032 per BTC, or about $109,000, across its full Bitcoin position.

The latest purchase came at a lower price than the company’s average cost basis. The disclosure showed that the new Bitcoin was bought at about $74,904 per coin, based on the stated pound-to-dollar equivalent.

Coinbase facility supports BTC strategy

The Smarter Web Company said the Bitcoin purchase follows the continued use of a credit facility arranged with Coinbase. The company has drawn £18 million from the facility so far.

According to the disclosure, the company’s leverage ratio stands at about 12.19%. The loan is secured against existing Bitcoin holdings, which means the firm is using part of its BTC position to support further treasury activity.

The company said the Coinbase facility carries a variable interest rate between 6.75% and 7.25%. It also said the loan can be repaid at any time without penalty, giving management room to adjust its debt exposure.

Bitcoin yield remains a key metric

Management said the company has achieved a quarter-to-date Bitcoin yield of 15.43%. The company uses this figure to measure changes in Bitcoin holdings compared with its fully diluted share count.

The Smarter Web Company has used this metric as part of its Bitcoin treasury reporting. The company’s disclosure tied the figure to its focus on building BTC holdings through capital allocation decisions.

The firm, which provides web design, development, and online marketing services, began accepting Bitcoin payments in 2022. Since then, it has added Bitcoin to its corporate treasury plans.

Public Bitcoin treasury firms gain attention

The Smarter Web Company now ranks 27th among publicly listed Bitcoin treasury companies by total holdings, based on the figures included in the company’s latest update. Its 2,869 BTC position places it among listed firms using Bitcoin as a balance sheet asset.

Additional context from the sector shows that other firms are also expanding or adjusting their Bitcoin strategies. Strive recently disclosed that its SATA preferred stock absorbed about 453 Bitcoin in one day, which was more than the daily mining supply.

At the same time, Strategy has focused on reducing debt while still increasing its Bitcoin holdings through equity issuance. Recent related reports said Strategy repurchased $1.5 billion of convertible debt at an 8% discount and raised its Bitcoin holdings to 843,738 BTC.

The Smarter Web Company said it is also pursuing acquisitions to grow its client base and recurring revenue while continuing to build its Bitcoin position. Its latest 10 BTC purchase now raises total holdings to 2,869 BTC, extending the strategy previously covered by Crypto.news as more public companies add Bitcoin to their balance sheets.

Spain has blocked both prediction markets Polymarket and Kalshi for operating without gambling licences.

Spain’s gambling regulator, the Directorate General for Gambling Regulation, ordered internet service providers to block access to Polymarket and Kalshi after the Ministry of Consumer Affairs published formal sanction proceedings in Spain’s Official State Gazette on May 26.

The block is expected to take effect within seven to ten days and will remain in place for approximately three to four months while the investigation concludes.

Spain classified both platforms as illegal gambling operators for offering money-staked bets on uncertain future outcomes without the required administrative authorisation.

Authorities cited a total absence of age verification controls, self-exclusion mechanisms, and identity checks safeguards that Spanish gambling law requires from all online operators taking money-staked wagers.

Why Spain moved now and what triggered the regulatory action

The timing has a political dimension. Polymarket recently opened a market on whether Prime Minister Pedro Sánchez’s government would fall early, and Kalshi lists Sánchez at 29% odds to leave office in 2026. Both markets generated significant traffic on Spanish social media, accelerating regulatory attention that might otherwise have moved more slowly.

Spanish authorities were explicit that blockchain infrastructure does not exempt platforms from gambling law. “Using crypto or blockchain doesn’t change platforms that let users wager on uncertain outcomes from being gambling products,” authorities stated in published notices. The same legal framing has now been adopted by at least five separate national jurisdictions.

Brazil blocked both platforms in April as part of a sweeping action covering approximately 28 platforms. Indonesia blocked Polymarket on May 25 as illegal online gambling. India issued a formal blocking order on May 21 after reclassifying prediction markets as “money games” under rules that took effect May 1.

Portugal blocked Polymarket in January after a surge in presidential election bets, and Argentina followed with a court-ordered block in March. The Netherlands escalated enforcement in February and Belgium made a referral in March, making Spain the third European-level action of 2026.

Crypto.news has covered the regulatory calendar pressure in 2026, including the House Oversight Committee separately requesting records from Kalshi and Polymarket over insider trading risks and KYC compliance concerns.

What the global crackdown means for the prediction market industry

Polymarket is currently valued at approximately $15 billion and Kalshi at around $22 billion. Both platforms together processed several billion dollars in trading volume around the 2024 US presidential election and have continued expanding into sports, geopolitics, and corporate-event contracts. The crackdowns do not eliminate these businesses but meaningfully restrict European and emerging-market access.

In the United States, the CFTC has actively defended Kalshi’s right to operate under federal oversight and has moved to sue states attempting their own restrictions, creating a diverging regulatory map.

Crypto.news has reported on AML enforcement becoming the dominant regulatory pressure axis for crypto-adjacent services in 2026. Crypto.news has also tracked the US Treasury’s push to bring financial intermediaries operating without regulated frameworks under Bank Secrecy Act obligations, the same structural argument underpinning Spain’s position.

The United Kingdom has added HTX, the exchange formerly known as Huobi Global, to its sanctions list in response to alleged support for the Russian government. The designation underscores the UK’s tightening stance on crypto entities that may be exploited to bypass financial restrictions amid ongoing tensions over Moscow’s actions in Ukraine.

Authorities stated there were “reasonable grounds to suspect” that HTX facilitated financial services and funds linked to Russia through entities tied to A7 Limited Liability Company and Garantex, both sanctioned in separate actions. HTX, which is registered as a Panama-based company, was singled out as part of a broader crackdown on firms “exploited by Russia to circumvent UK sanctions.”

“If the Kremlin thinks it can evade our sanctions by hiding behind crypto networks and shadow financial systems, it is gravely mistaken,” said Foreign Secretary Yvette Cooper.

According to Cointelegraph, HTX told the publication that regulatory compliance remains its top priority and that the firm actively monitors and adheres to regulatory frameworks in all jurisdictions where it operates, including the United Kingdom. The exchange’s official stance highlights ongoing tensions between global regulators and crypto platforms over sanctions enforcement and cross-border compliance.

Separately, the broader sanctions environment around crypto and Russia has continued to evolve. In April, the European Commission announced a package of crypto-related sanctions targeting stablecoins and digital-asset operators connected to Belarus, reinforcing a trend toward tightening oversight of crypto vehicles used in sanctioned-adjacent activity. The measures come amid a wider push by Western authorities to limit Russia’s access to crypto-enabled financial services.

HTX has previously drawn scrutiny from the UK’s Financial Conduct Authority. In 2025, the FCA initiated legal proceedings against the exchange for allegedly illegal crypto promotions conducted on social media, with the regulator contending that HTX violated marketing rules across platforms such as TikTok, X, Facebook, Instagram and YouTube.

Key takeaways

• The UK designated HTX (formerly Huobi Global) as a sanctioned entity due to alleged support for the Russian government via tied financial channels, intensifying sanctions enforcement in the crypto sector.
• The designation reflects ongoing regulatory concern that crypto networks could be exploited to evade financial restrictions, prompting enhanced scrutiny of exchanges with cross-border operations.
• EU authorities have separately broadened crypto-related sanctions, including actions targeting stablecoins and operators linked to Russia and Belarus, illustrating harmonized, cross-jurisdictional risk management for crypto firms.
• HTX has faced prior FCA action in the UK over alleged illegal crypto promotions, signaling that regulatory oversight of marketing practices remains a compliance priority for crypto platforms operating in the UK.

Regulatory landscape and enforcement implications

The UK’s designation of HTX adds to a growing matrix of regulatory tools used to constrain Russian-linked financial activity within crypto markets. Sanctions classifications carry practical implications for exchanges, banks, and institutions that provide banking or on/off-ramp services to sanctioned entities or customers. For crypto firms, this elevates the importance of comprehensive sanctions screening, robust AML/KYC controls, and the ability to demonstrate auditable compliance across multiple regulatory regimes. While HTX asserts its commitment to regulatory adherence, the designation increases the operational burden of maintaining up-to-date sanctions lists, monitoring counterparties, and ensuring effective geographic risk management.

From a policy perspective, the action aligns with the evolving approach of Western regulators to treat crypto platforms as potential vectors for sanction evasion. The UK government’s stance dovetails with broader international efforts to prevent sanctioned entities from accessing or laundering funds through crypto rails, while also emphasizing that regulatory latitude and enforceability extend beyond traditional banking channels. This has immediate implications for licensing requirements, oversight, and potential penalties for non-compliance, particularly for platforms with global footprints or those that advertise services in multiple jurisdictions.

Analysts should watch for how UK sanctions interact with ongoing global discussions on crypto regulation, including cross-border information sharing, the emergence of standardized due-diligence procedures, and potential alignment or friction with frameworks such as MiCA in the European Union. While MiCA provides a harmonized EU regime for crypto-asset service providers, the UK’s post-Brexit regulatory posture continues to develop its own standards for licensing, oversight, and enforcement, potentially creating complex compliance frontiers for exchanges that operate in both markets.

Geopolitical and historical context shaping regulatory risk

The sanctions narrative around HTX sits within a broader historical arc of tightening controls on crypto activities tied to geopolitical conflict. The EU’s April sanctions package, which targeted crypto-related instruments and operators connected to Belarus, illustrates a continuing trend toward constraining crypto-enabled financial activity in sanctioned contexts. The parallel focus in the UK reinforces the idea that national regulators are converging on a zero-tolerance approach to sanction circumvention via digital assets.

On the regulatory front in Russia, lawmakers advanced measures that could criminalize unlicensed digital-asset services and compel registration with the central bank. Proposals also included retail investor limits and restrictions on digital asset payments, signaling a potential tightening of domestic crypto activity and a push for formalization of the sector within a state-centric framework. This policy trajectory—criminal penalties for unregistered services and mandatory central-bank registration—could raise the cost and complexity for foreign exchanges seeking access to the Russian market whether directly or via correspondent banking relationships.

For institutional and compliance teams, these developments underscore the need for a holistic, policy-aware risk posture. Firms operating across multiple jurisdictions must reconcile divergent regulatory expectations, implement consistent cross-border sanctions screening, and anticipate evolving requirements for licensing, registration, and ongoing oversight. In an ecosystem where enforcement can be asymmetric and penalties for non-compliance are increasing, robust governance, transparent disclosures, and defensible compliance controls become central to risk management strategy.

Related coverage from Cointelegraph notes that regulatory authorities continue to scrutinize the broader crypto landscape as authorities pursue more assertive enforcement. The interplay between sanctions regimes, consumer protection rules, and evolving technological risk requires ongoing adaptation by exchanges, custodians, and financial institutions that engage with crypto markets.

Looking ahead, observers should monitor how UK and EU regulators coordinate with other jurisdictions to close gaps that could enable sanction evasion through digital assets. The balance between fostering legitimate innovation in crypto markets and safeguarding financial integrity will shape licensing regimes, capital requirements, and the due-diligence expectations for market participants in the coming years.

Closing perspective: The HTX designation signals a sustained regulatory counterweight to sanctioned activity in crypto markets. As enforcement tools mature and cross-border cooperation intensifies, firms must embed rigorous governance, export-control awareness, and sanctions-compliance into their core operations to navigate a rapidly changing policy environment.

TLDR

• XRP whale transactions above $1 million dropped by 57.3% within nine days.
• Market analyst Ali Martinez reported that large XRP transactions fell from 157 to 67.
• The decline suggests major holders have reduced aggressive market activity for now.
• XRP crowd sentiment has turned sharply negative and reached a three-week high.
• Traders are watching whale activity for signs of the next major XRP move.

---

XRP whale activity has dropped sharply over nine days as market analyst Ali Martinez reports fewer large transactions while crowd sentiment turns more negative.

According to market analyst Ali Martinez, XRP whale transactions worth more than $1 million fell from 157 to 67 in nine days. The drop represents a 57.3% decline in high-value network activity and has drawn attention from traders watching large-holder behavior.

Martinez’s data shows that major XRP wallets have made fewer large moves at a time when the token’s market structure remains under close watch. In crypto markets, traders often monitor whale transactions because large orders can affect liquidity, volatility, and short-term direction.

The decline does not confirm that large holders are selling, based on the interpretation shared around Martinez’s data. Instead, the lower transaction count suggests whales have reduced their active participation while they wait for clearer market conditions.

XRP Whales Pull Back From Large Transactions

Martinez’s figures show a steep fall in transactions above the $1 million level. The count moved from 157 to 67 within nine days, cutting high-value activity by more than half.

Market watchers often treat this type of drop as a sign that large holders are taking fewer aggressive positions. According to the analysis tied to Martinez’s data, whales may be reassessing liquidity conditions rather than leaving the market.

In XRP’s case, fewer whale-sized transactions mean fewer large orders are pushing the market in either direction. Traders following the token have described the current setup as a compression phase, where price action narrows and volatility tightens.

Order books can become more balanced during such periods because neither buyers nor sellers dominate activity. However, the same analysis notes that this setup does not give a clear breakout direction on its own.

Negative Sentiment Adds Pressure On XRP Outlook

At the same time, XRP crowd sentiment has turned sharply negative, with fear, uncertainty, and doubt reaching a three-week high, according to the sentiment data referenced in the market discussion.

Negative crowd sentiment can affect trading behavior because retail traders often react quickly to weak momentum or uncertain market conditions. The data does not show that whales have exited their XRP positions, but it does show that large holders have stepped away from heavy transaction activity.

According to the current reading of Martinez’s whale transaction data, the next major XRP move may depend on the return of large, conviction-led flows. Until those flows return, XRP is likely to remain locked in a narrow range, according to traders tracking whale activity, sentiment, liquidity, and macro conditions.

Historical comparisons cited by market observers suggest that similar compression phases in XRP and other large-cap crypto assets have come before stronger volatility. Still, Martinez’s data only confirms the drop in whale transactions, not the direction of XRP’s next move.

SharpLink Gaming (SBET), the Ethereum treasury backed by Ethereum co-founder Joe Lubin, is joining the Russell 2000 and Russell 3000 indexes later this month, potentially opening the stock to fresh institutional demand from index-tracking funds.

The inclusion will take effect after markets close on June 29 as part of FTSE Russell’s annual index reconstitution, the company said Tuesday.

Russell indexes are widely followed benchmarks for U.S. equities, with roughly $12 trillion in assets tied to them through passive and active investment strategies, the press release said. Membership in the Russell 2000, the benchmark for small-cap U.S. stocks, could increase trading volumes and institutional ownership.

SharpLink has emerged as one of the largest public holders of ether (ETH), part of a wave of companies adopting crypto treasury strategies last year modeled after the bitcoin holder Strategy (MSTR). Since then, most digital asset treasuries halted or pivoted to selling their assets as their stock prices cratered and crypto markets pulled back.

The firm held 872,984 ETH in early May, according to its latest quarterly earnings report, making it the second-largest public ETH treasury, trailing Bitmine’s 5.4 million ETH stash. SharpLink’s holding is worth roughly $1.8 billion at current prices, and it hasn’t reported any ETH purchases since October.

The stock has fallen about 95% from its speculative frenzy peak last May, when investors piled into crypto treasury firms during a broader rally in digital assets. Even so, the shares remain more than double their level before SharpLink pivoted to an Ethereum treasury strategy. The stock is down about 2% on Tuesday, similar to ETH’s price.

The index inclusion validates the company’s “institutional-grade ETH treasury strategy,” SharpLink CEO Joseph Chalom said, adding that it can strengthen the firm’s “access to capital markets.”