TLDR:

• Binance partnered with BlockShoals Technologies as its official SEC-registered crypto service provider in the Philippines.
• BlockShoals received in-principle SEC sandbox approval in November 2025 after a two-year regulatory engagement process.
• Filipino users can now access Binance through a locally registered, SEC-regulated entity for the very first time.
• Binance selected BlockShoals for its leadership’s deep background in capital markets, banking, and commodities sectors.
  

Binance, the world’s largest cryptocurrency exchange, is making a regulated comeback in the Philippines. The exchange has partnered with local fintech firm BlockShoals Technologies to operate under the Securities and Exchange Commission’s oversight.

This move follows more than two years of regulatory engagement. The partnership gives Filipino users access to a globally recognized digital asset platform through a locally registered entity for the first time.

BlockShoals Secures SEC Sandbox Approval After Lengthy Process

BlockShoals Technologies confirmed it is a registered Crypto Asset Intermediary under the SEC’s Crypto Asset Service Provider rules.

The company serves as Binance’s official local service provider in the country. This position came after a rigorous application process that lasted over two years with Philippine regulators.

The SEC commission en banc granted BlockShoals in-principle approval to enter the StratBox regulatory sandbox in November 2025.

Since then, the company has worked to meet every condition set by the regulator. Its goal is to ensure all products comply fully with Philippine law.

BlockShoals is led by businessman Anthony Te, a veteran across banking, commodities, and capital markets. Te currently serves as a director at a local stock exchange and a commercial bank. His background was a key factor in his firm’s selection as Binance’s local partner.

Binance’s global strategy involves entering regulated markets through experienced local partners. The exchange seeks partners with strong backgrounds in legal, regulatory, and financial services. BlockShoals and its principals met those criteria, according to both companies.

Binance Positions Partnership as a Step Toward Formal Crypto Access

The companies have framed this partnership as part of broader efforts to formalize crypto access in the Philippines.

Millions of Filipino users have reportedly relied on offshore trading platforms without local regulatory protection. This arrangement aims to change that by bringing Binance under local oversight.

Binance was direct about what this partnership means for Filipino investors. “For the first time, Filipino users will have access to the world’s largest digital asset exchange through a locally registered, SEC-regulated entity,” the exchange said in a statement.

Both firms also pushed back against criticism from unregulated crypto operators. They argued that operating outside regulatory oversight exposes users to serious risks. These include weak anti-money laundering compliance and limited legal recourse in disputes.

Binance stated that the SEC’s decision reflects the “maturity of the SEC as an Asian regulator.” The exchange added that the move advances investor protection across the country. This framing aligns with the SEC’s broader mandate to protect retail participants in digital asset markets.

The exchange was equally clear about its long-term vision for the region. “Binance believes the future of digital assets will be built alongside credible local institutions and experienced market participants,” it noted.

“In the Philippines, BlockShoals and its principals were selected for their deep experience across capital markets, banking, and commodities, as well as their understanding of local governance and regulatory expectations.”

The partnership also marks a turning point after years of scrutiny over offshore exchanges operating in the Philippines. Regulators had previously moved to block Binance over licensing concerns.

Through this new arrangement, both parties say they have found a compliant path forward that benefits Filipino investors directly.

A meme coin tied to the 2026 FIFA World Cup turned a $341 investment into $48,000 via Pump.fun on Solana.

A trader turned a $341 bet on World Cup Coin into $48,000 in realised gains after the Solana-based meme coin launched on Pump.fun on May 11, 2026. The token is themed around the 2026 FIFA World Cup, which begins on June 11, and is not an official FIFA project.

The trader entered via five separate transactions shortly after launch as the token traded sideways for the first 12 hours. The token then surged to a $2.18 million market cap before climbing to $6 million the following day, at which point the trader had sold $35,700 across the two initial rallies.

How the 14,000% gain unfolded across three separate price spikes

The token then corrected 49% to a $3.15 million market cap, before the defining move arrived on May 21 when World Cup Coin spiked to an all-time high of $12.2 million market cap. The full 14,000% headline gain reflects the return from the original $341 entry to the total $48,000 realised across all exits.

World Cup Coin launched alongside meme coins for each of the 48 participating national teams. France’s national team coin has reached the highest individual valuation among country-specific tokens, reflecting speculative positioning on tournament outcomes. On-chain data tracked by DEX Screener confirmed the trader’s entry timing and exit values across the three price events.

Crypto.news has reported on Pump.fun data showing nearly half of March 2026 traders ended the month in the red, with about 96% of wallets either losing money or making under $500 in profit. The World Cup trade sits at the rare extreme end of outcomes for retail Pump.fun traders. Crypto.news has also covered how meme coins on Solana are structurally fragile, with analyst warnings that concentration among early insiders and absent fundamental cash flows make sustained gains rare.

Why 2026 FIFA World Cup meme coins are attracting attention now

The 2026 World Cup is the first to feature 48 teams, expanding participation from 32 and extending the tournament window across the United States, Canada, and Mexico from June 11 through July 19. More participating nations and a longer schedule create more narrative windows for national team-themed tokens to attract speculative buying around individual match results and group stage eliminations.

Hyperliquid’s native token, HYPE, is extending its rally as investor demand for the protocol’s exchange-traded products intensifies. Fresh fund flows into the HYPE wrappers are driving rapid accumulation and fueling expectations for potential new catalysts in the ecosystem.

Over the last nine days, inflows into the HYPE ETFs totalled about $89 million, equating to roughly $9.2 million of buying power per day. The combined assets under management (AUM) across Bitwise’s BHYP and 21Shares’s THYP reached the $89 million mark within days of launch, underscoring one of the fastest ETF-accumulation trajectories seen in crypto investment products.

On-chain metrics align with the price and fund-flow story, as Hyperliquid has drawn more than $1.1 billion in net inflows over the past month. In parallel, observers are weighing the implications of a forthcoming Grayscale GHYP product, which could unlock additional demand for HYPE.

HYPE’s supporters point to substantial potential upside if more wrappers come to market. Havoc, a prominent proponent of the token, noted that the forthcoming GHYP could contribute another $8 million to $12 million of daily inflows. He also suggested that, at varying average purchase prices, projected yearly demand could absorb roughly 8% to 33% of HYPE’s circulating supply, depending on market conditions and new supply dynamics.

Looking ahead, Havoc estimated that, assuming a 30% to 35% outflow analogous to what has been observed with spot BTC ETFs, yearly net demand for HYPE could land between about $2.9 billion and $3.6 billion—a formidable figure for a crypto asset with a relatively thin float. These projections illustrate how ETF-driven demand could become a meaningful structural driver for HYPE in the years ahead.

In a related measure of interest, market participants have been watching how HYPE’s activity translates into on-chain flow. Recent data shows sustained net inflows, with more than $1.1 billion moving into or through Hyperliquid’s ecosystem over the last month, underscoring a broader appetite for ETF-backed exposure within the tokenized sector.

Key takeaways

• ETF inflows and AUM: BHYP and THYP have drawn roughly $89 million in nine days, with combined AUM reaching $89 million shortly after launch.
• Price action and targets: HYPE’s breakout peaked at about $64.50 with consolidation above $59.40; traders eye extensions near $76, $89.50, and $101 based on Fibonacci projections.
• Derivatives momentum: Aggregated open interest on the space’s venues has surged toward $2 billion, with funding rates hovering around 0.004%, signaling persistent bullish positioning.
• Strategic demand drivers: The prospect of Grayscale’s GHYP and related inflows could significantly lift annual net demand and potentially absorb meaningful portions of HYPE’s circulating supply.

HYPE’s breakout and the chart narrative

HYPE surged to a fresh all-time high near $64.50 during the session, while Bitcoin remained range-bound below key resistance around $77,000. After breaking out above the prior level near $59.40, HYPE has entered a price-discovery phase, with traders looking at the next targets through a Fibonacci extension framework. The 1.236 extension sits near $76, followed by the 1.382 extension around $89.50 and the 1.618 extension near $101, outlining a bullish trajectory if the current momentum persists.

Trading-view analytics show continued accumulation in the derivatives market alongside rising open interest. Data from the Velo ecosystem indicates aggregated open interest approaching $2 billion as new positions were added during the rally, with aggregated funding rates near 0.004%, implying net bullish leverage remains in place for now.

Industry observers also reported that Hyperliquid has become a notable player in the derivatives landscape. Research by Byzantine General indicates Hyperliquid reached about $8.5 billion in aggregate exchange open interest, placing it as the third-largest derivatives venue behind giants like Binance and Bybit, with its market share climbing to roughly 7.2%—a fresh all-time high for the platform.

Risks, signals, and liquidity considerations

As with any rapid move in a relatively young market, some traders caution about the risk of a pullback after a sharp ascent. Community observers have flagged potential crowding as a risk indicator, suggesting that a brief pullback could help reset speculative positions. A notable scenario cited by traders is a dip toward the four-hour 200-period exponential moving average (EMA), which could provide a liquidity area for new entrants to re-enter or exit more orderly. The daily chart also reveals an unfilled fair-value gap between roughly $48 and $54, overlapping with the rising 50-day EMA, which could serve as a defensive liquidity zone if selling pressure intensifies.

These structural notes matter for investors and traders looking to map entry and exit levels as ETF inflows continue to shape HYPE’s price discovery. The combination of robust ETF demand, a growing on-chain footprint, and a broadder derivatives footprint suggests a multi-layer dynamic that could sustain the rally, but also warrants careful risk management in the event of shifting market sentiment or regulatory signals.

For context on broader ecosystem momentum, related coverage highlights the continuing expansion of tokenized and real-world asset (RWA) themes in crypto markets. A recent industry note examines the RWA market surpassing $51 billion as tokenized private credit activity accelerates, a trend that may intersect with the appetite for regulated, ETF-like exposure in crypto markets.

Further reading: RWA market hits $51B as tokenized private credits surges.

What’s next for HYPE remains tied to the trajectory of ETF inflows, the emergence of GHYP, and how liquidity and regulation evolve across crypto derivatives venues. Traders will be watching whether the current momentum can absorb ongoing supply pressures and how the broader market environment shapes the acceptance of bigger, ETF-backed exposure to Hyperliquid’s ecosystem.

Watch for updates on GHYP’s rollout timeline, any shifts in AUM across BHYP and THYP, and how new inflows interact with market liquidity as the sector navigates a complex regulatory landscape and evolving investor appetite.

Michael Saylor’s Strategy, the largest corporate Bitcoin holder, has repurchased $1.5 billion of its 0% convertible senior notes due in 2029 for $1.38 billion at an 8% discount to par, in a move that significantly cuts future debt obligations.

The purchase reduces Strategy’s outstanding debt through convertible notes from $8.2 billion to $6.7 billion for 2029, the company announced on Tuesday. The notes were repurchased using the company’s cash reserves.

Strategy also reported an additional $15.5 billion in aggregate notional amount of outstanding preferred stock and a USD reserve of $871 million.

Buying back debt at a discount can strengthen the balance sheet of a company by reducing future payment obligations and shows active debt management from Strategy, typically seen as a positive sign by shareholders.

The update comes after Strategy did not announce a fresh Bitcoin purchase this week, following its $2.01 billion purchase the prior week. Four smaller Bitcoin treasuries stepped in to buy a cumulative 602.6 BTC worth about $46 million last week, Cointelegraph reported earlier on Tuesday.

Strategy announces $1.5 billion outstanding note buyback. Source: Strategy.com

Crypto industry watchers praised the debt buyback. 

“Great move by Strategy,” wrote asset management firm Bitwise’s European head of research, André Dragosch, adding that the debt reduction removes a “major uncertainty around the cash repayment wall in mid-2028,” as investors would likely demand repayment due to the relatively high conversion price of these notes, around $672.

Related: New York lawsuit tests lost property claim over dormant Bitcoin 

Strategy shares sink 3% after announcement

While a reduction in outstanding debt is typically a positive sign for shareholders, Strategy’s stock price fell 3% in pre-market trading on Tuesday and was changing hands at above $159 at the time of writing.

The slide adds additional pressure to Strategy’s declining share price, which fell 10% during the past month and 59% during the past year, data from Yahoo Finance shows.

Bitcoin’s price also fell by about 1.2% during the past month and by 29% over the past year, according to TradingView.

MSTR/USD, 1-day chart. Source: Yahoo Finance

The move comes a week after Strategy announced its third-largest investment of 2026, as it acquired  24,869 BTC for $2.01 billion between May 11 and 17, at an average purchasing price of $80,985 per BTC, Cointelegraph reported last Monday.

Magazine: Bitcoin ETFs bleed $1B, Aave’s $71M ETH unfreeze bid delayed: Hodler’s Digest, May 10 – 16

TLDR:

• HTX confirms the UK sanctions designation targets Huobi Global S.A., a entity legally separate from the HTX exchange.
• The exchange received no prior notice or supporting evidence from UK authorities before the sanctions were announced.
• HTX reaffirms its commitment to full legal compliance and active cooperation with law enforcement agencies worldwide.
• All HTX global operations remain fully unaffected, and the exchange has assured users that their funds are completely safe.

HTX has responded to the UK’s recent sanctions designations, clarifying that its online exchange remains fully operational.

The exchange stated that the listed entity, Huobi Global S.A., is legally distinct from the HTX platform. HTX also confirmed that all user funds remain safe and unaffected.

The exchange said it received no prior notice or supporting evidence from UK authorities before the designation.

HTX Draws Clear Line Between Exchange and Sanctioned Entity

HTX moved quickly to address confusion surrounding the UK sanctions announcement. The exchange made clear that Huobi Global S.A. is a separate legal entity from the online HTX platform.

According to HTX, the designation does not and should not affect the exchange’s day-to-day operations. The statement was shared across HTX’s official channels shortly after the UK announcement.

The exchange also confirmed its commitment to full compliance with all applicable laws. HTX stated it cooperates actively with law enforcement agencies worldwide.

This position, the exchange said, remains unchanged regardless of the sanctions action. HTX also noted it will continue monitoring the situation closely.

The UK’s sanctions package named 18 entities and individuals linked to Russia’s financial networks. Among those listed is Huobi Global S.A., the operator associated with the HTX exchange.

However, HTX stressed that the legal distinction between the two entities is critical. The designation targets Huobi Global S.A. and not the online exchange itself.

HTX also noted that the UK designation arrived without prior notice. No supporting evidence was shared with the exchange before the announcement.

Huobi Global S.A. has said it will work with relevant UK authorities to understand the basis for the action. The company aims to address any concerns raised by British officials promptly.

HTX Assures Users of Stability Amid Ongoing Developments

HTX confirmed that its global operations remain fully unaffected by the UK sanctions. The exchange reassured its user base that all funds held on the platform are safe.

No disruptions to services, withdrawals, or trading activity were reported following the announcement. HTX said it will provide updates as the situation develops.

The UK applied Regulation 17A of its Russia sanctions regime to crypto exchanges for the first time. This tool requires UK financial firms to freeze funds and trace transactions linked to designated entities.

Blockchain analytics firm Elliptic noted that HTX recorded roughly $3.3 trillion in trading volume last year. It also said the platform is suspected of links to Russia’s A7 payments network and sanctioned exchange Garantex.

HTX has not directly addressed the specific allegations cited by Elliptic or UK authorities. Instead, the exchange focused its statement on the legal separation between itself and Huobi Global S.A.

The exchange reiterated its lawful standing and its cooperation with global regulators. Further clarifications are expected as Huobi Global S.A. engages with UK officials.

The broader sanctions package also targets the A7 payments network, which British officials say moved over $90 billion last year. Several individuals were also designated for alleged sanctions-evasion activity.

HTX said it takes the matter seriously and will continue to respond transparently. The exchange urged users to rely only on official HTX communications for updates.

SharpLink has secured inclusion in the Russell 2000 and Russell 3000 indexes, adding another milestone to the company’s push into Ethereum-based treasury management.

According to a report shared by Wu Blockchain, the Nasdaq-listed company, which trades under ticker SBET, will join both indexes when the U.S. market opens on June 29, 2026. The annual Russell index reconstitution places SharpLink among small-cap and broad-market U.S. equities tracked by institutional funds and exchange-traded products.

SharpLink expands Presence in public markets

FTSE Russell includes companies that meet specific market capitalization, liquidity, and listing standards. The addition of SharpLink means index-tracking funds will automatically purchase shares of the company once the changes take effect.

SharpLink chief executive Joseph Shalom said the company’s inclusion recognizes its Ethereum treasury strategy and may help increase shareholder participation. “This recognition supports our position as an institutional-grade Ethereum treasury platform,” Shalom said in a company statement.

Based in Miami, SharpLink rebranded from SharpLink Gaming in February 2026 after moving away from its sports betting business. The company now focuses on Ethereum treasury operations and digital asset-related financial services.

At the same time, BitMine Immersion Technologies, which trades under ticker BMNR, is also scheduled to join the Russell 3000 during the same reconstitution cycle.

Revenue growth comes with large ETH-Linked losses

SharpLink reported Q1 2026 revenue of $12.1 million, compared with $0.7 million during the same quarter a year earlier. Company filings also showed a net loss of $685.6 million for the quarter.

The company attributed most of the loss to non-cash impairments and unrealized declines tied to its Ethereum holdings. SharpLink currently holds more than 872,000 ETH equivalent, according to post-quarter financial disclosures.

While the revenue increase showed business expansion, the company’s balance sheet remains closely tied to Ethereum price movements. Public companies with large crypto treasury positions often face earnings volatility due to digital asset valuation changes.

According to company disclosures, SharpLink ranks among the world’s largest publicly traded Ethereum holders. The strategy has drawn attention from investors looking at corporate crypto exposure beyond Bitcoin-focused firms.

Galaxy Partnership adds deFi exposure

On May 11, SharpLink announced the proposed Galaxy SharpLink Onchain Yield Fund in partnership with Galaxy Digital. The planned fund includes $125 million in committed capital, including $100 million from SharpLink’s staked Ethereum treasury and $25 million from Galaxy.

The agreement remains non-binding at this stage. If finalized, the fund would become one of the larger institutional decentralized finance yield vehicles linked to a publicly traded company.

Company statements described the fund as part of SharpLink’s effort to expand institutional participation in on-chain finance products. Market participants are now watching whether the partnership proceeds into a formal agreement.

As previously reported by crypto.news, Galaxy Digital and SharpLink announced a non-binding agreement on May 11 to launch the Galaxy SharpLink Onchain Yield Fund, a $125 million limited partnership designed to deploy part of SharpLink’s staked Ethereum treasury across decentralized finance strategies. Galaxy will serve as the investment manager for the proposed fund.

SharpLink plans to contribute $100 million from its staked ETH holdings, while Galaxy will provide an additional $25 million in capital. Mike Novogratz, founder and chief executive officer of Galaxy, said the infrastructure supporting institutional participation in decentralized finance “has matured to a point where allocators can access yield, liquidity, and risk management with the same rigor they expect in traditional markets.

Solana privacy protocol Umbra has partnered with Streamflow to launch confidential vesting for the $97 billion token unlock market.

Umbra, the Solana-native financial privacy layer built on Arcium’s encrypted execution engine, has launched confidential vesting in partnership with Streamflow, the leading token distribution platform listed in Solana’s official documentation.

The integration encrypts vesting schedules, allocation amounts, and recipient wallet addresses so that on-chain observers cannot access the underlying parameters of token unlock agreements.

The problem the product targets is structural. Standard vesting contracts execute on a public ledger where anyone can see which wallets will receive tokens, the exact amounts, and when each tranche unlocks. Sophisticated traders build sell positions ahead of supply increases from team and investor allocations, creating structural selling pressure that directly disadvantages the projects and token holders they front-run.

Update (May 26 at 9:30 pm UTC): This article has been updated to include statements from The Digital Chamber.

The Digital Chamber, a cryptocurrency advocacy group that has been closely involved in negotiations with US lawmakers over digital asset-related legislation, questioned three-term Massachusetts Senator Elizabeth Warren’s understanding of banking laws as applied to crypto companies.

In a Tuesday letter to the US Comptroller of the Currency (OCC) Jonathan Gould, Digital Chamber CEO Cody Carbone challenged many of the claims in the Massachusetts lawmaker’s May 18 letter. In that letter, Warren said that the OCC may have violated the National Bank Act by approving national trust charters for nine crypto companies “that intend to engage in activities that appear to go far beyond the narrow set of activities permitted by law.”

“The claim that these firms seek to ‘evade’ regulations […] or pose risks to the safety and soundness of the banking system is contradicted by their own conduct,” Carbone said in his Tuesday letter. “These companies voluntarily sought federal oversight: each applied for a national trust bank charter, submitted to OCC examination authority, and accepted the compliance obligations that come with federal supervision.”

Source: The Digital Chamber

Warren’s concerns stemmed from OCC’s approving or conditionally approving charter applications from Coinbase, Crypto.com’s parent company, Ripple, Stripe, BitGo, Circle, Fidelity Digital Assets, Protego Holdings and Paxos. She said that the companies “want to evade the fundamental safeguards and obligations that come with being a bank” and questioned what led to the approvals, implying influence from the White House.

Related: Crypto PAC money pours into Texas primary runoffs, as prediction markets favor challengers

As the ranking member of the US Senate Banking Committee, Warren has repeatedly criticized lawmakers and regulators for supporting policies with potential conflicts of interest related to US President Donald Trump’s ties to the crypto industry. Cointelegraph sought comment from Warren’s office but did not receive an immediate response.

“If Senator Warren believes the OCC exceeded its authority, the appropriate response is to identify where the statute draws the line she says was crossed,” Carbone said in response to a request for clarification from Cointelegraph. “We’d welcome that debate. But ‘this seems wrong’ from a member of the Banking Committee isn’t a legal argument. And the OCC shouldn’t retreat from a legally sound decision because of political pressure, regardless of who’s applying it.”

Other crypto companies’ OCC applications are pending review

Warren’s concerns about the OCC approvals came as the banking regulator is considering applications from the Trump family-backed crypto business World Liberty Financial as well as Payward, the parent company of cryptocurrency exchange Kraken.

Source: OCC

Payward said it intended to “provide fiduciary custody and other services primarily for digital assets” if approved. In January, Warren called on Gould to delay consideration of World Liberty’s application until Trump divested from the platform, citing financial conflicts of interest.

As of Tuesday, the OCC listed 14 digital asset companies that had submitted licensing applications.

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