Crypto exchange HTX rejected U.K. claims it helped Russia’s “illicit financial infrastructure” used for moving funds and sustaining the country’s war in Ukraine, saying it refused a listing application from the A7A5 ruble stablecoin.

“A7A5 was trying to list their stablecoin. However, following our rigorous internal due diligence and compliance review processes, their application was explicitly rejected,” a spokesperson for HTX told CoinDesk.

The token’s issuer, A7 LLC, is already sanctioned by many Western governments.

In a sanctions note issued Tuesday, the Foreign Office didn’t provide specific evidence of any HTX-A7A5 cooperation. The ministry said it had “reasonable grounds to suspect” HTX was assisting A7, which the U.K. says is “carrying on business in a sector of strategic significance to the Government of Russia.”

“We approached all the leading CEXes several months ago in order to list A7A5, including HTX,” A7A5 executive Oleg Ogienko told CoinDesk, using crypto terminology for centralized exchanges. “But all of them rejected our application almost at once because they are scared of secondary sanctions.”

Ogienko said he’s open to working with centralized exchanges and HTX’s refusal to list the Russian stablecoin is “bad for them.”

“Now, we do not need their listing, because our business model runs on DeFi infrastructure,” he told CoinDesk. “Nevertheless, we are open for interaction with CEXes if they want to increase their real trade volume and attract good clients.”

In an interview with CoinDesk at the Consensus Hong Kong conference earlier this year, Ogienko said he attended to meet with projects and protocols to discuss cooperation and business development.

Ogienko said A7A5 is fully compliant with Kyrgyz and Russian regulations and the principles set out by the Financial Action Task Force (FATF), which tackles money laundering and terrorist and proliferation financing worldwide.

“We do not violate any legislation,” he said.

India’s market regulator has moved ahead with a pilot project for tokenized corporate bonds, testing whether distributed ledger technology can improve liquidity and settlement efficiency in the country’s debt markets.

Speaking on the sidelines of the CareEdge Debt Market Summit in Mumbai on May 26, Securities and Exchange Board of India Chairman Tuhin Kanta Pandey said the regulator has approved a pilot initiative that will examine the use of Distributed Ledger Technology, or DLT, for the trading and settlement of corporate bonds.

During his interaction with the media, Pandey said the project would initially operate on a limited scale before any decision is taken on expanding the framework across the market. According to the SEBI Chairman, the implementation process could take between six and nine months as regulators and market participants work through multiple operational stages.

At the same time, the proposal has placed India’s approach to blockchain technology back in focus, particularly because the government continues to maintain a highly restrictive policy toward retail cryptocurrency trading while encouraging selected institutional uses of DLT infrastructure.

Pandey said certain DLT-based systems are already being used in segments such as covenant monitoring and depositories, though SEBI now wants to study whether tokenization can address long-standing inefficiencies in India’s corporate bond market.

India’s corporate bond market, estimated at nearly ₹59 lakh crore according to industry estimates cited in the additional context, continues to face low secondary market participation because many institutional investors hold bonds until maturity. Limited retail participation has also reduced price discovery and trading activity across the segment.

Under the proposed pilot, tokenization would convert traditional bond instruments into blockchain-based digital tokens capable of automated and near-instant settlements. The additional context noted that regulators are also evaluating whether fractional ownership structures could lower entry barriers for smaller investors.

Speaking about the expected benefits, Pandey said tokenization could improve liquidity and support “instantaneous autonomous settlements” within the bond market ecosystem.

RBI framework expected soon

During the event, Pandey said the Reserve Bank of India is separately working on draft guidelines connected to the framework and is expected to release the final norms shortly. He added that SEBI and stock exchanges are prepared to proceed once approvals from the central bank are finalized.

The SEBI Chairman also acknowledged risks associated with the technology, particularly concerns linked to future advances in quantum computing. According to Pandey, regulators need to examine whether developments in quantum systems could eventually affect cryptographic security used in DLT-based infrastructure.

India keeps the crypto sector in check

While India has opened the door for blockchain use cases in regulated financial markets, the country’s stance toward private cryptocurrencies remains tightly controlled through taxation and compliance rules.

Under India’s current virtual digital asset tax regime, profits from cryptocurrency transactions are taxed at a flat 30%, while a 1% tax is deducted at source for each trade. Existing rules also prevent investors from offsetting crypto losses against gains or regular income.

Meanwhile, crypto exchanges operating in India are required to register with the Financial Intelligence Unit-India and comply with the Prevention of Money Laundering Act requirements, including strict know-your-customer procedures and transaction reporting obligations.

Recent tax reporting rules have further tightened oversight. Digital asset platforms are required to submit user-level transaction data directly to the Income Tax Department, while delayed or inaccurate reporting can attract monetary penalties.

India is also integrating with the OECD’s Crypto-Asset Reporting Framework, a global data-sharing system that will allow authorities to receive information related to offshore digital asset holdings belonging to Indian residents.

By contrast, the corporate bond tokenization pilot will operate inside a permissioned and regulator-backed environment overseen jointly by SEBI and the RBI, separating the initiative from public blockchain networks commonly associated with cryptocurrencies such as Bitcoin and Ethereum.

Bitcoin BTC$75,724.24 has fallen to 13th place among the world’s largest global assets after slipping to roughly $76,000, bringing its total market capitalization down to $1.5 trillion.

BTC has struggled throughout 2026, falling 11% year to date and nearly 30% over the past 12 months, as investor capital has rotated into other high performing sectors.

Precious metals were among the biggest beneficiaries during that period. Gold surged to a record $5,600 per ounce in January before easing back to around $4,486, while silver climbed as high as $120 per ounce and now trades near $76.

The rally in metals pushed silver to become the world’s fifth largest asset by market capitalization, highlighting strong demand for traditional safe haven assets amid continued economic uncertainty.

The ongoing boom in artificial intelligence (AI) and semiconductor stocks has significantly outpaced bitcoin’s performance. The so-called “Magnificent Seven” technology companies have continued to rally, with the Roundhill Magnificent Seven ETF gaining 33% over the past year.

Semiconductor leaders such as Taiwan Semiconductor Manufacturing Company (TSMC) and Broadcom (AVGO) have both surpassed bitcoin in market capitalization, each now valued at around $2 trillion, ranking eighth and ninth globally.

Micron Technology (MU) recently became the latest semiconductor company to cross the $1 trillion valuation threshold, while Samsung, valued near $1.3 trillion, now sits just behind bitcoin.

THORChain said developers and security teams are still working to bring the network back online after the May 15 incident. 

In its latest update, the protocol said the focus is on restoring the network safely, “without rushing any steps.”

The update comes after THORChain’s official exploit report said the network lost about $10.7 million from one of five vaults. The report said a newly churned node operator entered the network two days before the exploit and used a GG20 Threshold Signature Scheme vulnerability to drain the affected vault. The remaining four vaults were not affected.

THORChain said nodes have upgraded to v3.18.1, a patch that also restores Rujira Network’s ability to manage credit accounts, including borrowing and repayments. The next step is cutting and testing v3.19.0, which will include more changes before any mainnet push.

The protocol said the release is expected to move to stagenet by the end of the following day, but added that an “exact timeline is yet to be confirmed.” Once the mainnet version is ready, node operators will be asked to upgrade quickly so the network can restart safely.

ADR028 approval activates hacker bounty

The latest update said ADR028 has been approved by nodes, moving THORChain’s recovery plan into its next phase. The proposal had opened for voting after the incident and set the main recovery direction for the protocol.

As previously reported by crypto.news, ADR028 was designed to restart THORChain after the exploit without minting new RUNE, selling RUNE, or diluting holders. The plan uses protocol-owned liquidity first, with any remaining shortfall spread across synth holders.

With ADR028 now approved, THORChain said the bounty window is active. That gives the attacker a chance to return part of the stolen funds. The protocol also said it plans to cover the remaining loss using protocol-owned liquidity, though final figures will be shared later.

The recovery plan also includes full slashing of the attacker’s node. THORChain previously said innocent nodes that were in the same vault would be protected, while recovered RUNE would be paired with recovered assets from the affected vault. Any surplus RUNE would be burned.

Security audit shifts tss-lib behind closed doors

THORChain also said tss-lib has been moved to closed source for a few weeks. The protocol said the move gives THORSec time to complete a full security audit without exposing active remediation work.

That decision marks a short-term shift for a protocol built around open development. THORChain said the repository will reopen after the audit is complete. The move is tied to the security review after the GG20-related exploit.

The official exploit report said automatic solvency checks detected the vault imbalance within minutes. Node operators then used manual pauses and Mimir governance votes to stop trading, signing, chain observation, and churning within about two hours of the community alert.

THORChain’s report also said v3.18.1 was released as an immediate precaution to protect remaining vaults while the investigation continues. The longer recovery path will now depend on v3.19.0, node adoption, audit work, and governance follow-through.

DeFi exploit pressure remains high

The THORChain incident first drew wider attention when blockchain investigator ZachXBT warned that losses could top $10 million across Bitcoin, Ethereum, BSC, and Base. Crypto.news reported on May 15 that THORChain paused trading and used a global emergency halt after the exploit alert spread online.

The same report noted that RUNE dropped sharply after the warning as users waited for clearer information from protocol operators. Early estimates placed the loss above $7.4 million, before updated tracking pointed to at least $10 million stolen.

The restart process now carries two tests. The first is technical: developers need to confirm that the patched releases can support safe network operations. The second is financial: the protocol must finalize loss coverage, bounty terms, and recovery figures without creating new RUNE supply.

At the start of the week, the US currency continues to trade near significant levels amid ongoing uncertainty surrounding negotiations between the United States and Iran. Markets are closely monitoring reports suggesting a possible prolongation of the negotiation process and an increased US military presence in the Middle East, both of which are supporting demand for safe-haven assets, including the dollar.

Additional support for the US currency comes from rising US Treasury yields and expectations surrounding upcoming macroeconomic data releases, which could influence further market expectations regarding Federal Reserve policy.

At the same time, the dollar’s movement remains mixed. Despite the recent strengthening of USD/JPY and USD/CAD, both pairs have approached important technical resistance levels, where buying activity is beginning to slow. The market is now assessing whether the current momentum can develop into a broader continuation of dollar strength, or whether the advance in the US currency will remain merely a short-term reaction to geopolitical risks.

USD/JPY

Buyers in USD/JPY have managed to establish the pair above the key 159.00 level. If the 158.70–159.00 range retains its status as support, further growth towards 159.80–160.20 remains possible. A loss of this zone could trigger a downward correction towards 158.00–157.80.

Key events for USD/JPY:

• today at 11:00 (GMT+3): speech by Dallas Fed representative Lorie K. Logan;
• today at 15:15 (GMT+3): US ADP non-farm employment change;
• tomorrow at 02:50 (GMT+3): foreign investment in Japanese equities.

USD/CAD

USD/CAD is also trading within a range after reaching major resistance near 1.3800. Should strong US data be released or demand for the dollar remain firm, the pair may consolidate above 1.3820 and continue rising towards 1.3870. Conversely, weaker interest in the US currency could push the pair below 1.3800 and towards the 1.3750–1.3770 area.

Key events for USD/CAD:

• today at 15:30 (GMT+3): Canadian wholesale sales data;
• today at 23:30 (GMT+3): weekly US crude oil inventories from the American Petroleum Institute (API);
• tomorrow at 15:30 (GMT+3): Canada’s current account balance.

Overall, the dollar continues to retain an advantage amid geopolitical uncertainty and expectations of fresh macroeconomic signals from the United States. Nevertheless, the approach of USD/JPY and USD/CAD towards key technical resistance levels increases the likelihood of the current momentum slowing, while the next directional move will largely depend on incoming US economic data and developments surrounding negotiations between the US and Iran.

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EUR/USD started a downside correction from 1.1650. USD/CHF is rising and might aim for a move toward 0.7880 or 0.7900.

Important Takeaways for EUR/USD and USD/CHF Analysis Today

· The Euro struggled to clear 1.1650 and corrected gains against the US Dollar.

· There is a key bullish trend line forming with support at 1.1630 on the hourly chart of EUR/USD at FXOpen.

· USD/CHF is showing positive signs above the 0.7830 zone.

· There was a break above a connecting bearish trend line with resistance at 0.7830 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair gained pace for a move above 1.1600. The Euro tested 1.1650 and recently corrected gains against the US Dollar.

The pair dipped below 1.1635 and the 38.2% Fib retracement level of the upward move from the 1.1588 swing low to the 1.1652 high. However, the bulls were active above 1.1620. There is also a key bullish trend line forming with support at 1.1630.

The pair is again above the 50-hour simple moving average. Immediate resistance on the upside could be 1.1650. The next key hurdle for the bulls might be 1.1675.

An upside break above 1.1675 might send the pair toward 1.1705. Any more gains might open the doors for a move toward 1.1740. If the bulls fail to push the pair above 1.1650, there could be another bearish reaction.

On the downside, immediate support on the EUR/USD chart might be near the trend line at 1.1630. The next major area of interest could be near the 50% Fib retracement level at 1.1620. A downside break below 1.1620 could send the pair toward 1.1550.

USD/CHF Technical Analysis

On the hourly chart of USD/CHF at FXOpen, the pair declined from the 0.7900 barrier and tested the 0.7810 zone. The US Dollar traded as low as 0.7808 and recently started a fresh increase against the Swiss Franc.

The pair climbed above 0.7820 and the 50-hour simple moving average. There was a break above the 50% Fib retracement level of the downward move from the 0.7903 swing high to the 0.7808 low. Besides, there was a break above a connecting bearish trend line with resistance at 0.7830.

The bulls are now facing hurdles near the 61.8% Fib retracement at 0.7865. The next major area of interest could be 0.7880. The main sell region could be near 0.7900.

If there is a clear break above 0.7900, the pair could start another increase. In the stated case, it could test 0.8000. If there is another decline, the pair might test the 50-hour simple moving average at 0.7835.

The first major support on the USD/CHF chart could be 0.7830. A downside break below 0.7830 might spark bearish moves. The next major support might be 0.7800. Any more losses may possibly open the doors for a move toward 0.7765 in the near term.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.