Gemini received a Major Payment Institution license from the Monetary Authority of Singapore on Sept. 9, completing an approval process that lasted almost two years.

The license covers Gemini Digital Payments Singapore, the exchange’s locally incorporated entity. The company can provide digital payment token services and cross-border money transfers under Singapore’s Payment Services Act.

Gemini had operated in the country since 2020. MAS granted the company in-principle approval for the MPI license in October 2024, subject to Gemini satisfying the regulator’s remaining conditions.

Gemini’s Singapore license removes standard volume caps

The MAS Financial Institutions Directory lists Gemini Digital Payments Singapore as a licensed major payment institution. Its approved activities include digital payment token and cross-border money transfer services.

An MPI license allows its holder to exceed the transaction limits applied to standard payment institutions. Those thresholds normally restrict the monthly value that a standard institution can process across regulated payment services.

The absence of standard volume caps does not mean Gemini will operate without restrictions. MAS says major payment institutions face more comprehensive regulation because their larger operations can create greater financial and operational risks.

The license requires continued compliance with rules covering anti-money laundering controls, customer due diligence, technology risk and regulatory reporting. Authorization applies to Gemini’s Singapore entity and its approved services, rather than every product offered by the wider Gemini group.

Full approval follows Gemini’s 2024 preliminary license

Gemini received in-principle approval from MAS in October 2024. As crypto.news previously reported, the preliminary approval covered crypto and cross-border payment services while the company worked toward full authorization.

In April 2025, Gemini transferred its Singapore customers from U.S.-based Gemini Trust Company to Gemini Digital Payments Singapore. The local company operated under a temporary exemption while its license application remained under review.

Gemini informed customers through a support notice that the transition would change their contracting entity. Customers had to accept updated user agreements and privacy terms to continue using the platform.

The final license ends Gemini’s reliance on that exempt arrangement for the approved activities. It also places responsibility for regulated Singapore services directly with the local entity.

Gemini will serve retail and institutional customers

Gemini Digital Payments Singapore currently offers spot cryptocurrency trading, custody and over-the-counter services. The company has not announced new products or a launch schedule tied directly to the license.

Gemini President Cameron Winklevoss said the approval “validates” the company’s investment in Singapore. Chief Executive Tyler Winklevoss described the country as a strategic hub for serving retail and institutional customers.

Those statements describe Gemini’s intended regional strategy. The company did not disclose its Singapore customer count, transaction volume or revenue in the license announcement.

The exchange has recently expanded local asset support. In related coverage, Gemini enabled XRP deposits and withdrawals through the XRP Ledger for customers in Singapore, allowing direct transfers without routing them through another supported network.

Singapore maintains selective crypto licensing

Gemini joins other digital asset companies holding MPI licenses in Singapore, including Coinbase, Crypto.com, OKX, Bitstamp and institutional liquidity provider Cumberland.

MAS approved Cumberland’s digital token and cross-border payment services in July. The regulator has also taken action against companies that failed to meet its standards.

Singapore’s licensing framework distinguishes between firms with local authorization and offshore platforms that may be accessible elsewhere. An international exchange’s global operations do not automatically permit it to serve Singapore residents.

Meanwhile, the approval also strengthens Gemini’s position in Asia as regulators apply entity-specific licensing requirements to crypto platforms. 

Gemini must now maintain the systems, staffing and controls required by its MPI license. MAS can impose conditions, conduct inspections or take enforcement action if a licensed provider breaches its obligations.

No verified market reaction was available because the announcement concerned Gemini’s private operating subsidiary and did not involve a publicly traded token. The next measurable developments will be any new locally approved products, regional hiring or changes to Gemini’s Singapore services.

A Singaporean national, Malone Lam, has pleaded guilty in US federal court to participating in a racketeering conspiracy prosecutors say relied on social engineering and physical break-ins to steal and launder more than $245 million in cryptocurrency. The US Department of Justice said Lam helped build and run an international operation, including selecting targets and coordinating co-conspirators.

Prosecutors allege the enterprise operated from no later than October 2023 through at least May 2025, according to court documents unsealed by the DOJ. Lam entered the plea before US District Judge Colleen Kollar-Kotelly to one count of participating in a Racketeer Influenced and Corrupt Organizations (RICO) conspiracy, and the judge scheduled a status hearing for Dec. 8 without announcing a sentencing date.

Key takeaways

• Malone Lam’s guilty plea centers on participation in a DOJ-described RICO conspiracy involving over $245 million in crypto theft and laundering.
• Prosecutors say the operation used online gaming platform connections and blended digital social engineering with home break-ins.
• The case traces back to allegations that Lam helped steal more than 4,100 Bitcoin from a Washington, DC resident.
• A RICO track expanded the prosecution: a superseding indictment added 12 defendants and increased the scope to more than $263 million in alleged thefts.
• Lam’s sentencing date has not been announced, even though the plea was entered roughly two years after the original criminal charge.

How the alleged theft worked

According to the original DOJ allegations, Lam and another defendant, Jeandiel Serrano, were accused of fraudulently obtaining more than 4,100 Bitcoin from a single victim on Aug. 18, 2024. Prosecutors previously said the victim’s assets were worth more than $230 at the time of the alleged theft.

Later reporting by blockchain investigator ZachXBT identified the victim as a Genesis creditor. The alleged scheme, according to that investigative reporting, involved attackers impersonating “Google support” staff to compromise the victim’s accounts, then posing as Gemini support to pressure the victim into resetting two-factor authentication and using screen-sharing software. Prosecutors said the screen-sharing step exposed private keys, enabling attackers to gain control of the Bitcoin.

From targeted fraud to a broader racketeering conspiracy

Prosecutors arrested Lam and Serrano on Sept. 18, 2024, and unsealed an indictment the next day. In that filing, prosecutors alleged that the defendants laundered stolen proceeds through a network of methods including crypto mixers, exchanges, pass-through wallets, and virtual private networks.

The DOJ also positioned the case as more than a single theft. On May 15, 2025, prosecutors announced a superseding indictment that added 12 additional defendants and expanded the matter into an alleged RICO conspiracy tied to more than $263 million in cryptocurrency thefts. The updated charging narrative included an additional $14 million theft reported in July 2024 and an alleged home break-in targeting a hardware wallet.

In the same expanded prosecution, prosecutors also alleged Lam continued directing associates after his arrest and while he was held in pretrial detention. They claimed he coordinated the delivery of luxury items to his girlfriend as part of the broader alleged operation.

What prosecutors say the operation looked like

The guilty plea adds clarity—at least from the government’s perspective—on how prosecutors believe the enterprise functioned. In its announcement of Lam’s plea, the Justice Department said Lam organized the international operation, identified prospective victims, and coordinated other conspirators.

The DOJ further stated that court documents show the enterprise was formed through connections on online gaming platforms. Prosecutors described a hybrid approach that combined online access and manipulation with physical intimidation or intrusion, including home break-ins aimed at compromising crypto holdings.

As the case expanded, prosecutors also alleged that stolen funds were used for high-end purchases and a lifestyle involving private jets, rental properties, watches, and at least 28 exotic cars. They also pointed to nightlife expenses, including claims of nightclub bills reaching $500,000 per evening.

Why Lam’s plea matters for the crypto industry

Although the case is rooted in one defendant and one alleged victim, the RICO structure and the government’s description of tactics are significant for the broader crypto ecosystem. The allegations emphasize how social engineering attacks can be paired with operational coordination and money movement infrastructure, making them more resilient than a single compromise event.

Investors and users should take note of how the DOJ’s narrative connects account takeover techniques—such as impersonation of trusted service channels and pressure to reset authentication—directly to the longer-term laundering pipeline. The plea also underscores that prosecutors may pursue multi-defendant conspiracy theories under RICO when they view crypto thefts as part of an ongoing enterprise rather than isolated fraud.

That said, the practical impact on ongoing civil or creditor-related matters will depend on what facts are established in the case record beyond the plea itself, including how courts and prosecutors handle evidence tied to the expanded allegations.

With Lam now having pleaded guilty, attention will likely shift to what the government can prove at sentencing and what additional defendants still fighting the charges will challenge—particularly around how the alleged operation formed, how targets were selected, and how proceeds were traced and laundered. Readers should watch for updates as the status hearing approaches and for any subsequent DOJ filings that clarify the government’s remaining theory of the case.

The Canary Staked TRX ETF has begun its U.S. market debut under the ticker TRXS, giving investors exposure to TRON’s native token while incorporating rewards earned from staking.

According to recent reporting, the Canary Capital product is set to start trading on Wednesday, Sept. 9, as the first staked exchange-traded fund tied to TRON. The fund gives investors a route to TRX (TRX) through traditional brokerage accounts while holding and staking the underlying tokens.

TRON founder Justin Sun said the launch gives institutional investors another way to access a network already being used for financial activity.

“The launch of the Canary Staked TRX ETF demonstrates the growing recognition of the TRON network as critical infrastructure for the global digital economy,” Sun said, adding that the product provides access to a network “already powering real-world financial activity at scale.”

TRX had a market capitalization of roughly $32.1 billion at the time of the announcement, placing it eighth among cryptocurrencies by market value, according to The Block’s price data.

TRXS combines TRX exposure with staking rewards

Unlike an exchange-traded product that only holds its underlying cryptocurrency, TRXS is designed to earn additional TRX by participating in TRON’s proof-of-stake system.

Canary Capital’s latest registration documents show that the fund’s primary investment objective is to track the value of its TRX holdings after expenses and liabilities. Its secondary objective is to earn additional tokens through staking.

As crypto.news previously reported, Canary expects to stake substantially all of the TRX held by the trust. Staking fees are capped at 20% of the rewards generated, leaving the trust with the remaining 80%.

Rewards retained by the trust are included when its daily net asset value is calculated, allowing staking income to become part of the fund’s value instead of being distributed separately.

The August filing set the fund’s annual sponsor fee at 1.10% of its TRX holdings. The fee accrues daily and can be paid monthly using either TRX or cash.

BitGo Bank & Trust was named as custodian for the fund’s TRX, while U.S. Bank handles its cash. U.S. Bancorp Fund Services provides administrative, accounting and transfer-agent services.

TRXS is listed on Cboe and creates a brokerage-based route to TRX without requiring investors to directly hold the token or manage the technical process involved in staking it.

Canary originally submitted the fund’s Form S-1 registration statement in April 2025. Later amendments added its ticker, exchange, custody arrangements, staking structure and other operating terms.

TRON stablecoin activity backs Canary’s case for TRXS

Canary Capital CEO Steven McClurg linked the product to TRON’s role in stablecoin payments and settlement, where the network handles large volumes of USDT transactions.

“As stablecoin adoption continues to grow globally, TRON has become a critical piece of the infrastructure powering digital asset payments and settlement,” McClurg said.

He added that the asset manager believes investors are increasingly looking at the blockchain networks behind crypto activity, alongside the digital assets themselves.

Network data provides the operating figures behind that argument. TRON processed $2.1 trillion in USDT transfers during the second quarter of 2026, according to an Aug. 10 Messari report.

The blockchain’s stablecoin market capitalization reached $89.2 billion during the quarter, while USDT accounted for $87.9 billion, or 98.5% of the total. Average daily USDT transfer volume increased 4.3% from the previous quarter to $22.8 billion.

By early August, TRON had crossed 15 billion transactions since launch. Daily activity exceeded 12.5 million transactions at the time, while USDT alone recorded 2.55 million transfers and $28.1 billion in onchain volume during the preceding day.

TRON’s U.S. market access had been expanding before the ETF launch. Binance.US restored spot TRX trading, while Bitnomial introduced spot trading before launching regulated TRX futures on July 27. Anchorage Digital opened institutional TRX staking access in July through its regulated custody framework.

Canary expands its lineup of crypto ETFs

TRXS joins a series of cryptocurrency investment products introduced by Canary Capital over the past year.

The asset manager has launched ETFs tracking cryptocurrencies including XRP, Litecoin and Hedera’s HBAR, while filing for products linked to several other digital assets.

Canary’s decision to include staking within TRXS differs from some other altcoin ETF structures. Updated filings for proposed BNB exchange-traded funds from VanEck and Grayscale kept staking outside their main launch structures, while Canary retained staking as part of the TRX fund’s investment strategy.

TRX has drawn interest from other fund managers as well. Bitwise filed with the U.S. Securities and Exchange Commission in December 2025 for 11 single-asset crypto ETFs, including a product tied to TRX.

The proposed Bitwise strategy uses a different structure, allowing up to 60% of assets to be held directly in the underlying cryptocurrency while allocating the remaining exposure through related exchange-traded products or derivatives.

Canary’s TRXS instead directly holds TRX while using those holdings to participate in the network’s staking process, with the resulting rewards incorporated into the trust’s net asset value.

Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.

All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.

Bybit launched three FX perpetual contracts on Sept. 8, expanding its derivatives business into major global currency markets. The exchange introduced USDT-settled contracts tracking EUR/USD, GBP/USD and USD/JPY.

The Bybit FX perpetuals operate continuously and offer leverage of up to 100x. They do not expire. Traders can therefore maintain positions without rolling contracts into later maturities, although periodic funding payments may affect the cost of holding them.

The contracts provide synthetic exposure to currency movements. Buyers do not own euros, pounds, dollars or yen. Profits, losses and collateral are denominated in USDT.

Bybit FX perpetuals provide synthetic currency exposure

The three products follow their respective spot exchange rates, according to Bybit’s official release. Their tickers are EURUSDUSDT, GBPUSDUSDT and USDJPYUSDT.

Bybit integrated the contracts with its Unified Trading Account. The exchange also applies funding rates and dynamic leverage, using mechanisms commonly found in cryptocurrency perpetual markets to keep contract prices close to their reference rates.

Continuous trading is a key difference from conventional FX access. The contracts remain available on weekends and holidays, when activity in the underlying institutional foreign exchange market is limited or closed.

That feature also creates additional pricing risk. Weekend news may cause a Bybit contract to move before deeper FX markets reopen. Thin liquidity or a lack of active price discovery could widen spreads and produce temporary differences between the perpetual contract and its underlying reference.

Leverage of 100x increases liquidation exposure

Bybit allows maximum leverage of 100x on the new contracts. High leverage lets traders control positions much larger than their posted collateral, but it also reduces the price movement needed to trigger liquidation.

The precise liquidation level depends on entry price, maintenance margin, fees and the exchange’s risk rules. Funding payments can also reduce returns or increase losses when positions remain open for extended periods.

USDT settlement removes the need to hold each underlying currency. However, it introduces exposure to the stablecoin and to Bybit’s custody, liquidation and settlement systems. These risks differ from holding currency through a bank or regulated foreign exchange broker.

Bybit said the products are intended for traders who understand leveraged derivatives. Access may also depend on jurisdiction, account eligibility and local regulations. The launch announcement did not establish that the contracts would be available to every Bybit customer.

Bybit expands a suite covering more than 200 assets

The listings extend Bybit’s TradFi Perpetuals suite, which launched in April 2026. The exchange says the range now covers more than 200 products tied to equities, commodities, exchange-traded funds and pre-IPO companies.

Crypto exchanges have increasingly added derivatives linked to traditional assets. As crypto.news previously reported, open interest in TradFi perpetuals exceeded $2 billion between late May and July, based on CryptoQuant data. Binance, Bybit and Gate accounted for about 70% of the segment in that report.

In related coverage, Bybit expanded its TradFi lineup beyond 200 contracts after adding synthetic products linked to Unitree Robotics and Moonshot AI. Those instruments also provide price exposure without ownership of the referenced companies.

The FX launch broadens that strategy from stocks and commodities into currency trading. Bybit did not publish opening volume, liquidity or open-interest figures for the three new contracts. There was therefore no verified market reaction available at publication.

Crypto exchanges target the $9.6 trillion FX market

Foreign exchange remains the world’s largest over-the-counter financial market. Daily turnover averaged $9.6 trillion in April 2025, up 28% from $7.5 trillion in 2022, according to official data from the Bank for International Settlements.

Bybit is entering a market already targeted by other crypto exchanges. Kraken introduced five FX perpetual futures in April 2025 with leverage reaching 50x, according to its product announcement. BitMEX followed in April 2026 with six currency pairs offering leverage of up to 100x, its official release showed.

The next test will be whether Bybit can maintain deep liquidity and close tracking during weekends, holidays and periods of currency volatility. Funding rates, spreads and index methodology will determine how closely the contracts follow the underlying FX market.

Traders will also need to monitor regional restrictions and contract specifications. Bybit has not announced additional currency pairs or a timetable for expanding the FX range.