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.”

TLDR

• Stable has launched StableEarn to help USDT holders access yield through real-world asset products.
• The product uses Theo’s RWA suite tied to assets such as U.S. Treasurys and gold.
• StableEarn is built on Morpho, with risk management parameters curated by Gauntlet.
• The vaults route USDT deposits into Theo’s yield products instead of relying on crypto token incentives.
• Stable said the product expands yield options for users on its USDT-focused Layer 1 blockchain.

Stable has introduced StableEarn, a new yield product that lets USDT holders access returns tied to real-world assets through Theo’s onchain products.

According to Stable’s Tuesday statement, StableEarn gives Tether’s USDT users a way to earn yield from products connected to assets such as U.S. Treasurys and gold. The company said the product uses Theo’s real-world asset suite, which includes products such as thUSD, thBILL, and thGOLD.

Theo CIO Iggy Ioppe said StableEarn brings “USDT-native” and “institutional-grade” yield to onchain dollar users, with returns generated by real-world markets. Theo works with partners including Standard Chartered’s Libeara and Wellington Management on its RWA products, according to the announcement.

Stable, a Layer 1 blockchain built around USDT, said the product is designed for holders of Tether’s stablecoin, the largest stablecoin by supply. The project is backed by Bitfinex and previously raised $28 million in a funding round co-led by Bitfinex and Hack VC, with Franklin Templeton among the investors.

StableEarn Routes USDT Into RWA Products

Stable said StableEarn is built on Morpho, a decentralized lending protocol, with risk parameters curated by Gauntlet. Under the vault structure described by the companies, users deposit USDT into automated smart-contract pools that move funds into Theo’s yield-generating products.

The companies said the vaults do not depend on token emissions or crypto incentive programs often used in some DeFi yield products. Instead, StableEarn links deposits to products tied to real-world markets through Theo’s platform.

Stable CEO Brian Mehler said USDT holders have long faced challenges when trying to put their stablecoin holdings to work at competitive yields. In his statement, Mehler said StableEarn combines institutional-grade yield with a blockchain built specifically around USDT.

Vaults in DeFi are automated pools that use smart contracts to deploy user deposits into selected strategies. In StableEarn’s case, the companies said USDT deposits are routed into Theo-developed products rather than being used for reward-token-based yield programs.

Stable Expands Its USDT-Focused Ecosystem

Stable’s launch of StableEarn comes after the project rolled out its mainnet last year. The network presents itself as a USDT-dedicated Layer 1 blockchain, with Bitfinex among its key backers.

Tether’s USDT remains the largest stablecoin in the market, giving Stable a large target user base for products built around dollar-denominated blockchain activity. Stable said StableEarn adds another use case for USDT holders who want yield options connected to real-world asset products.

At the same time, the product places Theo’s RWA offerings at the center of Stable’s yield strategy. According to the companies, Theo’s products are tied to assets such as Treasurys and gold and involve partners including Libeara and Wellington Management.

The launch also puts Morpho and Gauntlet into the product’s operating structure. Stable said Morpho provides the vault framework, while Gauntlet curates risk management parameters for the product.

Decentralized derivatives platform Grvt is partnering with tokenization specialist Plume to launch three tokenized real-world asset (RWA) yield products. The move integrates fixed-income and structured-credit exposure directly into Grvt’s platform, enabling users to access on-chain yield strategies from self-custodial wallets without moving assets to separate venues.

The products will track tokenized institutional-grade assets, including exposure to the iShares AAA CLO Active ETF, which totals roughly $2.2 billion in assets. The three investment vehicles — Base Yield Fund, Balanced Fund and Opportunistic Fund — will be available inside Grvt’s trading environment, letting users tap into yield strategies from the same wallet they already use for perpetual futures trading.

Plume, which focuses on tokenized real-world assets, provides the on-chain yield infrastructure that underpins these products. Grvt’s announcement notes that the arrangement merges tokenized fixed-income exposure with Plume’s network, expanding the utility of perpetual futures by layering yield opportunities onto the same self-custodial balance.

Perpetual futures contracts, or perps, are a staple for traders seeking to speculate on price movements without owning the underlying asset. Unlike traditional futures, perps carry no expiration, allowing positions to be maintained indefinitely. Grvt’s daily trading activity sits within a wider DeFi ecosystem that processed about $15.2 billion in perpetual DEX volume over the last 24 hours, according to data from CoinGecko, with Grvt handling around $1.23 billion of that turnover.

In February, Grvt also integrated the Aave lending protocol to let traders earn yield on margin collateral while their perpetual positions remain open, illustrating the platform’s ongoing push to combine on-chain liquidity with yield opportunities.

Key takeaways

• Grvt and Plume will launch three tokenized RWA yield products — Base Yield Fund, Balanced Fund, and Opportunistic Fund — integrated directly into Grvt’s platform.
• The products provide exposure to tokenized institutional-grade assets, including about $2.2 billion in iShares AAA CLO Active ETF assets.
• Access to the yield strategies is designed to occur within self-custodial wallets used for trading, eliminating the need to transfer assets across separate custody or brokerage setups.
• Overall market activity for perpetual futures remains substantial, with 24-hour DEX volume near $15.2 billion and Grvt contributing roughly $1.23 billion of that total.

RWAs on-chain: scale, momentum and what changes for users

The Grvt–Plume collaboration sits amid a broader surge in tokenized real-world assets, a sector that data provider RWA.xyz puts at more than $34 billion in on-chain value. That figure marks a substantial increase from about $5.8 billion at the start of 2025, underscoring rising institutional interest in on-chain renditions of traditional financial products.

The trend is visible across the crypto ecosystem as exchanges, trading venues, and tokenization firms push to bring asset classes like fixed income, private credit and securitized assets onto blockchains. For readers following the rails that enable these products, the momentum is as much about infrastructure as about novelty — from tokenized funds to on-chain settlement and collateral models that could broaden access to traditional assets for crypto traders and institutions alike.

In context, the market momentum is mirrored by notable cross-sector moves. In March, EtherFi allocated $25 million to Plume’s Nest protocol to provide users with exposure to tokenized yield strategies tied to institutional assets and government securities. Around the same time, BTC Markets signaled plans to approach Australia’s securities regulator for a markets license to offer tokenized RWAs, including equities and bonds. Earlier in February, Binance expanded its tokenized assets by adding tokenized equities and ETFs from Ondo Finance to its Binance Alpha platform. Separately, Securitize announced a collaboration with Hamilton Lane, OKX Ventures and stablecoin infrastructure provider STBL to launch a stablecoin backed by tokenized private credit assets.

Industry observers also point to research from Boston Consulting Group, which in a May report highlighted tokenized funds, collateral and fixed-income products among the digital-asset offerings most likely to gain broader institutional adoption over the coming decade. The shift signals digital assets moving beyond purely speculative trading toward infrastructure that supports payments, settlement and capital markets operations.

What to watch next: integration, adoption and regulatory signals

The Grvt–Plume integration adds a concrete use case for on-chain yield in a space where tokenized RWAs are increasingly seen as a differentiator for platforms seeking richer, income-generating offerings. For investors and traders, the key questions are how quickly these products scale, what risk controls accompany tokenized fixed income on-chain, and how on-chain yield will interact with broader regulatory expectations as tokenized RWAs grow in prominence.

As ecosystems mature and more venues bring tokenized assets to market, readers should monitor user uptake of these new yield products, the resilience of on-chain yield infrastructure in volatile markets, and any regulatory clarifications that could shape the deployment of tokenized fixed-income strategies across decentralized platforms.

Source data and market figures referenced in this article include CoinGecko for perpetual futures volume and Grvt’s own disclosures, while on-chain asset totals are tracked by RWA.xyz. For context on related ecosystem activity, industry updates point to EtherFi, BTC Markets and Binance’s tokenized equities initiatives, as well as ongoing collaborations like Securitize’s. The broader market outlook from institutions such as Boston Consulting Group frames tokenized RWAs as a meaningful frontier for institutional adoption in the coming years.