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.

Plattsburgh officials are considering a 12-month moratorium on new and expanded cryptocurrency mining, artificial intelligence and other high-energy computing facilities while the New York city updates its zoning rules.

Mayor Wendell Hughes introduced Local Law P-2 on Aug. 20. The Common Council held a public hearing on Sept. 3 but has not adopted the proposed crypto mining and AI data center ban.

The measure would cover commercial facilities primarily devoted to cryptocurrency mining, blockchain validation, AI computing, machine learning, cloud computing, digital asset processing, server farms and colocation services.

A covered facility must require High Density Load Service under the city code or have a connected electrical demand of at least 300 kilowatts.

Plattsburgh targets facilities using at least 300 kilowatts

The proposed law would temporarily prevent city departments from issuing land-use approvals for covered high-energy facilities.

Restricted approvals would include building permits, zoning permits, special-use permits, site-plan approvals and certificates of occupancy. The restriction would apply to new facilities, expansions, building conversions and the reopening of facilities after operations ceased.

Electrical consumption alone would not bring an ordinary commercial or industrial business under the proposed law. Computing must represent the facility’s primary purpose or a substantially similar use.

Existing lawful facilities could continue operating during the moratorium. They could also perform routine maintenance, ordinary repairs and equipment replacements that do not materially increase electricity demand or computing capacity.

However, an existing operator could not expand, enlarge or materially intensify its facility when that change requires municipal approval.

Companies facing an “extraordinary hardship” could apply for relief. The Common Council would need to hold a public hearing and issue written findings explaining its decision.

The moratorium would pause approvals during zoning work

Plattsburgh is conducting a wider review of its zoning regulations. City officials said existing rules do not adequately address newer categories of high-energy computing.

The city’s review may examine appropriate zoning districts, electrical thresholds, utility infrastructure, noise, cooling systems, fire protection and emergency response. It may also consider battery storage, decommissioning and financial assurance requirements.

Local Law P-2 describes the measure as a temporary planning action. It says the moratorium is not intended to decide rights involved in existing litigation, contracts, permits or utility arrangements.

The city owns and operates the Plattsburgh Municipal Lighting Department. Officials said unusually large power users can affect utility planning, reserve capacity, capital spending, reliability and municipal finances.

Hughes told local media that some data center proposals can demand about 50 megawatts. Plattsburgh’s total power allocation is approximately 105 MW, meaning one project could potentially consume close to half that amount.

His statement describes a possible project size rather than the documented electricity use of an approved development. The mayor also said existing high-energy facilities were not raising residential electricity rates.

Plattsburgh previously halted Bitcoin mining in 2018

The proposal revives a land-use debate that made Plattsburgh one of the first U.S. cities to halt new commercial cryptocurrency mining.

The Common Council adopted an 18-month moratorium in March 2018 after mining facilities increased demand for the city’s allocation of low-cost hydroelectric power.

When demand exceeded that allocation, Plattsburgh needed to purchase more expensive electricity on the open market. Those costs affected residents’ bills.

Officials later adopted rules requiring special-use permits for new commercial mining operations and expansions. Those regulations also addressed noise, fire safety and heat generated by mining equipment.

The 2026 proposal is broader. It covers AI, cloud computing and large data centers alongside cryptocurrency mining and blockchain validation.

That expansion reflects the growing overlap between mining and AI infrastructure. Both industries seek sites with available grid connections, cooling systems and large amounts of power.

As crypto.news reported, Bitcoin mining companies are converting existing facilities into AI data centers as mining economics weaken and demand for computing capacity rises.

One recent example involved Hyperscale Data, which stopped Bitcoin mining at its Michigan facility while preparing the property for an AI computing customer.

The proposal still requires further review and a vote

Local reporting said the proposed measure must undergo county review before returning to the Common Council. Plattsburgh has not published a final adoption date.

The council’s next regular meeting is scheduled for Sept. 17 at 4:30 p.m., according to the city’s public calendar. However, the currently available information does not confirm that Local Law P-2 will receive a final vote during that meeting.

The council must also comply with New York’s State Environmental Quality Review Act before adopting the law.

If approved, the moratorium would begin when the city files it with the New York secretary of state. It would expire 12 months later unless the council repeals it early or extends it through another local law.

During that period, officials would attempt to develop permanent rules for high-energy computing facilities. The proposal does not require the city to complete every listed study before the moratorium ends.

No publicly traded miner or data center operator has disclosed a material project affected by the proposal. There is therefore no verified market reaction directly connected to the hearing.

The measure’s next confirmed milestone is the council’s Sept. 17 meeting. County review, environmental compliance and a council vote remain necessary before the moratorium can take effect.

Strategy doubled its Digital Credit Securities Repurchase Program to $2 billion on Sept. 8 after spending $176.3 million buying back STRC preferred shares instead of acquiring more Bitcoin.

The company disclosed in an SEC filing that it repurchased 1,810,885 STRC shares between Aug. 31 and Sept. 7. It used existing USD Cash to finance the transaction.

Strategy did not buy or sell Bitcoin during the period. It also sold no common or preferred shares through its at-the-market offering programs.

The weekly activity left Strategy with approximately 845,050 BTC. The company acquired those holdings for $63.73 billion, including fees and expenses, at an average cost of approximately $75,412 per coin.

Strategy directs $176 million toward STRC buybacks

STRC, formally called Variable Rate Series A Perpetual Stretch Preferred Stock, is one of several preferred securities Strategy uses within its Bitcoin-focused capital structure.

The security carries a $100 stated amount and pays a variable cash dividend. Strategy’s official information page shows a 12% annualized dividend rate for record dates beginning in September.

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Strategy has sought to keep STRC trading close to its stated amount. Buying shares below $100 allows the company to reduce the number of outstanding preferred shares while paying less than their stated value.

The average price of the latest repurchases was approximately $97.36 per STRC share, calculated from the reported expenditure and number of shares. The filing did not provide individual execution prices.

Strategy repurchased no STRF, STRK or STRD preferred shares during the week. It also made no repurchases under its separate MSTR common-stock authorization.

The company retained $1.19 billion of available capacity under the expanded Digital Credit Securities Repurchase Program as of Sept. 7. Its separate MSTR program still had its entire $1 billion authorization available.

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The $2 billion authorization covers preferred securities

Strategy’s board increased the preferred securities repurchase authorization from $1 billion to $2 billion. The total includes commissions, fees, expenses and all purchases already completed under the program.

The authorization does not require Strategy to spend the remaining $1.19 billion. Future purchases will depend on market prices, available liquidity and decisions by management or the board.

Strategy created the original program as part of a wider digital credit capital framework announced on June 29. That framework gave the company more flexibility to manage discounts across its preferred securities.

The company also raised STRC’s annualized dividend rate to 12% under that framework. Strategy said it would maintain that rate until the security demonstrated “sustained, healthy trading” near $100.

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That language describes a company objective rather than a guarantee. STRC’s dividend remains adjustable, and Strategy states that future cash dividends are not guaranteed.

STRC closed at $98.04 on Sept. 8, gaining 0.30% during the session, according to MarketWatch. The price remained 1.96% below its $100 stated amount but stood above the average price paid in the latest buyback.

As previously reported, STRC remained below $100 despite earlier repurchases, leading Strategy to use both dividend policy and buybacks to support the security.

Strategy keeps its 845,050 BTC position unchanged

The lack of a Bitcoin purchase represents a one-week pause rather than a formal change to Strategy’s treasury policy. The company bought approximately $370 million of Bitcoin during the preceding reporting period.

Strategy’s holdings have fluctuated during 2026 as the company began using selective Bitcoin sales alongside equity issuance and cash reserves. Its capital framework permits certain sales to finance preferred dividends, repurchases and reserve requirements.

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In June, Strategy held 846,842 BTC after buying 1,587 coins for approximately $100 million. In related coverage, Strategy’s Bitcoin reserve reached 846,842 BTC following that purchase.

The company subsequently sold Bitcoin during several reporting periods. One August filing showed Strategy selling 1,638 BTC for $104.7 million while directing funds toward STRC dividends, repurchases and its dollar reserve.

As crypto.news reported, Strategy used a Bitcoin sale to support preferred-stock obligations. The latest filing shows no further disposals between Aug. 31 and Sept. 7.

Strategy’s average acquisition price of $75,412 means the value of its treasury remains sensitive to Bitcoin trading around that level. The filing provided cost information but did not record an updated fair value for the holdings.

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No ATM sales during the week also meant Strategy did not issue additional MSTR or preferred shares to finance Bitcoin purchases. The pause reduced immediate dilution but supplied no new capital through those programs.

Cash reserves support dividends and future purchases

Strategy reported a USD Reserve balance of approximately $5.10 billion on Sept. 7. The company maintains that restricted-purpose pool to support preferred dividends and interest payments on outstanding debt.

A separate USD Cash balance stood at $1.44 billion after the STRC repurchases. Management can use that cash for Bitcoin purchases, additional reserve funding, capital management or comparable corporate purposes.

The distinction matters because the USD Reserve primarily supports fixed financial obligations. USD Cash gives management broader flexibility but can decline when Strategy buys Bitcoin or repurchases securities.

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Strategy’s USD Reserve has expanded rapidly. It stood at $3.75 billion at the end of July, when the company said the balance covered approximately 2.1 years of expected preferred dividends and debt interest.

The company did not publish an updated coverage period for the $5.10 billion reserve in its latest filing. Coverage can change with dividend rates, preferred shares outstanding, debt levels and future capital transactions.

MSTR closed at $136.52 on Sept. 8, down $6.28, or 4.40%, according to Yahoo Finance. Bitcoin and other crypto-related equities also declined during the session, preventing the move from being attributed solely to Strategy’s filing.

The next update will show whether Strategy resumes Bitcoin purchases, conducts more STRC buybacks or returns to its ATM programs. The company did not commit to a specific transaction or spending schedule.

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Circle has agreed to acquire Singapore-based cross-border payments platform Tazapay in a $400 million all-stock deal expected to close in 2027, the companies announced. The acquisition is structured as a Class A common stock purchase, with the final price subject to adjustments tied to Tazapay’s debt, transaction expenses, and cash levels, according to a filing with the US Securities and Exchange Commission.

The transaction will also depend on customary closing conditions and approval from the Monetary Authority of Singapore, Circle said in its Tuesday announcement. Circle previously invested in Tazapay through Circle Ventures, including during the startup’s August 2025 Series B round.

Key takeaways

• Circle is buying Tazapay for $400 million in an all-stock transaction expected to close in 2027.
• The SEC filing says the deal price will be adjusted for Tazapay’s debt, transaction expenses, and cash.
• Tazapay reports more than $25 billion in annualized payment volume and services over 60 banking and fintech partners.
• Circle says stablecoins make up about 60% of Tazapay’s transaction volume, supporting its cross-border routing ambitions.
• Circle says Tazapay customers should not see disruption to services, APIs, pricing, or support.

A $400 million all-stock acquisition aimed at faster global rails

Under the agreed terms, Circle will pay for Tazapay using Class A common stock. The SEC filing also states the purchase price is not fixed: it will be adjusted based on Tazapay’s debt, transaction expenses, and cash at closing.

Circle said the deal would require regulatory and procedural steps before completion, including approvals from the Monetary Authority of Singapore and other standard closing conditions. The company did not indicate any expected earlier-than-2027 timeline in the announcement.

Tazapay’s scale in Asia-Pacific and emerging markets

Tazapay positions itself as an infrastructure provider for cross-border payments, with a focus on local payout rails across many destinations. According to information Circle shared, Tazapay has more than $25 billion in annualized payment volume and serves more than 60 banking and fintech partners.

In August 2025, Tazapay told Newswire that its annualized payment volume was more than $10 billion, suggesting meaningful growth over time as the company expanded its network and partner footprint. The company also said it supports payout rails covering more than 100 markets.

Tracxn data cited in the coverage indicates Tazapay has raised $57.9 million across five funding rounds. Circle’s involvement through Circle Ventures included participation in the August 2025 Series B round, linking the corporate strategy behind the investment to the later acquisition.

Stablecoin-linked volume and the push for 24/7 routing

Stablecoins account for about 60% of Tazapay’s transaction volume, according to Circle. That share matters for Circle’s stated direction: the company is working to integrate stablecoin-based payment rails into mainstream cross-border flows.

Circle said the acquisition will expand its ability to route payments to and from Asia-Pacific and emerging markets. In comments attached to the announcement, Circle’s Irfan Ganchi, senior vice president of payments, described the goal of increasing Circle’s capability to originate and terminate payments globally “near-instant and 24/7” and said the effort is a step toward making USDC the default payment rail for cross-border commerce.

Tazapay has also been described as a design partner for the Circle Payments Network since 2025. Circle said that role, plus Tazapay’s existing infrastructure, is central to how it plans to scale routing capabilities after the acquisition.

What remains unchanged for customers and partners

Circle said Tazapay customers should see no disruption to their services, APIs, pricing, or support. For users and developers building on payment infrastructure, this kind of continuity promise is often as important as the acquisition headline—because it affects integration stability and operational risk during a transition period.

While the companies did not outline a post-close roadmap in the details provided, the focus on uninterrupted customer experience suggests the integration approach will be managed to avoid breaking changes. Circle’s statement also implicitly indicates that the product and developer-facing interfaces are expected to remain stable until closing, which is still set for 2027.

In the market, Circle’s NYSE-traded shares were down more than 2% in Tuesday’s premarket activity, according to Yahoo Finance, at last look. The move reflects how investors often react to larger corporate actions even when timelines extend into the future.

Why the deal matters for cross-border payments

The acquisition highlights a broader competitive theme in stablecoin-enabled finance: infrastructure providers are looking to secure distribution and routing where payment speeds and availability are crucial. By bringing Tazapay’s network—along with its reported stablecoin-heavy flow mix—into its own stack, Circle is effectively positioning itself to compete in the middle layer between banks, fintech apps, and on-chain settlement.

It also matters that the transaction is all-stock and subject to adjustments. For shareholders, the structure adds exposure to equity valuation and closing conditions; for Tazapay, the deal preserves involvement in a larger payments ecosystem rather than a purely cash exit. Circle’s requirement for Monetary Authority of Singapore approval underscores that cross-border payment infrastructure can carry regulatory weight even when stablecoins are a key component of the operating model.

As the deal works through approvals and closing conditions, readers should watch for additional detail on integration plans for the Circle Payments Network and how Circle intends to maintain continuity for Tazapay’s partners. The key uncertainty remains the timeline and the final share-based purchase price mechanics once the debt, expense, and cash adjustments are locked in ahead of the 2027 close.

Singaporean national Malone Lam pleaded guilty to participating in a racketeering conspiracy that US prosecutors say used social engineering and home break-ins to steal and launder more than $245 million in cryptocurrency.

On Tuesday, the US Justice Department said that Lam organized the international operation, identified prospective victims and coordinated other conspirators. The enterprise was formed through connections on online gaming platforms and operated from no later than October 2023 through at least May 2025, according to court documents.

The plea establishes criminal responsibility nearly two years after Lam was charged over the theft of more than 4,100 Bitcoin, worth over $230 at the time, from a Washington, DC resident. 

Lam pleaded guilty before US District Judge Colleen Kollar-Kotelly to one count of participating in a Racketeer Influenced and Corrupt Organizations (RICO) conspiracy. The judge scheduled a status hearing for Dec. 8, but the Justice Department did not announce a sentencing date.

From a 4,100 Bitcoin theft to a RICO case

Initially, prosecutors accused Lam and Jeandiel Serrano of fraudulently obtaining more than 4,100 Bitcoin from a single victim on Aug. 18, 2024. 

In 2024, blockchain investigator ZachXBT identified the victim as a Genesis creditor. The attackers allegedly posed as Google support staff to compromise the victim’s accounts before impersonating Gemini support to persuade the victim to reset two-factor authentication and use screen-sharing software that exposed private keys.

Lam and Serrano were arrested on Sept. 18, 2024, and prosecutors unsealed their indictment the following day. Prosecutors alleged that the pair laundered the proceeds through crypto mixers, exchanges, pass-through wallets and virtual private networks. 

Related: Liquid ‘white hats’ return $270M in Bitcoin as network prepares restart

On May 15, 2025, prosecutors announced a superseding indictment charging 12 additional defendants and expanding the case into an alleged RICO conspiracy involving more than $263 million in crypto thefts. It included a separate $14 million theft in July 2024 and an alleged home break-in targeting a hardware wallet. 

Prosecutors also alleged that Lam continued directing associates from pretrial detention, including arranging delivery of luxury items to his girlfriend. The group’s members allegedly spent stolen funds on private jets, rental properties, watches and at least 28 exotic cars, while nightclub bills reached $500,000 per evening. 

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