Crypto World
Kalshi flags more insider trading cases, including politician who appeared on FBoy Island
Kalshi, one of the leading prediction market firms, has issued another set of insider-trading disciplinary actions against users accused of making improper trades based on their inside knowledge of their own political situations, including an ex-reality TV star in Virginia who said he did it intentionally.
“Cases like these demonstrate Kalshi’s commitment to policing all types of unfair or improper trading on our platform,” the company said in a statement posted on its website on Wednesday. “Regardless of the size of a trade, political candidates who can influence a market based on whether they stay in or out of a race violate our rules.”
Two of the cases were said to admit they were in the wrong, and Kalshi — a trading platform regulated by the Commodities Futures Trading Commission — said they received a more modest response than the Virginia politician who defied the process. These are the three:
- Mark Moran, a former investment banker and participant on HBO’s Fboy Island, said in a Wednesday post on social media site X that he placed the Kalshi bet on his own candidacy in the Virginia U.S. Senate race to expose the company for “destroying young men” and pretending to care about enforcement. “As senator, I will go after Kalshi and impose significant penalties on them — 25% — a vice tax — to pay down our national debt.”Kalshi imposed a five-year suspension, $6,229 fine and disgorgement of any profits, noting: “As a candidate, Moran qualified as a direct decision maker for this contract and had direct influence on the outcome of the underlying event.”
- Matt Klein, a state lawmaker who is running as a Democrat for a U.S. House seat in Minnesota, also made a bet on his own candidacy, but he settled with Kalshi, accepting a 5-year suspension and a $540 penalty.Kalshi concluded that “Klein cooperated with the inquiry into this trading activity and agreed to finally resolve this matter by accepting the Compliance Department’s conclusions, paying a financial penalty, and accepting a restriction from trading on the exchange.”
- Ezekiel Enriquez, like Klein a candidate for a U.S. House seat, was accused of betting on the details of his own election in Texas. The conservative Republican and supporter of President Donald Trump was said to cooperate similarly with Kalshi and was given a 5-year suspension and $784 fine.
Kalshi’s rules are set out in its website’s compliance section. While it’s not detailed in the firm’s member agreement, fines and suspensions like those given in these latest cases are detailed within Kalshi’s corporate “rule book,” and the determination of penalties lets the company fine a member at a level “sufficient to deter recidivism” — meaning enough to keep people from doing it again.
The company had begun publicly announcing insider-trading matters with the February exposure of cases that included a producer of the popular online entertainer, Mr. Beast. The CFTC has praised the platform for being a front-line enforcer, though the agency has noted that such cases could also trigger federal enforcement.
The events-contract industry has been under tight scrutiny during its explosive rise in popularity. The businesses are still wrestling with doubts from prominent critics that they can manage contracts without insider abuse.
Kalshi, in particular, has also been at the forefront of legal clashes with state regulators and law enforcement officials over whether its activity is legally permissible in their states. CFTC Chairman Mike Selig has come to the industry’s aid by insisting that the activity belong solely under the federal regulator’s jurisdiction, and he’s begun fighting that point in court.
Read More: MrBeast editor nabbed by prediction market firm Kalshi for alleged insider trading
Crypto World
Solana Price Prediction: Can SOL Reach $600 After $1 Trillion Q1 and the Alpenglow Upgrade?
The Solana price prediction has turned sharply bullish after SOL climbed 3.4% this week to $88.40, backed by the network clearing more than $1 trillion of on-chain economic volume in Q1 2026 and pulling in 4,100 new developers to lift its developer share to 23% while Ethereum’s share slipped, per CoinGecko and AMBCrypto.
Bitcoin at $79,200 and institutional capital rotating into blue chips set the macro, but the sharpest upside every cycle sits with one early position held before the exchange debut. Pepeto’s presale now sits above $9.29 million raised with the Binance listing already scheduled, and the window between entry and debut is where the real math lives.
Solana recorded $1.1 trillion in Q1 economic activity and 25.3 billion on-chain transactions, outpacing Ethereum for a fifth straight week on dApp revenue. The network added 4,100 new developers in the quarter while ETH’s share declined, and SOL ETFs have crossed $1 billion in combined AUM across Bitwise, VanEck, Fidelity, Grayscale, and others.
Alpenglow is set to slash finality from 12 seconds to under 150 milliseconds. Standard Chartered has flagged a year-end target of $140 to $180 and a $2,000 reading by 2030. A move from $88.40 to $600 is a 7x trip, and even the bull case requires quarters of compounding, while presale pricing opens the door to that return in a single listing event.
Solana, Bitcoin, Pepeto, and the Solana Price Prediction Path to $600
Pepeto Presale at $9.29M Shows Why Capital Is Rotating Before the Binance Open
Most losses this cycle arrive through one mechanism. A fresh token passes the eye test, the swap confirms, and the wallet empties in the next block. Pepeto’s AI contract scanner reads every line of code before a transfer clears and delivers a clear verdict in seconds. The SolidProof audit cleared every Pepeto contract before the presale opened.
PepetoSwap processes each trade at zero cost across Solana, Ethereum, and BNB Chain, and the bridge carries capital between those networks with no gas charge. Whatever value enters the swap is the exact value that lands on the far side.
The presale has crossed $9.29 million at $0.0000001865 with staking paying 179% APY, pulling circulating supply out of reach before the Binance open. The creator behind the original Pepe run heads Pepeto directly, with a former Binance executive running technical delivery.
That same cofounder built an eleven-figure valuation on a 420 trillion supply with no shipped products. Pepeto is opening its debut with three live tools, audited contracts, a CoinMarketCap preview page confirmed, and the Binance listing on the calendar.
Solana (SOL) Price at $88.40 as $1 Trillion Q1 Volume and Alpenglow Set the $600 Case
Solana trades at $88.40 on April 21 with 24-hour volume climbing 29.5% to $4 billion, per CoinMarketCap. The Solana price prediction rests on four converging catalysts: Alpenglow finality dropping to 150 milliseconds, SOL ETFs crossing $1 billion in AUM, developer share rising to 23%, and Kamino PRIME closing in on $600 million in RWA lending.
Support holds at $82 with $90 as first resistance. Clearing $90 opens $100, then $145 by year-end. A sustained cycle lifting SOL to $600 takes a full breakout run and billions in institutional flow.
Bitcoin (BTC) Price at $79,200 as Strategy Flips BlackRock in the ETF Race
Bitcoin trades at $79,200 on April 21 after rising 2.7% from Monday’s open. Strategy completed a $2.54 billion purchase of 34,164 BTC on April 20, flipping BlackRock as the single largest Bitcoin holder, while spot ETFs extended their inflow streak to five sessions with $238 million on April 21.
Support sits at $74,000 with $80,000 as the near-term ceiling. A full return to the $126,000 peak is 65% from here, and the broader macro bid lifts every presale with a working product and a confirmed exchange debut.
Conclusion
The Solana price prediction carries conviction after $1 trillion of Q1 on-chain volume, and Bitcoin pushing back toward $80,000 shows the lift is spreading into altcoins. But clawing back drawdowns and stacking real wealth are separate outcomes entirely.
Each cycle, the portfolios that finish richest hold blue chips alongside one early position the crowd missed. Pepeto is still accepting wallets. Binance is next on the calendar.
The gap between a recovered portfolio and one that prints generational numbers is a single presale position taken ahead of the debut. The accounts that act first always book the biggest returns, and presale performance across bull runs makes the case plainly while the rest carry the regret.
Click To Visit Pepeto Website To Enter The Presale
FAQs
What is the current Solana price prediction and how does $600 fit?
The Solana price prediction targets $100 to $145 near term on Alpenglow and ETF inflows, with $600 requiring a full cycle breakout. Pepeto aims for listing-scale returns in a single event.
What is Pepeto and why is capital rotating in?
Pepeto pairs a zero-cost swap engine, a multi-chain bridge, and PepetoAI contract scanning under a SolidProof audit. The raise sits at $9.29 million, staking pays 179% APY, and the Binance debut is confirmed from $0.0000001865.
Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.
Two US congressional candidates and one sitting lawmaker have received fines and bans from Kalshi after they were found betting on the outcomes of their election races, as prediction market platforms crack down on insider trading.
Matt Klein, a sitting member of the Minnesota State Senate, was fined $539 for betting on his primary race in his bid for the US House of Representatives, which is set to take place in August. Ezekiel Enriquez, who ran for a US House seat in March, received a $784 penalty, according to Kalshi’s notice of settlement.
Another case involved Mark Moran, a candidate in Virginia’s US Senate race, who received a $6,229 penalty and was ordered to return any profits from his trades after allegedly refusing to cooperate with Kalshi to resolve the issue. All three were banned from the platform for five years.
Prediction markets, which let users trade contracts on the outcomes of future events, have faced growing scrutiny over insider trading and possible violations of gambling laws. Kalshi and Polymarket, the two largest platforms, have pledged to introduce stricter controls and crack down on unlawful activity.
Lawmakers offer reasons for insider trades
Moran said in a statement on X that he placed his wager to test Kalshi’s procedures and see how the platform would respond to insider trading.
“YES, I did bet ~$100 on myself on Kalshi because I wanted to get caught,” he said, adding that he “wanted to see (1) if Kalshi would come after me and (2) what their path would be.”
Klein said in a statement that he placed the wager out of curiosity about how prediction markets worked, but later learned it violated platform rules.
“In compliance with their request, I paid a penalty and agreed to be suspended from the platform. That was the only wager I have ever made on a predictions market,” he added.
Klein is a co-sponsor of a bill in the Minnesota Legislature that aims to ban wagers on the outcomes of real-world events such as elections or policy decisions.
Cointelegraph was unable to reach Ezekiel Enriquez for comment.
Kalshi’s ongoing insider trading crack down
Bobby DeNault, Kalshi’s head of enforcement, said Tuesday these cases violated Kalshi’s exchange rules but didn’t warrant referral to the US Commodity Futures Trading Commission or the Department of Justice for further investigation and prosecution.
Related: Charles Schwab, Citadel Securities are eying prediction markets
“Regardless of the size of a trade, political candidates who can influence a market based on whether they stay in or out of a race violate our rules. No matter how small the size of the trade, any trade that is found to have violated our exchange rules will be punished,” he added.
The platform issued a $2,000 fine and a five-year ban in February to a former California gubernatorial contender for betting on his own candidacy last year.
Magazine: How to fix suspected insider trading on Polymarket and Kalshi
New York Governor Kathy Hochul signed an executive order barring state employees from participating in prediction-market betting, adding a formal layer of ethics rules to a sector that has seen rapid growth and rising scrutiny. The move follows a similar order issued by Illinois earlier in the week and underscores a broader policy shift as authorities weigh the implications of insider information and market manipulation in event-based markets.
Hochul framed the policy as a defense of public integrity, stating that “getting rich by betting on inside information is corruption, plain and simple.” The executive order also criticizes the federal policy environment for permitting an “ethical Wild West” around prediction markets without meaningful standards to curb insider trading. The directive makes clear that violations may lead to dismissal and could invite law enforcement action, while explicitly prohibiting state employees and officers from assisting others in profiting on confidential information through prediction markets.
Illinois moved in a parallel direction, with Governor JB Pritzker issuing an executive order that expands state ethics oversight in response to the rapid expansion of online prediction markets and event-based betting contracts. A formal statement from Illinois framed the action as a reinforcement of transparent governance and a preventative measure against insider trading as these platforms gain scale and reach across public life. The two states’ actions reflect a growing concern among policymakers that prediction markets, while useful for information aggregation, can become vectors for illicit trading if not properly restricted.
The movement comes amid mounting attention on how prediction markets operate when sensitive information may influence outcomes such as geopolitical events, military actions, or major policy decisions. Hochul cited specific cases that have drawn scrutiny over potential insider trades involving U.S. military action, pointing to instances where confidential information appeared to intersect with trading activity. These references illustrate why state-level ethics rules are becoming a focal point for both compliance programs in public administration and the private platforms that host these markets.
Key takeaways
- State-level ban on official participation: New York’s executive order prohibits state employees from engaging in prediction-market betting and signals a broader intent to curb conflicts of interest within public service.
- Parallel action in Illinois: Illinois issued a similar executive order, reinforcing ongoing regulatory attention to insider trading risks in prediction markets and setting a precedent for other states.
- Rapid market growth with regulatory risk: Prediction markets have seen sustained growth in volume, with March activity reaching a record level, highlighting the tension between information efficiency and insider-trading risk. According to Cointelegraph, monthly volumes climbed to $23.6 billion in March as markets expanded across sports, elections, and business outcomes.
- Notable enforcement activity: High-profile cases and platform actions illustrate tightening enforcement around insider trading, including actions involving traders and platform operators as scrutiny intensifies.
- Platform regulatory battles: Kalshi faces ongoing regulatory friction in multiple states, including cease-and-desist actions and court proceedings, with potential implications for how event-based contracts are treated under state gaming and wagering laws.
Insider trading concerns and enforcement dynamics in prediction markets
The discourse around prediction markets has increasingly moved from theoretical debates about market efficiency to concrete enforcement concerns. Hochul’s executive order anchors that shift in law, linking ethics violations with tangible consequences for public service employees. The references to suspected insider trading tied to U.S. military actions highlight the practical stakes when confidential information intersects with trading activity online. While platforms argue that they operate within a framework designed to protect against misuse, regulators have repeatedly signaled that gaps in oversight could undermine public trust and market integrity.
Market participants have noted that prediction markets often cover high-stakes events—ranging from geopolitical developments to corporate earnings—creating incentives for non-public information to leak into trading activity. In response, platform operators have pursued their own oversight measures. For example, reports on enforcement actions against participants who wager on personal candidacies or other sensitive events illustrate that private platforms are increasingly expected to police and sanction behavior that may hamper fair markets. The broader takeaway for analysts and compliance teams is that estimation of risk now must include a robust review of how information flows are managed and how enforcement mechanisms align with public ethics obligations.
Beyond individual cases, the regulatory zeitgeist is pressing for stronger framework alignment across jurisdictions. The mounting attention from state governments to predict-market governance dovetails with ongoing debates about how event-based derivatives should be regulated, including where they fit within general securities, gaming, or consumer-protection laws. While the federal approach to prediction markets remains unsettled, state-level actions are effectively shaping the practical operating environment for platforms and participants alike. For institutions, this translates into tighter internal controls, enhanced KYC/AML considerations, and a heightened focus on conflicts-of-interest policies when dealing with internal or confidential information that could influence trading decisions.
Kalshi, Nevada, and New York: regulatory friction products a broader compliance map
The regulatory landscape for prediction-market platforms has become a focal point in several states. The Kalshi platform, which operates on event-based contracts, has faced a series of regulatory challenges as states seek to determine whether such contracts constitute illegal gambling or require separate licensing regimes. In New York, the State Gaming Commission issued a cease-and-desist order related to Kalshi’s unlicensed mobile wagering activities within the state, highlighting the complexities of regulating digital prediction markets within traditional gaming frameworks. Separately, a lower court in Nevada temporarily blocked Kalshi from operating in the state, with regulators arguing that the contracts facilitated unlicensed gambling. The outcomes of these actions could have far-reaching implications for how prediction markets are treated under state licensing regimes and gaming laws.
Industry observers note that the regulatory tension surrounding Kalshi underscores a broader question about the status of prediction-market platforms in the U.S. If these platforms are deemed to operate as unlicensed gambling venues, they may face a cascade of licensing and enforcement actions across multiple states. Conversely, if authorities reconcile these products under a securities or commodity framework—or carve out a clear regulatory pathway—the sector could experience clearer compliance roadmaps. In public commentary, some industry participants have indicated that the regulatory question could eventually reach the Supreme Court, depending on how lower court rulings align with existing interpretations of gambling, securities, and commodities law. Such a development would carry implications for the permissible boundaries of event-based derivatives and the proper boundaries of government interference in private market activity.
For market participants and compliance teams, these regulatory dynamics call for heightened vigilance around platform governance, trade monitoring, and the handling of non-public information. As enforcement actions proliferate at the state level, firms must reassess internal controls, including the segregation of confidential information, conflict-of-interest disclosures, and the scope of permissible trading for employees and affiliated entities. The evolving precedent could also influence cross-border considerations, as global regulators evaluate whether similar governance models require standardized minimum standards or a more harmonized approach to event-based contracts and their financial or social risks.
Regulatory policy in a broader policy and market-structure context
While the U.S. state-level actions form a syndicate of ethics and compliance measures, observers are increasingly aligning these moves with broader policy debates. The rapid growth of prediction markets—driven by platforms that cover sports outcomes, elections, and business events—has intensified scrutiny of how these markets integrate with traditional financial and gaming regulatory regimes. In parallel, global policy evolution, including frameworks like the European Union’s MiCA, continues to shape how mainstream crypto-asset markets and related derivatives are governed. Although MiCA focuses primarily on crypto assets and their regulatory treatment, its approach to licensing, transparency, and cross-border activity offers a useful reference point for institutions navigating multi-jurisdictional compliance in rapidly evolving financial technologies. The comparative lens underscores the importance of robust, auditable governance structures, clear definitions of permissible activities, and consistent enforcement signals to support institutional adoption and compliance resilience.
For corporate counsel, risk managers, and financial investigators, the current trajectory suggests a dual emphasis: strengthening internal ethics regimes within public bodies and ensuring external platforms implement clear, enforceable standards that deter insider trading and manipulation. The thread tying these developments together is a clear move toward explicit governance of information flows, robust monitoring for suspicious activity, and a defined path for regulatory action when rules are bent or broken. This alignment is essential not only for market integrity but also for preserving trust among participants, investors, and the public sector that depends on orderly, predictable oversight of these innovative markets.
In sum, the surge in prediction-market activity is meeting a corresponding escalation in regulatory attention. State governments are taking concrete steps to limit conflicts of interest within public service, while enforcement against platform operators and traders intensifies the legal and regulatory risk landscape. As legal challenges unfold and potential Supreme Court consideration looms, market participants should expect continued clarity and continuity in compliance expectations, alongside ongoing innovations in platform governance and risk controls.
Closing perspective: the evolving regulatory framework for prediction markets will shape best practices across governance, monitoring, and cross-border operations. Institutions should monitor not just state actions but the legal ripples that may reach federal policy, court rulings, and potentially international standards as these markets mature.
TLDR
- Kalshi has selected Pyth Network as the official data provider for its new Commodities Hub.
- The Commodities Hub offers binary markets tied to gold, oil, lithium, and soybeans.
- Pyth will act as the resolution source by supplying real-time institutional price feeds.
- Kalshi’s most liquid oil contract uses ICE data to verify market outcomes.
- Polymarket has also integrated Pyth for its own commodities prediction markets.
Kalshi has selected Pyth Network as the data provider for its newly launched Commodities Hub. The platform now offers event markets tied to gold, oil, lithium, and other commodities prices. The exchange confirmed that Pyth will serve as the official resolution source for these contracts.
Kalshi Expands Commodities Markets With Pyth Integration
Kalshi introduced its Commodities Hub with dozens of live contracts linked to major raw materials. Traders can choose binary options based on whether prices move above or below set targets. The markets include Brent crude oil, gold, lithium, and soybeans.
Pyth will supply real-time pricing data and act as the resolution authority for these contracts. Kalshi Head of Crypto John Wang said, “It’s important that Kalshi’s markets are backed by fast, institutional-grade data.” He added that Pyth’s feeds are granular and easy to consume for retail and institutional participants.
Pyth aggregates price data from over 125 institutions, including exchanges and market makers. The network distributes real-time feeds designed for 24/7 availability across asset classes. The firm also operates a live interface known as Pyth Terminal.
Douro Labs CEO Mike Cahill addressed the integration in a statement. He said, “Market participants need price discovery that doesn’t stop when traditional exchanges close.” He linked that demand to constant geopolitical developments affecting commodity pricing.
Kalshi confirmed that ICE data will verify outcomes for its most liquid oil market. That contract has generated about $4 million in trading volume so far. The exchange continues to expand listings within the Commodities Hub.
Prediction Market Competition and Regulatory Scrutiny
Kalshi and Polymarket continue to compete for market share and valuation growth. Polymarket recently integrated Pyth for its own commodities markets. The onchain platform also uses Chainlink as an oracle provider.
Kalshi reached a $22 billion valuation in March, according to recent disclosures. Polymarket is currently raising capital at a $15 billion valuation. Both firms seek broader user adoption and new data partnerships.
The Commodity Futures Trading Commission has reiterated that prediction markets fall under federal oversight. However, several state regulators argue that certain contracts violate local gambling laws. Lawmakers Adam Schiff and John Curtis introduced the “Prediction Markets Are Gambling Act” to address sports-related contracts.
Some countries have taken action against prediction platforms. Argentina has moved to restrict access to certain services. Regulators continue to review the classification of these markets.
The Pyth Network’s native PYTH token rose over 6% to $0.048 on Wednesday. Bitcoin gained more than 4% and returned to $79,000 during the same session. Crypto markets showed broader gains alongside these moves.
The $3 trillion crypto industry’s compliance infrastructure runs on a small group of RegTech firms. From blockchain analytics and travel rule networks to KYC, sanctions screening, and government intelligence, these companies allow institutions to operate in digital assets under regulatory scrutiny.
Here are the 15 companies holding digital asset compliance together in 2026.
Entry
Company
Founded · HQ
Key People
Scale & Funding
Core Capability
Signature Matter
1
Chainalysis
2014 · New York
Michael Gronager (CEO)
Jonathan Levin (Co-founder, CSO)$8.6B valuation; 763 employees
$537M+ raised (Accel, GIC, Blackstone, BNY)Blockchain analytics, investigations, KYT
Standard for global agencies including FBI, IRS, Europol.
Tracing linked to Colonial Pipeline and Bitfinex recoveries
2
TRM Labs
2018 · San Francisco
Esteban Castaño (CEO)
Ari Redbord (Policy Head)$1B valuation (Series C, 2026)
$220M raised; 383 employeesAI-driven blockchain intelligence
Clients include Coinbase, Visa, PayPal.
$300M+ illicit assets frozen via T3 Unit
3
Elliptic
2013 · London
Simone Maini (CEO)
Richard May (ex-HSBC)Backed by HSBC, JPMorgan, Santander
99.99% uptime (company claim)Blockchain analytics, stablecoin risk
Issuer due diligence for stablecoins (2025)
Data used in Garantex takedown
4
ComplyAdvantage
2014 · London
Charles Delingpole (Founder)
$158M raised; 474 employees
ISO 27001 + SOC 2 certifiedAML, sanctions screening, monitoring
AI resolves 85% of alerts (company claim).
1,000+ clients across 80+ countries
5
Sumsub
2015 · Limassol
Andrew Sever (CEO)
Ilya Brovin (CGO)500–1,000 employees
14,000+ document types globallyKYC, KYB, travel rule, monitoring
1,800+ VASPs in network
23,000+ fraud checks daily
6
Notabene
2020 · New York
Pelle Braendgaard (CEO)
Catarina Veloso (Regulatory)$26.6M raised
2,000+ VASPs in networkTravel rule compliance
Leading global VASP network
Brazil regulatory playbook (2026)
7
Merkle Science
2018 · Singapore / NY
Mriganka Pattnaik (CEO)
Nirmal Ak (Co-founder)$25.6M raised
41 investors incl. DCGPredictive crypto risk analytics
Behavioral ML engine for pre-risk detection
10,000+ assets tracked
8
Crystal Intelligence
2018 · Amsterdam
Navin Gupta (CEO)
Marina Khaustova (COO)1,900+ clients
Backed by Bitfury, TetherBlockchain investigations, analytics
330+ blockchains covered
Used in ransomware and terror finance tracking
9
Scorechain
2015 · Luxembourg
Founding leadership team
350+ compliance teams
250+ institutions across 40+ countriesAML, wallet screening, MiCA compliance
Core EU MiCA compliance coverage
UNICEF Luxembourg deployment
10
Solidus Labs
2017 · NY / Tel Aviv
Asaf Meir (CEO)
Backed by Evolution Equity, Hanaco
Category-defining positioningMarket surveillance, threat intelligence
Staking Guard (2024) with Figment
Pre-chain validator compliance
11
Lukka
2014 · New York
Robert Materazzi (CEO)
Used by Big Four firms
Institutional data infrastructureCrypto tax, accounting, compliance
Acquired Coinfirm (2023)
AICPA standards partnership
12
Jumio
2010 · Palo Alto
Robert Prigge (CEO)
700+ employees
Backed by Centerbridge PartnersIdentity verification, KYX
Dedicated crypto vertical
Supports exchanges and on-ramps
13
CipherTrace
2015 · Menlo Park
Mastercard Crypto division
Acquired by Mastercard (2021)
Integrated into Crypto SecureBlockchain analytics, travel rule
TRISA co-founder
Embedded in Mastercard network stack
14
Onfido
2012 · London
Entrust (parent company)
300M+ identity checks
Acquired by Entrust (2024)Identity verification, CDD workflows
FATF-aligned compliance flows
Integrated with IAM systems
15
Inca Digital
2018 · Washington DC
Adam Zarazinski (CEO)
US government contracts (DARPA, SEC)
National security focusGovernment analytics, threat intelligence
Supports federal agencies
Regulatory and congressional engagement
About This List
This list is compiled by the BeInCrypto Research Division as part of the BeInCrypto Institutional 100 Awards 2026.
These companies provide the infrastructure behind AML enforcement, travel rule compliance, sanctions screening, identity verification, and blockchain intelligence across global jurisdictions.
Methodology
This category evaluates compliance technology providers under Track B of the BeInCrypto 100 methodology: 30% quantitative metrics, 50% Advisory Council input, and 20% disclosed data analysis.
Assessment spans seven criteria: technology capability, client adoption, regulatory recognition, innovation, funding maturity, effectiveness, and reputation.
Data points were verified using company disclosures, press releases, regulatory filings, and private market platforms including PitchBook and Tracxn. Figures reflect the most recent available information at the time of publication and may change.
The post BeInCrypto Institutional Research: 15 Companies Behind Digital Asset Compliance appeared first on BeInCrypto.
TLDR
- Bitwise launched a new Avalanche-focused fund on April 15 to expand its crypto product lineup.
- CIO Matt Hougan said Avalanche offers differentiated exposure within the Layer 1 blockchain market.
- Hougan explained that Avalanche allows institutions to launch customizable blockchains with their own rules and validators.
- He linked the AVAX ETF thesis to long-term growth in tokenized assets, stablecoins, and onchain finance.
- Hougan cited partners including BlackRock, Apollo, Toyota, the State of Wyoming, and FIFA as part of Avalanche’s ecosystem.
Bitwise Asset Management has launched an Avalanche-focused fund and outlined its investment rationale. Chief Investment Officer Matt Hougan presented the case in a recent memo. He argued that Avalanche offers differentiated exposure within the Layer 1 market.
Hougan said the firm launched its Avalanche fund on April 15 to expand its crypto lineup. He explained that Avalanche approaches blockchain design differently from Ethereum and Solana. He stated that this structural difference supports the case for broader portfolio inclusion.
AVAX ETF Thesis Centers on Differentiated Blockchain Structure
Hougan wrote that Avalanche does not operate as a single shared chain like many rivals. Instead, it allows institutions to launch customizable blockchains with tailored rules and validators. He said this structure supports regulated entities seeking controlled blockchain environments.
He stated, “Avalanche is attractive not because it dominates Layer 1, but because it approaches blockchain design differently.” He added that banks and governments may prefer infrastructure without adopting a fully public chain model. He linked this flexibility to long-term growth in tokenized assets and onchain finance.
Hougan connected the AVAX ETF thesis to expanding tokenization trends across financial markets. He said tokenized real-world assets on Avalanche have climbed sharply in recent months. He cited activity from partners including BlackRock, Apollo, Toyota, the State of Wyoming, and FIFA.
He wrote that Avalanche could capture part of the market if hundreds of trillions of dollars move onchain. He framed this opportunity as tied to institutional blockchain adoption. He maintained that the fund provides targeted exposure to that theme.
Ethereum, Solana, XRP, and Avalanche Form Core Layer 1 Group
Hougan used the memo to outline Bitwise’s broader Layer 1 allocation strategy. He said the market remains early and fast-moving across competing networks. He argued that predicting a single long-term winner remains difficult.
He wrote that the most sensible approach focuses on networks with clear structural differences. He identified Ethereum, Solana, and XRP as core platforms within that group. He added that Avalanche extends that list due to its customizable model.
Hougan said Ethereum leads in smart contracts and decentralized applications. He described Solana as optimized for high-speed and low-cost transactions. He included XRP for its focus on payments infrastructure.
He explained that Avalanche offers exposure to a different segment of blockchain demand. He said its design supports private and public use cases within one ecosystem. He positioned the Avalanche fund as aligned with that framework.
TLDR
- U.S. banking groups asked the Treasury Department to extend comment periods on GENIUS Act stablecoin rule proposals.
- The associations requested at least 60 additional days after the OCC finalizes its supervisory framework.
- Bankers said the related rule proposals depend directly on the OCC’s final approach.
- The letter addressed rulemaking efforts at OFAC, FinCEN, and the FDIC.
- The GENIUS Act aims to establish a national stablecoin oversight framework before 2027.
U.S. banking groups have urged federal regulators to extend comment periods tied to stablecoin rules under the GENIUS Act. They argue that overlapping proposals require more review time before agencies finalize frameworks. The request centers on aligning rulemaking schedules across multiple banking regulators.
Banking Groups Call for More Time on GENIUS Act Rules
Several major bank trade associations submitted a letter to the U.S. Department of the Treasury and the Federal Deposit Insurance Corp. They asked regulators to extend three proposed rule comment periods linked to the GENIUS Act. They requested at least 60 additional days after the Office of the Comptroller of the Currency completes its framework.
The American Bankers Association and the Bank Policy Institute signed the letter with other organizations. They stated that all related proposals remain “directly contingent on the OCC’s final framework.” They argued that agencies should allow coordinated review before moving forward.
The Office of the Comptroller of the Currency is drafting standards for supervising stablecoin issuers. Bankers said the OCC’s final approach will shape related rules under development at other agencies. They stressed that agencies should not finalize separate rules without considering the OCC’s decisions.
The letter addressed rulemaking efforts at the Treasury’s Office of Foreign Assets Control and the Financial Crimes Enforcement Network. It also referenced a related proposal at the FDIC. The groups said these efforts together represent a “body of regulatory work of extraordinary scope and complexity.”
Bankers explained that they plan to provide detailed feedback on each proposal. However, they said agencies must first finalize the OCC’s supervisory structure. They wrote that their comments “will necessarily be more comprehensive” with more time.
Coordinated Oversight and Ongoing Stablecoin Debate
The GENIUS Act aims to establish a national framework for stablecoin oversight before 2027. Lawmakers designed the measure to coordinate federal supervision across banking and financial regulators. Agencies have begun drafting rules to meet the law’s timeline.
Federal agencies often extend comment windows for complex rule proposals. Banking groups cited that precedent in their request. They said regulators should synchronize review periods to avoid inconsistent standards.
At the same time, the same banking organizations remain engaged in discussions over the Digital Asset Market Clarity Act. That proposal seeks to define oversight roles for digital asset markets. Disagreements between banks and crypto industry participants have slowed its progress in Congress.
PUSD, a Shariah-compliant stablecoin backed by Gulf currencies, is set to deploy on ADI Chain, a Layer 2 network focused on institutional settlement in the Middle East.
According to an announcement shared with Cointelegraph, the stablecoin has about $2.3 billion in circulation and is backed 1:1 by reserves held in Saudi riyals and UAE dirhams, which are pegged to the US dollar.
It is already available on multiple blockchains, including Ethereum, BNB Chain, Solana and Tron, with ADI Chain marking its latest integration. The stablecoin is positioned to provide access to Islamic finance markets, which represent more than $3 trillion in assets globally, according to the announcement from the ADI Foundation.
ADI Chain is the settlement layer for a dirham-backed stablecoin initiated by International Holding Company and First Abu Dhabi Bank and licensed by the Central Bank of the UAE, according to the announcement.
The addition of PUSD introduces a second stablecoin to the network, allowing institutions to settle transactions using either a dollar-linked asset or a dirham-denominated token on the same infrastructure.
Transactions on the network require its native token for fees and are expected to support settlement across corridors linking the Gulf, the Middle East and parts of Africa.
PUSD is issued by Palm Azgar Finance and is designed for institutional use, including corporate treasuries, exchanges and payment processors.
Related: Here’s why crypto is moving to Dubai and Abu Dhabi
UAE builds out stablecoin framework
The United Arab Emirates has developed a multi-layered regulatory framework for digital assets, with authorities including the Central Bank of the UAE and Abu Dhabi Global Market (ADGM) establishing rules for stablecoins and virtual asset providers. Within that framework, dirham-pegged payment tokens are being explored as a way to modernize domestic payments and improve cross-border settlement.
In December, UAE telecom giant e& signed an agreement with Al Maryah Community Bank to test a dirham-pegged stablecoin licensed by the UAE central bank for consumer payments across its digital platforms in an early-stage pilot.
The following month, RAKBank received in-principle approval from the central bank to issue a dirham-backed stablecoin, with the planned token expected to be fully backed 1:1 by reserves held in regulated accounts. The approval is subject to final regulatory and operational conditions before any live issuance.
The push has also expanded to dollar-denominated tokens operating under local rules. In January, Universal Digital launched USDU, a US dollar-backed stablecoin registered by the UAE central bank under its Payment Token Services Regulation, making it the first dollar-denominated token approved for payment use within the framework.
Separately, the Financial Services Regulatory Authority has granted approvals to several crypto firms, including Tether (USDT), Ripple USD and Circle, to operate inside the ADGM’s financial zone.
TLDR
- Thailand SEC has proposed new rules to allow digital asset firms to apply for derivatives licenses within existing entities.
- The proposal removes the requirement for crypto firms to establish separate companies for derivatives operations.
- The regulator aims to expand access to crypto futures while strengthening oversight and compliance standards.
- The consultation period will remain open until May 20 for industry feedback.
- Blockchain.com launched perpetual futures trading with up to 40% leverage using Bitcoin as collateral.
Thailand’s securities regulator has opened consultation on new licensing rules for digital asset firms. The proposal allows firms to seek derivatives licenses within existing entities. The move targets broader access to crypto futures while tightening oversight standards.
Thailand Crypto Futures Framework Shifts Under Proposed SEC Rule Changes
Thailand’s Securities and Exchange Commission has proposed rule updates for digital asset operators. The agency aims to streamline licensing and expand derivatives offerings. Officials said the plan supports market growth and regulatory clarity.
The proposal removes the need for separate entities when applying for derivatives licenses. Licensed crypto firms could apply directly within current structures. This approach could lower operational barriers for market participants.
The regulator confirmed that earlier changes recognized digital assets as valid underlying assets. Futures contracts can now reference these assets under approved frameworks. The new proposal builds on that regulatory base.
Officials also introduced safeguards to address conflicts of interest within firms. They outlined stronger compliance and reporting standards for licensed entities. These measures aim to align with international derivatives practices.
The SEC said the consultation period will run until May 20. Industry participants can submit feedback during this period. Authorities will use responses to finalize the regulatory framework.
Global Crypto Derivatives Expansion Accelerates Alongside Regulatory Moves
Crypto derivatives activity has increased across major markets in recent months. Exchanges continue to expand offerings tied to digital assets and traditional markets. This trend reflects growing demand for leveraged trading tools.
Blockchain.com recently launched perpetual futures trading within its self-custody wallet. Users can open leveraged positions using Bitcoin as collateral. The system supports over 190 markets with leverage up to 40%.
The platform relies on infrastructure provided by Hyperliquid for execution. It allows traders to maintain custody of assets during trading. This structure reduces reliance on centralized exchanges.
Other platforms have introduced similar products targeting global users. Kraken and Coinbase launched perpetual futures linked to equities earlier this year. These products target non-US clients seeking continuous trading access.
Both exchanges continue to expand multi-asset trading environments. Their offerings support round-the-clock trading across different asset classes. This approach aligns with growing global trading demand.
Regulatory discussions in the United States may influence future availability. In March, official statements suggested progress on crypto perpetual futures approvals. Authorities indicated movement could occur within a short timeframe.
Bitcoin (BTC) reached a monthly high of $79,472 on Wednesday, marking its strongest 28-day return since April 2025. The rally aligns with a shift in a market positioning metric and a surge in leverage use.
A combined view of the market positioning metric and open interest shows new positions are being added, potentially influencing BTC’s push toward new highs.
BTC positioning builds with rising leverage
Bitcoin researcher Axel Adler Jr. said that the Bitcoin positioning index has turned higher, with its 30-day average rising to 4.5 from -10.9 in February. The indicator blends net taker flow direction, open interest trends, funding and the exchange balance into a single metric.
Its steady climb since late March, from 0.4 to current levels, shows a consistent improvement without breaking the price trend.
The growth in open interest confirms the same trend. The 30-day change stands at +14.5%, with 23 of the past 30 sessions closing positive. The rising positioning alongside expanding open interest signals new capital entering derivatives markets.
Over the past 24 hours, the aggregated open interest also rose 6.7% to 260,000 BTC, while the price experienced a 10.7% drop in leverage over the weekend.
Related: Bitcoin Bull Score hits six-month high as 2022 bear-market fears linger
Key BTC levels to watch
Bitcoin has moved above a descending trendline dating back to the October 2025 peak near $126,000 and has reclaimed the 100-day exponential moving average (EMA). This indicates a strong shift in trend from bearish to neutral-to-bullish on the higher time frame.
The $81,000 level now serves as the first test area, with a small fair-value gap indicating a liquidity imbalance, where a price hold would signal that buyers are accepting higher prices.
Above that, $88,000 stands as the supply zone tied to prior distribution. The $88,000–$91,000 range stands out as a key supply zone, shaped by a prior distribution phase when large volumes of Bitcoin last changed hands.
Many of those holders are now sitting near break-even or in slight profit, which typically increases activity when the price revisits that area.
Adding to this, the realized price of the three–to-six–month holder cohort sits at $91,600, further reinforcing this zone as a major decision point.
A sustained move through this range would signal strong demand, showing that buyers are absorbing overhead supply and setting the stage for Bitcoin price to move higher.
Crypto analyst Crazzyblockk highlighted a tight range, with the $72,000–$75,000 zone acting as a floor, supported by clusters of realized prices from mid-term holders. A break below this band would push more supply into loss, increasing the risk of reactive selling.
On the upside, the $83,000–$85,000 marks a profit-taking zone for recent short-term holders. Price strength through this range would signal that buyers are absorbing the supply, allowing momentum to build.
Related: ‘Powerful move’ looms for Bitcoin price, says Bollinger Bands indicator
This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.
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