Connect with us
DAPA Banner

Crypto World

Poland’s Tusk says Russia-linked crypto firm is bankrolling his opponents

Published

on

AI agents, privacy and prediction markets define ETHGlobal Cannes 2026 finalists

Summary

  • Polish Prime Minister Donald Tusk has accused crypto exchange Zondacrypto of using “Russian funds linked to organized crime” and “Russian security services” to finance opposition politicians and block a MiCA‑style crypto bill.
  • Tusk told parliament that some lawmakers fighting his government’s crypto‑asset legislation were “serving the interests” of Zondacrypto, which he said sponsored a CPAC event in Poland where former U.S. Homeland Security Secretary Kristi Noem endorsed nationalist Karol Nawrocki’s presidential bid.
  • President Nawrocki, elected in June 2025 with backing from former U.S. President Donald Trump, has twice vetoed MiCA‑aligned regulation, leaving Polish exchanges in legal limbo and deepening a national‑security‑tinged standoff over how to police digital assets.

Speaking in the Sejm on Friday ahead of a vote on overturning his rival’s veto, Tusk claimed that “Russian money was behind the Zondacrypto cryptocurrency platform,” which he alleged has “supported political and social initiatives” aligned with right‑wing groups in Poland. He told lawmakers that the firm’s backing was tied “not only to Russian capital” but also to “groups connected to the so‑called bratva, a term for Russian mafia organizations, as well as Russian security services.”

Tusk links Zondacrypto to Russian ‘Bratva’ and intelligence

According to Tusk, internal security agency findings show that Zondacrypto “sponsors political and social gatherings in Poland and champions very particular political factions,” including politicians from the former ruling Law and Justice party and the far‑right Confederation. He highlighted the exchange’s role as a “significant sponsor” of a Conservative Political Action Conference event in Rzeszów in March 2025, where Kristi Noem publicly backed Karol Nawrocki’s presidential campaign.

Tusk framed the latest vote as a security test, telling parliament there is “no doubt that this market is extremely vulnerable to manipulation by foreign services, intelligence organizations, and criminal enterprises.” In a post on X, he cast the regulatory fight as a straight choice between “Russian money and services versus the security of the state and citizens.”

Advertisement

The political clash comes after President Nawrocki twice blocked government efforts to align Poland with the EU’s Markets in Crypto‑Assets framework. In February, he vetoed a second crypto‑asset bill he described as “practically identical” to legislation he had already rejected in December 2025, arguing that the government’s model was “flawed” and would hurt consumers and smaller firms.

That stance has left Warsaw as a MiCA outlier. Without enabling legislation, Polish exchanges and wallet providers have no domestic route to start the licensing process required under EU rules, putting them at a disadvantage to peers in countries that are already issuing MiCA authorizations. A previous attempt to overturn an earlier veto also failed in December 2025, when parliament upheld Nawrocki’s decision despite Tusk warning that unregulated platforms were “particularly vulnerable to manipulation by foreign intelligence services, organized crime, and mafias.”

For now, Zondacrypto has not publicly commented in detail on the latest accusations, while the president’s office insists it does not oppose crypto regulation per se but rejects the government’s approach. As other EU members move ahead with MiCA licensing and enforcement, Poland’s fight over whether its crypto market is a vector for Russian “Bratva” money or a sector strangled by political point‑scoring is turning into a wider test of how national security, party financing and digital‑asset rules intersect in Europe.

Advertisement

Related crypto.news coverage on regulation and security risks in digital assets includes an explainer on why the U.S. is pushing tokenization‑friendly accounting, an analysis of how Trump‑era regulatory pullbacks reshaped the SEC’s crypto unit, and a report on MiCA‑aligned stablecoin rules emerging in other jurisdictions.

Source link

Advertisement
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

Flow Capital to Tokenize $150M Private Credit Fund on Blockchain: Report

Published

on

Flow Capital to Tokenize $150M Private Credit Fund on Blockchain: Report

Flow Capital Partners is planning to tokenize its private credit fund through Singapore-based DigiFT, Bloomberg reported Friday, as the Hong Kong credit manager looks to tap blockchain-based distribution for its next capital raise.

According to the report, Flow Capital plans to bring its $150 million private credit fund on the blockchain through Singapore-based tokenization platform DigiFT by the end of April, seeking to raise an additional $30 million in tokenized shares by the end of 2026, Jacky Tian, chief investment officer of Flow Capital, said.

The $30 million raise is part of the company’s plans to expand the size of the fund to $250 million with a target net return of 12%. The fund launched in mid 2025, with $125 million in seed capital, according to the company. Cointelegraph has approached Flow Capital and DigiFT for comment.

The move adds to a growing push to use tokenization as a distribution channel for traditional credit products.

Advertisement

Some of the largest TradFi companies have announced similar tokenization initiatives, including asset manager BlackRock, which launched its BlackRock USD Institutional Digital Liquidity Fund (BUIDL), a tokenized treasury fund on Ethereum, in March 2024. Investment banking giant JPMorgan also launched its tokenized money-market fund, My OnChain Net Yield Fund (MONY), on Ethereum in December 2025.

However, industry leaders have raised misconceptions tied to the liquidity of tokenized assets.

Related: Gold, silver and oil drive 65,000% jump in commodity perpetuals

Executives warn tokenization isn’t liquidity

Oya Celiktemur, Ondo Finance sales director for Europe, said tokenization doesn’t magically make hard-to-trade assets liquid.

Advertisement

“I think there’s still this idea that tokenizing something illiquid will somehow magically make it a liquid asset, which is just not true,” said Celiktemur, speaking during a panel discussion at Paris Blockchain Week 2026.

Francesco Ranieri Fabracci, head of tokenization expansion at Tether, made a similar point, arguing that tokenizing an asset won’t make it liquid, but added that some instruments, including bonds, money market funds and stablecoin, will likely see consistent liquidity on blockchain rails.

Tokenized RWA value, all-time chart. Source: RWA.XYZ

The total value of tokenized assets rose 9.6% during the past 30 days to $29.9 billion on Friday, data from RWA.xyz shows.

Tokenized US treasury debt was the largest sector with $13.7 billion in value, followed by commodities with $5.4 billion and asset-backed credit with $3.2 billion.

Advertisement

Magazine: Can Robinhood or Kraken’s tokenized stocks ever be truly decentralized?