Former New York Governor Andrew Cuomo is leading an OKX and New York Stock Exchange owner Intercontinental Exchange (ICE) joint venture to build infrastructure to bridge traditional and digital financial markets.

“The ICE-OKX joint venture is a step towards building the infrastructure that will define how global markets operate in the decades ahead,” said Trabue Bland, senior vice president at ICE in a statement Monday morning.

Subject to regulatory approvals, the OKX and ICE project is expected to operate as a registered broker-dealer and a futures commission merchant, the statement noted.

The goal of the joint venture is to enable OKX’s 120 million users in the U.S. and overseas to access ICE futures and NYSE tokenized equities markets. It will also explore adjacent opportunities for the regulatory-compliant blockchain-enabled market, it added.

Cuomo, who served as New York’s 56th governor, New York State Attorney General, and Secretary of Housing and Urban Development, began working with OKX in 2023.

South Korea’s Financial Intelligence Unit (FIU) has pressed for tighter global reporting standards for cryptocurrency transfers, urging a broader application of the FATF “Travel Rule” to reduce gaps in cross-border anti-money laundering (AML) controls. The push reflects concerns that current implementation leaves smaller transactions and counterparties outside meaningful compliance coverage.

During a FATF plenary session in Paris last week, the FIU proposed expanding the Travel Rule obligations to smaller crypto transfers and called for more comprehensive coverage across both originating and receiving crypto asset service providers (CASPs). The FIU also highlighted the continuing policy divergence that can enable regulatory arbitrage, while FATF approved additional work related to decentralized finance (DeFi) risk.

Key takeaways

• South Korea’s FIU urged expanding FATF Travel Rule requirements to cover smaller crypto transfers, not only large-value movements.
• The FIU recommended that Travel Rule obligations apply to both originating and receiving CASPs to reduce cross-border compliance gaps.
• FIU officials called for tougher scrutiny of offshore and unregistered crypto platforms, citing increased misuse in illicit finance cases.
• FATF approved a DeFi-focused report, while South Korea’s FIU warned that jurisdictional licensing and supervision differences continue to drive regulatory arbitrage.

Expanding the Travel Rule: from thresholds to broader coverage

The FIU’s proposal focuses on the practical operation of the FATF Travel Rule, an AML standard intended to improve traceability for crypto transfers by requiring exchanges and other CASPs to transmit relevant sender and recipient information when transfers exceed defined thresholds. According to FIU materials, the goal is to ensure that the compliance perimeter is not limited to large transactions that may be more likely to be detected under existing frameworks.

South Korea already applies Travel Rule obligations to crypto transfers above 1 million won (approximately $650). The FIU’s latest recommendation seeks to extend those requirements downward, which would likely increase the number of transfers subject to information-sharing expectations and create additional operational and compliance burdens for regulated firms.

For institutional compliance programs, this matters because threshold-based controls can create exploitable boundaries. Reducing the value cutoffs can change how monitoring systems are configured, what data fields are required, and how firms document and evidence compliance during audits and supervisory reviews.

Closing cross-border gaps: originating and receiving CASPs

Beyond lowering transaction thresholds, the FIU argued that Travel Rule requirements should cover both sides of a transfer. Specifically, it called for obligations to apply to originating and receiving CASPs, reflecting an emphasis on end-to-end information flows rather than fragmented compliance limited to only one entity in a transaction chain.

The FIU’s position is aligned with a broader policy objective: AML regimes are only as effective as the continuity of controls between jurisdictions. If receiving CASPs do not have compatible obligations—or if counterparties in different regulatory environments are not required to provide or obtain the same information—then traceability can be lost even when rules exist at the point of origin.

The FIU also tied its recommendations to the broader problem of cross-border regulatory fragmentation. It warned that differences in licensing structures, supervisory approaches, and offshore oversight can produce inconsistent enforcement outcomes—an environment in which regulatory arbitrage becomes a systemic risk rather than an edge case.

Enforcement emphasis: unregistered platforms and offshore activity

In addition to tightening data-sharing expectations, the FIU called for stronger action against offshore and unregistered crypto platforms. The FIU linked this to what it characterized as heightened misuse in illicit finance cases, as well as the risk that criminals can shift activity to venues with weaker oversight.

For regulated market participants, this direction suggests greater compliance attention not only to transaction monitoring but also to counterparty risk management. Institutional firms typically implement controls to assess whether counterparties are properly licensed or subject to effective supervision, and proposals like this can raise the expectation that those controls remain robust even when counterparties are operating abroad.

From a compliance and legal perspective, stronger action against unregistered platforms can also increase pressure on regulated entities to demonstrate due diligence regarding onboarding, ongoing monitoring, and contractual safeguards. It may affect how firms interpret “compliance reach” when interacting with cross-border service providers whose regulatory status or supervision quality is uncertain.

FATF also advances work on DeFi risk and implementation unevenness

Alongside the Travel Rule discussion, FATF approved a new report examining risks associated with decentralized finance (DeFi), according to FIU reporting. FIU Commissioner Lee Hyung Ju welcomed adoption of the DeFi-related work but emphasized that much of the regulatory arbitrage seen across jurisdictions stems from structural differences—particularly the divergence in licensing, supervision, and offshore oversight.

The Travel Rule debate also comes against the backdrop of FATF’s broader assessment of implementation. The FIU referenced FATF’s update indicating that compliance with parts of Recommendation 15 remains inconsistent globally, even years after FATF extended its AML framework to cover crypto assets and CASPs.

According to a FATF-targeted update cited by the FIU for April 2025, 49% of jurisdictions were assessed as only partially compliant with requirements for CASPs, 21% were rated non-compliant, and roughly 29% were rated largely compliant or compliant. The unevenness is significant because global standards depend on coordinated implementation to be effective in practice—especially for cross-border activity where regulated and less-regulated actors may interact.

This gap also matters for supervised entities operating in multiple markets. When compliance expectations differ across jurisdictions, firms may face higher compliance costs and greater legal uncertainty in determining which standard applies to particular counterparties and transaction pathways.

Policy context: seven years after FATF expanded the framework

The FIU’s proposals are part of ongoing discussions on implementing FATF Recommendation 15, the international standard updated in 2019 to bring AML measures to crypto assets and CASPs. Seven years on, FATF has continued to refine its understanding of how the Travel Rule should be applied operationally and what gaps remain in implementation.

For South Korea’s regulated sector, the FIU’s stance indicates a move toward closer alignment with stronger, more expansive interpretations of the Travel Rule. Since South Korea already implements Travel Rule controls for transfers above a defined threshold, expanding coverage to smaller transfers would represent an escalation in the scope of information-sharing obligations.

However, the policy question that remains open is how jurisdictions will calibrate thresholds and practical implementation requirements without creating disproportionate operational friction. Differences in data availability, transaction routing mechanics, and system interoperability can influence whether the compliance intent of the Travel Rule translates into consistent implementation at scale.

Closing perspective

With FATF’s continued work on Travel Rule implementation and DeFi risk, regulators are signaling that AML expectations for digital-asset activity will likely tighten over time—particularly around information-sharing coverage and supervision of cross-border counterparties. For compliance leaders and legal teams, the next developments to monitor include how FATF operational guidance evolves and whether South Korea and other jurisdictions move toward lower thresholds and broader CASP-to-CASP obligations.

The Bank of England (BoE) has released a policy statement and draft rule framework for “systemic” pound-backed stablecoins, setting out how regulated issuers would operate under a proposed UK-wide regime. The publication is a significant step toward a dedicated stability-and-payments approach, reflecting policymakers’ view that certain stablecoins could materially affect the UK financial system through widespread use in payments.

In the BoE’s framework, systemic stablecoins are those broadly used for payments and therefore capable of generating risks to financial stability. Responsibility for classifying whether a given token falls within this category is assigned to HM Treasury, aligning the model with the UK’s broader approach to regulating activities deemed systemic or prudential in nature.

Key takeaways

• The BoE proposes a reserve structure for systemic pound-backed stablecoins, allowing up to 70% of reserves in interest-bearing government debt.
• A prior proposal’s reserve/holding restrictions have been replaced by a temporary issuance cap of £40 billion.
• The BoE aims to finalize its rulebook by end-2026, with a planned 2027 rollout.
• Only tokens designated systemic would fall under the BoE-led regime; non-systemic stablecoins would remain under the Financial Conduct Authority (FCA) for relevant activities.
• The BoE links the regime’s “guardrails” to ongoing assessment of how stablecoin arrangements may affect the provision of credit.

BoE’s systemic stablecoin rules: reserves, issuance limits, and timing

Under the BoE’s policy statement, systemic stablecoin issuers would be permitted to back reserves with a substantial allocation of interest-bearing government debt. Specifically, the limit has been set at 70%, increased from an earlier 60% proposal. The central bank also indicated that a key constraint on supply will take the form of a temporary issuance cap rather than individual or category-level holding limits.

Concretely, the BoE has proposed replacing prior holding-limit ideas with a £40 billion temporary cap on issuance. The BoE described this “guardrail” as something that would be reviewed regularly and removed once authorities determine that credit-provision risks have been adequately addressed.

The BoE’s documents also signal an implementation path designed to reach operational clarity for regulated participants before any rollout. The central bank’s stated objective is to conclude its rulebook by the end of 2026, ahead of a planned 2027 system.

Why the change matters: credit provision and payment-market structure

A central policy concern driving stablecoin regulation in the UK has been the potential for large-scale shifts of funds away from traditional banking channels. If stablecoins become a widely used alternative settlement mechanism, regulators may worry about deposit outflows and the resulting impact on credit availability for households and businesses.

In this context, the BoE’s shift away from earlier holding limits is framed as an attempt to balance financial stability goals with practical usability. In previous consultations, the BoE argued that restrictions were needed to reduce the likelihood of outsized transfers that could weaken the banking system’s role in funding the real economy.

However, feedback received during the earlier consultation raised concerns about feasibility and competitiveness. Respondents warned that tight restrictions could limit user adoption and complicate issuers’ operational and compliance models—particularly if UK-issued stablecoins faced disadvantages compared with dollar-backed alternatives.

By moving to an issuance cap and updating reserve permissions, the BoE appears to be trying to preserve a macroprudential control point (overall system size through issuance limits) while allowing normal retail and business usage without imposing user-by-user constraints.

From the 2025 consultation to the updated guardrails

The framework represents a measurable departure from the BoE’s November 2025 consultation proposal. At that time, the BoE suggested caps tied to user holdings: £20,000 per individual and £10 million per business per stablecoin. The rationale was to prevent rapid and large-scale relocation of deposits out of the banking system—an outcome that could ultimately reduce credit provision.

Industry respondents to that earlier consultation cautioned that such limits could undermine stablecoins’ utility for everyday payments and impose constraints that could deter growth. They also highlighted potential operational burdens for issuers trying to manage compliance at scale in response to changing user behavior.

In Monday’s policy statement, the BoE characterized the updated approach as intended to achieve the same underlying objective—guarding against credit-provision risks—while allowing households and businesses to use systemic stablecoins without the previously proposed restrictions. The net effect for compliance teams is a shift in the compliance focus from granular user limits toward system-level parameters such as reserve composition and issuance ceilings.

Regulatory boundaries: HM Treasury classification and FCA coverage for non-systemic tokens

The BoE’s systemic framework would apply only to stablecoins that meet the systemic designation. HM Treasury, rather than the BoE, is described as responsible for deciding whether a particular stablecoin enters the systemic regime.

For market participants, the operational consequence is that compliance obligations may diverge sharply depending on systemic status. The BoE-led regime is targeted at systemic stablecoins with payment relevance and potential financial stability implications. Meanwhile, stablecoins that are not categorized as systemic—particularly those used primarily for crypto trading—would remain within the FCA’s regulatory supervision for the relevant conduct and regulatory perimeter.

This division matters because it determines which regulator sets the prudential-style expectations around reserves, issuance, and systemic risk controls, and which regulator governs other aspects of market behavior. It also introduces cross-regulatory coordination considerations for firms seeking to serve both systemic and non-systemic use cases.

Separately, the BoE’s updated direction follows earlier signals from officials. In May, Deputy Governor Sarah Breeden stated that the BoE was reconsidering proposed holding limits and reserve requirements in response to feedback from digital asset companies. Those stakeholders argued that strict restrictions could hamper adoption and leave UK-issued stablecoins less competitive relative to dollar-backed alternatives.

Closing perspective: implementation, review triggers, and open questions

The BoE’s draft rules and policy statement mark a move from consultation concepts to a more structured stablecoin regime tied to systemic risk controls, with the issuance cap and reserve limits acting as the principal levers. As the rulebook is finalized by end-2026, market participants and compliance functions will likely focus on how systemic designation will be determined in practice by HM Treasury, what the review process will look like for removing the issuance guardrail, and how obligations will be coordinated across the BoE and FCA as firms operationalize the split between systemic and non-systemic stablecoins.

A contributor to Goldfinch, a crypto loan program for Africa, claims tens of millions of dollars worth of loans have defaulted, in addition to over $300 million in market capitalization losses from the project’s peak.

Goldfinch was supposed to be crypto’s gift to Africa’s unbanked, however, its proprietary token, GFI, is down 99.8% from its high.

Backed by Andreessen Horowitz (a16z), the so-called decentralized lending protocol was supposed to bring financial inclusion to emerging markets. Instead, it simply funneled money to borrowers who largely stopped paying it back.

“These idiots mismanaged over $50 million of our money,” one Goldfinch depositor wrote on June 19. “Out of eight borrowers — two are in default and six in restructuring. Basically money is gone.”

GFI, the protocol’s token, was trading at its all-time high of $32.94 on January 11, 2022. It now trades 99.8% lower, below $0.07.

The project’s market capitalization as recently as April 2024 exceeded $390 million. It’s less than $6 million today.

Do-gooders pitch crypto for Africa

Goldfinch launched in 2021 with a mission statement built for a TED talk. It would expand access to capital for ostensibly creditworthy businesses that the developed world’s banks refused to touch. 

Co-founders Mike Sall and Blake West, both formerly of Coinbase, leaned hard on the language of financial inclusion.

Borrowers spanned 18 countries, from a Kenyan motorcycle taxi company to a paycheck advance company in Nigeria. 

Even Impact Water for schoolchildren was a recipient. Who could object?

Unfortunately, disappearing money, not clean water for kids, is the main story of Goldfinch. 

Read more: Central African Republic’s -95% memecoin crash is a repeat performance

VCs support Goldfinch, get token allocations

Crypto-promoting VC giant a16z led Goldfinch’s $25 million round in January 2022. Coinbase Ventures, SV Angel, BlockTower, and hedge fund manager Bill Ackman also backed the project. 

Unlike almost every other impact organization, Goldfinch minted a token, GFI, which had liquidity for selling to retail believers.

A16z praised Goldfinch’s $38 million in loans and pointed to “a huge global need for access to capital.” By mid-2022, Goldfinch had deployed over $100 million in active loans to over 200,000 borrowers.

One pool captured the pitch in miniature. The Cauris Fund marketed African fintech exposure, where Goldfinch’s capital would supposedly fund fintechs across the continent to expand financial inclusion for tens of millions of disenfranchised borrowers.

Since that pitch, the price of GFI is down 98%.

What actually happened to the money

Underwriting, not crypto, is almost always the reason a loan book goes bad. Underwriters, not blockchain technologies, vet offline information and qualify creditworthy borrowers who can actually afford to repay.

In October 2021, Goldfinch lent $5 million to Tugende Kenya, a motorcycle taxi financier. Goldfinch then discovered the borrower had quietly funneled $1.9 million to its struggling Ugandan parent, in breach of the loan terms. 

Goldfinch’s loan facility was written down before a restructuring eventually clawed part of it back to recoup some of the loss.

Another $20 million facility for Stratos left roughly $7 million impaired.

Soon, Singapore-based borrower Lend East repaid only $4.25 million of Goldfinch’s $10.15 million loan in April 2024. Lend East defaulted on the rest. 

As default rates rose in Africa and elsewhere, Goldfinch’s cumulative losses rose past $18 million. As optimism about its underwriting turned to pessimism, GFI lost four-fifths of its value from 2022-2024.

Earlier this month, Bitmine raised roughly $274 million through the sale of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock. The preferred shares, which trade on the New York Stock Exchange under the ticker BMNP, pay weekly cash dividends.

Lee has argued that the company’s staking operation provides recurring cash flow to support those obligations. Bitmine currently has 4.72 million ETH staked — more than 83% of its holdings.

The company projects annualized staking revenue of roughly $223 million, with potential staking rewards reaching $268 million annually through its MAVAN staking platform.

The firm announced another round of scheduled dividend payments extending through August, paying $0.1847 per shares.

Crypto spring

Lee reiterated his view that the crypto market is in the early stages of a recovery from the downturn that began with the October 2025 liquidation shock.

At Consensus Miami last month, he argued the bear market would be “definitely” over if bitcoin closed May above $76,000. Instead, BTC finished the month below $74,000 before briefly falling under $60,000 in early June.

Still, Lee said the recent pullback has not changed his broader outlook.

“We believe we are in the early stages of crypto spring,” he said.

Lee also reaffirmed his long-term bullish stance on Ethereum, arguing that growing demand from tokenization and artificial intelligence applications will drive adoption of the network in the years ahead.

Mining economics have deteriorated in 2026, the analysts noted, with bitcoin trading below its estimated production cost for five consecutive months. Citing CoinShares’ first-quarter mining report, JPMorgan said roughly 20% of miners are currently estimated to be unprofitable.

Financial pressure has prompted miners to sell more bitcoin holdings. Publicly traded mining companies liquidated more than 32,000 BTC in the first quarter, exceeding their combined sales for all of 2025, according to data cited by the report.

As a result, even relatively small price moves are increasingly affecting network activity. When bitcoin falls below production costs, higher-cost operators tend to shut down equipment, causing hashrate to decline and mining difficulty to adjust lower. The bank pointed to the second week of June, when mining difficulty dropped 10%, the second decline of that magnitude this year.

Looking ahead, the analysts expect heightened sensitivity in hashrate and mining difficulty to persist as long as bitcoin remains below its estimated production cost, which the bank currently puts at about $78,000. The world’s laregst cryptocurrency was trading around $64,700 at publication time.

Bitcoin miners are increasingly turning to artificial intelligence and high-performance computing (HPC) to diversify revenue as mining margins come under pressure.

The appeal is straightforward: AI hosting contracts can provide stable, multi-year revenue streams and higher margins than the more volatile economics of bitcoin mining, which have been squeezed by rising network competition and the 2024 halving.

Michael Saylor and his embattled Strategy (MSTR) sold more common stock last week, using the proceeds to add a relatively small amount of bitcoin and $300 million in cash to its balance sheet.

The company sold about 2.7 million shares of MSTR, according to a Monday morning filing, raising $335.5 million. About $35 million of that was used to acquire 520 bitcoin at an average price of $67,068 each. The other $300 million was added to cash already on the balance sheet, bringing reserves to $1.4 billion.

The latest acquisition brings Strategy’s total bitcoin holdings to 847,363 BTC, acquired at a total cost of roughly $64.01 billion, or an average purchase price of $75.651 per coin.

Euro-denominated trading accounts for only a small share of Binance’s activity, as the exchange faces uncertainty over its European licensing prospects under the Markets in Crypto-Assets Regulation (MiCA).

Euro (EUR) trading accounts for around 1% of Binance’s spot volume, CryptoQuant analyst Maartunn told Cointelegraph.

“Binance’s inflows remain globally distributed, which may limit the impact of potential MiCA-related setbacks,” Maartunn said, pointing to the exchange’s diversified user base across regions.

Source: CryptoQuant

The data comes as Greek regulators are reportedly preparing to reject Binance’s licensing application ahead of MiCA’s transitional deadline on July 1, a move that could complicate the exchange’s ability to serve EU residents.

Binance ranks among Europe’s biggest crypto exchanges

Even though EUR trading represents only about 1% of Binance’s global spot volume, the exchange still processes hundreds of millions of dollars in euro-denominated trades.

According to CryptoQuant data, Binance’s daily EUR-pair volumes have ranged from roughly $100 million to $250 million in 2026, with occasional spikes above $600 million.

Source: CryptoQuant

According to a December 2024 report by Kaiko, Binance, alongside Bitvavo, Kraken and Coinbase, accounted for more than 85% of all euro-denominated crypto trading volume.

Related: WhiteBIT secures MiCA license in Austria ahead of July 1 EU deadline

Unlike Binance, Bitvavo, Kraken and Coinbase are among the major exchanges that have already secured MiCA authorization, allowing them to offer services across the EU under the framework’s passporting regime.

83% of CASPs have yet to receive a MiCA license

Binance’s licensing uncertainty comes as many crypto asset service providers (CASPs) are still adapting to MiCA’s requirements.

According to estimates based on European Securities and Markets Authority (ESMA) data cited by market analyst Merlijn Geurds, only around 210 of more than 1,200 firms operating under pre-MiCA registration regimes have obtained full authorization under the new framework.

Source: Merlijn Geurds

Geurds told Cointelegraph the gap reflects the cost and complexity of compliance, which requires governance standards, compliance controls and operational safeguards that many smaller firms lack.

“The result is consolidation by design,” Geurds said, adding: “A smaller group of well-capitalized, licensed players gets a passport to all 27 states, while a long tail faces forced migrations or cutoffs.”

Cointelegraph contacted Binance for comment on the size of its European business and the potential impact of MiCA-related restrictions but had not received a response by publication.

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