Flash News

TREE NEWS update: A former Barclays trader convicted of manipulating interest rates has had the conviction overturned. No further details on the ruling, the court involved or the trader’s identity were provided in the initial report. The reversal marks a setback for prosecutors who had pursued rate-rigging cases tied to benchmark interest-rate manipulation.

TREE NEWS update: The US Department of Justice has cited the Bitcoin Fog precedent in opposing Roman Storm’s request for an acquittal. Separately, Russia registered its first cryptocurrency exchanges and custodians, with Sberbank planning to launch products on December 1. A US Senate investigation also pointed to USDT as a key liquidity channel for Iran’s shadow banking system, raising sanctions risk for Gulf VASPs.

TREE NEWS update: Europol on Wednesday published two reports urging organizations, policymakers and the crypto industry to prepare now for quantum computing threats. Its European Cybercrime Centre said crypto wallet keys are the main exposure point, warning that exposed public keys can be used to derive private keys and move assets without authorization. Glassnode estimated in May that 6.04 million bitcoin, 30.2% of issued supply, has exposed public keys.

TREE NEWS reports: Europol has flagged crypto wallets as the “primary risk” from quantum computing attacks, saying it expects blockchains to adapt to the threat. A second report cited by the EU police agency also weighs the risk of encrypted data stolen now and cracked later. No timeline or specific blockchains were named.

TREE NEWS update: France and Germany submitted an informal paper to the European Commission on October 5 urging the EU to strengthen trade defense measures and add new protectionist tools. China said it will respond resolutely and defend the lawful rights of Chinese industry if the EU introduces discriminatory measures. The statement did not specify which measures or sectors are targeted.

TREE NEWS update: Japan’s Fair Trade Commission conducted on-site inspections of Asahi Breweries, Kirin Brewery, Sapporo Breweries and Suntory on the 7th over suspected violations of the Antimonopoly Act. The four major brewers are alleged to have coordinated in advance on the timing and size of beer price hikes, forming a price cartel. Officials from the companies are suspected of meeting privately after industry organization gatherings to discuss raising prices on beer and happoshu.

TREE NEWS update: US prosecutors have cited the Bitcoin Fog ruling in opposing Tornado Cash co-founder Roman Storm’s challenge to the venue of his criminal case. Storm responded on Twitter, pointing out that FinCEN withdrew a proposed rule on crypto mixers over concerns it could chill legitimate activity. The dispute centers on where the case should be heard.

TREE NEWS update: The Securities and Futures Commission of Hong Kong will bring its optimized regulatory measures for retail funds into effect in November 2026. The changes cover the SFC’s oversight framework for retail fund products sold to the public in the city. The effective date was set out in the regulator’s latest notice on the measures.

TREE NEWS update: The Bank of England has issued proposals on thresholds for the banking, insurance and credit union sectors. The measures set out where smaller firms would sit relative to the central bank’s regulatory requirements. No further details of the thresholds were given.

TREE NEWS update: Russia’s central bank has registered its first licensed crypto trading operators and digital asset custodians under rules effective September 1, including Sberbank, the country’s largest bank. The initial list comprises four trading operators and five custodians, with VTB appearing on both. Sberbank said it has applied for custody status and plans to launch its first crypto products on December 1, initially supporting bitcoin, ether and USDT via SberBank Online, SberInvestments and SberBusiness.

TREE NEWS reports: Hyperliquid Policy Center CEO Jake Chervinsky said every single exchange will have to adopt public blockchain infrastructure to compete, arguing that beyond regulated perpetuals, onchain markets need to enter the U.S. regulatory perimeter. He expects that step to happen soon.

TREE NEWS update: Former CIA officer David Rush pleaded guilty to one count of wire fraud in a Virginia federal court on October 6, admitting he used his agency position to fabricate classified projects for personal gain and causing about $194 million in losses to the US government. The figure includes more than $1.8 million in private jet charters paid for by the government for his personal use. Under the plea deal he agreed to forfeit 298 gold bars, two BMW cars, 35 luxury watches and four Florida mansions, with sentencing set for January 28.

TREE NEWS update: Russia registered its first crypto exchanges and custodians, with Sberbank among the approved entities. The country’s largest bank plans to launch crypto products on Dec. 1. The registrations mark the first such authorizations under Russia’s new crypto law.

TREE NEWS update: US prosecutors argue a recent Bitcoin Fog appeals court ruling backs their position that Tornado Cash activity in Manhattan was sufficient to establish venue for parts of Roman Storm’s case in New York. The Justice Department raised the precedent in a potential blow to the Tornado Cash developer’s acquittal bid.

TREE NEWS reports: South Korean retail investors lost an estimated 2.3 trillion won ($1.7 billion) between May 27 and August 14 through single-stock leveraged ETFs and notes tracking Samsung Electronics and SK Hynix, according to Financial Supervisory Service data cited by a lawmaker’s office. Since July, Korean regulators have temporarily barred new listings of leveraged single-stock products, raised minimum cash margin requirements and tightened investor training.

TREE NEWS update: South Korea’s Seoul High Court on the afternoon of the 7th acquitted former President Yoon Suk Yeol in the appeal ruling of his trial over alleged violations of the Political Funds Act. The appellate court overturned the earlier verdict, clearing Yoon of the charges. The case concerned allegations that he breached the country’s political funding law.

TREE NEWS update: German regulator BaFin has rejected Bitcoin.de’s MiCA license application, leaving trading on the platform largely suspended since June. The exchange’s operator had been awaiting MiCA authorization and is now turning to regulated partners in an effort to restart services.

TREE NEWS update: Payments firm Conduit has sued Tether in New York, saying the stablecoin issuer’s financial-crime unit froze $2.76 million in its treasury wallet over a Brazilian police probe that never targeted the company. Conduit says the funds have been locked since September 2025 and that the freeze forced layoffs.

TREE NEWS update: Dubai’s Virtual Assets Regulatory Authority issued a reserve asset audit circular on October 6 setting minimum requirements for independent audits of VASPs. Firms must maintain reserves of no less than 100% of client liabilities throughout the review period, held 1:1 in the same virtual assets and reconciled daily. Audits must cover hot, warm and cold wallets, third-party wallet infrastructure and third-party custodied assets, and verify client asset segregation, wallet control and any rehypothecation, lending or other use.

TREE NEWS update: A federal judge in the Northern District of Illinois granted Kalshi a partial preliminary injunction on October 2, blocking the state from enforcing its sports betting licensing regime against the prediction market. Judge Martha M. Pacold said championship-winner contracts may qualify as swaps under the Commodity Exchange Act, diverging from the Ninth Circuit’s August ruling that such contracts are gambling, not swaps. The court left Illinois’s new prediction-market fee schedule undecided.