financemagnates.com
This week regulators were busy defining where crypto trading can happen, which intermediaries can provide access, how assets get cleared, and when offshore platforms fall outside the permitted perimeter.
Brokers and exchanges are getting clearer routes into supervised crypto markets, while activity outside licensed channels is getting harder to sustain.
BitMEX Exits as US Perpetual Routes Expand
BitMEX will close on 23 September after what the exchange described as a strategic review, ending an 11-year history for one of the platforms that helped popularise crypto perpetuals.
The company did not link the decision to recent US regulatory developments. Those developments nevertheless mean US brokers and exchanges now have regulated ways to offer or access perpetuals.
Bitnomial and Kalshi can list products on regulated US exchanges, while Coinbase Financial Markets can provide access to qualifying Deribit contracts through its registered futures commission merchant.
The available route depends on the listing venue, the intermediary and the underlying asset.
SEC Closes Coinbase Records Dispute
The SEC agreed to pay Coinbase $150,000 in legal fees to settle a two-year Freedom of Information Act lawsuit tied to records from the agency's earlier crypto enforcement campaign.
An inspector general review found that text messages from former Chair Gary Gensler's device were lost after an automated policy triggered a wipe. The settlement ends the litigation without a court ruling on the underlying FOIA claims.
The payment itself is small, but the agency record-keeping is now folded into the broader debate over how crypto enforcement policy was developed and scrutinised.
Russia Sets July 2027 Licensing Deadline
Russia's State Duma adopted legislation requiring crypto exchanges, exchange offices, and custodians to obtain licences by 1 July 2027. Most provisions take effect in September 2026.
After the transition period, domestic crypto transactions must go through authorised organisations, and banks will be required to reject transfers outside the approved framework.
Banks, brokers, and asset managers will be able to offer crypto services if they meet additional requirements. Retail access will also tighten. Clients will face suitability testing and a RUB 300,000 annual limit through each intermediary.
Prometheum Names First Clearing Client
Velocity Capital became the first publicly disclosed client of Prometheum Capital's omnibus correspondent clearing service. The arrangement covers execution, custody, clearing, and settlement for digital assets.
The service lets broker-dealers add crypto and tokenised products without building their own custody systems or connecting directly to wallets and blockchains.
The announcement confirms adoption, however, the companies did not disclose supported assets, launch timing, volumes, or commercial terms.
Vietnam Targets Offshore Exchange Use
Vietnam will fine individuals who trade digital assets through providers lacking Ministry of Finance approval from 1 September. Fines can reach VND 50 million, rising to VND 100 million for assets reserved for foreign investors.
The country's pilot framework will license no more than five exchanges. Applicants must have at least VND 10 trillion in capital, foreign ownership is capped at 49%, and all transactions must be settled in Vietnamese dong.
Offshore platforms serving Vietnamese clients will need stronger geofencing, identity checks, and access controls to stay on the right side of the rule.
Taken together, these developments point in the same regulatory direction. The debate is moving beyond whether crypto markets should be supervised and towards how trading, clearing and market access should be organised.
The answers to those questions are likely to shape how brokers expand regulated crypto offerings over the coming months.