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HMRC sends 81,172 crypto tax warnings in one year

The UKs HM Revenue and Customs (HMRC) sent 81,172 tax warning letters, emails and text messages to crypto investors during the 2025/26 financial year, according to figures reported on Aug. 20.　　The number rose from 64,982 warnings in 2024/25 and 27,714 in 2023/24. The latest total was therefore about 25% higher than the previous year and nearly three times the figure recorded two years earlier.　　The figures came from a Freedom of Information request obtained by accounting firm UHY Hacker Young and reported by the BBC. HMRC reportedly suspects that some undeclared liabilities arose from gains accumulated as crypto prices increased between late 2022 and 2025.　　81,000 warning letters sent to crypto holders in HMRC tax crackdown 　　HMRC has not disclosed how much unpaid tax the latest warning campaign identified. A warning, commonly called a nudge letter, also does not automatically mean its recipient owes tax or faces a formal investigation.　　HMRC crypto tax warnings target possible underpayments　　HMRC sends warning communications when information available to the agency suggests that a taxpayer may have omitted income or capital gains. Recipients are generally asked to review their records and correct any errors.　　UK taxpayers may owe Capital Gains Tax when they sell crypto for fiat currency, exchange

08-21انڈسٹری

WikiBit Exchange Exit Risk Ranking Vol.4 — Phemex: The “Top Student Exchange” Founded by Morgan Stanley Elites, Why Is It Facing Global Crackdowns?

Introduction: The “Problem Student” Under the Halo of Elite Credentials　　In previous episodes, we exposed HashKey (the compliance model student), HTX (the sanctions-hit exchange), and UZX (the DAO penny-stock exchange).　　Todays subject is an interesting one — Phemex.　　Its résumé looks extremely impressive:“Founded by eight former core developers from Morgan Stanley”“Trading engine capable of processing 300,000 transactions per second”“Serving more than 10 million users worldwide”　　Sounds like the perfect Wall Street success story — a group of financial elites leaving traditional finance to build a crypto empire.　　But on the other hand:Trustpilot rating: 2.3/560% of users gave it 1 starPermanently banned in CanadaWarned by both the UK FCA and Austrias FMARemoved from South Koreas Google Play StoreHacked for $69 million in January 2025　　How did a “top student” end up becoming a “globally blacklisted exchange”？　　Today, we will peel back the layers one by one.1. Regulatory Compliance: A Collector of Global “Crackdown Orders”　　From Canada to the UK, from Austria to South Korea, from India to the European Union — Phemex is facing regulatory pressure from multiple jurisdictions worldwide.　　This is not an isolated issue in one country.　　It represents a broader global regulatory crisis.　　Canada: Permanently Banned and Fined Over $500,000　　This is Phemexs most serious regulatory blow.　　In June 2025, Ontarios

08-21گہرا غوطہ

Binance says 2 employees cleared after UAE detention

Binance said on Aug. 20 that two employees detained in the United Arab Emirates had been cleared and released after answering questions about third-party fund flows.　　The New York Times first reported the detentions, citing four people familiar with the matter. According to the report, authorities stopped the employees at airports in the Emirates during recent weeks.　　Binance later told Reuters that a small number of employees had provided statements during what the company called a “routine inquiry.”　　The inquiry involved third-party fund flows passing through a Binance client money account, according to the exchange. The exchange said the employees were not subjects of the investigation.　　Binance employees were questioned about client money flows　　The exact transactions under review remain unknown. UAE authorities have not published a statement identifying suspected offenses, the parties controlling the third-party funds or the intended recipients.　　Binance Employees Detained in UAE, Company Says They Were Questioned Over Third-Party Fund Flows　　The New York Times reported that two Binance employees were detained by UAE authorities in recent weeks as part of an investigation into potential financial crimes involving the…　　No formal charges against the employees were disclosed. Binance‘s statement that they were “cleared” reflects the company’s account of events and has not been independently

08-21انڈسٹری

CFTC proposes ending SEF order book mandate

The CFTC has proposed removing a 13-year-old order book requirement for certain swap transactions, with public comments due within 30 days of its Federal Register publication.　　The Commodity Futures Trading Commission said in an Aug. 20 regulatory notice that it is seeking feedback on an amendment to Regulation 37.3(a)(2), which sets the minimum trading functions that a swap execution facility must provide.　　Under the proposal, a swap execution facility, or SEF, would no longer have to offer an order book for permitted transactions. The change would not prevent a platform from keeping the service when its customers use it, but each SEF could decide whether the costs and resources are justified.　　Current rules require every registered SEF to maintain an order book for all swaps listed on the platform, including products that traders may execute through other methods. According to the commission, market participants have rarely chosen order books when trading permitted transactions, even though the facilities remain available.　　“Today‘s action continues the agency’s commitment to prescribing the minimum effective dose of regulation for market participants,” CFTC Chair Michael Selig said.　　Selig added that removing what he called “excessive requirements” would keep the commission aligned with its principles-based approach to derivatives regulation.　　CFTC proposal separates two

08-21انڈسٹری

Asian Stocks Slide on Bond Stress: Will Safe Havens BTC and Gold Keep Rallying？

Most Asian share indices are headed for weekly losses as bond market stress persists. However, Bitcoin (BTC) and gold both rallied as investors reached for safe havens instead.　　The moves reflect a broader flight from risk. Rising Treasury yields have hit stocks in Asia and the US this week. Traders are turning to assets seen as stores of value.　　Sponsored　　Sponsored　　Asian Markets Buckle on Bond Stress　　Japan‘s Nikkei dropped 0.8% to open Friday’s trading. That extended its weekly loss to 4.4% before clawing a little back.　　The Nikkei is down, mirroring US indexes. Image Source: Trading View　　South Korea and Taiwan edged higher Friday. Both still finished the week lower, after a sharp Kospi sidecar halt earlier in the week. The broader MSCI Asia-Pacific index outside Japan managed only a 0.5% gain.　　The sell-off traces back to US Treasury yields. They resumed climbing this week after a brief pause. The 30-year yield rose to 5.25%, and the 10-year hit 4.71%.　　Secretary Scott Bessent said the government could expand bond repurchases. He also floated fiscal consolidation. Analysts doubt Washington can find enough spending cuts to narrow the deficit.　　Sponsored　　Sponsored　　The deficit is running above 6% of GDP. Interest payments alone are set to top $1.2 trillion this year.　　“Historically, markets have pushed

08-21انڈسٹری

Franklin Templeton gets SEC clearance to add BENJI to ETFs

Franklin Templeton has secured U.S. regulatory clearance that could place its $726 million tokenized money-market fund inside conventional mutual funds and ETFs as early as the fourth quarter.　　SummaryFranklin funds may use BENJI as a portfolio holding, cash position or collateral.The SEC relief covers custody rules under the Investment Company Act of 1940.Fund boards must approve the arrangement before individual products can adopt it.Franklin expects implementation as early as the fourth quarter, with an earlier start possible.　　SEC clearance allows Franklin funds to hold BENJI　　The U.S. Securities and Exchange Commission‘s Division of Investment Management said in an Aug. 12 letter that it would not recommend enforcement action if Franklin Templeton’s registered funds hold shares of the Franklin OnChain U.S. Government Money Fund under the proposed custody arrangement.　　Known by the ticker FOBXX, the money-market fund records eligible share transactions on public blockchains, with each BENJI token representing one fund share. Its portfolio consists mainly of U.S. government securities, cash, and repurchase agreements backed by government securities or cash.　　The relief applies to Section 17(f) of the Investment Company Act of 1940 and Rule 17f-2, which govern how registered investment companies safeguard assets. Several requirements in the rule were developed for physical securities, including provisions

08-21انڈسٹری

Avalanche: Why AVAXs rally faces THIS test after $2.4M whale deposit

Avalanche [$AVAX] encountered exchange-side selling pressure after a whale transferred tokens worth $2.4 million into Coinbase.　　The whale transferred the tokens in multiple transactions over a period of 4 hours. Besides, the wallet retained over 865,400 $AVAX, worth $5.73 million, after completing those deposits. Notably, the remaining holdings carried additional supply implications because the whale was yet to stake the tokens.　　Therefore, those tokens remained liquid and potentially available for further transfers toward exchanges. With the broader crypto market experiencing gains today, $AVAXs price rose 6.8% to $6.79 in 24 hours, at press time.　　Market activity was also substantially higher, with daily volume rising by 129.52% to about $415 million. That growth provided even more space for buyers to absorb incoming supply without having to sell the recovery immediately.　　However, more whale deposits may necessitate the need for more demand near the resistance level.　　Top traders kept leaning toward longs　　Bullish positioning among Binances top traders complemented the sharp expansion in $AVAX trading activity. The top trader accounts consisted of 65.82% long and 34.18% short accounts.　　Accordingly, this resulted in a Long/Short Ratio of 1.93 as of writing, giving bullish accounts a substantial numerical advantage. This positioning strengthened the demand argument behind $AVAXs recovery toward the upper

08-21

Ex-Fed Chief Dudley Warns Stocks Are in Bubble Territory as Treasury Boosts Buybacks

Bill Dudley, a former president of the Federal Reserve Bank of New York, says the US stock market is in bubble territory, pointing to stretched valuations and a slowing artificial intelligence (AI) investment cycle.　　Dudley made the comments on Bloomberg Television this week, as Treasury Secretary Scott Bessent moves to contain a sharp rise in long-term bond yields.　　Sponsored　　Sponsored　　Stretched Valuations Underpin the Bubble Call　　Dudley pointed to the Shiller CAPE ratio, the Shiller cyclically adjusted price-to-earnings (CAPE) ratio, which sits near 41. That compares with a 25 to 30-year average of about 17, and a record of 44 set in December 1999. In simple terms, investors are paying far more for each dollar of company earnings than history suggests is safe.　　He also cited the Buffett Indicator, the ratio of stock market value to gross domestic product (GDP), which stands around 240%. Warren Buffett has said readings above 100% signal an overvalued market. This indicator is suggesting the stock market is strongly overvalued.　　The Buffet Indicator is pointing to a severely overvalued stock market. Image Source: Long Term TrendsAI Spending Faces a Slowdown　　Dudley expects capital expenditure (capex) growth among AI hyperscalers, the large cloud providers building AI infrastructure, to decelerate in 2027. That would squeeze

08-21انڈسٹری

Tensions Flare as CME, Kalshi Execs Clash Over Prediction Markets in DC

In briefCME Group Chairman Terry Duffy and Kalshi co-founder Luana Lopes Lara clashed during a CFTC roundtable in Washington, D.C.Duffy singled out Kalshi while questioning whether prediction markets face the same regulatory scrutiny as established exchanges.The clash comes amid a fight between federal and state regulators over prediction markets.　　A CFTC roundtable on prediction markets turned heated Thursday when CME Group Chairman Terry Duffy and Kalshi co-founder Luana Lopes Lara traded insults over market manipulation and regulation.　　The confrontation unfolded during a Commodity Futures Trading Commission meeting in Washington, D.C., as executives from traditional finance, crypto, and prediction markets debated how event contracts should be regulated.　　Myriad: Will the Clarity Act be signed into law in 2026？ Click to make your prediction.　　Duffy, whose CME Group operates the worlds largest futures exchange by volume, said he was “a lot concerned” about prediction markets and argued that some contracts are susceptible to manipulation.　　“Were not a bunch of carnival barkers at a circus,” Duffy said. “We are running the most envious markets in the world in the United States of America.”　　Duffy then took aim at the types of contracts Kalshi offers, mocking one in particular.　　“Theres another really economic contract that has been massively important for the

08-21انڈسٹری

Ex-FBI Officer is Watching Every Polymarket Trader, Says CEO Coplan

Polymarket pays a former FBI staffer to watch its traders full time. Chief executive Shayne Coplan revealed the role to US regulators on Thursday.　　He spoke at the first meeting of the Commodity Futures Trading Commissions Innovation Advisory Committee. His message was blunt. Polymarket users have almost no privacy.　　Sponsored　　Sponsored　　Polymarket Surveillance Goes Further Than the Company Says　　Coplan described the hire while defending his platform in Washington.　　“We have someone here right now who… is ex-FBI who works full-time at Polymarket.”　　That staffer built custom surveillance software in-house, he said. Outside firms were impressed it was not outsourced.　　The detail is new. Polymarkets public integrity page names Chainalysis and Palantir as partners. It never mentions building tools of its own.　　Coplan knew the news would sting. He said some users would be upset to hear it.　　Sponsored　　Sponsored　　Subscribe to our YouTube channel to watch leaders and journalists provide expert insights　　The Numbers Behind the Monitoring　　Polymarket reports handing 315 or more wallet records to authorities. It also claims 90 or more account referrals and two arrests. The company gives no date for those totals.　　Two traders learned what that means this year. In April, the CFTC charged Army Master Sgt. Gannon Ken Van Dyke over the Nicolas Maduro market.　　He bought more than

08-21انڈسٹری

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