Hey Crypto fam,
This week in crypto has been quite interesting. Authorities in India have issued fresh warnings after a 65-year-old retired engineer from Miyapur fell victim to a sophisticated trading scam. The victim lost approximately 1.28 crore rupees ($133,000) to scammers who used a fake trading app and a WhatsApp group over a month-long period. This week also delivered one of the most pivotal shifts in crypto regulation as the Office of the Comptroller of the Currency (OCC) in the U.S. expanded banks’ crypto powers while launching a probe into unlawful debanking. From record-breaking market rebounds to global policy shakeups, the industry settles into December with renewed momentum and regulatory clarity.
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Let’s get right into the week’s roundup!
OCC Expands Banks’ Crypto Powers While Probing Major Lenders for Unlawful Debanking
The Office of the Comptroller of the Currency (OCC) has taken a decisive step toward mainstream crypto adoption by confirming that U.S. national banks may conduct riskless principal crypto trades; buying digital assets from one party and instantly selling to another without taking market risk. The guidance, which treats these trades as routine brokerage-like activities, allows banks to expand services such as custody, settlement, and compliant principal trading under a clear regulatory framework.
At the same time, the OCC released preliminary findings revealing that nine of the largest U.S. banks had engaged in “debanking” lawful industries, including crypto firms, between 2020 and 2023. Banks restricted or denied services based on reputational concerns rather than objective risk assessments, a practice Comptroller Jonathan Gould deemed an inappropriate use of their federally granted charters. The regulator is now investigating potential unlawful debanking and plans to eliminate “reputation risk” from supervisory guidance.
Other News Making Waves
- A 65-year-old Indian engineer lost ₹1.28 crore to scammers using a fake trading app and WhatsApp group, prompting authorities to warn investors to verify platforms and avoid schemes promising guaranteed profits. (More)
- a16z crypto opened a Hong Kong office to lead Asia-focused investments, targeting high-net-worth individuals as regional demand for digital assets surges and regulatory clarity strengthens. (More)
- Sui Labs enabled blockchain transactions in remote Bhutan without internet connectivity, using radio relays and drones to securely transmit signed data to the Sui network. (More)
- Binance’s Yi He had her verified WeChat account hijacked and used to promote a low-cap meme coin, prompting Binance to warn of market-manipulation risks and urge users to verify claims. (More)
- The American Federation of Teachers warned that the new Crypto Market Integrity Act could expose retirement savers to higher risk, urging lawmakers to reinforce fiduciary safeguards over industry lobbying. (More)
- U.S.-controlled wallets linked to Silk Road-era seizures moved over $3 million in BTC to a new address, raising expectations of a possible government sell-off and short-term market pressure. (More)
- Securitize appointed ex-PayPal legal chief Jerome Roche as its new compliance lead, strengthening its ability to scale institutional tokenization products under increasingly complex U.S. regulations. (More)
- The crypto market entered December stronger after a significant leverage flush that reduced forced-liquidation pressure, allowing BTC and ETH to stabilize as price discovery shifts back toward spot demand. (More)
- Libeara launched Singapore’s first tokenized gold fund backed by physical bullion, offering 24/7 digital access and marking a major step in regulated RWA adoption. (More)
- Senator Bernie Moreno said crypto-bill negotiations remain “decently frustrating,” warning that stalled bipartisan cooperation could delay urgently needed market-structure clarity before year-end. (More)
- Evan Tangeman, 22, pled guilty to RICO conspiracy after helping launder millions from a syndicate that stole 4,100 BTC, becoming the ninth defendant to admit involvement in the scheme. (More)
- Polymarket faces scrutiny after researchers found its order-matching system double-counts trades, inflating reported volumes by up to 50% and raising concerns over market transparency and liquidity metrics. (More)
- Bitcoin reclaimed $94,000 and Ethereum topped $3,000 as sentiment improved after Vanguard enabled crypto ETF access, easing fears from the Bank of Japan–triggered selloff and restoring confidence in spot demand. (More)
- Ruya Bank became the first Islamic bank to offer Sharia-compliant Bitcoin trading, integrating ethical finance rules with regulated crypto access. (More)
- Brevis announced 99.6% real-time proving coverage for its Pico Prism zkVM, cutting GPU hardware costs by 50% and advancing Ethereum toward a more efficient cryptographic verification model. (More)
- Binance suspended an employee for using insider information to promote a new token, rewarding five whistleblowers with $100,000 as the exchange tightens internal controls amid renewed legal pressure. (More)
- Coinbase resumed new registrations in India after meeting FIU requirements, planning full fiat support by 2026. (More)
Around the World: Bold Moves and Regulations
- France lifted restrictions on retail access to approved crypto ETNs, widening participation as the UK and Nordic markets launch new Bitcoin ETPs and strengthen Europe’s regulated digital-asset investment landscape. (More)
- Hong Kong opened a public consultation on CARF and CRS updates that would introduce automatic cross-border tax reporting for crypto assets starting in 2028 under stricter registration and compliance rules. (More)
- The FCA introduced reforms to expand retail investment access and permit regulated crypto ETNs, aiming to include 11 million excluded adults while tightening consumer-protection safeguards. (More)
- The CFTC launched a pilot permitting futures commission merchants to accept BTC, ETH, and USDC as derivatives margin under strict haircut, reporting, and risk-management requirements. (More)
- Argentina’s central bank is considering letting banks provide regulated crypto trading and custody, citing inflation-driven adoption and the need for formal on-ramps with strong KYC and AML safeguards. (More)
Market Trends: Winners and Losers
Top 5 Gainers 📈
According to data from CoinGecko, these are the five biggest gainers of the week:
- Terra +75.42%, from $0.101244 to $0.177602
- Niza Global +81.41%, from $0.076875 to $0.139460
- Pippin +65.82%, from $0.194567 to $0.322631
- Audiera +52.17%, from $1.15 to $1.75
- GaiAI +27.42%, from $0.156975 to $0.200012
Top 5 Losers 📉
According to data from CoinGecko, the five biggest losers of the week are:
- OKZOO –45.39%, from $0.470558 to $0.256953
- Legacy Token –42.03%, from $0.581589 to $0.337142
- Avici –26.72%, from $5.39 to $3.95
- Minidoge –21.88%, from $0.000000141266 to $0.000000110357
- Humanity –25.82%, from $0.073434 to $0.054472
Project Spotlight
Sei Wallet to Come Pre-Installed on Xiaomi Phones, Bringing Global Users Into Web3
Sei is partnering with Xiaomi to pre-install its new crypto wallet and discovery app on all Xiaomi smartphones sold outside China and the U.S. The app offers MPC security, easy onboarding via Google/Xiaomi IDs, and access to dApps and crypto payments. The partnership will also enable stablecoin payments like USDC across Xiaomi’s global retail ecosystem, with pilots beginning in Hong Kong and the EU in 2026.
Why It Matters:
This rollout embeds crypto directly into a major global smartphone brand, removing onboarding friction and exposing millions to Web3 for the first time. It also activates real consumer payments, an essential step toward everyday crypto use at global scale.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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