Day: May 18, 2025

UK to require crypto firms to report every customer transaction

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United Kingdom crypto companies will need to collect and report data from every customer trade and transfer beginning Jan. 1, 2026 as part of a broader effort to improve crypto tax reporting, the UK government said. Everything from the user’s full name, home address and tax identification number will need to be collected and reported for every transaction, including the cryptocurrency used and the amount moved, the UK Revenue and Customs department said in a May 14 statement. Details of companies, trusts and charities transacting on crypto platforms will also…

CME Group set to launch XRP futures on Monday amid legal setback for SEC and Ripple

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Key Takeaways CME Group will offer XRP futures starting May 19, pending regulatory review. SEC and Ripple’s settlement request was denied, maintaining the $125 million penalty. Share this article The Chicago Mercantile Exchange (CME) Group, the world’s leading derivatives marketplace, is expected to launch XRP futures and Micro XRP futures contracts on Monday, May 19, aiming to expand its suite of regulated crypto derivatives to include the fourth-largest digital asset by market capitalization. The contracts will be available for trading on CME Globex and cleared through CME ClearPort, with access…

Hong Kong police busts $15M laundering ring that used crypto, 500 bank accounts

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Hong Kong police arrested 12 people involved in a cross-border money laundering scheme that relied on crypto and over 500 stooge bank accounts to launder HK$118 million ($15 million), local news outlets reported. The syndicate was dismantled on May 15, resulting in the arrest of nine men and three women in mainland China and Hong Kong. The suspects allegedly recruited others to open bank accounts to receive proceeds from fraud cases, which were then converted into crypto at crypto exchange shops to launder the illicit funds, Hong Kong Commercial Daily…