NEWS DIGESTπ
1. EU Markets Watchdog Warns of Crypto-Related Financial Stability Risks
The European Securities and Markets Authority (ESMA) has issued a warning about potential risks the growing cryptocurrency industry could pose to the EUβs financial stability. Although crypto-focused funds account for less than 1% of the EU fund universe, ESMA emphasized that even small market disruptions could have broader consequences in the current strained geopolitical and economic climate. The increasing integration of crypto with traditional finance necessitates continued close monitoring.
Β 2. Pakistan Turns to Bitcoin Miners, AI Data Centers to Utilize Surplus Power
Pakistan plans to address its surplus electricity by supporting Bitcoin mining and AI data centers. Bilal Bin Saqib, head of the Pakistan Crypto Council and adviser to the finance minister, stated that this initiative aims to tackle high electricity tariffs and overcapacity in the energy sector. Discussions are underway with several mining firms, with locations for mining centers to be chosen based on regional excess power availability. The initiative also seeks to boost innovation through regulatory sandboxes and position Pakistan as a global tech talent hub.
Β 3. Binance CEO Changpeng Zhao Steps Down Amid Legal Issues
Changpeng Zhao, known as βCZ,β has resigned as CEO of Binance and pleaded guilty to violating U.S. anti-money laundering laws. This development follows years of investigation by U.S. authorities into Binanceβs operations. The Department of Justice had been investigating since 2018, and the CFTC sued Binance for operating what the regulator described as an βillegalβ exchange with a βshamβ compliance program.
Β 4. Coinbase Institutional Close to Offering XRP Futures
Coinbaseβs institutional arm is nearing the launch of cash-settled XRP futures, trading under the ticker XRL. These contracts are expected to go live on April 21, 2025, marking the second CFTC-regulated XRP futures product in the market. This move aims to provide institutional investors with more avenues to gain exposure to XRP.
