The Monthly Crypto Map: October 2026

The crypto industry witnessed a major hack in October, with the FBI linking the $6.3 billion theft from Binance to North Korea. The stolen funds were moved around and converted into Ethereum, while investigators continued to track the money.

There was plenty happening beyond the hack. In the US, crypto companies spent heavily ahead of the midterm elections, hoping to influence the political debate. Regulators moved on crypto custody and stablecoins, while countries across Europe and Asia continued to work on rules for digital assets.

India remained cautious about private cryptocurrencies, even as enforcement agencies investigated alleged crypto-linked financial crime. Meanwhile, banks and financial institutions continued to explore digital assets, including custody, stablecoins and tokenised funds.

The market had a difficult month, too. Bitcoin recorded its worst October in a decade, and recent crypto IPOs continued to struggle.

Read on.

US

The FBI said North Korea was responsible for stealing more than $6 billion in virtual assets from cryptocurrency exchange Binance. The agency said the attackers were converting the stolen funds into Ethereum and warned that further laundering was expected. Earlier, President Donald Trump had said the US is investigating whether North Korean hackers were behind the theft targeting cryptocurrency exchange Binance.

The US crypto industry has spent about $176 million across more than 100 congressional races in the 2026 midterm election cycle, as it seeks to build a bipartisan coalition of allies that can advance its interests beyond President Donald Trump’s tenure. Fairshake and its affiliated political action committees accounted for roughly $150.8 million of the spending through October 20, with major backers including Coinbase, Ripple and Andreessen Horowitz.

The US Securities and Exchange Commission (SEC) proposed changes to custody rules that would allow investment advisers and funds to hold client crypto assets through self-custody arrangements under certain circumstances. The proposal also seeks to recognise certain state-chartered trust companies as eligible custodians. SEC Chairman Paul Atkins said the changes aim to reduce uncertainty surrounding the existing custody framework.

US Senator Cynthia Lummis expressed doubts about the passage of cryptocurrency tax legislation during the post-election lame-duck session. She said members of the Senate Finance Committee were reluctant to reopen the tax code following the midterm elections. Lummis indicated that she would be surprised if any digital-asset tax legislation advanced during the session.

An OKX and Intercontinental Exchange (ICE)-linked platform for tokenised stock trading has faced objections from several companies seeking to prevent their shares from being listed. Under the SEC's September innovation exemption, companies can object to the listing of tokenised versions of their shares, with 38 firms reportedly raising concerns. The companies include Walmart, Eli Lilly and JPMorgan, although JPMorgan said its objection does not rule out future participation.

The US Commodity Futures Trading Commission (CFTC) has issued an Advanced Notice of Proposed Rulemaking (ANPRM) seeking public feedback on the regulation of certain cryptocurrency market activities. The move is aimed at exploring a federal registration pathway for platforms offering leveraged crypto trading to retail customers. The agency will consider the feedback before proceeding with further rulemaking.

The Office of the Comptroller of the Currency (OCC) finalised its first set of rules under the GENIUS Act, covering payment stablecoin issuers under its supervision. The framework establishes requirements for reserves, redemptions and custody of stablecoin assets and is scheduled to take effect on January 18, 2027. The OCC also removed a proposed presumption that certain third-party arrangements would violate the Act's prohibition on paying interest or yield to stablecoin holders. 

 The US Securities and Exchange Commission included tokenisation among the risk areas in its examination priorities for fiscal year 2027. The Division of Examinations identified potential risks involving clearing agencies and market infrastructure associated with tokenised assets. The report does not explicitly mention cryptocurrency, and the examination priorities do not introduce new legal obligations.

The US Office of the Comptroller of the Currency (OCC) granted final approval for Ripple National Trust Bank to operate under a national trust bank charter. The approval allows the bank to manage reserves for Ripple's RLUSD stablecoin and provide fiduciary digital-asset custody services under federal supervision. RLUSD will continue to be issued by Ripple's New York-regulated trust company.

INDIA

Reserve Bank of India Governor Sanjay Malhotra reiterated India's cautious approach towards private cryptocurrencies at the Kautilya Economic Conclave. He highlighted concerns over monetary sovereignty, monetary policy and capital flows. However, he said the RBI supports underlying technologies such as blockchain, tokenisation and central bank digital currencies.

The Enforcement Directorate conducted searches in Bengaluru and Madhya Pradesh as part of an investigation into alleged unauthorised cross-border cryptocurrency transactions. The agency estimated the transactions under scrutiny at over Rs 4,600 crore for RPAS, which operates Mudrex and Saber.money, and around $40 million for Instadapp. The probe also examines the alleged involvement of foreign platforms, including Binance and Bybit, with no finding of guilt announced by the ED.

CoinDCX resumed futures trading across most markets after temporarily restricting new positions following a disruption involving Binance, a key global liquidity provider. However, four tokens: SOPH, ERA, GTC and LA, remained in reduce-only mode across INR and USDT trading pairs. The exchange said its risk team would continue monitoring these tokens for unusual volatility and potential market manipulation.

The Enforcement Directorate searched 20 locations across Mumbai, Pune, Mehsana, Surat and Hyderabad in an alleged betting-related financial fraud case. Investigators suspect that funds were transferred overseas through cryptocurrency wallets opened using fabricated KYC documents. The agency also froze bank accounts as part of its investigation.

The Bharat Web3 Association launched the BWA Self-Regulatory Body (BWA-SRB) in New Delhi to establish voluntary governance and compliance standards for India's cryptocurrency industry. The body will be chaired by former Union secretary Rohit Kumar Singh and aims to promote responsible practices in the sector. Its formation follows a recommendation by the Parliamentary Standing Committee on Finance for an interim framework involving recognised self-regulatory organisations.

Cryptocurrency exchange CoinSwitch launched SafeSwitch, an initiative designed to help users identify online scams and improve digital safety. The programme includes a 10-question scam-awareness quiz, a website safety checker and information about India's cybercrime helpline 1930. The company clarified that its website checker cannot guarantee complete protection against fraud.

Delhi Police arrested three people in Uttarakhand for allegedly operating Telegram-based task and cryptocurrency investment scams. The accused reportedly routed the proceeds through mule bank accounts and converted part of the funds into USDT. The investigation is being handled by the South District Cyber Police.

UK & EUROPE

European regulators, including ESMA and authorities in France, Germany and Greece, are examining how Binance serves EU customers without a licence under the Markets in Crypto-Assets (MiCA) framework. The review focuses on the exchange’s reliance on reverse solicitation, an exemption that allows firms to serve clients who approach them independently. Regulators have reportedly sought information from Binance, with potential fines among the possible consequences 

The UK has added several cryptocurrency exchanges and payment platforms, including Cryptomus, Heleket, VexPay, TokenSpot and Tsunami Payments, to its Russia-related sanctions list over alleged sanctions evasion. The government said two of the targeted entities had processed transactions linked to the A7 network, which claimed to have moved more than $90 billion in the previous year. The package also covers two Russian oil companies and 12 additional vessels linked to Russia's shadow fleet.

The UK's Financial Conduct Authority (FCA) has secured a court-backed agreement with cryptocurrency exchange HTX, formerly Huobi, to prevent it from knowingly promoting its services to UK consumers in breach of financial promotion rules. The case marks the regulator's first High Court action against an overseas crypto firm over such promotions. The FCA said HTX is leaving the UK and can no longer target British consumers.

The European Securities and Markets Authority (ESMA) has advised crypto service providers operating under MiCA to stop offering services involving stablecoins that do not meet the regulation's requirements. Providers have been given until January 8, 2027, to wind down existing customer exposure. Tether's USDT is among the major stablecoins affected by the guidance. 

The Council of the European Union has backed a proposal to place the largest cross-border crypto service providers under the direct supervision of ESMA. Smaller firms would continue to be overseen by national regulators, making the approach narrower than the European Commission's earlier proposal. The Council's position also calls for a full-time executive board at ESMA, but does not change existing MiCA requirements. 

The UK High Court has ruled that Chinese law will determine whether victims of a fraud linked to Zhimin Qian have ownership rights over approximately 61,000 seized Bitcoin, valued at around £3.8 billion. The decision supports the UK government's position on which country's law should apply to the claims. However, the court has not yet decided who ultimately owns the seized cryptocurrency. 

Qivalis, a consortium backed by 37 European banks, has received authorisation from the Dutch central bank, De Nederlandsche Bank, to operate as an electronic money institution. The licence allows it to issue a euro-denominated stablecoin, subject to meeting the remaining regulatory requirements. The company is expected to publish a MiCA white paper before issuance, with the token's launch planned in the coming months. 

Switzerland's financial regulator FINMA has approved BIT Asset Management's Bitcoin Fund ETF, which will hold Bitcoin directly and be available to retail investors. The fund, identified by the ticker BBIT, is expected to begin trading on the SIX Swiss Exchange in November. FINMA has granted an exemption from standard risk-spreading requirements while cautioning investors about the high market risks associated with Bitcoin. 

France's Senate has approved a bill to implement the OECD's Crypto-Asset Reporting Framework (CARF), enabling the automatic exchange of crypto-asset tax information with participating countries. The legislation was passed on October 27 and forwarded to the National Assembly for consideration. The proposed framework is expected to support international information sharing from 2027.

The Swiss Bankers Association has called for a regulatory framework that would allow banks to issue Swiss-franc-backed stablecoins directly under their existing banking licences. A study by the association recommends flexible reserve requirements, citing Switzerland's relatively small market for high-quality liquid assets. It also calls for practical anti-money laundering requirements to support the development of the country's stablecoin market. 

ASIA

South Korea’s proposed Digital Asset Basic Act has entered its final stage of preparation, according to Financial Services Commission Chairman Lee Eog-weon. Inter-agency discussions are nearing completion, although the bill is yet to be formally submitted, with proposed bank-led stablecoin issuance also facing criticism.

The Bank of Korea is working with the government on amendments to the Foreign Exchange Transactions Act to bring stablecoins used for payments under regulatory oversight. The central bank aims to establish the framework by the end of 2026 and is also developing a monitoring system for cross-border virtual asset transactions.

South Korea’s Financial Intelligence Unit (FIU) has blocked domestic access to 27 unregistered cryptocurrency exchange websites, including platforms such as KuCoin and MEXC. The regulator also plans to take action against mirror websites as part of its efforts to restrict unauthorised crypto services.

Hong Kong plans to introduce a bill in Q4 2026 to regulate virtual asset dealing, custody, advisory and management services. Secretary for Financial Services and the Treasury Christopher Hui said the proposed framework will require service providers to obtain licences, subject to approval by the Legislative Council.  

The Hong Kong Monetary Authority (HKMA) and Malaysia’s central bank have agreed to explore the use of regulated stablecoins for cross-border payments. The two regulators will establish a joint working group to examine payment system connectivity and cooperation in tokenisation. 

Thailand’s Securities and Exchange Commission (SEC) has introduced regulations allowing cryptocurrency exchange-traded funds (ETFs) investing in Bitcoin and Ether. The framework, effective October 16, requires funds to maintain at least 80% average exposure to a single crypto asset and use eligible regulated custodians. 

Vietnam has set a minimum charter capital requirement of VND 10 trillion (around $386 million) for companies seeking to operate cryptocurrency exchanges. Five organisations, including VIX, Loc Phat Vietnam, Vietnam Prosperity, Techcom and Vietnam Digital Assets, have received in-principle approval and are completing capital and operational requirements before joining the pilot programme. 

Taiwan’s Financial Supervisory Commission (FSC) expects to introduce implementing rules for its Virtual Asset Service Act in early 2027. The timeline follows the legislature’s passage of the legislation in mid-2026, which establishes the regulatory foundation for virtual asset service providers. 

BlackRock, SBI and Startale have signed a memorandum of understanding (MoU) to explore connecting tokenised money market funds with Japan’s yen-backed stablecoin JPYSC. The collaboration will examine technological, commercial and regulatory aspects of the initiative, with JPYSC issued by SBI Shinsei Trust Bank and distributed through SBI VC Trade. 

Pakistan has brought the Pakistan Virtual Assets Regulatory Authority (PVARA) under the country’s Anti-Money Laundering Act after the National Executive Committee on AML/CFT approved its inclusion in Schedule IV. The move strengthens regulatory oversight of cryptocurrency exchanges and other virtual asset service providers. 

OTHER REGIONS

Canada has published draft stablecoin regulations for public consultation, proposing mandatory registration with the Bank of Canada for non-bank issuers. The framework requires issuers to maintain one-to-one reserves, provide redemption within three business days and comply with reserve management and reporting standards, with implementation targeted for fall 2027.

Brazil has reached a key deadline in its transition to a regulated virtual asset service provider (VASP) framework, requiring crypto businesses to obtain central bank authorisation to continue operating through regulated banking channels. According to regional reporting, several exchanges have exited the market during the transition, while the impact of the new licensing requirements continues to unfold.

Itaú Unibanco, Brazil’s largest private bank, has notified the country’s central bank of its cryptocurrency trading and custody operations, becoming the first bank to formalise its crypto brokerage under new digital-asset rules. The filing comes ahead of an October 30 compliance deadline, as banks already authorised by the central bank can notify the regulator of their crypto services, while dedicated crypto providers must apply for operating authorisation.

Argentina’s central bank is expected to retain its restrictions on banks offering cryptocurrency services, with no immediate plans to reverse the 2022 prohibition. According to regional media reports, the restriction could remain in place through the 2027 election cycle, while crypto trading continues through platforms licensed by the National Securities Commission (CNV). 

Russia’s largest lender, Sberbank, has received approval from the central bank to offer cryptocurrency trading after being added to its exchange register. The bank plans to launch crypto trading services on December 1, with Bitcoin, Ether and USDT among the assets being tested through its mobile application. 

Australia’s Securities and Investments Commission (ASIC) has opened consultations on proposed capital, custody, trading and settlement requirements for digital asset platforms. Consultation Paper 392 outlines financial requirements for platform operators, with public feedback due by November 27, 2026, ahead of the new regulatory framework taking effect on April 8, 2027. 

The Astana International Financial Centre (AIFC) Court has issued injunctions against six cryptocurrency platforms, including Coinbase, BingX, Bitcoin.com, HTX, BitMart and WEEX, for offering unlicensed services within its jurisdiction. The September 15 order also addresses the distribution of their mobile applications, but the restrictions do not constitute a nationwide ban across Kazakhstan. 

South Africa is proposing stricter oversight of cross-border cryptocurrency transactions as part of a broader effort to tighten capital controls and prevent illicit financial flows. The draft framework would require crypto transfers to move through authorised providers and be reported to the South African Reserve Bank, bringing digital assets more firmly within the country’s exchange-control regime.

Abu Dhabi Global Market (ADGM) has published dedicated guidance for cryptocurrency mining, introducing a specific commercial licensing framework for the activity. The regulator described the move as the first phase of its approach, with a broader regulatory framework expected to be developed through a future public consultation.

Cryptocurrency exchange Kraken has received preliminary approval from Kazakhstan’s Astana Financial Services Authority (AFSA) to establish its local subsidiary, Payward Kazakhstan. The approval covers digital asset trading and custody services, but the company must complete the remaining licensing requirements before commencing operations.

CORPORATE DEVELOPMENTS

Most cryptocurrency companies that went public in 2025 and early 2026 have struggled to sustain their IPO valuations, with several stocks plunging even as the broader US market rallied. Fortune’s analysis of around 20 listed crypto firms found that only Circle and Hyperliquid Strategies stood out, raising questions about whether the next wave of crypto companies including Kraken, MetaMask and Ledger can fare better in public markets.

Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire Lithuania-based Saldo Bank. The acquisition would give Payward access to an EU banking licence, allowing it to expand services such as deposits, lending and payment cards across European markets. The deal is expected to close in 2027, subject to regulatory approval, while financial terms remain undisclosed.

Standard Chartered has signed definitive agreements to acquire 100% of Zodia Custody’s regulated operations across Singapore, Hong Kong, Australia, the UAE and Luxembourg. Zodia’s technology business will be separated into a new entity, Zodia Solutions, under SC Ventures. The transaction remains subject to regulatory approvals, with financial terms undisclosed.

Circle Ventures has invested in South African payments infrastructure company CrissCross to support the expansion of its stablecoin-powered cross-border payment services across Africa. The investment, made through CrissCross's parent company Stitch Group, will help strengthen payment connectivity and liquidity across more than 30 African markets.

Bitcoin-focused company Strategy reported operating income of $20.9 billion in the third quarter of 2026, largely driven by unrealised gains on its Bitcoin holdings. The company held 848,517 BTC as of October 25, while revenue declined 3% year-on-year to $125.4 million. Executive Chairman Michael Saylor expressed optimism about the next Bitcoin market cycle.

Ethereum Layer-2 network Blast has announced plans to shut down its operations, citing rising operating costs and a lack of a sustainable business model. The team said maintaining the network now costs more than it generates in revenue. Users were able to withdraw their funds through the regular interface until October 26, 2026. 

Cryptocurrency exchange Bitget plans to enter Thailand through the proposed acquisition of GMO-Z.com Cryptonomics, the operator of the Z.com EX exchange. The transaction is being pursued through BTGT Management, in which Bitget holds an interest, with the share transfer scheduled for October 31, subject to regulatory approval. The company has not announced a launch timeline. 

Stablecoin issuer Tether has led a pre-seed funding round in Bolivian fintech Peso to support the expansion of its financial services across Latin America. The investment will help the company develop stablecoin-based payment, savings and investment offerings in the region. 

Galaxy Digital reported net income of $323 million in the third quarter of 2026, compared with a net loss of $85 million in the previous quarter. The company recorded adjusted EBITDA of $455 million during the period. Its performance reflected contributions from its digital asset operations, investment portfolio and data centre business. 

Robinhood reported a 12% year-on-year increase in revenue to $1.42 billion in the third quarter of 2026, even as its cryptocurrency revenue declined 55% to $120 million. Crypto trading volumes also fell 38% to $50 billion. The company posted net income of $476 million, while prediction-market revenue exceeded its crypto revenue during the quarter. 

Ripple has partnered with Robinhood to expand the use of its RLUSD stablecoin and institutional financial services. Robinhood plans to use RLUSD for institutional trade settlement, adopt Ripple Treasury for its operations and access financing services through Ripple Prime. RLUSD is also expected to become available to Robinhood app users later in 2026. 

BNY has added support for XRP and Ripple’s RLUSD stablecoin to its digital asset custody platform, allowing eligible institutional clients to hold and transfer the assets. The companies are also exploring RLUSD minting and redemption services through BNY, subject to regulatory approvals, along with a tokenised receivables financing initiative with C2FO. 

Janus Henderson and Centrifuge have launched JQQQ, a tokenised fund tracking the Nasdaq-100, on the Stellar blockchain. The fund tracks the Nasdaq-100 Index under licence from Nasdaq and is initially available to eligible investors outside the US. Janus Henderson said its onchain platform now manages more than $1 billion in institutional investment strategies. 

French fintech company Spiko has raised $90 million in a Series B funding round led by New Enterprise Associates (NEA). The company operates tokenised cash and money market funds, taking its total funding to $120 million. The round was identified as the largest crypto-native funding deal in October in the cited funding tracker’s data for October 3–23. 

Coinbase has begun converting remaining balances of USDT and other stablecoins that do not comply with the European Union’s Markets in Crypto-Assets (MiCA) regulations for retail users in the European Economic Area. The exchange said eligible leftover balances would be converted at market rates, primarily into USDC. Customers were required to withdraw the affected assets to external wallets before the applicable deadline. 

Deutsche Bank is preparing to introduce cryptocurrency custody services for corporate clients, asset managers and investment funds, initially in Germany. The service is expected to cover Bitcoin, Ether and selected stablecoins, allowing institutional customers to hold digital assets through the bank. Its launch remains subject to regulatory approval.

Aviva Investors has launched a tokenised share class of its £22 billion Sterling Liquidity Fund on the XRP Ledger, in collaboration with Ripple. Aviva Investors has invested £50 million in the new tokenised share class, while the wider fund will continue operating through its existing off-chain structure.The wider fund will continue operating through its existing off-chain structure, while the tokenised offering uses blockchain technology.

South Africa’s First National Bank (FNB) has introduced cryptocurrency trading through its banking app in partnership with local exchange VALR. The service allows customers to buy and sell crypto within FNB’s platform, but does not support transfers to external exchanges or personal wallets.

Nigerian fintech company Raenest has launched cryptocurrency deposit and stablecoin payment services, allowing users to receive Bitcoin, Solana and Ethereum, which are automatically converted into USDC. The launch also includes stablecoin payment features and new card offerings, expanding its services across Nigeria, Kenya, Ghana, Tanzania and Uganda.

GLOBAL MARKETS

Bitcoin fell 7.3% in October, closing near $77,558 for its weakest performance in the month since 2014 and its second consecutive October decline. The sell-off was driven by a $6.3 billion Binance hack, a more hawkish Federal Reserve stance, falling technology stocks and outflows from US spot bitcoin exchange-traded funds

FRAUDS & SECURITY

Stablecoin issuers Circle and Tether froze more than $800 million and approximately $1.57 billion, respectively, in assets linked to the Binance security incident. Binance reported that around $2.54 billion in crypto assets had been frozen as it investigated the incident. The exchange said it would cover the losses, while a separate report estimated the overall impact at approximately $6.3 billion.

North Korea has increasingly turned to cryptocurrency theft to generate foreign currency and fund its military and nuclear weapons programme, using sophisticated cyberattacks to circumvent international sanctions. Experts have linked the reported $6.3 billion Binance theft to the country’s TraderTraitor hacking unit, while a UN panel estimated that suspected crypto attacks between 2017 and 2023 generated around $3 billion for the isolated state.

Zheng Zhao, a 44-year-old Chinese national, has been extradited from the Netherlands to the US to face charges over his alleged role in a cryptocurrency investment scam that identified 174 American victims. Prosecutors allege that the network used fake investment platforms to steal funds, routed more than $36.9 million through a bank account in the Bahamas, converted the money into Tether’s USDT stablecoin and transferred it to wallets in Cambodia.

A federal jury in Manhattan convicted Jonathan Spalletta on computer fraud and money laundering charges linked to the theft of more than $50 million from cryptocurrency exchange Uranium Finance. Prosecutors said he carried out two separate attacks on the platform in April 2021, resulting in losses of more than $50 million.

Cryptocurrency prediction market Polymarket temporarily suspended international trading following a security incident involving one of its third-party service providers. The incident affected user wallets, with the company later reporting that it had returned funds to affected users. Trading subsequently resumed.

A federal court in Connecticut sentenced 23-year-old Saif Faiq to 48 months in prison for his role in an attempted Bitcoin robbery and kidnapping in Danbury in August 2024. The case involved a scheme targeting victims for their Bitcoin holdings. His brother and co-conspirator, Adam Iza, was sentenced to 15 years in prison in September 2026.