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BSCN Debrief: BitMEX closes after 11 years

BitMEX shuts down trading after 11 years, Binance takes a $100M stake in Circle, and the White House tells regulators to move without Congress. Here's the week.

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5 min read
BSCN Debrief: BitMEX closes after 11 years

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Breaking News

BitMEX Officially Ceases All Trading Operations

BitMEX has officially ceased all trading activity, bringing to a close more than 11 years of operation as one of the most recognised names in crypto derivatives.

Top European Bank to offer Crypto Trading through Bitpanda

Raiffeisen Bank International (RBI), one of Europe's largest banking groups, has struck a formal partnership with Bitpanda to roll out digital asset trading across its network.

Canada's Big Six Banks Take Tokenized Deposits to the Next Stage

Canada's six largest banks have announced a joint initiative to explore a shared Canadian dollar tokenized deposit system. The six banks jointly exploring the system are Bank of Montreal (BMO), CIBC, National Bank of Canada, Royal Bank of Canada (RBC), Scotiabank, and TD Bank Group.

Russia Puts Investors on Notice Over $44B Crypto Market

Russia's Deputy Finance Minister Ivan Chebeskov has issued a pointed warning to the country's cryptocurrency holders: if foreign issuers freeze stablecoins held through Russian intermediaries, investors themselves could be left bearing the losses.

What the Markets Think

Real money, real predictions. Here's what Polymarket traders are pricing this week:

6%

. The White House says regulators can't wait, and Polymarket agrees they won't have to.

84% chance it breaks $90,000

. Bitcoin just touched its highest level since late January, and traders think there's more room to run.

51% probability the Fed keeps rates unchanged, while a 25-basis-point hike stands at 45%

. The split reflects genuine uncertainty heading into next week's FOMC meeting.

The Big Story

White House Says Crypto Regulation Cannot Wait For Congress

White House crypto adviser Patrick Witt delivered a pointed message to U.S. financial regulators on Sept. 22: do not wait for Congress. Speaking at CoinDesk's Policy and Regulation event in Washington, Witt said the administration's focus has shifted firmly toward the executive branch as the legislative path for comprehensive crypto regulation stalls. The message comes as the CLARITY Act's Senate failure leaves the industry without the legislative framework many had expected this year.

The shift marks a pragmatic acknowledgment that with the CLARITY Act effectively dead for 2026, agencies will need to fill the regulatory vacuum themselves.

Top Stories

Binance just invested heavily in Circle

Binance has taken a $100 million equity stake in Circle, acquiring 1,237,011 Class A shares at $80.84 per share through a private placement. The deal cements a deeper relationship between the world's largest exchange and the issuer of the second-largest stablecoin.

The investment gives Binance strategic exposure to USDC infrastructure at a time when stablecoin settlement is moving into traditional finance through partnerships like SoFi and Mastercard's new network.

Avalanche Brings $1.3T Wellington Strategy Onchain

Real-world asset platform Midas has launched two tokenized institutional credit products, mWIN and mGLOBAL, on Avalanche, opening up strategies previously reserved for large institutional investors to onchain DeFi participants. Wellington and Fasanara Strategies Go Onchain.

The move follows Avalanche's Helicon upgrade, which activated its most significant overhaul of staking economics since launch.

CME Group is bringing Uniswap Futures to its platform

CME Group, the world's leading derivatives marketplace, has officially announced plans to launch futures contracts for Bitcoin Cash (BCH) and Uniswap (UNI). The products join CME's growing roster of crypto derivatives and signal continued institutional demand for altcoin exposure.

The Uniswap listing is particularly notable given the protocol's role as DeFi's dominant DEX by volume.

Deep Dive of the Week

How Does Injective Court Both DeFi Traders And Traditional Finance at Once?

Injective courts both audiences by running a native on-chain order book built for active trading, while adding regulated derivatives and tokenized real-world assets aimed at institutions. The protocol's dual strategy lets retail users trade perpetual futures with sub-second finality while offering TradFi a compliant onramp to digital assets. It's a difficult balance, and this deep dive explains how Injective's architecture makes it possible.

By the Numbers

  • $1 billion:

Robinhood Chain's total value locked in DeFi, cementing its place among the most significant new blockchain networks of this cycle. Of the $1.02 billion locked, Morpho accounts for $678.7 million.

  • 62,379:

Zcash shielded transactions last week, its highest weekly total since 2022, according to the Zcash Open Development Lab.

  • $170 million:

Record value of tokenized assets on Robinhood Chain reached on September 21. The figure has since pulled back slightly to $158.61 million, though that still represents a gain of nearly 50% from where it stood two weeks ago.

  • $100 million:

Assets under management for the Bitwise NEAR Staking ETP, a milestone reached in under three months since the product's debut. Bitwise launched the ETP on the German stock exchange on June 23, 2026.

  • $928.8 million:

Leveraged positions wiped out over 24 hours on September 21, catching short sellers badly offside. A broad price surge across digital assets hit bears leaning the wrong way.

  • 1.8 million:

New holders added to the tokenized real-world asset market in a single month, pushing the total to over 4.5 million, a 66% jump. Yet the total value locked across the sector slipped just 0.37% over the same period, settling at $38.47 billion.

On Our Radar

  • Plume and the SEC:

Plume Network sat down with the SEC on September 22 to present a formal framework for how onchain vaults should be treated under U.S. securities law. The core argument: regulation should attach based on the vault's activity, not the underlying blockchain.

  • XRP momentum:

XRP touched $1.60 on September 22, with reported trading volume near $7.4 billion, continuing a rally that has drawn attention to a notable divergence in how professional traders are positioned across different futures venues.

  • PEPE leads the pack:

Pepe coin climbed to $1.60 on September 22, its highest price since February, before settling near $1.57. The move puts the token up 22.7% over the past week.

  • Confidential transfers coming:

Sui Network is set to roll out Confidential Transfers before the end of 2026, adding a privacy layer to its payment stack.

Until Friday.

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