Trump family crypto profits top $1b, UK targets 65k investors, OpenSea sets token launch | Weekly Recap

In this edition of the weekly recap, regulatory enforcement intensified as UK tax authorities contacted tens of thousands of cryptocurrency holders. Meanwhile, the Trump family’s cryptocurrency ventures generated over $1 billion in profits.

British tax authority escalates crypto enforcement

• HM Revenue & Customs dispatched 65,000 letters to cryptocurrency investors suspected of unpaid tax obligations, according to Financial Times reporting.
• Beginning January 2026, HMRC will receive comprehensive user data from exchanges through the Crypto-Assets Reporting Framework adopted by approximately 70 jurisdictions including OECD members.

OpenSea announces first quarter 2026 token launch

• CEO Devin Finzer revealed the NFT marketplace will introduce its SEA token during Q1 2026 and allocate half the total supply to community members.
• Significant portions will be distributed through initial claims, with separate consideration for users holding historical platform activity and rewards program participants.

MrBeast files cryptocurrency service trademark

• YouTube star James Donaldson submitted trademark applications for MrBeast Financial. This covers downloadable applications for cryptocurrency exchange and payment processing services.
• The filing includes investment banking, insurance, financial education, microfinance lending, and decentralized exchange cryptocurrency trading capabilities.
• The move comes after Strategy founder Michael Saylor told Donaldson to buy bitcoin.

Swiss authorities investigate FIFA blockchain

• Gespa, Switzerland’s lottery and gambling regulator, filed criminal complaints regarding FIFA Collect, the soccer organization’s blockchain collectibles platform.
• The authority initiated preliminary investigations in early October targeting the platform’s offerings.

South Korean regulators approve Binance GOPAX acquisition

• The Financial Intelligence Unit authorized Binance’s majority stake purchase of GOPAX.
• This approval allows Binance to assume majority control, resume Korean operations, fulfill user repayment commitments, and compete with established local exchanges.

Trump family cryptocurrency profits exceed a billion dollars

• Eric Trump confirmed the family’s cryptocurrency ventures have generated over $1 billion in pre-tax profits.
• President Donald Trump’s return to the White House coincided with substantial growth in family-affiliated cryptocurrency business valuations and revenues.

Ripple acquires treasury management firm

• Ripple purchased GTreasury for $1 billion on Thursday.
• This is Ripple’s third major acquisition this year, adding corporate treasury management capabilities.

Chainlink deploys real-time oracle on MegaETH

• The companies announced what they describe as the first native real-time on-chain oracle hosted on MegaETH’s “real-time” Ethereum layer-2 network.
• This deployment aims to allow perpetuals, prediction markets, and stablecoins to update at speeds matching centralized venues while maintaining full on-chain composability.

Kraken acquires U.S. derivatives platform

• The exchange purchased the Small Exchange from IG Group for $100 million, comprising $32.5 million cash and $67.5 million stock.
• The acquisition provides Kraken with designated contract market status in the U.S. through Small Exchange’s CFTC licensing.

Australia considers crypto ATM restrictions

• Home Affairs Minister Tony Burke proposed granting AUSTRAC expanded powers to regulate cryptocurrency ATMs following government findings regarding misuse.
• The Thursday announcement targets “high-risk products” including crypto ATMs through improved anti-money laundering authority oversight.

Paxos resolves massive minting error

• The stablecoin issuer experienced a technical malfunction Wednesday at 3:12 p.m. ET that minted 300 trillion PayPal USD tokens.
• Paxos resolved the incident within 30 minutes by burning the incorrectly issued tokens, preventing market impact.

Japan prepares insider trading restrictions

• The Financial Services Agency plans amendments explicitly prohibiting cryptocurrency trades based on non-public information.
• The changes would authorize the Securities and Exchange Surveillance Commission to investigate suspected cases and recommend surcharges or criminal referrals.

New York establishes digital assets office

• Mayor Eric Adams signed an executive order Tuesday creating what officials describe as “the first-ever mayoral office of its kind in the nation” focused on digital assets and blockchain.
• Moises Rendon, who has worked on city digital asset initiatives for over a year, will lead the office promoting responsible technology usage.

Tether settles Celsius bankruptcy claims

• The stablecoin issuer paid $299.5 million to resolve claims from the Celsius Network bankruptcy estate through the Blockchain Recovery Investment Consortium.
• The settlement resolves adversary proceedings filed in August 2024 in the U.S. Bankruptcy Court for the Southern District of New York.

Monad opens token allocation checker

• The upcoming layer-1 blockchain network competing with Solana and Ethereum revealed additional MON token airdrop details on Tuesday.
• Qualified users may view allocations as early as October 28, with claims remaining open until November 3 before token distribution becomes available.

Strategy maintains Bitcoin accumulation

• The world’s largest corporate Bitcoin (BTC) holder purchased 220 BTC at an average price of $123,561 using $27.3 million raised through preferred stock sales.