Bitdeer Records Revenue Growth Amid Q2 Losses

SBI Zodia Custody is discontinuing operations two years after its launch, Bloomberg reported. The joint venture was formed by Tokyo-based SBI Holdings and Zodia Custody, an institutional digital-asset platform backed by Standard Chartered, with ownership split 51% and 49% respectively.Photo by Haotian Zheng on UnsplashStrategic realignment behind exitAccording to people at the companies involved, the decision reflected shifting priorities at both partners. Zodia Custody chief executive Julian Sawyer described the move as a mutual alignment of strategy and said the company had prepared materials to seek local registration with Japan’s Financial Services Agency but had not filed an application before opting to exit. An SBI Holdings spokesperson said the dissolution did not signal a withdrawal from crypto custody or the company’s broader Asia strategy, describing the step instead as an effort to generate greater collective impact across SBI’s digital ecosystem. Security breaches shape regulatory climateThe retreat comes as overseas crypto businesses continue to face a cautious regulatory environment in Japan, a market shaped by several high-profile security breaches. Industry analyses have repeatedly noted that three of the largest crypto hacks targeted Japanese exchanges: Mt. Gox in 2014, Coincheck in 2018, and DMM Bitcoin in 2024. Mt. Gox lost about 850,000 BTC, now worth roughly $98 billion, and began making creditor repayments in July 2024 after years of legal proceedings. The repayment deadline was later extended to Oct. 31, 2025, and initial distributions totaled about 59,000 BTC, or just over 41% of the roughly 141,686 BTC earmarked for repayment, to an estimated 127,000 creditors. Coincheck’s 2018 breach involved what was then about $534 million in NEM tokens. Despite that episode, the company secured approval from the U.S. Securities and Exchange Commission (SEC) in November 2024 for a Nasdaq debut through a merger with Thunder Bridge. The transaction generated roughly $31.6 million in gross proceeds for the combined company. Moving forward, Coincheck is entering Europe through the acquisition of Aplo, a French-licensed digital asset brokerage. The most recent breach involved DMM Bitcoin, which had suspended operations after a May 2024 theft of more than 4,502.9 BTC. Its accounts and assets were transferred in March 2025 to SBI VC Trade, a cryptocurrency exchange owned by SBI Holdings, which said it would support 14 tokens previously listed on DMM that were not available on its own platform. Policy uncertainty as leadership shiftsAt the policy level, uncertainty is growing over Japan’s stance on crypto and blockchain following Prime Minister Shigeru Ishiba’s Sept. 7 announcement that he will step down. Ishiba, who took office in October 2024, has advocated for digital assets, with his latest remarks delivered at the WebX2025 event. There, he pledged greater state support for Web3 initiatives, describing the sector as a driver of innovation that could help address demographic decline and support broader economic change. Last month, Finance Minister Katsunobu Katō, seen as a potential contender to succeed Ishiba, said cryptocurrency could play a role in a diversified investment portfolio, noting its growing user base in Japan. While recent surveys show Sanae Takaichi and Shinjiro Koizumi as the leading preferences for the next Liberal Democratic Party leader, Katō has emphasized the need to foster a stable trading environment for digital asset stakeholders, balancing investor protection with industry innovation. Within this policy climate, SBI Zodia Custody’s shutdown underscores the operational and licensing challenges facing foreign-linked crypto ventures in Japan. 

ClayStack, the crypto liquid staking platform, has made a strategic move into the Ethereum restaking arena through EigenLayer, providing users with reward points in anticipation of its upcoming token launch.Photo by Kanchanara on Unsplash‘Redefining the staking landscape’The Singaporean platform describes its mission as redefining “the staking landscape by helping users unlock the underlying value of their crypto assets, and we are doing this by building a decentralized cross-chain liquid staking protocol.” In its efforts to deliver on that mission, it appears that the crypto startup is set to convert its Ethereum liquid staking token, csETH, into a liquid restaking token, leveraging the Ethereum restaking protocol offered by EigenLayer. Eigenlayer enables restaked sidechains, through which ETH restakers can participate in Ethereum-centric consensus protocols. Reward pointsIn an announcement on Tuesday, ClayStack revealed its plan to offer reward points to users participating in Ethereum restaking, with a 1:1 ratio for redemption when the platform's token is launched. Each clay point earned will be redeemable for one clay token during the token launch. Notably, the platform distinguishes itself by offering a 1:1 redemption system, setting it apart from other points programs. Founder and CEO Mohak Agarwal explained how the project is adopting EigenLayer's protocol for this new service. Agarwal had teased that the project had something new to offer in the pipeline when taking to social media last week, writing:”We are entering into a new era where staking will become more dynamic, accessible, and rewarding for the entire DeFi community.” Currently, ClayStack accepts native ETH for direct restaking on EigenLayer. Agarwal confirmed to The Block that other liquid staking tokens, such as Lido staked ether (stETH) and Rocket Pool ether (rETH), will be integrated into the platform in the coming days. He emphasized that these tokens will be directly deposited on EigenLayer, streamlining the restaking process. Growing interest in restakingEthereum restaking has gained significant traction since EigenLayer's launch in June of the previous year, with a total value locked (TVL) in smart contracts reaching approximately $1.7 billion. Renzo Protocol recently entered the Ethereum restaking space via EigenLayer, securing a $3.2 million seed funding round. Despite being in beta, Renzo has already achieved a TVL exceeding $116 million. ClayStack's TVL currently stands at around $2.25 million, having initially launched liquid staking for Polygon's MATIC token in 2022. Following that, the platform introduced Ethereum liquid staking in September. However, the latest move marks a shift in focus towards Ethereum restaking due to challenges faced on the Polygon network. Agarwal outlined the reward structure, stating that 20 clay points will be allocated per ETH per week, with rates subject to change every Monday but generally remaining constant throughout the week. There are no minimum or maximum points for individual users, although there is a weekly total cap for all users combined, which refreshes at the beginning of each week.

Dubai Regulator Suspends BitOasis’ Crypto LicenseDubai’s pioneering cryptocurrency exchange, BitOasis, has had its operating license suspended by the city’s cryptocurrency regulator for failing to meet key conditions within the required timeframes. The Virtual Assets Regulatory Authority (VARA) took enforcement action against BitOasis and initiated a review of the Dubai-based firm.BitOasis was granted a conditional license on April 12, which allowed it to operate on the condition that it met specific requirements within 30 to 60 days. However, the exchange has failed to fulfill these conditions, leading to the suspension of its license. VARA did not disclose the exact nature of the unmet conditions, but it stated that until they are satisfied, BitOasis’ “License for Institutional and Qualified Retail Investors” will remain non-operational.Photo by iridial on UnsplashFirst MVP broker-dealer license holderBitOasis had received the first “minimum viable product operational license” from VARA, enabling it to offer broker-dealer services to qualified institutional and retail investors in Dubai. This license represents a crucial step towards obtaining a full market product (FMP) license, but as of now, no firm has been issued an FMP license by VARA.To become eligible for the FMP license, BitOasis must fulfill the conditions specified in its current license, as outlined by VARA. The regulatory authority has emphasized its commitment to monitoring the situation for compliance remediation.OPNX reprimandThis recent development follows VARA’s reprimand of Su Zhu and Kyle Davies, the co-founders of the now-defunct crypto hedge fund Three Arrows Capital, in April. The duo had operated and promoted their new OPNX crypto exchange in Dubai without the necessary license, catching VARA’s attention.BitOasis addressed the regulatory concerns in a blog post on Tuesday, affirming its collaboration with VARA to meet the remaining conditions for the Operational MVP License. The exchange clarified that the issue with its license does not impact other services provided, such as broker-dealer services for existing retail users. It also took to Twitter on Tuesday to clarify the situation. The company has suspended new user registrations until further notice, presumably as it works towards meeting VARAs licensing requirements.BitOasis stated: “You can continue to use BitOasis with the assurance that your assets are safe, secure, and held at their full value on our platform, and our team will continue to cooperate with the Virtual Asset Regulatory Authority and fulfill all post-operational license terms, as well as working towards a full market product license.”The firm referred to the “unique challenges” that are associated with licensing and suggested that it is determined to address them and to “be a leader in the virtual assets sector.”The suspension of BitOasis’ license highlights the stringent regulatory environment in Dubai’s cryptocurrency sector. VARA is demonstrating that it remains committed to enforcing compliance and ensuring that crypto exchanges meet the necessary requirements. BitOasis must rectify the issues and meet the conditions of its license to regain its operational status and proceed towards obtaining the coveted full market product license in the future.