The Tennessee Sports Wagering Council issued January 9 cease-and-desist letters to Kalshi, Polymarket, and Crypto.com, ordering them to stop offering sports event contracts to state residents. Regulators accused all three firms of illegally operating sports wagering products without required licenses under the guise of event contracts.
The world’s largest custodial bank, managing nearly $58 trillion in assets, launched a platform enabling institutional clients to settle bank deposits on blockchain infrastructure. The initiative signals ongoing exploration of blockchain-enabled settlement workflows by incumbent financial institutions, aiming to improve efficiency and transparency in core banking operations.
OKX has undertaken an institutional business restructuring, reorganizing its global operations within that division. Reports on staffing vary: one source says about half the team was terminated, while another notes 8–10 layoffs with 3–4 voluntary departures when the restructuring was announced. The situation underscores ongoing consolidation within crypto exchanges’ institutional units as firms adjust to evolving market and regulatory conditions.
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