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Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown

by admin October 3, 2025

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The US government shutdown has significantly slowed operations across various federal agencies, including the Securities and Exchange Commission (SEC), which was expected to begin the approval process for long-awaited spot crypto ETFs.

For the fourth consecutive time, spending proposals intended to reopen the government have been rejected by lawmakers from both parties, pushing the shutdown into next week.

Spot Crypto ETFs On Hold

As reported by Crypto In America, during a government shutdown, while the SEC retains the ability to act on urgent matters such as fraud and market emergencies, much of its routine work is halted.

This includes delays in processing initial public offerings (IPOs), exchange-traded funds (ETFs), and other filings, as well as pausing rulemaking efforts.

With spot crypto ETFs requiring formal approval from the SEC’s Division of Corporation Finance before they can commence trading, product launches for assets like Litecoin (LTC), Solana (SOL), and XRP are now likely on hold until government funding is restored.

However, altcoin prices saw a significant recovery on Friday, with LTC, SOL and XRP surging by 17%, 16% and 9% respectively over the past seven days. This aligns with the broader crypto market recovery, led by Bitcoin (BTC)’s surge to near record highs.

New Generic Listing Standards

“It’s like a rain delay,” Bloomberg ETF expert Eric Balchunas told Crypto In America, highlighting the frustration felt by the industry as they await clarity on the SEC’s operations. An SEC spokesperson also confirmed that the shutdown has hindered their ability to respond to press inquiries.

The current challenges follows the SEC’s decision for crypto ETF issuers to withdraw their 19b-4 filings. This, on the heels of the approval of generic listing standards that obviate the need for individual filings; as a result, crypto ETFs could potentially go effective on a rolling basis once the shutdown concludes.

The daily chart shows the total crypto market cap valuation near record highs. Source: TOTAL on TradingView.com

Featured image from DALL-E, chart from TradingView.com

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October 3, 2025 0 comments

GameFi Guides

Garantex Evades Sanctions, Continues Global Crypto Operations

by admin September 26, 2025

Garantex, a cryptocurrency exchange with ties to Russian banks, has continued operating through new platforms despite sanctions from the U.S. and EU. The U.S. sanctioned it three years ago, and the EU followed, pointing to the exchange’s connections with Russian cybercrime networks and terrorist groups.

The exchange was charged with stealing $22 million from a US-based blockchain platform. It was also involved in illegal money laundering. Following that, in March 2025, the U.S. Secret Service, Department of Justice, and international law enforcement took over Garantex’s digital systems.

As per the reports, they charged the firm’s operators, Aleksej Besciokov and Aleksandr Mira Serda. Besciokov, a Lithuanian living in Russia in his mid-40s, was arrested in India while awaiting extradition to the U.S. He died of a heart attack on August 31 in Delhi’s Tihar Jail, according to his lawyer, Ashish Panday. The charges were filed by Indian jail officials and the U.S. Attorney’s Office in Virginia.

Sanctions blocked Garantex from global financial systems, forcing it to move operations to Grinex, a Kyrgyzstan-based platform. A June Financial Times report revealed that Grinex handled billions in crypto transactions, including a ruble-linked stablecoin called A7A5, despite the sanctions. Following this, the U.S. Treasury’s OFAC sanctioned Grinex, Exved, Garantex figure Sergey Mendeleev, and the A7A5 creator. The U.S. State Department also offered a $5 million reward for information on Aleksandr Mira Serda’s location.

A Transparency International Russia report explained that Exved converts Russian rubles into Tether’s USDT stablecoin and sends funds through payment processors in countries like Hong Kong, Thailand, and the UAE to hide their source and destination.

Garantex successors use Telegram to evade sanctions

Researchers, posing as a Hong Kong electronics exporter, discovered Exved’s signup process on Telegram. Exved’s Russian agent, Paysol LLC, works with Feilian, a Hong Kong company run by Sergey Antipov, to facilitate these transfers.

A Paysol compliance officer admitted they use tailored documentation to avoid sanctions checks, often to help import restricted goods into Russia.

Blockchain analysis showed that a cryptocurrency wallet provided by Paysol was linked to a sanctioned Garantex wallet and processed over $112 million in transactions. Leaked Garantex documents from 2021 to 2024 revealed MKAN Coin, a Telegram-based service that helps Russians convert crypto to cash for moving money overseas.

Operating in countries like Kyrgyzstan and Spain, MKAN Coin, run by a former Garantex CEO, uses similar tactics to Garantex, creating a global network to bypass sanctions and avoid detection.

Also Read: FTX Recovery Trust Files $1.15B Lawsuit Against Genesis Digital

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September 26, 2025 0 comments

Esports

QA firm Testronic secures “significant” new investment as it restructures worldwide operations

by admin September 11, 2025

QA company Testronic has secured “significant” new investment, which it says will be used to “accelerate growth and future-proof its worldwide operations.” It will also use the funding to “strengthen” its leadership team.

Though the company didn’t expand on the specifics of that investment from TDC, a capital partner of global investment firm KKR, it did disclose a restructure that has seen its Madrid and Belgrade offices closed, and the Catalis Group name retired.

While the company also didn’t disclose how many people have been impacted by the closures, a spokesperson told Game Developer that the redundancies equated to 4.8% of its global headcount.

Testronic also stated it had doubled the number of its testers in Manila, and is “sharpening its focus on its Centre of Excellence” in the U.S., Europe, and South East Asia.

There have also been a number of senior hires, including former Meta director Samantha Williams as chief revenue officer, former senior QA exec Lewis Read as VP global partnerships, and former Keywords marketing director Linda Quinn, who joins as global head of marketing.

“This is a pivotal moment for our company. Making changes that affect people is never easy, but these decisions are about strengthening our business for the future,” said CEO Sharon Baylay-Bell. “We are in a very strong financial position, and this refocus allows us to invest more deeply in our Centres of Excellence in the US, Europe and South East Asia. We are recruiting across all three regions, and remain committed to innovation and state-of-the-art technology.

“We can now focus on delivering the services at which we excel – QA Testing and Localization via Testronic, and award-winning 3D and VFX Art via Secret 6. The sale of Curve Games has allowed us to do just that. It has also enabled us to streamline the business to eliminate what had been something of a complicated corporate structure.

“This is a significant stage in our company’s journey. By leveraging our core capabilities and driving innovation, we are well-positioned to create stronger, deeper client partnerships that are player-focused, client-first, and outcomes-led.”

Testronic opened a new “state-of-the-art testing facility” in Manila, Philippines, back in April. Situated in the Mega Tower in Mandaluyong City, Testronic said “the world-class location is designed to ensure the delivery of QA services of the highest quality to clients around the world” and is “fully supported by leading-edge security.”

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September 11, 2025 0 comments