Robinhood’s Android Wallet, OKX’s Exit from India, and Other Crypto Industry Developments

We have compiled the most important news from the crypto industry over the past two weeks.

Robinhood Launches Cryptocurrency Wallet on Android

Online broker Robinhood has officially launched its cryptocurrency wallet for Android users without geographical restrictions.

The expansion comes a year after the iOS version was introduced. The app was in beta testing, and a public waiting list was opened for registration.

The wallet supports sending, receiving, and storing cryptocurrency on Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base networks. It also allows token swaps on Ethereum, Polygon, and Arbitrum through DEX aggregators.

Robinhood does not charge fees; users only pay blockchain transaction fees.

According to a press release, the initiative marks a “significant step forward in Robinhood’s effort to make cryptocurrency more accessible and integrated into the daily lives of millions worldwide.”

Bernstein estimates that Robinhood’s revenues should increase ninefold by 2025. The consensus forecast suggests a fivefold increase.

On January 12, the online broker opened the opportunity for U.S. clients to trade SEC-approved spot Bitcoin ETFs.

OKX to Cease Services for Users in India

Cryptocurrency exchange OKX will cease services for users registered in India. By April 30, they must close positions and withdraw assets from various products on the platform.

At the end of 2023, India’s Financial Intelligence Unit accused leading platforms of operating without registration and violating anti-money laundering and counter-terrorism financing laws.

At that time, the regulator demanded that the Ministry of Communications and Information Technology block the domains of the listed companies in the country.

Following the initiative’s implementation in January 2024, OKX introduced a new registration process with strict KYC checks. The latest message from the exchange indicates a complete withdrawal from the country.

In July 2023, the Supreme Court reprimanded the local government for delaying the development of a regulatory framework for digital assets.

Bybit Launches Regulated Trading Platform in the Netherlands

Bitcoin exchange Bybit announced the launch of a regulated trading platform in the Netherlands.

Thanks to a partnership with local licensed crypto service provider Satos, Bybit’s local users can deposit and withdraw fiat and trade over 300 pairs in compliance with local regulatory requirements.

On March 15, the Hong Kong Securities and Futures Commission included Bybit among suspicious cryptocurrency exchanges.

The warning does not apply to the application for an SFC license by Spark Fintech Limited. The latter seeks approval for its activities as a regulated digital asset trading platform alongside 23 other organizations.

In December 2023, Kaiko analysts identified Coinbase and Bybit as the main beneficiaries of Binance’s settlement of claims by U.S. authorities.

On February 8, Kraken secured a crypto service provider license from the Dutch central bank. The document will allow the platform to offer exchange and transfer services for virtual assets, as well as custody and wallet services.

FTX Sells Two-Thirds of Its Stake in Anthropic for $884 Million

The management of bankrupt exchange FTX sold two-thirds of its 7.84% stake in AI startup Anthropic for $884 million. The deals were made with 24 companies, including ATIC Third International Investment from Abu Dhabi, Jane Street, and Fidelity.

This followed court approval and a compromise between the organization’s management and a group of creditors who opposed the sale.

According to FTX attorney Andy Dietderich, the company has accumulated $6.4 billion in cash.

He recalled that the platform will fully reimburse clients. Settlements are based on digital asset prices in November 2022, when the exchange filed for bankruptcy.

In January 2024, FTX disposed of 22.3 million GBTC shares worth ~$908 million. As of October 25, 2023, the position was valued at $597 million.

On March 28, former FTX head Sam Bankman-Fried was sentenced to 25 years in prison. Earlier, prosecutor Damian Williams had sought a sentence of 40 to 50 years, noting that Bankman-Fried refuses to admit guilt in organizing “probably the largest fraud of the last decade.”

In late February, SBF’s lawyer Mark Mukasey requested a sentence of 63 to 78 months in prison for his client. The court received 29 letters in support of Bankman-Fried asking for leniency, including from his family and cellmate.

Key DeFi Segment Metrics

The total value locked (TVL) in DeFi protocols has stabilized at $98.5 billion. Lido remains the leader with $34.66 billion. EigenLayer holds the second spot ($12.2 billion), and Aave retains third place ($11.46 billion).

TVL in Ethereum applications remained almost unchanged, amounting to $52.6 billion.

Trading volume on decentralized exchanges (DEX) over the past 30 days surged to $186 billion. Uniswap continues to dominate, accounting for 50.8% of total turnover (two weeks ago — 51.4%). The second DEX by trading volume, PancakeSwap, reduced its market share from 27.4% to 24.2%. Curve took third place (5.3%).

Also on ForkLog:

• User assets on Binance exceeded $100 billion.
• DEXs on Solana emerged as leaders in trading volume.
• MicroStrategy’s Bitcoin reserves surpassed 1% of the cryptocurrency’s supply.
• Kraken launched a custodial service for institutions.
• Frax Finance set a $100 billion TVL target in its new roadmap.
• The Ripple team warned of a glitch in AMM pools.
• Assets locked in Base exceeded $2 billion.
• The SEC will seek a $2 billion fine for Ripple Labs.
• Binance joined a platform for FATF compliance.
• Senators demanded the SEC explain Prometheum’s activities.
• Worldcoin opened the source code for orb software components and faced an order to cease biometric data collection in Portugal.

Weekend Reading Suggestions

ForkLog released an overview of the challenges Binance faced in dealing with regulators and authorities in various countries. It covered issues in Nigeria, the platform’s block in the Philippines, and the gradual suspension of CommEX, which acquired the exchange’s clients in Russia.

The editorial also covered the situation surrounding KuCoin, which faced accusations from the U.S. Federal Prosecutor and the CFTC. According to media reports, in 2023, the owners considered shutting down the platform and selling it.

On March 20, it became known that the Ethereum Foundation and several other unnamed organizations received inquiries from the SEC regarding ETH’s status. ForkLog explored how this event might affect the approval of a spot exchange-traded fund based on the second-largest cryptocurrency by market capitalization.