Today in crypto, US President Donald Trump has released the US Cyber Stategy document, Binance responded to a US Senate inquiry, denying its involvement in facilitating transactions to Iran-linked entities. Meanwhile, Dubai told crypto exchange KuCoin to halt operations in the emirate until it acquires the appropriate licensing.
Trump’s National Cyber Strategy pledges to support crypto and blockchain
Crypto industry executives are combing through US President Donald Trump’s National Cyber Strategy after it was released on Friday, searching for hints about what it could signal for government support of the crypto industry.
“Crypto and blockchain are explicitly named as technologies to be 'protected and secured.’ This is a first for any US cybersecurity strategy,” Galaxy Digital’s head of firmwide research Alex Thorn said in an X post on Friday.
Crypto and blockchain were mentioned once in the six-page report:
“We will build secure technologies and supply chains that protect user privacy from design to deployment, including supporting the security of cryptocurrencies and blockchain technologies.”
Binance rejects US Senate probe over Iran-linked transactions
Binance pushed back against a US Senate probe into allegations that the exchange facilitated crypto transactions linked to Iranian entities. The inquiry was launched by a group of senators led by Sen. Richard Blumenthal after reports claimed Binance may have processed up to $1.7 billion in crypto flows tied to Iran and sanctioned actors.
In a response letter to the Senate, Binance rejected the claims and said the probe relied on “false” and “defamatory” reporting. The exchange said it maintains strict compliance controls and does not knowingly allow transactions with sanctioned parties.
Binance added that it has strengthened its compliance program in recent years and said it would cooperate with regulators if further inquiries arise.
The scrutiny comes as Binance continues to operate under heightened regulatory oversight following its $4.3 billion US settlement in 2023 for anti-money-laundering and sanctions violations.
Dubai regulator orders KuCoin entities to stop unlicensed operations
Dubai’s digital asset regulator has instructed entities behind crypto exchange KuCoin to halt unlicensed virtual asset services in the emirate, warning investors that the platform is not authorized to serve Dubai residents.
In a Thursday investor and marketplace alert, the Virtual Assets Regulatory Authority (VARA) said that Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited and Kucoin Exchange EU GmbH, all commercially advertising as KuCoin, may be providing virtual asset activities to Dubai residents, “without the necessary regulatory approvals and misrepresenting its licensing status.”
VARA said the group had been instructed to cease and desist from all unlicensed digital asset activities and stressed that KuCoin did “not hold any licence to provide Virtual Asset services in/from Dubai.”
The watchdog added that any virtual asset activities advertised or conducted by the entities were in breach of VARA regulations and wider United Arab Emirates legislation, including Dubai Law No. 4 of 2022 and Cabinet Resolution No. 111/2022, which require all virtual asset service providers to be licensed to operate legally.
