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After a massive hack in 2024, Indian crypto exchange WazirX is opening for business. Elsewhere, regulators like the UK’s Financial Conduct Authority (FCA) are tightening the screws on crypto exchanges.
The FCA has issued hundreds of warnings to unregistered crypto exchanges, including Justin Sun’s HTX.
In Russia, the finance ministry is reportedly preparing to introduce more regulations for the crypto industry.
On the flip side, European regulators are seeking additional sanctions on Russian cryptocurrency exchanges. From crypto to oil, EU officials are increasingly concerned with Russia evading sanctions over its war in Ukraine.
Despite losses at some companies, Bitcoin (<a href="/bitcoin-price" rel="noopener noreferrer">BTC</a>) treasuries are still gaining popularity. In the US, Hyperscale Data, a data services company, allocated $60 million for Bitcoin on its balance sheet.
Read more in this week’s edition of Global Express:
<h2 id="wazirx-shutdown-ends-after-230-million-july-hack">WazirX shutdown ends after $230-million July hack</h2>
On Thursday, WazirX CEO Nischal Shetty announced that his platform would begin trading again on Oct. 24. The exchange will initially offer zero-fee trading for the first 30 days. It is also gradually introducing trading pairs with the rupee, starting with Tether’s USDt (<a href="/tether-price-index" rel="noopener noreferrer">USDT</a>) stablecoin. 
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 <img src="https://s3.cointelegraph.com/uploads/2025-10/019a163f-bc07-7405-8827-c8f3cfbe9cda" title="" alt="WazirX shutdown ends, UK watchdog targets HTX: Global Express">
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 Source: <a href="https://x.com/NischalShetty/status/1981258843989455241" rel="noopener noreferrer nofollow" target="_blank">Nischal Shetty</a> 
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WazirX has been on a hiatus since last summer, when the Lazarus Group, a collective of hackers tied to the North Korean government, stole about $240 million in crypto from the exchange. Before the hack, WazirX revealed that it had about $500 million in assets, meaning hackers made away with nearly half of all crypto on the platform.
While catering to an Indian client base, the exchange <a href="https://cointelegraph.com/news/wazirx-users-approve-new-restructuring-plan-after-hack" rel="noopener noreferrer nofollow">underwent a restructuring program</a> through its Singapore-based parent company, Zettai, at the Singapore High Court. After rejecting several proposals earlier this year, the court approved a final restructuring program on Oct. 13.
Not all WazirX creditors are pleased. The exchange is still in litigation with Indian crypto app CoinSwitch, which has <a href="https://timesofindia.indiatimes.com/technology/tech-news/indias-crypto-app-coinswitch-sues-wazirx-we-are-now-taking-steps-including-/articleshow/112887792.cms" rel="noopener noreferrer nofollow" target="_blank">sued</a> WazirX for failing to recover its lost funds. CoinSwitch’s $5.4-million claim was recently <a href="https://decrypt.co/343822/coinswitch-court-order-funds-wazirx-hack" rel="noopener noreferrer nofollow" target="_blank">upheld</a> by the Bombay High Court.
<h2 id="uk-fca-sues-justin-sun-s-htx">UK FCA sues Justin Sun’s HTX</h2>
The FCA, the UK’s markets regulator, <a href="https://www.reuters.com/business/media-telecom/uk-regulator-sues-crypto-exchange-htx-over-unlawful-promotions-2025-10-22/" rel="noopener noreferrer nofollow" target="_blank">filed</a> a lawsuit against crypto exchange HTX (formerly Huobi) on Oct. 22. According to Bloomberg, the exchange is <a href="https://www.bloomberg.com/billionaires/profiles/h-e-justin-sun/" rel="noopener noreferrer nofollow" target="_blank">owned</a> by Justin Sun. HTX also lists Sun as a global adviser.
The FCA claims that HTX has breached the UK’s financial promotions regime, as it is not licensed to operate in the country. The action, which the FCA opened in the London High Court on Wednesday, “is part of our commitment to protect consumers and uphold the integrity of UK financial markets.” HTX has not made any public statements regarding the accusations.
Related: <a href="https://cointelegraph.com/news/uk-lifts-ban-crypto-exchange-traded-notes" rel="noopener noreferrer nofollow">UK lifts ban on crypto exchange-traded notes as ‘market has evolved’</a>
HTX is not the only exchange the FCA has targeted. The agency has <a href="https://cointelegraph.com/news/uk-cracks-down-hundreds-crypto-exchanges-fca-warning-oct" rel="noopener noreferrer nofollow">issued a slew of complaints</a> against unregistered exchanges and crypto companies that service clients in the UK. The increased scrutiny of crypto-related businesses follows a recent rule change, after which the FCA now <a href="https://cointelegraph.com/news/uk-lifts-ban-crypto-exchange-traded-notes" rel="noopener noreferrer nofollow">permits crypto exchange-traded notes</a>. It said the market had sufficiently matured.
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 <img src="https://s3.cointelegraph.com/uploads/2025-10/019a163f-bece-7351-8098-b27908e00255" title="" alt="WazirX shutdown ends, UK watchdog targets HTX: Global Express">
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<h2 id="br-russia-prepares-new-crypto-regulations-eu-passes-crypto-sanctions"> Russia prepares new crypto regulations; EU passes crypto sanctions</h2>
Russia’s Ministry of Finance is preparing to introduce sweeping new regulations for the crypto industry, including laws for cross-border crypto payments.
Finance Minister Anton Siluanov announced the new measures after a strategic session overseen by Prime Minister Mikhail Mishustin on Tuesday, Interfax <a href="https://www.interfax.ru/business/1053853" rel="noopener noreferrer nofollow" target="_blank">reported</a>. Siluanov noted that the government has observed crypto being used to transfer money out of the country and pay for imports.
At the end of last year, the central bank introduced an experimental regime that allows cryptocurrencies to be used to pay for imports. All other forms of crypto payments are banned in Russia. Siluanov said that the ministry reached an agreement with the central bank to “bring order” to financial markets and strengthen oversight.
Russia has employed a number of methods to avoid wartime sanctions, including crypto. Just two days after the strategic session, the EU passed its 19th package of sanctions on Russia. It included significant sanctions on the Russian state-backed stablecoin A7A5.
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 <img src="https://s3.cointelegraph.com/uploads/2025-10/019a163f-c1cd-79f5-b0dc-5a3b437a7fdf" title="" alt="WazirX shutdown ends, UK watchdog targets HTX: Global Express">
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 Source: <a href="https://www.consilium.europa.eu/en/press/press-releases/2025/10/23/19th-package-of-sanctions-against-russia-eu-targets-russian-energy-third-country-banks-and-crypto-providers/" rel="noopener noreferrer nofollow" target="https://www.consilium.europa.eu/en/press/press-releases/2025/10/23/19th-package-of-sanctions-against-russia-eu-targets-russian-energy-third-country-banks-and-crypto-providers/">European Council</a>
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“The stablecoin A7A5 ... has emerged as a prominent tool for financing activities supporting the war of aggression,” the European Council <a href="https://www.consilium.europa.eu/en/press/press-releases/2025/10/23/19th-package-of-sanctions-against-russia-eu-targets-russian-energy-third-country-banks-and-crypto-providers/" rel="noopener noreferrer nofollow" target="_blank">stated</a>. It issued sanctions on the developer, issuer and operator of a platform where significant A7A5 volumes were recorded. Transactions are also prohibited in the EU.
<h2 id="us-based-hyperscale-allocates-60-million-to-bitcoin-treasury">US-based Hyperscale allocates $60 million to Bitcoin treasury</h2>
Hyperscale Data, a data services company based in the US, <a href="https://www.prnewswire.com/news-releases/hyperscale-data-bitcoin-treasury-climbs-to-60-million-302589866.html" rel="noopener noreferrer nofollow" target="_blank">announced</a> that the total value of its Bitcoin treasury is $60 million, based on Oct. 19 prices. The Bitcoin treasury represents nearly 66% of the company’s market valuation.
Related: <a href="https://cointelegraph.com/news/bitcoin-treasury-firms-fumbled-btc-bets" rel="noopener noreferrer nofollow">Bitcoin treasury flops: These firms fumbled their BTC bets</a>
Its subsidiary, Sentinum, has about $16 million of Bitcoin on its balance sheet. Hyperscale has also allocated some $43 million in cash for Sentinum to buy more Bitcoin. Hyperscale’s executive chairman, Milton Ault, said, “Our disciplined dollar-cost averaging strategy continues to prove its strength ... Volatility in Bitcoin’s price has provided meaningful opportunities to build our position methodically and at favorable long-term averages.”
Spurred by the enthusiasm of Bitcoin maximalist and Strategy chairman Michael Saylor, a growing number of companies are beginning to buy and hold Bitcoin. Strategy, which is the world’s largest publicly traded holder of Bitcoin, has seen resounding success with its Bitcoin purchases.
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 <img src="https://s3.cointelegraph.com/uploads/2025-10/019a163f-c4f9-7a4a-9378-a2006c3e8269" title="" alt="WazirX shutdown ends, UK watchdog targets HTX: Global Express">
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 The top 10 Bitcoin treasury companies include Strategy, Coinbase and the Trump family media company. Source: BitcoinTreasuries.NET
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But not all companies are so lucky. Market fluctuations have <a rel="noopener noreferrer nofollow" target="_blank">brought the market value of some companies</a> below the value of their Bitcoin holdings. If this is sustained over a long period, conditions can quickly spiral as a company is forced to liquidate its holdings.
KindlyMD CEO David Bailey recently <a href="https://cointelegraph.com/news/bitcoin-treasury-companies-btc-accumulation-david-bailey" rel="noopener noreferrer nofollow">said that hype around Bitcoin treasuries is cooling</a>, and investors are getting better at spotting bad ones.
Magazine: <a href="https://cointelegraph.com/magazine/benjamin-wallace-mysterious-mr-nakamoto-review/" rel="noopener noreferrer nofollow">Mysterious Mr Nakamoto author: Finding Satoshi would hurt Bitcoin</a>

WazirX shutdown ends, UK watchdog targets HTX: Global Express

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