The date on record for those eligible for the next wave of payments is August 15. Creditors with allowed Class 5 Customer Entitlement Claims, Class 6 General Unsecured Claims, and certain Convenience Claims—specifically those approved after past distribution rounds but not yet paid—will be included. These claims are part of the reorganization Plan filed by FTX. If you’re not on that list, you’re not getting paid.

FTX will only pay approved claim holders with full KYC

According to reports, the court’s decision to lower the total disputed claims reserve from $6.5 billion to $4.3 billion freed up the $1.9 billion. That cash will now go into the hands of creditors—at least the ones who’ve done the paperwork. FTX made it clear that BitGo, Kraken, and Payoneer will handle the actual payments.

“The Next Distribution will be made by FTX’s Distribution Service Providers,” the company stated. But there’s a catch: “Distributions will only be made to holders of allowed claims that have met required pre-distribution requirements.” That means if you haven’t completed KYC, submitted your tax forms, or finished setting up with one of the three platforms, don’t expect any money.

If you cannot find your funds after the payout, it is not FTX’s problem. “Once FTX’s payment of your distributions to the Distribution Service Provider is made to your account, individuals are solely responsible for their own funds,” the company said. In other words, they’re washing their hands once they hit “send.”

FTX also warned that transferred claims come with strict conditions. You won’t get a cent unless your claim transfer is finalized in the official register of claims, and the required 21-day notice period passes without challenge. This rule applies especially to anyone whose claims were moved and recorded as of August 15.

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The license obtained from Dubai’s Virtual Assets Regulatory Authority (VARA), comes after BitGo received in-principle approval in early 2025. According to the press release BitGo Custody MENA FZE will use this license to offer its secure and efficient cold storage custody services to Institutional and Qualified Investors in the UAE.

BitGo wins operational license in UAE

Ben Choy, General Manager of BitGo Custody MENA FZE, said that the license ensures that BitGo is providing the most secure and scalable solutions for the digital asset economy while adhering to the highest regulatory standards.

“Receiving authorization from VARA reinforces our role as a trusted partner for institutional investors and allows us to provide our award-winning services from Dubai,” he said.

BitGo continues to establish itself as a leading global provider of digital asset products and services, having recently secured its position as the world’s largest staking platform by total locked value with $48 billion in assets staked.

BitGo will be competing not only with several other licensed crypto custodians such as Laser Digital, BitPanda, and Komainu but also with crypto exchanges and the UAE banking sector, which are beginning to offer crypto trading and custodial services.

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According to Bloomberg, Singapore issued 13 new crypto licenses this year, signaling its growing appeal to major operators, including OKX, Upbit, Anchorage, BitGo, and GSR. This marked a sharp increase compared to the previous year, while Hong Kong’s regulatory progress has been comparatively slower.

Singapore strengthens Its position in the Crypto sector

Singapore’s proactive licensing and regulatory innovation approach has significantly boosted its digital asset industry. The Monetary Authority of Singapore (MAS) granted 13 licenses to various operators in 2024, more than double the number issued the prior year. This strategic push has attracted high-profile names in the industry, including global firms and exchanges seeking a reliable and business-friendly environment for their operations.

The city-state’s efforts are part of a broader strategy to establish itself as a global cryptocurrency and blockchain innovation hub. By offering clear regulatory guidelines and fostering a supportive ecosystem, Singapore has positioned itself as an attractive destination for crypto-related businesses looking for stability and growth opportunities.

Hong Kong struggles to keep pace

While Hong Kong has also been trying to attract crypto firms through its licensing program, its progress has lagged behind Singapore’s rapid advancements. To date, Hong Kong has issued seven full licenses and an additional seven provisional licenses, but its stricter rules on areas such as token policies and customer asset custody have reportedly slowed the process.

Angela Ang, a senior policy adviser at TRM Labs, noted that the regulatory differences may have contributed to Singapore’s success. Hong Kong’s rigorous approach has created challenges for some businesses, leading major exchanges like OKX and Bybit to withdraw their license applications in the city.

Competition for digital asset dominance

Both Singapore and Hong Kong view the digital assets industry as a critical component of their efforts to strengthen their roles as international financial centers. Each jurisdiction has rolled out initiatives to encourage the adoption of tokenization, blockchain innovation, and crypto technologies. However, Singapore’s ability to streamline its licensing process and foster a business-friendly environment has given it a competitive edge. As regulators in Hong Kong aim to approve more licenses by year-end, the city will need to address these challenges to remain competitive. Meanwhile, Singapore’s 2024 performance underscores its growing reputation as a leading hub for digital assets.

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BitGo: An uncommon choice as custodian

Hashdex has diverged from the norm by selecting BitGo as its Bitcoin custodian, a departure from the majority of applicants who have aligned with crypto exchange Coinbase. This uncommon choice sets Hashdex apart in a landscape where Coinbase has been the custodian partner of choice for many. The decision to opt for BitGo is documented in an amended S-1 filing, highlighting the distinctive position Hashdex has taken in its preparations for the potential launch of its ETF.

Simultaneously, Hashdex has rebranded its Bitcoin Futures ETF to the Hashdex Bitcoin ETF, underscoring the company’s adaptability as it navigates the evolving regulatory landscape. This adjustment aligns with the proactive stance adopted by several ETF applicants who are refining their applications to meet the expectations of the U.S. Securities and Exchange Commission (SEC).

Meeting with the SEC fuels optimism for regulatory approval

The SEC recently engaged with representatives from a spectrum of ETF applicants, including industry heavyweights such as BlackRock, Valkyrie, Fidelity, Grayscale, and Ark. These discussions, documented in filings, have set a deadline of December 29 for final amendments to applications, intensifying the anticipation surrounding the regulatory fate of spot Bitcoin ETFs. Notably, the SEC has displayed receptivity to amendments, particularly those addressing operational nuances and outlining a commitment to cash creation in case of approval.

As various applicants strive to align their offerings with regulatory expectations, the industry is buzzing with heightened optimism that a regulatory green light for spot Bitcoin ETFs may be imminent. The deadline for the Ark 21Shares filing is January 10, 2024, adding a sense of urgency to the anticipation. Sources suggest that the SEC’s decision could be unveiled as early as the first few days of the new year, setting the stage for a potentially transformative development in the cryptocurrency investment landscape.

In conclusion, Hashdex’s choice of BitGo as custodian and the renaming of its ETF reflect the dynamic nature of the industry as companies position themselves for regulatory approval. The broader landscape, characterized by ongoing discussions with the SEC and strategic amendments, underscores the growing optimism that a significant milestone in the form of a spot Bitcoin ETF approval may be on the horizon. Investors and industry stakeholders keenly await further developments as the regulatory landscape evolves.

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In an interview with Bloomberg, Belshe indicated that the SEC is seeking a distinct separation between these two functions to mitigate the risk of market manipulation. This stance is consistent with the SEC’s history of rejecting over 20 Bitcoin ETF applications. The primary reasons for these rejections have been concerns about potential market manipulation and inadequate customer protection. Belshe specifically highlighted risks associated with Coinbase, a major player in the crypto space and a custody partner for several potential ETFs. He believes that there are unrecognized risks within Coinbase, which could lead the SEC to demand a complete segregation of exchange and custody operations before considering any ETF approvals.

Persistent regulatory hurdles and industry scepticism

Despite some regulated crypto custody providers like Anchorage, BitGo, and Coinbase operating independently from crypto exchanges, the industry continues to debate whether this separation suffices for SEC approval. The skepticism stems from the SEC’s historic hesitance to approve crypto ETFs, even those based on assets traded on regulated exchanges. Belshe’s remarks underline the ongoing regulatory challenges in the crypto market, emphasizing the need for clear guidelines and structures for the approval of innovative financial products like Bitcoin ETFs.

This cautious approach of the SEC resonates with Belshe’s perspective, who underscores the necessity for clarity in regulatory guidelines and structures. Such clarity is fundamental for the approval of new financial products, including spot Bitcoin ETFs. While some industry players remain hopeful, particularly given the recent 45% rally in BTC price since BlackRock filed an application for a spot Bitcoin ETF in June, Belshe’s insights suggest that the path to approval is fraught with regulatory complexities. This ongoing situation highlights the delicate balance that the cryptocurrency industry must navigate between innovation and regulatory compliance, as it seeks broader acceptance and legitimacy in the mainstream financial world.

The post BitGo CEO anticipates SEC rejection of Bitcoin ETF applications amid regulatory concerns first appeared on Coinfea.

The partnership was unveiled during Korea Blockchain Week, signaling a monumental shift in South Korea’s approach to crypto governance. “Our collaboration with global partners like BitGo will elevate the domestic digital asset market to new heights of trust and consumer safety,” said an insider from Hana Bank, speaking to the Korea Economic Daily.

This announcement comes on the heels of BitGo’s successful Series C funding round, where the company secured $100 million, boosting its valuation to an impressive $1.75 billion. The alliance may also pave the way for a joint venture, leveraging Hana Bank’s financial acumen and regulatory compliance expertise alongside BitGo’s unparalleled crypto-security capabilities.

South Korea has been at the forefront of crypto regulation, with its lawmakers recently passing 19 bills that empower both the Financial Services Commission and the Bank of Korea to oversee crypto activities. The new laws also allow authorities to crack down on unfair trading practices in the virtual asset market.

BitGo, established in 2013, has been an influential force in shaping the digital financial infrastructure. With accreditations from regulatory bodies in the U.S., Switzerland, and Germany, BitGo offers a comprehensive suite of services, including wallet solutions, staking, and trading. The company serves around 1,500 organizations in 50 countries, solidifying its position as a global trust entity.

Hana Bank, known for its financial prowess and stringent compliance measures, sees this partnership as an opportunity to diversify its portfolio and capitalize on the surging interest in digital assets.

The collaboration is not confined to South Korea; BitGo has global ambitions and plans to establish an office in South Korea next year to comply with local regulations.

BitGo-Hana Bank alliance is set to be a game-changer in digital asset management and custody in South Korea and globally. The two organizations combine their strengths to create a safer, more trustworthy environment for digital asset consumers.

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