Last Week Recap: Admirals Reports Loss; SEC and CFTC Signal Green Light for Cryoto; Kraken Expands Into Prop; Stablecoin in EU

Fazzaco continued extensively covering the latest trends in forex, crypto, fintech, and prop trading last week. The below is the selected highlights of last week.

Admirals Reports Heavy Losses Amid Revenue Decline

Admirals Group AS, the Estonia-headquartered FX and CFDs broker, has reported a net loss of €5.9 million ($6.9 million) for the first half of 2025, making it the company's steepest half-year loss since at least 2020. The firm's revenue dropped by 19% year-on-year to €13.3 million, extending a trend of weakening results.

SEC and CFTC Signal Green Light for Regulated Spot Crypto Trading

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) released a rare joint staff statement last week, clarifying that existing law does not prevent regulated exchanges from listing spot crypto trading products. The clarification applies to U.S. national securities exchanges (NSEs), designated contract markets (DCMs), and foreign boards of trade (FBOTs).

Polymarket Cleared for U.S. Relaunch After CFTC Approval

Prediction market operator Polymarket is set to resume business in the United States after receiving a no-action letter from the Commodity Futures Trading Commission (CFTC). The move ends a three-year absence from the U.S. market following a regulatory settlement in 2022.

Kraken Expands Into Prop Trading With Breakout Deal

U. S.-based crypto exchange Kraken is entering the retail proprietary trading sector through the acquisition of Breakout, a platform that funds traders based on proven performance rather than personal capital. The move follows last month's purchase of trading automation firm Capitalise.ai, signaling Kraken's continued expansion beyond traditional exchange services.

EU Builds Safeguards Amid Global Stablecoin Boom

In 2025, stablecoins have surged to the forefront of the global financial agenda. From the U.S. Congress to major Asian economies and emerging markets in Africa, regulation and adoption of stablecoins have become almost a "standard item" in policymaking.

Yet in September, European Central Bank (ECB) President Christine Lagarde issued a stark warning: if foreign stablecoin issuers are not subject to equivalent oversight under the EU's MiCA framework, financial stability in the euro area could be at risk. In the event of a redemption run, investors would naturally rush toward the jurisdiction with the toughest safeguards—namely the EU—potentially draining reserves and triggering systemic instability. For Lagarde, this is not just a matter of regulatory fairness, but a wake-up call about the integrity of Europe's "financial defense line."

Why Security Must Be the Core of Modern Trading Platforms​

In today's digital economy, trading is faster, more accessible, and more data-driven than ever before. But with this transformation comes an uncomfortable truth: security risks are rising just as quickly as opportunities. For traders, the integrity of a platform isn't measured only by spreads, execution speed, or product range, it's measured by the confidence that their information and assets are safe.

At VT Markets, we believe safety isn't a feature you add on top of a trading platform; it is the foundation on which trust is built. In an environment where cyber threats evolve daily, security must keep pace.