Connecticut’s Department of Consumer Protection on Wednesday ordered Kalshi, Robinhood and Crypto.com to halt what it calls unlicensed online gambling in the state, targeting sports-style “prediction” products that regulators say are really illegal wagers.

The agency’s Gaming Division issued cease-and-desist letters to KalshiEX LLC, Robinhood Derivatives LLC and Crypto.com, accusing all three of offering sports wagers in Connecticut without a license and in violation of state gaming law.

The order covers so-called “sports event contracts” and any other form of online gambling the platforms make available to residents.

Officials Argue Prediction Markets Are Being Marketed As Investments

“Only licensed entities may offer sports wagering in the state of Connecticut,” Consumer Protection Commissioner Bryan T. Cafferelli said.

None of the three firms hold such a license in the state, he added, and even if they did, the contracts they offer would still run afoul of rules that ban wagers for anyone under 21.

Today, DCP's Gaming Division issued Cease and Desist orders to three platforms conducting unlicensed sports wagering.

Learn why Prediction Market Platforms offering "Sports Events" Contracts are illegal:https://t.co/LXLK1tRR0w

— Connecticut Department of Consumer Protection (@CTDCP) December 3, 2025

Gaming Director Kris Gilman said the firms are “deceptively advertising that their services are legal,” arguing that they operate outside the state’s regulatory perimeter and pose “a serious risk to consumers” who may not realise they have no formal protections.

“A prediction market wager is not an investment,” she said, drawing a line between trading and betting.

State Warns That Unvetted House Rules Can Lead To Unfair Payout Practices

Regulators say the products raise a series of integrity and consumer protection issues. Because the platforms are not licensed, they are not required to meet Connecticut’s technical standards for wagering systems, leaving financial and personal data more exposed in the event of failures or abuse.

The state also says there are no mandated integrity controls, such as systems to block insiders from betting on events where they have advance knowledge or influence over outcomes. By contrast, licensed operators must use controls to bar known insiders and monitor and report suspicious betting patterns.

Any regulator does not vet house rules that govern how wagers pay out, the department warned, which means customers may have little recourse if bets are settled in unexpected ways or winnings are withheld. If disputes arise, the agency says it has no clear path to recover funds for users of these unlicensed platforms.

State Says Platforms Listed Events Vulnerable To Insider Knowledge

Connecticut officials also object to the types of events the platforms list. They say some wagers cover outcomes known to or heavily influenced by a relatively small group of insiders, such as award shows, professional team trades and similar events. State law prohibits betting on events where the outcome is known in advance because it is inherently unfair to ordinary bettors.

The department alleges the firms advertised and offered wagers to people on the state’s Voluntary Self-Exclusion List and to individuals under 21, and even promoted services on college campuses, all of which it says are illegal under Connecticut law.

Under the cease-and-desist orders, Kalshi, Robinhood and Crypto.com must immediately stop advertising, offering, promoting or otherwise making sports event contracts or any other unlicensed online gambling products to Connecticut residents. They must also allow residents to withdraw any funds currently held on their platforms.

Failure to comply could trigger civil penalties under the Connecticut Unfair Trade Practices Act and potential criminal action for breaches of the state’s gaming statutes.

For now, the state reminded residents that only three operators are authorised to take sports bets, namely DraftKings through Foxwoods, FanDuel through Mohegan Sun and Fanatics through the Connecticut Lottery, with a minimum age of 21 for sports wagering and 18 for fantasy contests.

The post Kalshi, Robinhood, Crypto.com Hit With Connecticut Stop Order for Gambling Violations appeared first on Cryptonews.

• Cronos token CRO traded higher on Tuesday as cryptocurrencies bid for an uptick.
• The altcoin’s price was up more than 10% in 24 hours to $0.11.
• Gains for the altcoin came amid a huge move by Cronos Labs, the accelerator arm of Crypto.com.

On Tuesday, the Cronos Labs team revealed the appointment of industry veteran Edward Adlard as Head of Ecosystem.

Timed amid growing adoption of the project’s offering, it is a move that sparked further positive market response.

CRO token gained by over 10% to above $0.11, a rebound from intraday lows of $0.098. Altcoins were up as Bitcoin price broke to $90,000.

Cronos Labs appoints new ecosystem head

Edward Adlard is the new Head of Ecosystem at Cronos Labs, the Crypto.com tied platform announced on December 2, 2025. The appointment positions him at the forefront of the network’s expansion strategy.

According to details, Adlard brings proven leadership in scaling ecosystems while prioritizing regulatory compliance. His stature as a veteran of the bridging of web2 and web3 adds to the expertise and expectations.

“Cronos has an active community, a strong technical foundation, and proven high-performance infrastructure,” Adlard stated in the official announcement.

He added:

“The next chapter is about accelerating ecosystem growth by deploying cutting-edge new use cases that drive an increase in users, liquidity, and builders. I believe Cronos is uniquely positioned to benefit from the maturing of global crypto regulations due to its institutional-ready stack, compliance-ready primitives, and opportunity to more deeply partner with Crypto.com.”

Notably, Adlard has recently served as CEO of Instalabs, a regulated institutional cross-chain bridge that facilitated seamless asset transfers across blockchains.

Before that, he was Vice President of Growth, Business Development, and Strategy at the Tezos Foundation.

At Tezos, Adlard helped shape ecosystem initiatives, chaired the investment committee, and directed funding toward infrastructure builders.

His web2 tenure at Amazon included spearheading the turnaround of the Amazon Money Store in the UK and overseeing Prime Video operations across Europe, honing skills in operational efficiency and multi-market expansion.

In his new role, Adlard will oversee ecosystem strategy, growth programs, partner integrations, and developer initiatives.

His mandate centers on accelerating institutional tokenization and fostering AI-driven innovations to enhance Cronos’s high-performance infrastructure.

CRO price jumps 10%

Amid the news, Cronos token’s price jumped. CRO is the utility asset powering transactions and staking on the Cronos network and has experienced sharp gains in recent months following ecosystem developments.

On Tuesday, CRO climbed from an overnight low of $0.098, touching highs of $0.11.

This marked a 10% uptick in 24 hours and came as trading volume spiked by over 38% to over $27 million.

While ecosystem news has helped bulls, Cronos’ price is also ticking up amid a 5% spike in Bitcoin’s price.

The benchmark digital asset recovered sharply on December 2, 2025, and traded above $90,000 as risk assets pumped.

JUST IN: Bitcoin is back over $90,000 pic.twitter.com/Adi4vQHuJe

— Lark Davis (@TheCryptoLark) December 2, 2025

BTC’s uptick and Cronos ecosystem’s growth, bolstered by Adlard’s expertise in regulated infrastructure, could bolster the short-term forecasts for CRO.

If bulls maintain control above $0.10, the potential for further gains means buyers eyeing $0.14 and then $0.20 next.

 

The post CRO spikes 10% on Adlard’s appointment at Cronos Labs as Bitcoin breaks $90K appeared first on CoinJournal.

Yorkville Acquisition Corp. has filed a confidential Form S-4 with the U.S. Securities and Exchange Commission, marking a major step toward completing its proposed business combination with affiliates of Trump Media & Technology Group and Crypto(.)com.

The filing comes as the SPAC appoints two public-company veterans, Steve Gutterman as chief executive officer and Sim Salzman as chief financial officer, ahead of the launch of a new digital-asset treasury company focused on the Cronos (CRO) ecosystem.

Yorkville’s MCGA SPAC Moves Forward, Names New CEO and CFO

According to the filing, the SPAC, which trades on Nasdaq under the ticker MCGA, said it advances its proposed business combination with affiliates of Trump Media & Technology Group and Crypto(.)com.

A massive day of news for @TheMCGAOfficial – the process continues, and now with the appointments of two proven digital asset and capital markets leaders for CEO and CFO. Full steam ahead $MCGA $CRO. Read all the latest at https://t.co/hKjzjeEe9z. https://t.co/XhC8YC5nYY

— Kris | Crypto.com (@kris) December 1, 2025

Once the transaction closes, the company will be renamed Trump Media Group CRO Strategy and continue trading under the symbol MCGA, short for “Make CRO Great Again.”

Alongside the filing, Yorkville announced the naming of two veteran executives to lead the entity. Both executives will begin transitioning into their roles as the deal approaches completion, which is expected in the first quarter of 2026.

The business combination seeks to establish a publicly traded digital-asset treasury focused on accumulating and managing large reserves of Cronos (CRO), the native token of the Cronos blockchain ecosystem.

Under the arrangement, founding partners, including Trump Media, Crypto(.)com, and Yorkville, will contribute assets to build a company centered on CRO acquisition, platform integration, and long-term treasury growth.

Yorkville CEO Kevin McGurn said the new appointments provide the leadership required for what he described as a high-value opportunity for shareholders.

Executives from Crypto(.)com and Trump Media echoed that message, citing the incoming team’s experience in digital assets, capital markets, and large-scale corporate transactions.

Gutterman brings decades of public-company leadership experience, including a recent stint as CEO of Gryphon Digital Mining, where he oversaw a corporate turnaround and eventual sale to American Bitcoin.

Earlier in his career, he held senior roles at ETRADE Financial and ETRADE Bank. Salzman also previously held senior finance roles at Gryphon, Marathon Digital Holdings, Corner Bar Management, and the Las Vegas Monorail Company.

CRO Treasury Plans Advance Despite 34% Price Slide and $38M Unrealized Loss

The CRO-focused entity they will lead has been taking shape for months. The strategy was first announced in August 2025, outlining a plan to position the company as the first major publicly traded CRO treasury.

Initial funding commitments include roughly $1 billion worth of CRO tokens, $200 million in cash, $220 million in warrants, and a $5 billion equity line of credit from Yorkville affiliate YA II PN, Ltd.

Trump Media + https://t.co/U4D4dECttR strike a $6.4B deal to launch a CRO-focused digital asset treasury.#TrumpMedia #Crypto https://t.co/5gIiTqY49Z

— Cryptonews.com (@cryptonews) August 26, 2025

If executed as proposed, the company would manage one of the largest single-asset crypto treasuries in the market, with nearly all reserves allocated to CRO.

The structure mirrors a corporate treasury model similar to Strategy’s long-running accumulation of Bitcoin, but applies the concept to the Cronos ecosystem.

The company intends to acquire CRO, stake its holdings through Crypto(.)com Custody, and generate a yield estimated at around 6% annually. It also plans to run a validator node on Cronos to further support network functions while compounding rewards.

Meanwhile, Trump Media has been integrating CRO more deeply into its own platforms. Over the past several months, the company has replaced plans for an in-house utility token with a system that converts Truth Social “gems” into CRO via Crypto.com’s wallet infrastructure.

Trump’s Truth Social has replaced its planned token with https://t.co/U4D4dECttR’s Cronos ($CRO), expanding rewards and new features for users. #Crypto #TruthSocial #Trumphttps://t.co/0I2JoGmRsE

— Cryptonews.com (@cryptonews) September 9, 2025

CRO-based payments for subscriptions and platform features are planned for future releases.

Trump Media has also purchased hundreds of millions of CRO tokens directly. In September, it closed a $105 million agreement with Crypto.com to acquire 684.4 million tokens at an average price of about $0.153.

CRO’s market performance has been volatile during these developments. Trump Media Corp. currently holds 756 million CRO, valued at approximately $75 million, showing an unrealized loss of about $38.7 million amid a 34% price decline.

The token is trading around $0.099, down 32% over the past month.

The post Yorkville SPAC Files S-4, Taps New CEO/CFO for Trump Media Group CRO Strategy appeared first on Cryptonews.

Cronos launches x402 PayTech Hackathon with $42K prize pool to drive AI-powered on-chain payments using agent tech and Crypto.com tools.

• The tests will use standardised templates with major exchanges including Coinbase, Crypto.com and Kraken.
• The project links to the earlier Admissions and Disclosures Discussion Paper.
• The experiments sit within the FCA’s multi-year Crypto Roadmap ending in 2026.

The United Kingdom is pushing ahead with a practical form of crypto regulation, and the latest move by the Financial Conduct Authority shows how the country plans to shape its rulebook.

The FCA has approved RegTech firm Eunice to carry out live experiments in its sandbox, creating a clearer picture of how future rules may be built through real-world testing rather than theory.

On Wednesday, the regulator confirmed that Eunice will test standardised crypto disclosure templates with major exchanges such as Coinbase, Crypto.com and Kraken.

The templates are designed to check whether transparency improves when tools are used directly in active market conditions.

Industry input

The FCA said its sandbox is still open to companies working on similar solutions, and it continues to encourage firms to apply. The regulator’s message points to a broader shift.

The UK wants to rely on practical experiments to understand how crypto behaviours unfold in real time, instead of relying only on policy consultation rounds.

This approach moves industry participants closer to the centre of rule formation. It also gives the regulator the chance to observe how products behave before final guidance is introduced.

Eunice’s work fits this model, focusing on ways to strengthen transparency in a market that is seeing increased institutional involvement.

The trial also links back to the Admissions and Disclosures Discussion Paper published last year. That paper invited the industry to share technical insight and help shape early frameworks.

The new pilot now tests those ideas under live conditions, allowing the FCA to gather evidence on how different disclosure requirements perform when applied at scale.

Broader roadmap

The Eunice experiment also aligns with the regulator’s multi-year Crypto Roadmap, which is expected to end with the publication of the UK’s final crypto rules in 2026.

Over the past year, the FCA has introduced several changes aimed at increasing clarity for crypto companies.

These include stricter financial promotion rules, warnings issued to unregistered exchanges still operating in the UK and a comprehensive paper covering admissions, disclosures and market-abuse concerns across digital assets.

Each step forms part of a longer regulatory timeline that aims to tighten standards while preserving room for innovation. The use of the sandbox allows the FCA to test what works and what does not before decisions are written into policy.

Shifting tone

More recent actions suggest the regulator is becoming more open to crypto activity under controlled conditions. On 1 August, the FCA lifted its ban on crypto exchange-traded notes for retail investors.

This allowed consumers to access crypto-based ETN products again, signalling a more flexible approach to digital assets. On 17 September, the FCA launched a consultation on whether Consumer Duty should apply to crypto.

This traditional finance requirement focuses on ensuring firms deliver good outcomes for customers. Extending it to crypto would raise expectations around product design, risk communication and market conduct.

The regulator’s move to work with Eunice fits into this shift. By focusing on trials inside the sandbox, the FCA is building a system that responds to real behaviour rather than assumptions.

The decision also supports the UK’s long-term plan to use evidence gathered from ongoing experiments to shape final rules.

The sandbox programme will continue to influence how the UK designs its next phase of crypto regulation.

As new projects enter the environment, the FCA will gather more insight into how disclosure tools perform, how markets react and how different rules might work once introduced.

The Eunice trial marks an early step in this process, and future policy decisions are expected to draw heavily on the findings produced through these real-world tests.

The post UK advances crypto rules with FCA sandbox tests involving Coinbase, Crypto.com and Kraken appeared first on CoinJournal.

• Crypto.com will provide VerifiedX with $1.5B in institutional-grade custody and liquidity support.
• Partnership enables institutions using VerifiedX to securely store and transact assets via Crypto.com Custody.
• Integration builds on earlier collaboration linking Crypto.com Pay and on-ramps to Switchblade Wallets.

Crypto.com and the VerifiedX (VFX) Network (VerifiedX.io), a global leader in self-custody and Web3 wallet infrastructure, have announced a partnership under which Crypto.com will provide secure, institutional-grade custody and liquidity support for $1.5 billion in assets, along with OTC trading capabilities.

The collaboration enables eligible institutions using VerifiedX to safely store, manage, and transact digital assets through Crypto.com’s regulated custody platform.

The service features multi-user permissions, customizable governance workflows, and insured storage solutions, addressing the rising demand for scalable, cost-efficient, and compliant blockchain infrastructure.

“Crypto.com Custody is specifically designed with expectations of institutional-grade clients,” said Eric Anziani, President and COO of Crypto.com.

“We are pleased to be selected by VerifiedX, a leader in self-custody and digital asset wallet capabilities, to further enhance an established custody offering for all client needs.”

This marks the latest collaboration between Crypto.com and VerifiedX, building on their earlier partnership to integrate Crypto.com Pay and on-ramp services directly into VerifiedX’s Switchblade Wallets, creating a seamless, secure, and scalable experience for both everyday users and developers.

“As the people’s network, the mission is clear – to make custody seamless, secure, and globally accessible. Partnering with Crypto.com significantly elevates that very ethos with best in-class custody and liquidity infrastructure,” said The VerifiedX Foundation.

Crypto.com Custody provides eligible institutions and high-net-worth clients with a comprehensive, end-to-end custody solution designed with security and operational robustness at its foundation.

The post VerifiedX taps Crypto.com to provide institutional-grade custody and liquidity support appeared first on CoinJournal.

• The campaign runs between 19 November and 3 December.
• Eligible users should buy or deposit SOL worth over $50 using the Crypto.com App.
• The top 2,000 participants will receive $10 in ETH each.

While the broader market seeks footing, with Bitcoin at $90,000, Crypto.com has announced a remarkable opportunity for its users.

The exchange took it to X on November 19, to confirm the official launch of the SOL App Campaign, which offers $20,000 Ethereum reward pool for participants who interact with SOL.

The SOL App Campaign is live ⚡️

Stand a chance to win from a US$20,000 $ETH prize pool by depositing or purchasing at least US$50 worth of $SOL ☀️

The top 2,000 users ranked by their SOL purchases + deposits will each earn US$10 in ETH 💠

🗓️ Ends 3 Dec

Details + T&Cs 👇… pic.twitter.com/bnMvoU1FH9

— Crypto.com (@cryptocom) November 19, 2025

Solana has been among the hottest tokens the past month, propelled by its reputation, flourishing Web3 and DeFi projects, and scalability.

Crypto.com’s campaign invites newcomers and experienced traders interested in navigating the Solana blockchain.

How does the SOL App Campaign work?

The initiative requests individuals to buy or deposit SOL tokens into the Crypto.com App throughout the campaign period.

The exchange will rank users based on their returns from the Solana deposits and purchases.

Meanwhile, the top 2,000 participants will receive ETH worth $10 each, credited to their Crypto.com App accounts within three months after the campaign concludes.

Notably, the cryptocurrency exchange will notify qualified recipients through email 14 days after completing reward distribution.

Moreover, it will apply ETH-USD’s exchange rate based on the market rate during the distribution.

With this structure, Crypto.com aims to reward only active engagement and encourage individuals to explore Solana’s benefits, including its speed and thriving ecosystems of dApps, and earn Ethereum in return.

What’s next?

Crypto.com’s Solana campaign is more than an opportunity for users to earn Ethereum.

It represents a strategic approach to enhance blockchain adoption and enrich user engagement.

Crypto.com is incentivizing user activity with tangible rewards, which will likely cement its status as an exchange that facilitates trading while actively supporting its community.

The SOL App Campaign allows individuals to interact with a flourishing blockchain and increase their ETH balances.

Solana continues to expand as a blockchain powerhouse, whereas Ethereum maintains its position as the second-largest cryptocurrency project.

Digital asset enthusiasts looking to capitalize on this opportunity can install the Crypto.com App, navigate Solana, and join the campaign.

The event will end next month, on December 3, with $20K in Ethereum up for grabs.

SOL and ETH price outlooks

The altcoins maintain bullish trajectories in attempts to recover from the latest broader market crash.

Solana has gained more than 2% over the past 24 hours to $140.

Also, Ethereum gained roughly 1.70% in that time frame to press time’s $3,091.

The duo exhibits faded daily trading volumes, reflecting the prevailing broader weakness.

Nonetheless, Tom Lee of Fundstrat expects Ethereum to bottom this week, citing its flourishing ecosystem (TVL) and its ratio with Bitcoin.

Lee trusts ETH can rebound to historic all-time highs of $12,000. Such a rally from Ethereum would mean explosive surges for altcoins, including SOL.

The post Crypto.com launches SOL App Campaign with $20K ETH reward pool appeared first on CoinJournal.