2nd May

You can read last week's “This week in crypto” here.

Robinhood Markets Inc. reported a robust first quarter in 2025, with earnings of 37 cents per share and a 50% year-over-year revenue increase to $927 million, surpassing analyst expectations. Transaction-based revenues rose 77% to $583 million, with cryptocurrency revenue doubling to $252 million compared to the previous year. However, this figure marked a decline from Q4's $358 million, reflecting the volatility in crypto trading volumes. ​

Despite the dip in crypto revenue, Robinhood experienced record net deposits of $18 billion and growth in trading activity, options volume, and subscriptions to its Robinhood Gold premium service, which reached 3.2 million users. The platform now serves 25.8 million customers. ​

The company's stock saw modest movement following the report and remains up over 31% in 2025, though still below its February peak. Analysts attribute the performance to increased marketing efforts for new Gold features and private-banking services, contributing to a 21% rise in operating expenses to $557 million.

The UK government has released draft legislation aimed at regulating cryptocurrency exchanges, dealers, and agents for the first time. The proposed rules, announced by Finance Minister Rachel Reeves, seek to enhance consumer protection and strengthen investor confidence in the crypto-asset sector. Under the new regulations, crypto firms operating in the UK will be required to comply with standards for transparency, consumer protection, and operational resilience, aligning them with traditional financial institutions. ​

Approximately 12% of UK adults have engaged with cryptocurrencies, a significant rise from 4% in 2021. The legislation is expected to be finalised by the end of 2025. Critics warn that regulation could create a misleading sense of safety around inherently risky assets. ​

In a move to bolster the UK's position as a fintech hub, the government also announced that overseas stablecoin issuers will be exempt from its upcoming cryptocurrency regulations. This approach aims to enhance tech cooperation with the US and prevent fraud and instability in the crypto market. ​

MoonPay, a global leader in cryptocurrency payments, is setting up a new US headquarters in SoHo, New York City, marking a significant expansion of its presence in a city increasingly supportive of digital financial innovation. The move underscores New York's growing appeal to crypto firms due to its progressive regulatory environment, vibrant business landscape, and rich talent pool.

MoonPay joins over 130 crypto-related firms now operating in NYC, signaling a major shift from the crypto exodus that followed the introduction of the stringent BitLicense in 2015. The city's pro-crypto stance, bolstered by Mayor Eric Adams' vision of making New York the center of cryptocurrency, has attracted major industry players like Coinbase and Gemini.

Following a record year in 2024, MoonPay experienced a 123% rise in transaction volume and nearly a 50% revenue increase in Q1 2025. CEO Ivan Soto-Wright has also participated in federal crypto policy discussions and advocated for supportive stablecoin legislation. The company’s NYC expansion reflects broader confidence in the city as a global fintech hub and signals a potential crypto real estate boom.

A Nigerian judge has adjourned the tax evasion case against Binance, the world’s largest cryptocurrency exchange, to May 12, 2025. The Federal Inland Revenue Service (FIRS) seeks $79.5 billion in damages plus $2 billion in back taxes, alleging Binance's operations have contributed to Nigeria’s economic instability, particularly the depreciation of the naira. ​

The case was postponed to allow the court to consider a request by FIRS to serve court documents by email, due to Binance being registered offshore and lacking a physical office in Nigeria. The FIRS contends Binance’s local lawyers can receive court summons and criticises the company’s opaque registration status. Meanwhile, Binance’s legal team argues that the FIRS did not follow proper legal procedures in serving the summons abroad.

Binance, whose executives were detained in 2024 amid the government’s crackdown on crypto platforms, has stated it is cooperating with authorities to resolve its historic tax obligations but has not responded to the latest allegations.

Ethereum's much-anticipated Dencun upgrade was successfully implemented on April 28, 2025, marking a significant milestone in the network's evolution. The upgrade introduces proto-danksharding, a feature designed to improve scalability and reduce transaction fees by optimising data storage and processing. This development is expected to enhance the performance of layer 2 solutions and facilitate broader adoption of decentralised applications.​

The Ethereum community has welcomed the Dencun upgrade, viewing it as a critical step toward achieving the network's long-term scalability goals. Developers anticipate that the enhancements will lead to increased efficiency and lower costs for users, further solidifying Ethereum's position as a leading platform for decentralised finance and smart contracts.​

In the wake of the upgrade, Ethereum's price experienced a modest uptick, reflecting investor optimism about the network's improved capabilities. Market analysts suggest that the successful implementation of Dencun could pave the way for future innovations and bolster confidence in Ethereum's ongoing development roadmap.​

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