Regulation
Matrixport subsidiary Fly Wing receives Major Payment Institution License from MAS in Singapore
- Fly Wing, a Matrixport subsidiary, has gotten an MPI License from MAS.
- The license will bolster Fly Wing’s OTC crypto services in Singapore.
- Matrixport aims to expand digital finance in the Asia-Pacific.
Fly Wing Technologies Pte Ltd (“Fly Wing”), a wholly owned subsidiary of Matrixport, the world’s leading and largest one-stop crypto financial services platform in Asia, today announced that it has been granted the Major Payment Institution (“MPI”) License by the Monetary Authority of Singapore (“MAS”).
With this license approval, Fly Wing will continue building its role as a trusted Over-the-Counter (“OTC”) desk in Singapore. This license follows the in-principle approval received in October, underscoring Fly Wing’s commitment to regulatory compliance and operational excellence.
John Ge, Co-founder and CEO of Matrixport, stated, “We are thrilled that Fly Wing has received its license from the MAS. This marks a significant step in our ongoing expansion across the Asia-Pacific region. We look forward to providing high-quality Digital Payment Token services to users in Singapore.”
Having received its license from the MAS, Fly Wing is well-positioned to build a strong foundation for its long-term growth, driving continuous innovation in the digital finance sector. Moving forward, Fly Wing will continue to offer innovative Digital Payment Token services securely and transparently and will continue to optimize blockchain-driven Digital Payment Token services, enabling seamless access for users entering the Web 3.0 industry.
About Fly Wing Technologies Pte Ltd
Founded in 2019, Fly Wing Technologies Pte. Ltd. (“Fly Wing”) is a wholly owned subsidiary of Matrixport, a leading digital asset financial services platform in Asia.
Fly Wing serves a diverse clientele, including crypto miners, trading firms, investment firms, and high-net-worth individuals from both crypto and traditional finance. The company engages in OTC services for customers to on- and off-ramp Digital Payment Tokens, facilitating over $100 million in monthly transactions and providing liquidity for major cryptocurrencies.
Fly Wing has received the MPI License from MAS to provide Digital Payment Token services for OTC trading in Singapore.
Fly Wing official website: https://www.flywing.com/
About Matrixport
Founded in 2019, Matrixport is the world’s leading all-in-one hub for crypto financial services. The platform is committed to providing every user with a personalized Super Account that integrates crypto trading, investment, loan, custody, RWA, research and more. With $6 billion in AUM (assets under management), Matrixport offers global users diverse crypto-financial solutions designed for optimal capital efficiency and sustainable returns.
As a Group and through its local subsidiaries, Matrixport has received the Trust or Company Service Provider / Money Lender Licenses in Hong Kong and the FINMA Asset Management License in Switzerland. The company operates as an Appointed Representative in the UK, is registered as an MSB in the US, and is a member of Switzerland’s FINMA SRO-VFQ.
Matrixport was recognized by CB Insights as one of the “50 Most Promising Blockchain Companies” and was featured in the Hurun “2024 Global Unicorn List.” Its subsidiary, Fly Wing, has received the MPI License from MAS in Singapore.
Matrixport official website: https://www.matrixport.com
On Friday, key ecosystem leaders will converge in Washington for the White House Crypto Summit. With barely 48 hours on the clock, there is speculation that the Ripple SEC case will be dismissed before the start of the summit.
Will The SEC Dismiss Its Case Against Ripple Before Friday?
XRP’s ecosystem is buzzing with optimism that the US Securities and Exchange Commission (SEC) may dismiss its case against Ripple Labs. Analysts opine that the case dismissal will occur before the start of the widely anticipated White House Crypto Summit scheduled for Friday.
Pundits are hinging their theories for a case dismissal on several key events in the cryptoverse ahead of the event. For starters, the string of SEC case dismissals against Gemini, Coinbase, and Kraken points to an imminent end to the Ripple SEC case.
The securities regulator has shuttered several high-profile cases against cryptocurrency service providers in quick succession.
“SEC will announce that they will dismiss Ripple $XRP case today or tomorrow,” said one analyst on X. “Just in time for the Crypto Summit this Friday, March 7.”
Another potential reason for a potential dismissal is XRP’s inclusion in the proposed Crypto Strategic Reserve. Analysts say the move signals clear regulatory support for XRP with Ripple Labs co-founder Brad Garlinghouse clinching an invitation to the Crypto Summit.
Ripple Labs Faces Significant Hurdles Standing In The Way Of A Dismissal
While a dismissal of the Ripple SEC case will send the markets into a frenzy, both parties have to sidestep a string of challenges. Experts say the Ripple SEC case is a complex affair, muddled by its length and injunctions slammed against Ripple Labs.
Ripple Labs will attempt to get the court to set aside the injunction barring it from offering securities before agreeing to a settlement. Attorney Jeremy Hogan predicts that the process of setting aside the injunction could run into May, dashing hopes for a dismissal before Friday.
Ahead of the event, Ripple whales moved $5 billion worth of XRP in the last 24 hours in anticipation of rally-inducing fundamentals.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
For years, the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have struggled with crypto regulation and jurisdictional clashes. Unfortunately, this has resulted in uncertainty for many businesses, including Web3 firms.
According to history, the SEC has treated most digital assets as securities, while the CFTC has maintained that cryptocurrencies like Bitcoin fall under its commodity oversight. This unclear regulatory territory has led to inconsistent enforcement and policy confusion.
US SEC and CFTC To Work Together
At a recent fintech symposium in Washington, D.C., the CFTC’s leadership revealed a renewed effort to collaborate with the SEC.
American journalist Eleanor Terrett reported on X that Acting Chair Caroline Pham stressed the implications of fixing the barrier between the two regulatory agencies. This will help them address digital asset oversight more effectively and cohesively.
Furthermore, SEC Commissioner Hester Peirce, known for advocating more transparent crypto regulations, supported this approach. This points to the SEC’s realization of its regulatory limits, especially in the current government.
The SEC’s newly established Crypto Task Force is now working to define which areas fall outside its authority. This is a pivotal step toward more structured oversight.
Crypto Regulation Outlook: US SEC and CFTC
Historically, the SEC has focused on enforcement, treating most tokens as securities and pursuing cases against crypto firms for unregistered offerings.
The CFTC, the other hand, has regulated derivatives and fraud in commodity markets while taking a more flexible approach to crypto spot markets.
Recent legislative proposals, such as FIT21, intend to clarify these roles by giving the CFTC greater control over decentralized assets. In contrast, the US SEC would oversee securities-like tokens.
Importantly, this current engagement between regulators and policymakers shows a push for a more consistent framework for exchanges’ operations.
Future of Crypto Regulation Under President Trump
With President Donald Trump’s return to office, the regulatory approach has been tilting toward a more industry-friendly stance.
For context, the previous Trump administration favored lighter-touch regulation. In addition, the Republican lawmakers have historically supported the CFTC’s approach over the SEC’s aggressive enforcement.
With President Trump returning to office, the crypto community has seen history repeated, with key areas changing. For example, the long-standing Coinbase lawsuit is closed as well as those of other top crypto firms. Also, Binance announced its return to the American crypto market last month amid favorable policies.
While no immediate policy changes are confirmed, the expectation is that regulation of crypto firms will improve. There might be a stronger emphasis on fostering innovation rather than strict compliance measures.
In addition, the upcoming White House Crypto Summit on March 7 will bring together industry leaders, investors, and policymakers. This marks another significant move by the Trump administration to support the crypto community, less than 100 days into his presidency.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Securities and Exchange Commission (SEC) has agreed to drop its enforcement case against Cumberland DRW, a Chicago-based crypto trading firm. The lawsuit, filed in October 2024, accused the firm of operating as an unregistered securities dealer and selling over $2 billion in unregistered securities.
US SEC Withdraws Charges Against Cumberland DRW
In a recent filing, the US SEC agreed to drop its enforcement case against Cumberland DRW. The decision is pending approval from most of the commission’s three-panel members. The agency had previously accused the firm of acting as an unregistered securities dealer.
The lawsuit, filed in October 2024, alleged that Cumberland DRW sold more than $2 billion in unregistered securities. The SEC named several tokens, including Polygon (POL), Solana (SOL), Cosmos (ATOM), Algorand (ALGO), and Filecoin (FIL), as securities. The firm had denied the allegations and stated it had attempted to comply with regulatory requirements.
Following the announcement, Cumberland DRW released a statement expressing its commitment to regulatory dialogue. The firm emphasized its dedication to integrity and transparency in the evolving financial landscape.
The crypto trading platform added,
“As a firm deeply committed to the principles of integrity and transparency, we look forward to continuing our dialogue with the SEC to help shape a future where technological advancements and regulatory clarity go hand in hand, ensuring that the U.S. remains at the forefront of global financial innovation.”
Enforcement Reversal Under New Leadership
The decision to drop the case against Cumberland DRW follows a series of abandoned enforcement actions by the US SEC. Since Acting Chair Mark Uyeda took office, the agency has withdrawn cases against multiple crypto firms. These include Coinbase, ConsenSys, and Kraken lawsuit.
The SEC has also closed investigations into several companies, including Gemini, OpenSea, Robinhood Crypto, and Yuga Labs. These reversals indicate a shift in the agency’s approach to crypto regulation. The case against Cumberland DRW was one of the key enforcement actions initiated under previous SEC leadership.
Meanwhile, the Securities and Exchange Commissioner Hester Pierce revealed members of the newly formed Crypto Task Force. The 15-member team includes key officials such as a Chief of Staff, Chief Counsel, Chief Policy Advisor, and Chief of Operations, alongside 10 senior advisors from various SEC divisions. Pierce emphasized that the task force will focus on developing practical solutions for crypto regulation.
Regulatory Adjustments in Crypto Enforcement
The US SEC’s decision to drop the case against Cumberland DRW marks another shift in its stance on crypto regulation. The agency’s previous enforcement actions had drawn criticism from industry leaders and legal experts. Under the new leadership, the US SEC appears to be reconsidering its strategy toward digital assets.
More so, the continued legal actions and settlements by the U.S. SEC have led to speculation that the commission might be nearing a resolution in the Ripple lawsuit. With recent cases against other crypto firms being dropped, industry observers believe the SEC may reconsider its stance on XRP. Ripple awaits the SEC’s decision by April 16, 2025, as the broader crypto market monitors the case impact.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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