Intercontinental Exchange, the parent of the New York Stock Exchange, is teaming up with Trade[XYZ], the largest builder of markets on decentralized exchange Hyperliquid, to bring perpetual futures to the U.S., subject to CFTC approval. Perpetuals are contracts with no expiration date that are heavily traded in crypto, but mostly on offshore venues U.S. investors can’t use. The planned ICE[XYZ] venue would have its own exchange and clearing infrastructure and list 24/7 contracts on stocks, indices, commodities, currencies and crypto through participating brokers. Timing and eligibility haven’t been announced. Trade[XYZ]’s Hyperliquid markets have topped $650 billion in volume in just over a year and will keep running alongside the U.S. venue; ICE is also making a strategic investment in the company, on undisclosed terms.
Billionaire investor Stanley Druckenmiller made crypto the subject of his first post on X, revealing he’s an investor in Trade[XYZ] without disclosing financial details. Elon Musk replied with a one-word “interesting,” and Trade[XYZ]’s pseudonymous founder pitched him on bringing its perpetual futures to X — though there’s no sign the companies are in talks. The post came as ICE announced its Trade[XYZ] partnership. Druckenmiller’s Duquesne Family Office also held 2.94 million shares of Hyperliquid Strategies, a HYPE-focused treasury company, worth $23.15 million as of June 30. The HYPE token was up nearly 20% on Thursday.
KuCoin is ending all services for customers in Russia and Belarus, effective immediately, citing legal and regulatory requirements without naming specific sanctions. Users will be notified of deadlines to close positions and withdraw funds, and the exchange didn’t say how many customers are affected. It follows MEXC, which stopped serving both countries on Oct. 20, and Bitget, which announced restrictions this month. KuCoin has its own compliance history: it agreed to pay nearly $300 million in January 2025 after pleading guilty to operating an unlicensed money-transmitting business in the U.S.
