Wu Says Daily Curated Crypto News - Binance’s Funding Account Renamed to Stocks Account, with Crypto Assets in Users’ Funding Accounts Migrated to Spot Accounts

1. Binance’s Funding Account will be renamed to the Stocks Account, and the crypto assets in users’ Funding Accounts will be migrated to the Spot Accounts
Binance will gradually migrate users’ crypto assets from their Funding Account to their Spot Account starting September 29, and this process is expected to continue until January 2027. After the migration period ends, the Funding Account will be officially renamed to the “Stocks Account,” which will be used in the future exclusively for settlement of trading in stocks and stock options. Per the arrangement, starting September 29 the Funding Account will no longer support on-chain deposits. Subsequently, six settlement assets (USD, USDC, USDT, USD1, U, BNB) will be supported for participating in stock trading. Deposits and withdrawals of other crypto assets will be consolidated and handled through the Spot Account. The platform will provide a “one-click migration” feature so users can proactively migrate in advance. Assets that have not been migrated will be automatically transferred in batches into the Spot Account starting January 2027. The total value of assets and security will not be affected.
2. Galaxy allocates $100 million worth of sUSDS into its corporate treasury and buys SKY
Galaxy Digital has used funds from its own balance sheet to buy $100 million worth of Sky Protocol’s yield stablecoin sUSDS, adding it to its corporate reserves and approving sUSDS as collateral for institutional trading activities. The business has an average loan size of $1.4 billion and serves more than 1,600 counterparties. During the period when customers collateralize sUSDS and borrow against it, they can still earn returns from the Sky Savings Rate on their full position. Galaxy also bought SKY tokens in an undisclosed amount, and both sides are discussing expanding the existing $500 million institutional loan warehouse financing facility.
3. Raiffeisen partners with Bitpanda to provide digital asset purchase services to 18 million customers in Central and Eastern Europe
Raiffeisen Bank International will partner with broker Bitpanda to offer digital asset purchase services to about 18 million customers in Central and Eastern Europe, and will gradually roll the service out through its local subsidiaries. Bitpanda has already provided similar services for banks such as Germany’s N26. The plan was announced as one of the first major initiatives following the appointment of Raiffeisen Bank International’s new CEO, Michael Hoellerer, and it is expected that its new bank strategy will be disclosed later this month.
4. Russian Ministry of Finance: Russia has about 20 million crypto users, with total investments of 3.7 trillion rubles
Ivan Chebeskov, Deputy Minister of Finance of Russia, said that Russia currently has about 20 million cryptocurrency users, with a total investment amount related to residents of 3.7 trillion rubles (about $44 billion). This includes cryptocurrencies held directly and some financial products linked to them. Chebeskov said Russia’s average daily crypto trading volume is about 50 billion rubles (about $595 million). He said that a substantial portion of the market is still outside the regulatory framework; with the implementation of comprehensive regulatory legislation, the government expects to be able to understand the market size, trading structure, and changes more accurately in the future. He added that in the future, Russian tax residents will need to report crypto trades outside the regulatory framework to the Federal Tax Service. If assets such as USDT and USDC are frozen due to actions by foreign issuers, and there is no fault on the part of the Russian custodians, any related losses will be borne by investors.
5. 21Shares launches the first Zcash ETP and ETHFI ETP in Europe
Asset manager 21Shares has listed Europe’s first Zcash-linked exchange-traded product (ETP) on the pan-European exchanges Euronext Paris and Euronext Amsterdam. The product is 100% backed by physical ZEC and allows investors to gain compliant exposure to Zcash directly through traditional brokerage accounts. Meanwhile, 21Shares has also launched a physically backed ETP that tracks Etherfi’s governance token, ETHFI. The annual management fee for both products is 2.5%. Previously, Grayscale had listed a Zcash ETF on the US NYSE Arca, trading under the ticker ZCSH.
6. CryptoQuant founder expects the bitcoin bull run in this cycle to see an upswing of roughly 3 to 5 times
CryptoQuant founder Ki Young Ju said in a post that he expects the current bitcoin bull market cycle to achieve gains of about 3 to 5 times, rather than the kind of parabolic surge of more than 10 times seen in the past. He added that a milder bear market would follow. He explained that when bitcoin’s market size was smaller and retail investors dominated, hot money fueled extreme, pulse-like rallies and deep drawdowns of around 80%. Now, with the market expanding and the share of institutional ownership increasing on both sides, extreme volatility is being dampened—suppressing the upside multiple while buffering the deep downside abyss. On-chain data shows that during this cycle, the MVRV metric has never fallen below 1. The Realized Cap has continued to rise, reflecting new capital inflows. Longtime “ancient whale” holders have stopped selling, while derivatives whales have built large long positions at the bottom. In addition, the 365-day moving average of the PnL Index is forming a key turning point.