The global crypto market continues to evolve rapidly, with major developments across regulatory landscapes, exchange operations, blockchain upgrades, and ecosystem expansions. This week brings a wave of pivotal events—from the London Stock Exchange launching cryptocurrency exchange-traded notes (ETNs) to critical updates on Bitcoin spot ETF options and significant platform changes in Hong Kong.
As institutional adoption gains momentum and regulatory frameworks solidify, investors and users alike must stay informed about network upgrades, compliance deadlines, and new opportunities in decentralized finance (DeFi), gaming, and cross-chain interoperability.
Major Regulatory and Exchange Developments
London Stock Exchange Launches Crypto ETN Trading
On May 28, 2025, the London Stock Exchange (LSE) will officially begin trading Bitcoin and Ethereum-based exchange-traded notes (ETNs). This marks a significant milestone for European financial markets, offering regulated exposure to digital assets through traditional investment channels. The move reflects growing institutional confidence in crypto as an asset class and aligns with broader efforts to integrate blockchain-based instruments into mainstream finance.
👉 Discover how global exchanges are shaping the future of crypto investing.
SEC Delays Decision on Bitcoin Spot ETF Options Until May 29
The U.S. Securities and Exchange Commission (SEC) has extended its review period for Bitcoin spot ETF options, pushing the final decision deadline to May 29, 2025. This delay suggests ongoing scrutiny of market structure, custody solutions, and investor protection mechanisms. Approval would unlock advanced trading strategies for retail and institutional investors, increasing liquidity and hedging capabilities across the crypto derivatives landscape.
OKX Exits Hong Kong’s Centralized Trading Market
In a strategic shift, OKX announced it has withdrawn its application for a Virtual Asset Service Provider (VASP) license in Hong Kong. Effective May 31, 2025, OKX will cease providing centralized trading services to Hong Kong users. However, users can still withdraw their funds, and OKX Web3 Wallet—its self-custody solution—will remain fully operational.
This decision follows tightening regulations under Hong Kong’s Securities and Futures Commission (SFC), which requires all operating platforms to submit VASP applications by February 29, 2025, or cease operations by May 31, 2025. Other platforms like VAEX are also suspending services for Hong Kong users on similar timelines.
Blockchain Network Upgrades and Mainnet Launches
Neo Network Hard Fork on May 27
The Neo blockchain will undergo a scheduled hard fork at block height 5,450,000, prompting Binance to temporarily suspend deposits and withdrawals of NEO tokens starting May 27 at 05:00 UTC. The upgrade aims to enhance network performance and smart contract functionality, reinforcing Neo's position as a developer-friendly Layer 1 platform.
Sei V2 Mainnet Goes Live
Sei Network confirmed that its highly anticipated V2 mainnet upgrade will launch on May 27 after successful community voting via Proposal 55. V2 introduces parallelized order matching and improved consensus mechanics, positioning Sei as a high-performance blockchain tailored for decentralized exchanges (DEXs) and financial applications.
BNB Greenfield Serengeti Hard Fork
The BNB Greenfield network is set for a hard fork dubbed "Serengeti" at block height 7,861,456, expected around 07:00 UTC on May 29. This upgrade enhances data storage capabilities and strengthens integration between BNB Smart Chain and BNB Greenfield, advancing Binance’s vision for a decentralized web3 infrastructure.
Solana v1.18 Release Targets Network Congestion
Helius CEO Mert Mumtaz confirmed that Solana v1.18, designed to alleviate persistent network congestion issues, is slated for release on May 27, assuming no last-minute delays. The update includes optimizations in transaction prioritization and fee markets—critical improvements for user experience during peak activity periods.
Ecosystem Expansion and Incentive Programs
Bitlayer & Seven Projects Launch Joint Mining Gala
Bitcoin Layer 2 network Bitlayer has partnered with seven ecosystem projects—Lorenzo, Bitsmiley, Avalon, Bitcow, Pell, Enzo, and Bitparty—to launch a Mining Gala from May 27 to June 10. Participants can earn rewards through early engagement, with over $23.24 million worth of token airdrops distributed across the participating dApps.
Rewards consist of exclusive airdrops and developer incentives based on performance in Bitlayer’s DApp leaderboard. Most tokens are expected to have their Token Generation Event (TGE) within one to two months post-event.
LayerZero Revives Sybil Bounty Program
After pausing due to spam submissions, LayerZero Labs relaunched its Sybil bounty program on Commonwealth with stricter rules. Reporters must now pay a 0.5 ETH deposit to submit findings. Valid reports result in full refund plus rewards; fraudulent or low-quality submissions lead to deposit burn.
Reporting reopened on May 28 at 08:00 UTC and closes on May 30 at 08:00 UTC. A total of 803,093 addresses were flagged as potential Sybil actors during earlier phases, with final distributions pending verification.
Gaming and NFT Innovations
Illuvium Open Beta Launches May 28
Highly anticipated blockchain game Illuvium opens its public testnet on May 28, accessible via the Epic Games Launcher. Players can explore gameplay mechanics, report bugs, and earn airdrop points by participating in Private Beta 4 (April 30 – May 28) and the open phase.
This marks a major step toward full decentralization and community-driven development in the play-to-earn (P2E) space.
Binance Drops New Ronaldo NFT Collection
On May 29, Binance will launch an exclusive NFT collection featuring Cristiano Ronaldo (C罗). Each NFT serves as a digital collectible commemorating the football legend's global impact. Details including supply size and pricing will be revealed at launch.
Upcoming Deadlines and Platform Closures
BlockFi Web Platform Shuts Down June 1
BlockFi will permanently shut down its web platform at 23:59 UTC on May 31 (7:59 AM Beijing Time, June 1). After this date, users will no longer be able to access accounts or services.
Dogechain Wallet Discontinuation
Developers behind Dogechain Wallet announced closure effective June 1. Users are urged to withdraw assets and back up private keys before the deadline to avoid permanent loss.
zkSNACKs Sunsets CoinJoin Mixing Service
Due to increasing regulatory pressure in the U.S., privacy-focused firm zkSNACKs will discontinue its CoinJoin mixing service starting June 1, citing compliance risks associated with anonymity-enhancing tools.
Frequently Asked Questions (FAQ)
What does the London Stock Exchange launching crypto ETNs mean for investors?
It provides regulated access to Bitcoin and Ethereum through traditional brokerage accounts, reducing entry barriers for conservative investors while boosting institutional adoption.
Why did OKX stop offering trading services in Hong Kong?
OKX withdrew its VASP license application due to evolving regulatory requirements. To comply with SFC rules, it ceased centralized trading services for Hong Kong users starting May 31, though withdrawal functionality remains active.
Can I still use OKX if I’m based in Hong Kong?
Yes. While centralized trading is no longer available, you can continue using OKX Web3 Wallet—a non-custodial solution—for managing digital assets securely.
What happens if I don’t claim my Backpack activity rewards by May 31?
Unclaimed rewards before May 31 at 20:00 Beijing Time (12:00 UTC) will be forfeited. Visit Questlog on Backpack Exchange to check eligibility and redeem any outstanding incentives.
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Is Anvil’s ANVL token airdrop open to everyone?
No. Only users who provided AMP collateral on the Capacity platform prior to the snapshot at approximately June 1 (block ~20,000,000) qualify for the 1:1 ANVL airdrop.
How do I participate in LayerZero’s Sybil bounty program?
You must pay a 0.5 ETH deposit to a designated address before submitting your report on Commonwealth between May 28 and May 30. Reports must include clear methodology and at least 20 suspect addresses to qualify.
Final Thoughts: Navigating Change in a Maturing Market
From regulatory clarity in Hong Kong to technological leaps in scalability and interoperability, this week underscores the maturation of the digital asset ecosystem. As legacy institutions embrace crypto through ETNs and governments enforce compliance standards, user responsibility grows alongside opportunity.
Whether you're engaging with new gaming frontiers like Illuvium or monitoring protocol upgrades across Solana and Sei, staying informed is key.
👉 Explore secure ways to manage your crypto journey across centralized and decentralized platforms.