Milei denies crypto fraud; Robinhood to start crypto services

Argentine President Javier Milei denied claims that he promoted a new crypto that failed soon after he posted about it on social media on February 14, 2025. The coin, $Libra, saw a quick rise in value but then dropped sharply, leading to big losses for most investors.

Key takeaways

• Argentine President, Javier Milei, has rejected claims of fraud linked to a new coin. He insists that he only shared info about the coin and didn’t promote it.
• Robinhood Markets Inc., a well-known American financial services company, plans to launch new crypto services in Singapore. 

A judge will now decide if the president should face fraud charges related to this event. On February 17, 2025, Milei stated he acted ‘in good faith’ and brushed off the investors' concerns, likening their situation to that of gamblers. 

‘If you go to a casino and lose money, what's there to complain about when you know the risks?’, Milei said. He claimed that his post on X (previously Twitter), which linked to a site selling the new $Libra, was not meant as a support for it.

Milei also mentioned that he had only shared information and not promoted the coin, much to the disbelief of many, including Gamdom players. His post, removed within a few hours, faced strong backlash from both political opponents and investors in the coin.

Some people have claimed that the launch of $Libra looked like a ‘rug pull’ scheme, where promoters attract buyers, then stop trading and steal the funds. The presidential office stressed that Milei had no part in creating $Libra and stated that the Anti-Corruption Office would check if he had acted wrongly.

Milei defended his choice to delete the post, explaining that he was unaware of the project's specifics at first, and after finding out more, he chose not to keep promoting the cryptocurrency. However, opposition leaders remain unsatisfied with his comments and are threatening to begin impeachment actions against Milei.

Political analysts suggest that the opposition may not gather enough votes to move forward with an impeachment trial. However, the scandal could distract Milei from his bold reform plans.

A federal judge has been assigned to determine if the fraud claims made against the president by several plaintiffs should proceed. Milei emphasised that he had nothing to conceal.

He also noted that those who invested in $Libra did so willingly and were aware of the risks involved. The presidential president also compared the situation to playing Russian roulette and then facing the consequences.

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Robinhood to start crypto services in Singapore

Robinhood Markets Inc., a popular financial services company, plans to expand its crypto services in Singapore in the latter part of 2025. The US-based platform aims to enter the Singapore market via a new branch linked to Bitstamp, a European exchange the firm bought for $200 million in June 2024.

The company hopes to launch this service after completing the Bitstamp deal in the first half of 2025, pending approval from regulators. Johann Kerbrat, Vice President and General Manager of Robinhood Crypto, noted that Bitstamp's licenses in Singapore were a key factor in the decision to acquire the firm.

‘Part of the reason why Bitstamp was attractive was because of their licenses with Singapore, in addition to its institutional business’, Kerbrat explained. At the same time, Singapore has become a major hub for digital assets, attracting investors and the interest of crypto users who play Bitcoin casino games. 

The country is also drawing in crypto firms seeking a supportive regulatory climate. Currently, Singapore competes with Hong Kong, which is also a key centre for crypto and blockchain tech activities.

Robinhood aims to grow in Singapore to tap into the rising interest in crypto across Asia. The company is also branching out globally, having begun crypto trading in Europe in 2023. In early 2025, it launched equity options trading for customers in the U.K.

Robinhood's buy of Bitstamp allows it to gain licenses in several European countries, including Italy, Spain, and France. This move puts Robinhood in a good spot to offer its services in more areas, not just Singapore. The company aims to provide a wide array of financial products, covering both traditional and virtual assets.

Despite the rise of crypto fraud, many investors are still hoping for a better future ahead. Many believe that in 2025, stronger crypto policies will be implemented to protect crypto users and help the industry grow stronger. 

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