Robinhood Markets Coming to Indonesia as It Seeks to Expand in Southeast Asia

Bitcoin edges higher as expectations for another interest-rate cut at the Federal Reserve's meeting on Wednesday supports risk appetite. "We expect the Fed to deliver a cut this week, but indicate that the subsequent cuts would be data dependent," Jefferies economist Mohit Kumar says in a note. There's a risk Fed Chair Jerome Powell hints that the pace of rate cuts will reduce in 2026, he says. Labor market indicators have been mixed and recent data don't paint a convincing picture for the Fed to indicate continued rate cuts, he says. Bitcoin rises 1.6% to $91,700, according to LSEG. (renae.dyer@wsj.com)

Crypto giant Binance has been granted three separate licenses from Abu Dhabi’s financial regulator, providing a green light to operate its exchange, clearing house and broker-dealer services under the Financial Services Regulatory Authority’s (FSRA) regulatory framework. 

The FSRA, an independent financial regulator of the Abu Dhabi Global Market (ADGM), a financial free zone in Abu Dhabi, has approved licenses for Binance’s Nest Exchange Limited, Nest Clearing and Custody Limited, and Nest Trading Limited, according to a press release and announcement from Binance on Monday. 

Richard Teng, the co-CEO of Binance, said in a statement the licenses provide regulatory clarity and legitimacy, enabling Binance to support its global operations from ADGM. 

“While our global operations remain distributed, leveraging talent and innovation worldwide, this regulatory foundation offers our users peace of mind knowing Binance operates under a globally recognised, gold standard framework,” he said

“We are grateful for the FSRA’s forward-thinking approach, which safeguards users while fostering innovation.”

Japan, the world’s largest foreign holder of US government debt, is stoking market anxiety as analysts warn that a potential large-scale bond sell-off could be approaching.

The concern is rippling into the crypto sector, where Tether, issuer of the USDT stablecoin backed primarily by over $113 billion in US Treasuries, faces renewed scrutiny over possible depeg risks.

Analysts Warn Japan Could Dump US Treasuries as Domestic Yields Surge

According to the latest data from the US Department of the Treasury, foreign appetite for US Treasuries weakened in September. Total overseas holdings edged down to $9.249 trillion, a slight dip from August.

Nonetheless, Japan was the exception to this slowdown. The country extended its nine-month buying streak, increasing its holdings to $1.189 trillion, the highest amount it has held since August 2022. This reinforces Japan’s long-standing position as the largest foreign owner of US Treasuries.

That spread made US debt an attractive, low-risk yield alternative. But the macro backdrop is shifting. As BeInCrypto previously highlighted, yields on Japanese government bonds have climbed to their highest levels in years.

With domestic yields improving, the incentive to continue accumulating US Treasuries weakens. It also raises the possibility that Japan may reduce its exposure if market conditions or policy priorities shift further.

An analyst further highlighted that the yield spread between US and Japanese bonds has narrowed from 3.5% to 2.4% in six months. The hedged return on Treasuries has turned increasingly unattractive. The post warned that if the spread approaches 2%, repatriation becomes economically compelling.

That could prompt Japanese institutions to sell US government bonds and reallocate capital domestically. Some models suggest as much as $500 billion may exit global markets in 18 months.

Tether’s US Treasury Exposure Draws Focus

The question many analysts are now asking is straightforward: If Japan begins reducing its Treasury holdings, what does that mean for USDT? The concern arises because Tether’s reserve structure is heavily concentrated in the same asset class that could come under pressure.

According to Tether’s transparency report, more than 80% of its reserves are in US Treasuries. This makes it a major participant in the global Treasury ecosystem, and remarkably, the 17th largest holder of US government debt worldwide, surpassing many sovereign entities.

Such concentration has advantages and vulnerabilities. Treasuries offer high liquidity and historically strong price stability. However, if a major foreign creditor like Japan begins to unwind its holdings, the resulting volatility in bond prices or yields could tighten liquidity conditions, indirectly pressuring large holders like Tether.

Adding to these concerns, S&P Global Ratings downgraded its assessment of Tether’s ability to maintain its peg, moving USDT from a score of 4 (constrained) to 5 (weak). According to the evaluation,

Despite these macro-driven concerns, most market participants see little chance of a forced Tether depeg. Traders on the Opinion prediction market assign a 0.5% probability to the scenario, showing high investor skepticism.

Several factors explain this skepticism. Tether has maintained its peg during previous market crises. The firm generated $10 billion in profit through Q3 2025, offering a substantial buffer against reserve swings.

Although Japan’s Treasury exit could be significant, it will likely unfold gradually. US Treasury markets remain vast and can absorb pressure from selling without huge disruptions. Even so, the combination of Japan’s yield rise, S&P’s downgrade, and Tether’s reserve mix requires close monitoring.

Robinhood Markets has announced two key acquisitions, marking its official entry into the Indonesian market. The American financial services firm has entered into agreements to acquire Indonesian brokerage Buana Capital and OKJ-licensed crypto trader PT Pedagang Aset Kripto.

, the move expands Robinhood’s presence in one of the leading crypto markets in the Southeast Asian region.

“Indonesia represents a fast-growing market for trading, making it an exciting place to further Robinhood’s mission to democratize finance for all,” said Patrick Chan, Head of Asia at Robinhood.

Besides, Pieter Tanuri, the majority owner at both Buana Capital and PT Pedagang Aset Kripto, will serve as the strategic advisor to Robinhood.

However, the company did not disclose the deal price, which is expected to close in H1 2026, .

Robinhood is coming to Indonesia. We're excited to work with the Buana Capital and PT Pedagang Aset Kripto teams to democratize finance for this fast-growing market.Indonesia already has more than 19 million capital market investors and 17 million crypto investors, and we look…— Steve Quirk (@SteveQuirk_) Robinhood’s Entry Underscores Indonesia’s Growing Retail Investors

Indonesia is home to about 17 million crypto traders and has more than 19 million capital market investors, per a .

Besides, Chainalysis ranks Indonesia as a top global crypto market, placing it 7th in the world and 1st in Southeast Asia for .

Further, the noted that financial account ownership in Indonesia has increased from about 20% of adults in 2011 to roughly 60% by 2024.

With the expansion, Robinhood aims to bring its crypto trading services to Indonesia.

“We look forward to bringing Indonesians the same innovative services that have earned the trust of Robinhood customers globally,” Patrick Chan added.

The nation recently tightened its grip on crypto trading with a tax overhaul, hitting offshore platforms with a fivefold rate increase.

Additionally, crypto mining operations saw VAT rates double from 1.1% to 2.2%, along with an increase in taxes on domestic crypto sales and overseas exchange transactions separately.

The Indonesian government is also exploring Bitcoin as a reserve asset to benefit the country’s long-term financial stability.

XRP price today is again testing the $2 support level, a zone that has held firm several times this year. Each time XRP slips to this range, buyers step in, and the same behavior is unfolding now.

XRP whales are buying more, ETF inflows are increasing, and the price is moving in a tight range. Top analyst Ali Martinez thinks this could lead to a 16% price jump.

XRP Price Rebounds From $2 Support

XRP price dropped toward $2.00 before bouncing back above $2.08, showing early signs of strength. While the price rise itself was small, something notable happened in the background as the trading volume jumped by 77.5%. 

This stood out because Bitcoin, Ethereum, and Solana all saw declines in both price and volume at the same time. 

Analysts say this kind of split behavior often shows quiet buying during dips, especially by whales looking to build positions before a bigger move.

Institutional & Whale Activity Tightening Supply

Bitnomial’s CFTC approval to offer an XRP/USD spot contract has increased interest from regulated U.S. investors. 

At the same time, spot XRP ETFs have already attracted close to $900 million in inflows since launching, pointing to steady demand. 

Ripple also drew attention after moving 250 million XRP into an unknown wallet. Shortly after, exchange balances dropped by 2.51%, meaning fewer tokens are sitting on trading platforms. When available supply shrinks like this, it often signals that major players are positioning for a move rather than selling.

XRP Price 16% Breakout Coming

Looking at the chart, Ali Martinez notes that XRP is moving inside a tightening symmetrical triangle, a pattern that often leads to sharp breakouts. 

Over the past week, XRP has been squeezed between $2.03 and $2.18, signaling that volatility is compressing. He suggests that when such a squeeze occurs, volatility is compressed, and when it releases, it usually does so quickly.

A US investor has filed a lawsuit against SocialChain Inc., Pi Community Company, and Pi Network executives, alleging a multi-year fraud scheme that caused him losses exceeding $2 million. The complaint was filed on October 24, 2025, in the US District Court for the Northern District of California.

The investor, Harro Moen from Arizona, claims that unauthorized transfers of 5,137 Pi tokens from his verified wallet in April 2024, combined with delays in migrating his remaining 1,403 tokens to the Pi Network mainnet, led to significant losses.

He calculated the losses based on the peak market valuation of Pi tokens in 2022, though some community members said that the $307.49 figure cited in the suit reflects the IOU value before the mainnet launch and not open market value.

The lawsuit alleges that SocialChain and its executives conducted secret sales of about 2 billion Pi tokens and maintained centralized control over the network through three validator nodes. According to the complaint, these actions contributed to the dramatic decline in token value, from the IOU figure to around $1.67, and affected millions of users worldwide across 190 countries. The suit seeks $10 million in damages.

Ongoing Concerns and Criticism

The case shows long-standing concerns about Pi Network, including:

• Centralized control over token issuance and wallets
• Lack of transparency in token economics
• Closed network transaction limits

Regulatory Warnings in China

Chinese financial authorities, including the China Futures Association, China Internet Finance Association, China Banking Association, and China Securities Association, have warned that virtual assets and stablecoins are not legal tender. They cited Pi Coin as an example of a token without real-world use, stating that such assets can be used for illegal fundraising, pyramid schemes, or transferring proceeds from crime.

Pi Network now faces combined legal, regulatory, and reputational risks. The outcome of the US lawsuit, along with ongoing scrutiny from Chinese authorities, could shape the future of the network and influence how regulators approach community-driven crypto projects.

FAQs

A US investor sued Pi Network and SocialChain, alleging a $2M+ loss from unauthorized token transfers and secret sales of Pi coins.

Harro Moen from Arizona filed the lawsuit, claiming lost Pi tokens and damages due to the network’s centralized control and token sales.

The case may impact token value, network trust, and regulatory scrutiny, influencing Pi Network’s future and operations worldwide.