[UAE's New Law Brings DeFi Under Regulation, Maximum Fine Up to $272 Million] The UAE's 'Federal Decree No. 6' brings decentralized finance (DeFi) and Web3 projects under regulation, requiring platforms that provide payment, trading, lending, custody, or investment services to obtain a license from the UAE Central Bank. The law will take effect on September 16, 2025, with violators facing a maximum fine of 1 billion dirhams (approximately $272 million) and potential criminal penalties. Legal experts noted that the regulation does not prohibit individuals from using self-custody wallets but expands regulatory oversight for businesses. Project teams must complete compliance adjustments before the transition period ends in September 2026.

[Binance Alpha Launches Irys (IRYS)] Binance Alpha has officially launched Irys (IRYS).

[Naver Financial to Launch Busan Stablecoin Wallet and Plans to Merge with Upbit's Parent Company] Naver Financial has completed the development of the Busan local stablecoin wallet and plans to launch it next month. The wallet, developed in collaboration with Hashed and the Busan Digital Asset Exchange, will support the stabilization of Busan's local currency 'Dongbaek-jeon,' allowing residents and tourists to exchange fiat currency into a stablecoin version of the local currency. This service will be integrated into the Naver Pay Wallet, but full functionality will only be enabled after the establishment of South Korea's local currency stablecoin regulatory framework. Meanwhile, Naver is merging with Upbit's parent company Dunamu through a stock swap. After the merger, Dunamu plans to list on Nasdaq as a wholly-owned subsidiary of Naver.

[NVIDIA Pre-market Drops Over 4%] NVIDIA (NVDA.O) pre-market stock price fell over 4%, as reports indicate Google plans to directly sell TPUs to Meta.

[A Whale's HYPE Spot Trading on HyperLiquid Triggers Intense Market Volatility] On November 25, a whale deposited $32 million USDC into HyperLiquid and used TWAP to purchase $14.5 million worth of HYPE spot, attempting to squeeze large short positions that were approximately 5% away from the liquidation price. The whale then placed $7.05 million worth of short orders in the $34.5–$36 range to induce a short squeeze. Traders subsequently opened short positions against the whale's buy orders, causing the funding rate to briefly surge to over –800%, with a spot premium of $0.4. The whale then executed a market sell of 100,000 HYPE ($3.3 million), causing the price of HYPE to drop 4% within seconds. The short positions being squeezed were reduced from 2.1 million HYPE ($67.1 million) to 727,000 HYPE ($24 million).