Business briefing — October 10, 2026.

SpaceX’s planned spectrum purchase rattles US wireless shares

SpaceX agreed to acquire Grain Management’s nationwide 800 MHz spectrum portfolio, giving Starlink Mobile access to as much as 14 MHz of paired low-band spectrum; the transaction requires FCC approval. Reuters and The Wall Street Journal reported a price of about $8 billion, but the companies have not disclosed the terms. FinanceFeeds reported sharp Friday declines in T-Mobile and Verizon shares as investors reassessed the competitive implications.

Why it matters For rural and indoor mobile users, the spectrum could improve reception. It would not, by itself, give SpaceX enough capacity to match incumbent carriers in dense urban markets.

What to watch next FCC approval remains a prerequisite to completing the spectrum transaction; the agreement is not a completed licence transfer.

UK appeals court overturns former Deutsche Bank trader’s Euribor conviction

The Court of Appeal quashed Christian Bittar’s 2018 conviction over Euribor manipulation, although its written reasons have not yet been published. The decision follows the Supreme Court’s 2025 ruling that whether benchmark submissions were false or misleading was a factual question for juries. FinanceFeeds says eight convictions in the UK rate-rigging cases have now been overturned, including Bittar’s guilty-plea conviction.

What changed The reversals now reach a conviction secured through a guilty plea, not just convictions returned by juries.

Why it matters For Bittar, the financial consequences remain unsettled: the reversal leaves open what happens to roughly £800,000 in prosecution costs and a £2.5 million confiscation order.

What to watch next The written judgment should clarify how the Supreme Court’s reasoning applies to guilty pleas; that explanation has not yet been published.

EU states reserve direct ESMA oversight for the largest crypto firms

EU member states rejected a plan that would have placed every authorised crypto provider under direct ESMA supervision, instead backing national oversight for most firms and direct EU supervision for those meeting significance criteria. The thresholds have not been published. The Council’s position is not yet law: the text must be finalised and adopted, and the European Parliament must agree its position before negotiations begin.

What changed The Council has narrowed the Commission’s proposed EU-wide supervisory remit from every authorised crypto provider to firms judged significant by size and cross-border reach.

Why it matters Crypto providers cannot yet tell whether they would retain their national supervisor or need to prepare for a two-year handover to ESMA.

What to watch next Finalisation and formal adoption of the Council text, followed by a Parliament position, remain necessary before negotiations between the institutions can begin.

Thailand sets rules for locally listed Bitcoin and Ether ETFs

Thailand’s SEC says locally listed ETFs investing initially in Bitcoin and Ether will be allowed from October 16, with funds required to maintain average exposure of at least 80% to a single eligible asset. The products must trade on the Stock Exchange of Thailand and use SEC-licensed custodians; brokers cannot provide margin loans for purchases. The rules also restrict retail access to foreign crypto ETFs during the initial phase.

What changed Thai mutual and private funds gain permission to buy domestic crypto ETFs; previously their permitted crypto ETF investments were limited to foreign products.

Why it matters Ordinary investors will lose a broker-arranged route to foreign crypto ETFs, which could give domestic issuers an advantage in attracting retail demand.

What to watch next The framework takes effect on October 16. That is the permission date, not confirmation that any particular fund will launch that day.

New York settlement bars former Celsius chief Alex Mashinsky from financial industries

New York has permanently barred former Celsius CEO Alex Mashinsky from the securities, commodities and cryptocurrency industries under a settlement that could require him to pay the state up to $35 million. The amount is conditional: the state’s potential recovery depends in part on federal forfeiture and whether he serves his full sentence. The New York attorney general said Celsius creditors had received more than $3.4 billion through bankruptcy distributions by August 2026; those distributions are separate from penalties against Mashinsky.

What changed The state settlement adds an express ban across securities, commodities and cryptocurrency to earlier federal restrictions on Mashinsky’s activities.

Why it matters Former Celsius customers should not count the settlement ceiling as additional compensation: penalties against Mashinsky do not automatically enlarge bankruptcy payouts.

What to watch next Mashinsky has until December 11 to respond to prosecutors’ opposition to his sentence challenge. The challenge remains unresolved.

Blockchain.com seeks US registrations to operate its own derivatives markets

Blockchain.com has reportedly applied to register as a designated contract market and a futures commission merchant, steps that could allow it to operate an exchange and handle customer accounts, orders and collateral. NFA records show pending FCM registration and membership applications since August 25; the company is not yet authorised to conduct FCM business. The reported DCM application is not visible in public CFTC records, and the company has not disclosed proposed products or a launch date.

What changed Blockchain.com currently distributes derivatives built and executed by other providers; it is now seeking registrations to bring more of those functions in-house.

Why it matters If approved, the registrations would put Blockchain.com in charge of both the trading venue and customer-account functions, including orders and collateral, rather than merely providing access to partners’ markets.

What to watch next A concrete unresolved issue is how trades would be cleared: Blockchain.com has not said whether it would build, buy or outsource that infrastructure.

NAGA adds private client insurance but does not disclose the shared claims limit

NAGA has added a Lloyd’s policy for eligible clients of its CySEC-regulated European business, advertising cover of up to €1 million per client for certain missing cash and securities if the broker becomes insolvent. The policy runs through September 30, 2027, and supplements Cyprus’s €20,000 Investor Compensation Fund; it does not cover CFD positions or trading losses. NAGA has not disclosed the policy’s aggregate limit, and the article says claims could be reduced proportionally if eligible losses exceed it.

Why it matters Eligible clients cannot assess protection in a large broker failure from the €1 million individual ceiling alone: competing claims could reduce their recoveries.

What to watch next The key unresolved question is the size of the shared claims pool. No commitment to disclose it is reported.