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German Chancellor Scholz Calls Snap Election as Coalition Government Collapses

Olaf Scholz is looking to bring the general election forward to March from September.

Updated Nov 7, 2024, 11:13 a.m. Published Nov 7, 2024, 11:11 a.m.
Chancellor Olaf Scholz (Sean Gallup/Getty Images)
Chancellor Olaf Scholz (Sean Gallup/Getty Images)
  • German Chancellor Olaf Scholz called for a snap election after the collapse of his three-party coalition government.
  • Scholz wants a vote of confidence to occur by January to bring the federal election forward to March from September.

German Chancellor Olaf Scholz called for a snap election following the breakdown of his three-party ruling coalition, Bloomberg reported on Wednesday.

Scholz called for a confidence vote to occur in the European Union's largest economy by January with the aim of moving next year's federal parliamentary election to March from September.

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The decision came after Scholz, who is from the Social Democratic Party, dismissed Finance Minister Christian Lindner, the chairman of the Free Democratic Party (FDP) party, saying he refused a proposal that would suspend rules limiting government borrowing.

"Too often, the necessary compromises were drowned out by publicly staged disputes and loud ideological demands,” Scholz said in a statement, according to Bloomberg.

Read more: EU's Restrictive Stablecoin Rules Take Effect Soon and Issuers Are Running Out of Time

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KuCoin Hits Record Market Share as 2025 Volumes Outpace Crypto Market

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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.

What to know:

  • KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
  • This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
  • Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
  • Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
  • Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.

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Ukraine banned Polymarket and there’s no legal way for it to come back

Kyiv in Ukraine (Glib Albovsky/Unsplash/Modified by CoinDesk)

Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.

What to know:

  • Ukraine has no legal framework for Web3 prediction markets, and current legislation provides no recognition for such platforms.
  • Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
  • Legal changes are unlikely in the near future, as Parliamentary revisions to gambling definitions are extremely improbable during wartime, leaving prediction markets in a legal deadlock.