Following the Florida Panthers‘ Game 7 win over the Toronto Maple Leafs on Sunday, the NHL’s final four is official: The defending Stanley Cup champion Panthers will take on the Carolina Hurricanes in the Eastern Conference finals, while the Dallas Stars face the Edmonton Oilers in the Western Conference finals.
This Eastern matchup is a rematch of the 2023 conference finals, won by the Panthers in a sweep. Can Carolina win this time, or will Florida head back to the Stanley Cup Final for a third straight year?
To help get you up to speed before the series begins Tuesday, we’re here with key intel from ESPN Research, wagering info from ESPN BET and more.
Paths to the conference finals:
Hurricanes: Defeated Devils in five, Capitals in five
Panthers: Defeated Lightning in five, Maple Leafs in seven
Leading playoff scorers:
Hurricanes: Seth Jarvis (four goals, six assists), Sebastian Aho (three goals, seven assists)
Panthers: Brad Marchand (three goals, nine assists), Eetu Luostarinen (three goals, nine assists)
Schedule:
Game 1: Panthers at Hurricanes | May 20, 8 p.m. (TNT)
Game 2: Panthers at Hurricanes | May 22, 8 p.m. (TNT)
Game 3: Hurricanes at Panthers | May 24, 8 p.m. (TNT)
Game 4: Hurricanes at Panthers | May 26, 8 p.m. (TNT)
Game 5: Panthers at Hurricanes | May 28, 8 p.m. (TNT)
Game 6: Hurricanes at Panthers | May 30, 8 p.m. (TNT)
Game 7: Panthers at Hurricanes | June 1, 8 p.m. (TNT)
Series odds:
Panthers: -125
Hurricanes: +105
Stanley Cup odds:
Panthers: +250
Hurricanes: +300
Matchup notes from ESPN Research
Hurricanes
The Hurricanes reached the conference finals for the sixth time in franchise history and third time in the past six years. Carolina’s three conference finals appearances since 2019 are tied with the Edmonton Oilers, Tampa Bay Lightning and Vegas Golden Knights for the second most in the NHL. The Dallas Stars have gone four times in the past six years.
Logan Stankoven is expected to make his Eastern Conference finals debut, after he appeared in the Western Conference finals with the Stars last year in his first NHL season. He will join Ville Leino (2009 and 2010) as the only players to play in both the Eastern and Western Conference finals in their first two seasons in the NHL (since 1994).
The Hurricanes have lost 12 straight games in the conference finals round. Their last win was Game 7 in 2006 vs. the Buffalo Sabres, when now-coach Rod Brind’Amour scored the eventual winning goal on a power play with 8:38 left in the third period after a puck-over-glass penalty. That 12-game losing streak includes being swept by the Panthers in 2023.
Carolina won its 10th playoff series under Brind’Amour since 2019; only the Lightning (11) have more series wins during that span.
Andrei Svechnikov‘s series-clinching goal 18:01 into the third period is the second-latest series-clinching goal in regulation in franchise history. Eric Staal scored 19:28 into the third period in Game 7 of the 2009 first round at the New Jersey Devils.
With their series win over Alex Ovechkin and the Washington Capitals in the second round, the Hurricanes became the first team to eliminate the NHL’s all-time leading goal scorer since the 1997 Philadelphia Flyers, who ousted Wayne Gretzky and the New York Rangers in the conference finals. Brind’Amour, then with the Flyers, had the series-clinching goal.
Panthers
The Panthers advanced to their third straight conference finals with a 6-1 win over the Maple Leafs in Game 7 in Toronto. Florida joins the Dallas Stars in 2023-25, Tampa Bay Lightning in 2020-22, Chicago Blackhawks in 2013-15, Los Angeles Kings in 2012-14 and Detroit Red Wings from 2007-09 as the only teams in the salary cap era (since 2005-06) to make it to three straight conference finals.
Florida trailed 2-0 in the series before coming back to win 4-3, marking the first time in franchise history they’ve overcome a 2-0 series deficit in a best-of-seven playoff series (they had previously been 0-5). The Panthers are the seventh reigning Stanley Cup champions in the NHL’s expansion era (since 1967-68) to win a best-of-seven playoff round after facing a 2-0 series deficit.
The Panthers now have a 4-1 record in Game 7s, including 3-0 on the road, becoming the third franchise to win each of its first three road Game 7s (along with the Pittsburgh Penguins and Minnesota Wild).
Brad Marchand had three points for the Panthers (one goal, two assists), giving him 10 career points in Game 7s, moving ahead of Alex Ovechkin (eight) for the most Game 7 points among active players, and tied him with Paul Stastny and Jari Kurri for 10th place on the all-time list. Marchand’s three-point total gives him 37 career playoff points vs. the Maple Leafs, passing Alex Delvecchio (35) for the second most by any player against Toronto in their playoff history, behind Gordie Howe (53). Marchand improved to 5-0 against the Maple Leafs in Game 7s for his career, becoming the first player in NHL history to defeat one franchise in five winner-takes-all games.
Panthers coach Paul Maurice also stayed perfect in Game 7s as a head coach, improving to 6-0. He is one of two head coaches in NHL history to win each of his first six career Game 7s, along with current Dallas bench boss Peter DeBoer (9-0).
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Greg Wyshynski
No player in Stanley Cup playoff history has tormented an opponent the way Florida Panthers winger Brad Marchand has tormented the Toronto Maple Leafs.
The Panthers eliminated the Maple Leafs 6-1 in Game 7 on Sunday night in Toronto, advancing to the Eastern Conference finals against the Carolina Hurricanes. Marchand became the first player in NHL history to defeat the same opponent in at least five winner-take-all games. He moved to a perfect 5-0 in Game 7s against the Maple Leafs — winning with the Boston Bruins in 2013, 2018, 2019 and 2024, before winning with the Panthers on Sunday.
Marchand had a goal and two assists in the victory.
“I grew up a Leafs fan. I enjoy playing against the Leafs. I enjoy interacting with fans. Like, it’s fun. It’s not something I’ll forever get to do,” he said after Game 7, which was Toronto’s seventh straight loss in a Game 7.
Marchand said that he hadn’t historically played well against Toronto in Game 7s. “It wasn’t me that beat them, it was our team,” he said. But Marchand was anything but a bystander in Florida’s Game 7 win. Marchand set up two goals — including the primary assist on Eetu Luostarinen‘s critical third-period goal just 47 seconds after Max Domi scored for the Maple Leafs — and tallied an empty-net dagger for his third goal of the playoffs.
With his three-point effort, Marchand is now second all time in career playoff scoring against the Maple Leafs with 37 points, trailing only Hockey Hall of Famer Gordie Howe (53).
“I think the thing about Toronto is that their fans are very in your face. They’re aggressive. They let you hear it all the time. So it’s just fun to interact [with them]. I interact with a lot of fans and I enjoy that part of it,” said Marchand, who also passed Washington Capitals star Alex Ovechkin (8) for the most career Game 7 points (10) among active players.
Boston traded Marchand, its captain, to Florida at March’s NHL trade deadline, ending a 16-year run with the Bruins that included a Stanley Cup championship in 2011 and two other trips to the Stanley Cup Final.
“It was his personality that I didn’t know,” Panthers coach Paul Maurice said. “He’s moved into that Matthew Tkachuk ‘hate them’ [role]. That’s a horrible word, but it’s close. And then they get here and they’re the exact opposite person that you thought they were. He’s just a wonderful human being.”
The Panthers dominated the Leafs from the opening draw, carrying play in Game 7 after Toronto extended the series with a Game 6 road victory Friday night. After two periods, the Panthers held a 70-33 advantage in shot attempts. That included a 39-14 gap in the second period, when Florida scored its first three goals.
Marchand factored into two important ones. Just 4:03 after Seth Jones opened the scoring, Marchand’s shot was deflected by Luostarinen off of goalie Joseph Woll‘s pads, and center Anton Lundell was there to clean it up for his fourth goal of the playoffs to make it 2-0. In the third period, Marchand’s pass was tipped home by Luostarinen.
“There are moments that you need to enjoy. Careers fly by. I’ve been at it a long time. I’m very fortunate. But it’s almost over. I can’t believe how fast it’s gone by. I wish I was able to enjoy more moments,” Marchand said.
With the loss, the Maple Leafs suffered yet another postseason failure. Toronto hasn’t advanced past the second round since 2002. They infamously haven’t won the Stanley Cup since 1967, the longest drought in the NHL for any franchise — including those that have never won a Cup in their existence.
After the game, Marchand was complimentary of this Toronto team. He said of all the Game 7s he has played against the Leafs, he was most nervous about this one because “they competed way harder than they ever have.” He felt criticism of this group, which might have played its last game together, was unwarranted.
“If you look at the heat this team catches, it’s actually really unfortunate. They’ve been working at building something really big here for a while,” he said. “They were a different brand of hockey this year, and they’re getting crucified. I don’t think it’s justified.”
That said, Marchand did have a little fun at Toronto’s expense on the TNT postgame show. When asked what the difference was in the Panthers locker room from Game 6 to Game 7, Marchand said “we just had that be-Leaf” — a winking reference to one of the rallying cries of Toronto fans.
Kazakhstan, the Maldives and Pakistan have recently outlined ambitions to position themselves as crypto hubs and build out their digital economies.
Historically, these countries haven’t been top of mind for global crypto firms — though Kazakhstan did have a brief moment in the spotlight as a go-to destination for Bitcoin (BTC) miners after China’s mining ban.
Meanwhile, established financial centers are now in a race to become the world’s leading crypto hub by finding the right balance of regulation, talent, capital and infrastructure.
Here’s how five of them are backing their crypto dreams.
Singapore is the crypto hub with parental guidance
Singapore has long stood out as a financial hub, bolstered by its AAA credit rating, low corporate tax rates and pro-business regulations. With the emergence of digital assets, the Lion City is among the front-runners in the crypto hub race.
Singapore was among the early movers in crypto regulation. Its Payment Services Act (PSA) of 2019 — enacted in 2020 — was one of Asia’s first comprehensive legal frameworks that covered crypto activities.
The PSA uses the term “digital payment token” (DPT) to define digital representation of value that can be transferred, stored or traded electronically — like crypto.
At the time of writing, there are 33 DPT service providers licensed by the Monetary Authority of Singapore (MAS), the city-state’s central bank. Casper Johansen, co-founder of Singapore- and Hong Kong-based Spartan Group, said license approvals have moved at a measured pace, giving faster-moving hubs like Dubai room to catch up.
“Singapore is more of an institutional financial hub than a retail financial hub,” Johansen said, alluding to the city-state’s limitations on crypto marketing to retail investors.
“The ban on marketing to retail has not affected Singapore’s position as a global crypto hub. Crypto firms set up in Singapore for the low and transparent taxes, strong regulatory framework and rule of law, world-class professional services, ease of living and global connectivity,” Johansen added.
But cracks have emerged recently, particularly around immigration and hiring policy. In late 2024, concerns flared when the CEO of blockchain analytics firm Nansen, Alex Svanevik, shared that he was denied permanent residency. The government has ramped up efforts to prioritize local hiring amid growing political sensitivity over foreign labor.
UAE rolls out the welcome mat for crypto hub status
Unlike other crypto hub contenders, Dubai has a dedicated digital asset regulator, the Virtual Assets Regulatory Authority (VARA).
Its wide-ranging licensing regime provides clear guidelines — even for NFT platforms — which major economies like the European Union have yet to address. The EU’s Markets in Crypto-Assets (MiCA) framework currently excludes NFTs.
VARA’s clarity is appealing to companies frustrated by regulatory uncertainty elsewhere. Binance, a borderless exchange with no official head office, has had to rethink that model under global regulatory pressure — and the exchange’s ties to the UAE have been growing.
Richard Teng, former CEO of free zone Abu Dhabi Global Market, took over as the CEO of Binance after Zhao, and has recently hinted that UAE is a strong candidate for the exchange’s headquarters, though a decision hasn’t been made yet.
The UAE also provides its own incentives, such as no personal income tax and free zones like the Dubai Multi Commodities Centre (DMCC) and Dubai International Financial Centre (DIFC) offer 0% corporate tax advantages and 100% foreign ownership.
Related: The lessons learned at Operation Chokepoint 2.0 Congressional hearings
Crypto firms have reported easier access to banking services in Dubai, which is an improvement over the challenges companies say they’ve faced in the US under “Operation Chokepoint 2.0.”
Hong Kong makes crypto hub push with retail access and staking ETFs
Hong Kong has long acted as a financial gateway to mainland China, where crypto activities like mining and trading remain banned.
Previously, the city had a voluntary licensing regime, when only OSL and HashKey were licensed to serve institutions and professional investors. In Hong Kong, professional investors are legally defined as those with portfolios worth at least 8 million Hong Kong dollars (about $1 million).
It was later updated to the mandatory regime, launched in 2023, which opened the doors to retail.
The shift to mandatory licensing marked a turning point. OSL and HashKey became the first exchanges authorized to serve retail investors, while firms like Bybit and OKX withdrew their applications and exited the market. As of now, 10 platforms are licensed, while 15 have either withdrawn or been rejected.
Hong Kong has made further strides with the listing of Bitcoin and Ether (ETH) ETFs, and recently approved staking within Ether ETFs, which is not yet permitted in the US. It has also introduced stablecoin sandboxes under the supervision of the Hong Kong Monetary Authority to trial approved digital assets in a controlled environment.
“Sandboxes are an experiment, so too are staking ETFs,” said Kelvin Koh, a Spartan Group co-founder. “The key point is that these experiments are happening in Hong Kong.”
Hong Kong recently released its ASPIRe roadmap in February 2025, which aims to foster blockchain innovation and fill regulatory gaps to set the city up as a global crypto hub.
Trump 2.0 dreams of crypto hub
US crypto firms were stuck in regulatory gridlock under the Securities and Exchange Commission formerly led by Gary Gensler, whose aggressive “regulation by enforcement” strategy triggered years-long legal battles.
That changed with the inauguration of President Donald Trump, who has embraced a crypto-friendly stance. The SEC has since dropped multiple high-profile cases and investigations, including those against Coinbase, Uniswap and Consensys, signaling a shifting regulatory climate that is prepared to welcome back crypto to US soil.
President Trump declares the US the future capital of AI and crypto. Source: The White House
Binance.US resumed US dollar services in February after 18 months of restriction that followed enforcement action from the Commodity Futures Trading Commission, a $2.7-billion settlement and a four-month prison sentence for ex-Binance CEO Changpeng Zhao.
Related: 8 major crypto firms announce US expansion this year
Rival exchange OKX reentered the US market in April 2025 after a $500-million settlement with the Department of Justice. Also in April, Nexo announced — during an event with Trump’s son in attendance — that it rekindled its American dream after scrapping it in 2022.
Traditional finance is warming up, with institutional investments flooding into Bitcoin and Ether spot ETFs, provided by some of the world’s largest asset managers, including the $11.5-trillion giant BlackRock.
The financial love affair goes both ways as crypto firms are also increasingly open to integrating into the existing US infrastructure.
Galaxy Digital listed on Nasdaq on May 16, Circle is considering another IPO attempt, and Hong Kong’s blockchain unicorn Animoca Brands is now eyeing a New York listing, citing Trump’s stance on crypto.
The world’s largest financial center, New York City, is making its own move. Mayor Eric Adams said on May 12 that the Big Apple is “open for business” with crypto companies.
UK’s crypto hub push goes quiet, but London’s still calling
In 2023, then-Prime Minister Rishi Sunak launched a bold vision to make the UK a global crypto hub, pushing for stablecoins to be recognized as regulated payment instruments and outlining a broader framework to integrate crypto into the country’s financial system.
That momentum translated into real movement: In April 2025, the UK Treasury released near-final legislation aimed at bringing crypto assets — like trading platforms, stablecoins and staking services — within the country’s regulatory perimeter.
The Financial Conduct Authority (FCA) is now consulting on how to regulate intermediaries, lending and other core parts of the ecosystem, signaling continued regulatory development.
But while the machinery of regulation keeps turning, the political will has cooled. As Arvin Abraham, partner at law firm Goodwin’s private equity group, told Cointelegraph, crypto was once central to Sunak’s competitiveness agenda, but under the current Labour government, that focus has faded.
The new Financial Services Growth and Competitiveness Strategy, spearheaded by Chancellor Rachel Reeves, highlights fintech as a priority without a focus solely on crypto.
“The UK does not feel like it’s prioritizing it as much as it was a few years ago,” Abraham said.
Abraham added the UK remains “one of the best places to set up a new startup,” especially for early-stage capital raising.
He points to generous tax incentives for angel investors and the unique convergence of finance and startups in London, calling it “probably one of the best cities in the world for fintech-type businesses.”
In that sense, even without headline-grabbing crypto policy, the UK’s structural appeal still draws Web3 firms — just now with a quieter backdrop.
Magazine: South Africa’s digital-nomad crypto hub: Cape Town, Crypto City Guide
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