Binance Kicked Out of Europe as Senators Move to Probe Trump-UAE Crypto deals
Hey Crypto Heads, hoping your weekend went smoother than that of Bitcoin and Binance's. Yeah, our favorite exchange just got kicked out of the EU after missing its MiCA deadline with the "please withdraw your funds" emails reaching Poland, Italy, Spain, and France.
Elsewhere, the US Senate Democrats don’t seem to be giving Mr orange hair a breather, and this time, it is the Trump family's crypto-UAE ties that is being questioned, while BitMEX cleared out its entire C-suite in one swoop with CEO, CFO, and Chief Growth Officer, all gone. They must have been terrible at the job.
Here are the highlights:
- Binance To Stop Serving EU Clients After Missing MiCA Licence Deadline
- Senate Democrats Demand Hearings on Trump Family's Crypto Ties to UAE
- Crypto exchange BitMEX loses CEO, CFO and head of growth
- Bitcoin, Ethereum, Dogecoin Slide, XRP Flat As US-Iran Tensions Escalate Over The Weekend
Binance To Stop Serving EU Clients After Missing MiCA Licence Deadline
The July 1 cutoff marks the end of the bloc’s transition period for crypto asset service providers. The report said Binance customers in Poland, Italy, Spain and France received emails telling them how to withdraw funds. Binance said some users may be affected before July 1. It also said it is not asking users to withdraw by that date and that user assets remain safe. Binance had applied in Greece for a licence that would allow it to serve clients across the EU. The FT reported that the application was rejected last week. Binance said it did not receive a formal decision and took the decision to withdraw the Greek application.
Senate Democrats Demand Hearings on Trump Family's Crypto Ties to UAE
Five senior Senate Democrats are calling for congressional hearings into reported financial ties between President Donald Trump's family-backed cryptocurrency venture and the United Arab Emirates (UAE), arguing that the relationship raises serious questions about conflicts of interest and US national security. The lawmakers have urged Republican committee chairs to immediately investigate whether foreign investments in World Liberty Financial (WLF), a decentralized finance (DeFi) and stablecoin project backed by the Trump family, had any influence on subsequent US policy decisions involving Abu Dhabi.
Crypto exchange BitMEX loses CEO, CFO and head of growth
BitMEX, the troubled cryptocurrency exchange reportedly looking for a buyer, has cleared out its executive team, losing CEO Stephan Lutz, CFO Ina Steiner, and Chief Growth Officer Raphael Polansky, CoinDesk has learned. Stephan Lutz resigned from his role as CEO of BitMEX, a spokesperson for the exchange infomed CoinDesk. The firm’s former global general counsel and chief operating officer, Peter Wilkinson, has taken over as CEO. The moves were highlighted in recent postings on LinkedIn. Wilkinson, Lutz, Steiner and Polansky did not immediately respond to requests for comment.
Bitcoin, Ethereum, Dogecoin Slide, XRP Flat As US-Iran Tensions Escalate Over The Weekend
Leading cryptocurrencies traded in the red overnight on Sunday as renewed U.S.–Iran confrontations threatened a fragile ceasefire. Bitcoin attempted a breakout above $60,000, only to encounter sharp selling pressure that drove it below $59,000. Ethereum meandered in the $1,500 region, while trading volume rose 10% over the last 24 hours. XRP and Dogecoin traded in the red. Over $180 million was liquidated from the cryptocurrency market in the last 24 hours, overwhelmingly from longs, according to Coinglass data
Other Highlights Worth Mentioning
Strategy's valuation has fallen below the value of its bitcoin holdings - Coindesk
SOL reclaims $72, but onchain data flags weakening momentum - Cointelegraph
Fake Crypto Influencer Gets 15 Months for $1.4M Telegram Staking Fraud - Decrypt
El Salvador’s Bitcoin reserve faces an accounting reckoning under new IMF pressure - Cryptoslate
COINIGY FACT OF THE DAY
On this day in 2022, the British Virgin Islands ordered the liquidation of crypto hedge fund Three Arrows Capital (3AC), marking one of the defining moments of the 2022 crypto contagion.
The court-appointed liquidation came after 3AC defaulted on hundreds of millions of dollars in loans following the collapse of the Terra ecosystem just weeks earlier. The firm's downfall triggered a cascade of insolvencies across the crypto industry, contributing to the bankruptcies of Voyager Digital, Celsius Network, BlockFi, and several other major crypto firms. At the time, Bitcoin was trading below $20,000, down more than 70% from its all-time high, as the industry entered one of its deepest bear markets.
COINIGY MEME OF THE WEEK
