[News Brief] Jul 01, morning | MiCA Officially Takes Effect in Europe… 80% of Unlicensed Crypto Platforms Risk Shutdown

MiCA Officially Takes Effect in Europe… 80% of Unlicensed Crypto Platforms Risk Shutdown

According to PANews, citing CoinDesk, the European Union’s Markets in Crypto-Assets (MiCA) regulation officially took effect on July 1, requiring crypto-asset service providers to obtain licenses or exit the market.

Reports indicate that of about 3,000 unlicensed crypto trading platforms operating in Europe, roughly 80% may fail to meet the requirements in time, putting them at risk of shutdown or forcing them to halt services for local users.

The number of potentially affected users could exceed 10 million, and they may need to migrate to compliant platforms.

Strategy May Need to Sell More Than $1 Billion in BTC

Bloomberg reportedly raised the possibility that Strategy, led by Michael Saylor, may sell Bitcoin, according to a post on X by Bitcoin Historian.

According to the post, Bloomberg said Strategy may have to sell more than $1 billion worth of BTC to meet payment and treasury obligations.

Strategy is considered one of the major corporate Bitcoin holders. However, the report was based on a reference to broadcast remarks, and no actual sale announcement from the company has been confirmed.

SEC Seeks Public Comment on ‘New-Type ETFs’ Based on Crypto Assets and Blockchain

The U.S. Securities and Exchange Commission (SEC) is seeking public comment on ‘new-type ETFs,’ including crypto-related funds and blockchain-based investment products.

According to Odaily, the SEC said in relevant documents that it is reviewing market interest in new financial derivative products such as crypto-linked funds, blockchain technology-based investment opportunities, and event contracts.

This comment process is being interpreted as part of the SEC’s effort to establish regulatory standards balancing innovation and risk management amid rising demand for crypto ETFs and on-chain asset exposure products.

Binance and Changpeng Zhao Face Class Action from 1,700 UK Investors

About 1,700 UK investors have filed a class action lawsuit against Binance and founder Changpeng Zhao, seeking at least £150 million in damages.

According to Reuters, the plaintiffs claim that Binance violated the Financial Services and Markets Act by selling high-risk derivatives, including leveraged products, to UK retail customers without regulatory approval starting in late 2019.

Some plaintiffs said they suffered losses amounting to tens of thousands of pounds. Binance said it would defend itself but declined further comment on the ongoing litigation.

Previously, the UK Financial Conduct Authority banned crypto firms from offering derivatives to retail customers in 2021, after which Binance imposed restrictions on access for UK users.

DeFi TVL Falls Below $70 Billion… Lowest Since February 2024

According to DefiLlama data, total value locked (TVL) in DeFi has fallen below $70 billion, currently standing at about $69.358 billion.

This marks the lowest level since February 2024. TVL is a metric that represents the value of assets deposited in DeFi protocols and is widely used to gauge market liquidity and investor sentiment.

Former Goliath Ventures CEO Admits to $400 Million-Scale Crypto Investment Fraud

Christopher Alexander Delgado, former CEO of Goliath Ventures, has admitted to fraud and money laundering charges related to a crypto liquidity pool investment scheme.

According to The Block, Delgado, a Florida man, pleaded guilty to wire fraud, conspiracy to commit wire fraud, and money laundering. Each fraud charge carries a maximum sentence of 20 years in prison, while the money laundering charge carries a maximum sentence of 10 years.

Prosecutors said Goliath Ventures solicited investors by promising high returns from crypto liquidity pools, and investors paid at least $400 million. The funds were allegedly used for business gatherings, vacations, and lavish personal spending by executives and staff.

Delgado is said to have used investor money to buy at least six properties worth between $1.15 million and $8.5 million, as well as Lamborghinis, Rolls-Royces, Rolex watches, Louis Vuitton bags, and Tiffany jewelry.

Delgado admitted to causing at least $250 million in investor losses and agreed to forfeit eight properties, 11 vehicles, 30 watches, more than 50 luxury handbags, and 29 pieces of jewelry.

Nasdaq Selects Pyth as Exclusive Market Data Distribution Channel

Nasdaq has selected Pyth as its exclusive market data distribution channel, according to PANews, citing Cointelegraph.

Under the arrangement, Nasdaq TotalView’s full depth-of-book data will be delivered to blockchain applications and software platforms through Pyth’s on-chain financial data network.

TotalView includes price-level buy and sell orders as well as order imbalance data for opening and closing auctions, and is a market data service widely used by professional traders.

Pyth plans to provide real-time market data through a single integration to blockchain applications, digital asset exchanges, prediction markets, and trading systems.

Dutch Prosecutors File for Bankruptcy of Crypto Platform Knaken

The Dutch Public Prosecution Service has filed a petition with a Rotterdam court to declare crypto platform Knaken Cryptohandel and its affiliate Stichting Knaken Payments bankrupt, according to Odaily.

Prosecutors said the filing was made in the public interest. Knaken has suspended services since early June, and about 30,000 customers have been unable to access their funds.

Knaken had provided services for trading and custody of crypto assets such as Bitcoin and Ethereum in euros. Under EU rules, such operations require authorization from the Dutch Authority for the Financial Markets, but Knaken reportedly did not obtain the necessary license.

A separate criminal investigation led by the Dutch Fiscal Information and Investigation Service is also underway. Investigators have searched relevant premises and seized laptops, mobile phones, and company assets, though no arrests have been made so far.

U.S. Spot SOL ETF Records $2.49 Million Daily Net Outflow

According to SoSoValue data, U.S. spot SOL ETFs posted a total daily net outflow of $2.4975 million on June 30, Eastern Time.

The outflow came solely from the Bitwise Solana Staking ETF, whose cumulative net inflow stands at $892 million.

As of the time of reporting, the total net assets of spot SOL ETFs stood at $848 million, with SOL net assets accounting for 1.98%, while cumulative net inflows totaled $1.133 billion.

Pump Transfers Additional 16.43 Million USDT to Kraken… Total CEX Inflows Reach $770 Million

Odaily, citing on-chain analyst EmberCN, reported that Pump transferred an additional 16.43 million USDT to Kraken seven hours ago.

Of the USDC and USDT raised from Pump’s PUMP token public sale in July last year, a total of $770 million has flowed into centralized exchanges.

Pump has also recently resumed selling fee revenue and has transferred 342,500 SOL to Kraken since mid-May. The value of those tokens was estimated at $27.59 million.