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Crypto.com, the Singapore-based crypto exchange, has reportedly gained a virtual asset service provider registration from the Spain’s central bank. The news is closely followed by the licence approval for the company to conduct digital payment token (DPT) services in Singapore in early June. To gain the approval, Crypto.com needed to prove its compliance with the Anti-Money Laundering Directive and other financial crimes laws. CEO Kris Marszalek stated the firm’s entrance into Spain’s market affirms its commitment to compliance. The company now has regulatory consent in different countries, including Singapore, France, the United Kingdom, Dubai, South Korea, Australia, Italy, etc. Source: https://cointelegraph.com

Amid rising global regulatory scrutiny, Binance, the world’s largest cryptocurrency exchange, was instructed by Belgium's Financial Services and Markets Authority (FSMA) on 23 June to immediately halt its crypto operations in the country. According to the FSMA, Binance has been providing crypto exchange services in Belgium and custody wallet services, from countries that are not members of the European Economic Area. This news comes after Binance’s agreement to safeguard US customer assets until its lawsuit in the US is resolved and its decision to withdraw from the Dutch market due to compliance hurdles. Source: https://www.reuters.com

Melanion Capital, a French investment firm, has reportedly launched the Bitcoin Equities ETF on the Euronext Amsterdam Stock Exchange. This new fund offers investors an opportunity to gain exposure to Bitcoin-related company stocks. The ETF, which follows the Melanion Bitcoin Exposure Index, includes stocks from MicroStrategy, Coinbase, and Robinhood. CEO Jad Comair describes the launch as a “regulated and transparent solution” for the investors in the country to gain exposure to the Bitcoin ecosystems. The Bitcoin Equities ETF is also listed on the Euronext stock exchanges in Paris and Milan. Source: https://cointelegraph.com

The Japan Virtual and Crypto Assets Exchange Association (JVCEA), a self-regulated body of crypto exchanges in the country, is calling for a relaxation of current margin trading rules on cryptocurrencies. In early 2022, leverage was capped at twice the principal capital, leading to a significant drop in trading volumes. The JVCEA now advocates for an increase in leverage limits to a minimum of 10 times the principal, despite inherent market risks. The association maintains that such changes could boost market growth and enhance market liquidity. Source: https://www.coindesk.com

Credit Agricole and Santander’s asset servicing branch CACEIS has reportedly registered with the French market’s regulator AMF as a Digital Asset Service Provider (DASP) on 20 June. With $4.51 trillion in assets under its management as of the end of 2022, CACEIS could now offer custody services for digital assets, in particular, cryptocurrencies. France, known for its progressive stance on crypto, was the first major European country to grant Binance approval. Other prominent French finance institutions, including Societe Generale and AXA, have already been listed as DASPs with the AMF. Source: https://www.reuters.com

Following a lawsuit filed by the US Securities and Exchange Commission (SEC), crypto exchange Binance, and its US affiliate Binance.US, saw a $790 million outflow in the last 24 hours, according to data firm Nansen. Specifically, Binance saw a $778.6 million net outflow, while Binance.US experienced a net outflow of $13 million. The SEC’s allegations against Binance encompass artificially inflated trading volumes, misuse of customer funds, and providing misleading information to investors about its market surveillance controls. Source: https://www.reuters.com

Cryptocurrency exchange Gemini is reportedly gearing up to obtain a crypto licence to operate in the UAE, marking a key step in their global expansion strategy. This move aligns with UAE’s efforts to establish itself as a hub for digital asset businesses amidst rising economic competition in the region. However, the commencement date is yet to be announced. Despite recent industry setbacks, Gemini launched a derivative platform for trading perpetual futures outside of US jurisdiction in May. Source: https://www.reuters.com

The US Securities and Exchange Commission (SEC) filed 13 civil charges against Binance, the world’s largest crypto exchange on 5 June. The crypto exchange is accused of operating unregistered exchanges, broker-dealers and clearing agencies and mixing customer funds with those of separate firms owned by its CEO Changpeng Zhao. The SEC's chairman Gary Gensler said the 13 charges highlight a scheme involving deceptive practices, conflicts of interest, lack of disclosure and wilful evasion of the law. This follows a lawsuit filed by the US Commodity Futures Trading Commission in March. Source: https://www.ft.com

Europol, the European Union Agency for Law Enforcement Cooperation, seized the assets of cryptocurrency mixer ChipMixer on 15 March, alleging its involvement in money laundering. The agency confiscated 1,909.4 Bitcoin, valued at $46 million, and shut down the ChipMixer website after seizing four servers hosting the application. Europol claimed that since its establishment in 2017, the unlicensed crypto mixer laundered over 2.73 billion euros. The funds were connected to various criminal cases within and outside the EU, including darkweb markets, ransomware groups, illicit goods trafficking, child sexual exploitation material, and stolen crypto assets.

The US Federal Reserve has announced that its long-awaited instant payments system, FedNow, will launch in July. The system will allow payments to be settled within seconds between merchants, consumers and banks without using blockchain technology. The program has been seen as an alternative to central bank digital currencies (CBDCs) and stablecoins, and is expected to provide round-the-clock, real-time gross settlement. The Federal Reserve plans to onboard as many financial institutions as possible to increase the availability of instant payments.

US Securities and Exchange Commission (SEC) Chair Gary Gensler reiterated his stance that proof-of-stake tokens should be regulated as securities. Gensler encouraged token operators to seek compliance, as crypto firms try to avoid the security label and its associated investor-protection requirements. The SEC has increased regulatory scrutiny, recently fining US-based crypto exchange Kraken $30 million for offering staking products. Despite differing views from Commodity Futures Trading Commission Chairman Rostin Behnam, Gensler maintained his concerns without commenting on specific tokens.

The New York State Department of Financial Services (NYDFS) reportedly denied claims of a bias against cryptocurrencies after shutting down Signature Bank on 12 March. The NYDFS spokesperson clarified that the bank’s closure was due to “a significant crisis of confidence in the bank’s leadership” and its inability to provide “reliable and consistent data” following a wave of customer withdrawals. These comments were made in response to accusations by Signature Bank board member Barney Frank, who claimed that NYDFS’s intention was to send an anti-crypto message.