Kraken is set to delist Tether’s USDT and four other stablecoins in Europe to comply with the EU’s Markets in Crypto-Assets Regulation (MiCA), with the full delisting effective March 31, 2025. The process will be gradual, starting with margin pairs moving to “reduce-only” mode on February 13, followed by “sell-only” mode on February 27, and halting all spot trading by March 24. This decision affects clients in the European Economic Area, with the aim of ensuring compliance and maintaining a stable trading environment.
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News from CYP
Generated 0 posts last week International Crackdown on Major Crypto Money Laundering Operations in Europe
An international investigation has dismantled a sophisticated money laundering ring operating between Spain and Cyprus, resulting in 23 arrests and the freezing of $28 million in cryptocurrencies. The group laundered over $100 million, utilizing commercial flights and public transport to transport cash. Authorities from Spain, Cyprus, and Germany collaborated with Europol to trace illicit cryptocurrency flows, leading to multiple raids across Europe.
read moreZondacrypto partners with Incore Bank to expand into Switzerland
Zondacrypto, a European cryptocurrency exchange with over 1.35 million users, is expanding into Switzerland by partnering with Incore Bank. This collaboration will provide clients with custody and trading services for digital assets, enhancing the bridge between traditional finance and the digital asset ecosystem. The company, founded in Poland in 2014, aims to further develop its presence in Switzerland and is a member of the Swiss Blockchain Federation.
read moreBybit Suspends Trading in India Amid Regulatory Changes
Bybit has announced a temporary suspension of its trading services in India, effective January 12, due to evolving regulatory requirements. While users cannot open new trades or modify existing positions, they can still withdraw funds and close their positions. The exchange is working with Indian regulators to resume operations soon.
read moreFTX Challenges Backpack’s Acquisition of European Subsidiary Amid Bankruptcy Dispute
FTX has contested the sale of its European subsidiary, FTX EU, to Backpack, a crypto platform founded by former FTX employees, claiming no court approval for the transaction. FTX asserts that the transfer was arranged without its or the court’s knowledge and emphasizes that Backpack is not responsible for settling claims related to FTX EU’s former customers. In contrast, Backpack’s CEO insists the acquisition was legitimate and approved by regulatory authorities, stating that FTX EU’s obligations are now managed solely by Backpack.
read moreBlackRock Bitcoin ETF Concerns Highlight Risks of Centralization and Self-Custody
BlackRock’s Bitcoin ETF plan raises concerns over asset ownership and risks during protocol changes, as it may allow for the substitution of Bitcoin with less valuable tokens. The historical context of government seizures amplifies fears of centralized vulnerabilities, prompting advocates to emphasize self-custody as a means to safeguard financial sovereignty. As younger generations increasingly view Bitcoin as a financial benchmark, the importance of direct ownership over ETFs becomes crucial to preserving Bitcoin’s decentralized ethos and potential for financial autonomy.
read moreCrypto Market Update: FTX EU Acquisition and Record ETF Inflows
Backpack Exchange has acquired FTX EU, aiming to restore user trust by managing bankruptcy claims and launching crypto derivatives by Q1 2025. Meanwhile, U.S. spot Bitcoin and Ethereum ETFs saw over $1 billion in inflows, marking a significant recovery after recent outflows. CFTC Chair Rostin Behnam plans to step down amid calls for clearer crypto regulations, while the Czech National Bank considers Bitcoin for reserve diversification.
read moreBackpack Exchange Acquires FTX EU for 32 Million Dollars
Backpack Exchange has acquired FTX EU for $32 million, aiming to prioritize the return of customer EURO funds. The deal, approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission, will enable Backpack to expand its services in the EU, including spot, margin, and futures trading. CEO Armani Ferrante emphasized the commitment to returning customer funds as the top priority.
read moreBackpack Exchange Acquires FTX EU to Enhance Crypto Trading in Europe
Backpack Exchange, founded by former FTX executives, has acquired FTX EU, gaining access to a MiFID II license to offer regulated crypto derivatives across Europe. This strategic move aims to fill the void left by unregulated exchanges while ensuring customer restitution for FTX EU’s bankruptcy claims. CEO Armani Ferrante emphasized the commitment to regulatory compliance and restoring trust in the industry as Backpack prepares to launch its EU operations in the first quarter of the year.
read moreCySEC Establishes Transitional Rules for Crypto-Asset Service Providers Under MiCA
The Cyprus Securities and Exchange Commission (CySEC) has established transitional rules for Crypto-Asset Service Providers (CASPs) under the Markets in Crypto-Assets Regulation (MiCA). CASPs operating under national regulations before December 30, 2024, can continue until July 1, 2026, or until their MiCA authorization is resolved. To operate during this period, CASPs must submit compliance evidence, including a confirmation letter from their Internal Auditor, by January 10, 2025, detailing services, client distribution, transaction volumes, and income. CySEC is also accepting CASP license applications for preliminary assessment under MiCA, aiming for a smooth transition while emphasizing that approval before the EU deadline is not guaranteed.
read moreEmerging Cryptocurrencies Set to Outperform Ethereum in Upcoming Bull Run
Sei, Fantom, Rexas Finance, and Arbitrum are emerging as strong contenders in the cryptocurrency market, poised to outperform Ethereum. Sei focuses on trading applications, while Fantom enhances scalability and decentralization. Rexas Finance offers innovative asset investment opportunities, and Arbitrum improves Ethereum’s efficiency through Layer 2 solutions, making these tokens attractive for investors seeking significant returns in the upcoming bull run.
read moreBC.GAME Launches Wukong Slot Game with Cryptocurrency Integration
BC.GAME has launched the Wukong slot game, inspired by the AAA title Black Myth: Wukong, allowing players to win up to 10,000 times their bet. The game features key symbols from the original, offers cryptocurrency integration, and includes free spins and bonus opportunities. In celebration of the launch, BC.GAME is distributing 200 million $BC tokens to players.
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