Jump Crypto executive resigns, MiCA’s first deadline approaches, and more

Jump Crypto executive steps aside, MiCA’s inaugural deadline approaches, and more

Jump Crypto Executive– The European Union’s Markets in Crypto-Assets Regulation (MiCA) is approaching its first compliance deadline, leading to the removal of more stablecoins from local markets.

Bitstamp announced on June 26 that it would delist Tether’s euro-pegged stablecoin, EURT, to align with the new rules. The exchange was among the first to list the coin back in 2021. Similarly, Uphold recently informed its European users that six popular stablecoins, including Tether (USDT), Dai (DAI), Frax Protocol (FRAX), Gemini dollar (GUSD), Pax dollar (USDP), and TrueUSD (TUSD), would no longer be supported on its platform.

Binance has also adjusted its stablecoin strategy, categorizing stablecoins as either regulated or unauthorized based on compliance with new regulations. Unauthorized coins will only be available on the platform in sell-only mode, with Binance noting that very few stablecoins currently meet MiCA requirements.

MiCA will roll out in two phases, starting on June 30, 2024, and fully implementing by December 30, 2024. The regulation categorizes crypto assets into electronic money tokens, asset-referenced tokens, and other crypto assets like utility tokens.

Stablecoins are viewed under the regulation as potentially impacting monetary sovereignty and financial stability, with a combined market capitalization exceeding $163 billion.

Olivier Carré, deputy managing partner at PwC Luxembourg, emphasized the regulation’s role in providing investor protections and enhancing financial stability and market integrity across the EU.

Some crypto firms have criticized the new rules. Tether CEO Paolo Ardoino highlighted the challenge of meeting stablecoin reserve requirements, citing the difficulty in securing banking relationships under the regulations.

The President of Jump Crypto resigns from their position

Kanav Kariya, the president of Jump Crypto, has stepped down amidst an investigation by the United States Commodity Futures Trading Commission. Jump Crypto, a subsidiary of Jump Trading focused on digital assets, has faced various controversies under Kariya’s tenure. In his social media announcement, Kariya stated his intention to prioritize personal relationships and reading while exploring future opportunities.

Jump Crypto has been embroiled in several notable incidents, including the Wormhole bridge hack in 2022, issues related to the collapse of the Terra ecosystem, and concerns over its exposure to FTX.

Animoca Brands aims to re-enter the stock market by 2025

Gaming and metaverse giant Animoca Brands is reportedly exploring a comeback to the public market after delisting from the Australian Securities Exchange (ASX) in March 2020. This time around, the company is eyeing jurisdictions known for more favorable regulations, particularly Hong Kong and the Middle East. Animoca has been in talks with investment banks but has not yet finalized a location or hired an advisor. The ASX delisted Animoca in 2020 due to concerns over its compliance with listing rules, particularly regarding investments in crypto and blockchain ventures.

Riot aims to appoint three new board members at Bitfarms, citing its 14.9% ownership stake

Riot Platforms aims to replace three board members at Bitfarms, asserting its 14.9% ownership stake in the company. Bitfarms had previously introduced a shareholder rights plan to block Riot from further stock acquisitions. Instead of continuing to buy Bitfarms shares, Riot intends to replace three current board members and prevent the addition of any new directors appointed after their announcement. This move to revamp Bitfarms’ board is part of Riot’s broader strategy to pursue control over the company. In May, Riot proposed a $950 million acquisition of the mining firm.

Nubank introduces Bitcoin Lightning to its 100 million customers across Latin America

Brazilian neobank Nubank has collaborated with Lightspark to introduce the Bitcoin Lightning Network to its 100 million customers across Latin America. Lightspark will also integrate the Universal Money Address standard, a payment system leveraging Lightning that provides users with an email-like address for money transfers. Lightspark, co-launched in 2022 by former PayPal president David Marcus, specializes in building Lightning Network infrastructure for enterprises.

For the latest in crypto updates, keep tabs on Crypto Data Space.