Stay in the loop with our weekly crypto digest as we get you up to speed on the hottest trends and events in the crypto space.

Here’s what happened in crypto this week:

US SEC Drops Lawsuit Against Binance

The US Securities and Exchange Commission (SEC) has officially closed its legal action against Binance and its founder, Changpeng Zhao (CZ), concluding one of the last remaining crypto enforcement pursuits by the agency.

The dismissal arrives two years after the SEC had accused Binance of unlawfully catering to US customers and mishandling client funds.

This move follows a significant $4.3 billion settlement with the US government in the prior year, where Zhao admitted guilt, relinquished his position, yet maintained a substantial portion of his wealth.

The regulatory shift signifies a turnaround in the US crypto landscape, with the Justice Department disbanding its crypto enforcement unit and the Commodity Futures Trading Commission (CFTC) transitioning under new leadership with strong crypto affiliations.

Crypto Exchange Bybit Granted MiCA License In Austria

Crypto exchange Bybit has received a license in Austria under the new European Markets in Crypto Assets (MiCA) framework.

MiCA rules, effective from the start of this year, require firms to choose a member state for operations across the EU.

The exchange also established its European headquarters in Vienna and plans to hire over 100 staff to support its expansion.

CEO Ben Zhou emphasized the firm’s compliance-first approach to meet EU standards.

Thailand Moves To Block Bybit, OKX, And Others For Unlicensed Operations

Thailand’s Securities and Exchange Commission (SEC) announced a ban on crypto exchanges Bybit, 1000X, CoinEx, OKX, and XT for unauthorized operations, effective June 28th, 2025.

The ban aims to protect investors and prevent the use of unlicensed platforms for money laundering activities.

The Ministry of Digital Economy and Society will implement measures to block local access to these exchanges.

Thailand is also planning to issue a $150 million investment-grade crypto token to offer higher returns than traditional bank deposits, as part of its strategy to mitigate money laundering risks in the crypto sector.

X Is Launching New ‘XChat’ Messaging System With Bitcoin-Style Encryption

Elon Musk has announced the launch of a new direct messaging feature called ‘XChat’ on his platform, X (formerly Twitter).

Musk remarked that XChat is built on Rust with an encryption architecture reminiscent of Bitcoin.

Some of the notable features of XChat include audio and video calling, which do not require a registered phone number.

Notably, one of the features that might excite new adopters is the ‘vanishing message,’ and the move also comes amid Musk’s push for enhanced privacy on X.

Robinhood Completes Acquisition Of Bitstamp

Robinhood Markets, Inc. has completed its acquisition of Bitstamp Ltd., a cryptocurrency exchange founded in 2011. Bitstamp operates in Luxembourg, the UK, Slovenia, Singapore, and the United States.

Notably, the agreement was first announced in June 2024, and the completed deal marks Robinhood’s formal entry into global and institutional crypto markets.

This strategic move is expected to extend Robinhood’s reach beyond retail trading, combining Bitstamp’s established crypto expertise with Robinhood’s global vision to expand access and develop the future of crypto services.

Consensys To Boost MetaMask UX, Speed Up Bitcoin Support With Web3Auth Acquisition

Consensys has acquired Web3Auth to enhance MetaMask’s user experience, with a particular focus on seed phrase management and improving wallet recovery methods through familiar Web2 authentication methods.

The acquisition aims to reduce the risk of lost funds due to unbacked seed phrases, with MetaMask users benefiting from easier wallet creation and recovery.

This move will also accelerate MetaMask’s support for non-EVM chains, such as Bitcoin and Solana, facilitating seamless cross-chain transactions.

The integration will be rolled out in phases, starting with developer tools, and is expected to enhance MetaMask’s global reach and user accessibility in the Web3 ecosystem.

Strategy To Offer 2.5 Million New ‘Stride’ Preferred Shares To Fund Its Bitcoin Buying Spree

Strategy, the largest corporate holder of Bitcoin, plans to offer 2.5 million perpetual preferred shares called Stride to fund its Bitcoin acquisitions.

The company aims to use the proceeds for general corporate purposes, including the acquisition of Bitcoin and working capital, and has previously issued similar preferred shares, named Strike and Strife.

The Stride shares will offer a 10% dividend and are non-convertible into common shares, while the company retains the right to redeem them under certain conditions.

Strategy currently holds 580,955 BTC valued at over $60 billion, and its stock has doubled in price over the past year due to its Bitcoin stockpiling strategy.

Truth Social Files For Bitcoin ETF

Truth Social, associated with former President Donald Trump, has filed for a Bitcoin exchange-traded fund (ETF) through NYSE Arca, aiming to track Bitcoin’s price.

The Form 19b-4 filing is part of the process to seek approval from the US Securities and Exchange Commission (SEC) for listing and trading the ETF.

Yorkville America Digital, LLC is the sponsor of the trust, with Foris DAX Trust Company, LLC serving as the custodian.

The filing is notable as it represents a unique entry into the crypto ETF market, which has seen increased regulatory friendliness from the SEC under new chair Paul Atkins.

Pump.fun Plans $1 Billion Token Sale At $4 Billion FDV

Pump.fun, a rapidly growing platform built on the Solana blockchain, is reportedly preparing a $1 billion token sale at a $4 billion fully diluted valuation (FDV), according to Blockworks.

While the exact timing and whether the token will launch directly on Pump.fun remain unconfirmed, the move signals a major step forward for the viral token-launching platform.

Known for allowing anyone to create tokens with ease, Pump.fun has seen explosive growth, generating over $700 million in total revenue since its launch just over a year ago.

The platform’s low barriers to entry and integration with Solana’s high-speed, low-cost blockchain have fueled a surge in meme coin and community token activity.

Moscow Exchange Launches Bitcoin Futures For Qualified Investors

The Moscow Exchange has introduced Bitcoin-linked futures contracts available exclusively for qualified investors, tied to the US-listed iShares Bitcoin Trust ETF (IBIT).

These futures will be quoted in US dollars per lot, with settlement occurring in Russian rubles, and the first expiration is set for September 2025.

This initiative is part of a broader trend among Russian financial institutions, with the Saint Petersburg Stock Exchange also exploring similar cash-settled futures.

Sberbank, Russia’s largest bank, is collaborating with the Moscow Exchange to launch Bitcoin futures and related financial products, following the central bank’s recent approval for securities and derivatives linked to cryptocurrencies.

Final Thoughts

So that’s it for this week!

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Have a fantastic week ahead!