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Weekly Preview | End of the EU MiCA Transition Period; Multiple Platforms Cease Operations, Users Must Timely Migrate Assets

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12 hours ago

News Preview:

  • Hyperliquid frontend Dreamcash will close the CASH market for three days starting June 30;
  • Federal Reserve Chairman Waller, European Central Bank President Lagarde, Bank of England Governor Bailey, and Bank of Canada Governor Macklem will speak at the European Central Bank forum;
  • The transition period of the EU MiCA will end on July 1, and unlicensed crypto platforms must exit the EU market;
  • Sui (SUI) will unlock approximately 13.72 million tokens at 8 AM Beijing time on July 1, with a circulation ratio of about 0.34%, valued at approximately 9.4 million USD;
  • Securitize plans to list on the NYSE with the SECZ code on July 2, expected to raise about 400 million USD;
  • Robinhood previewed a "new era of crypto," which may announce new cross-border asset and tokenized finance products on July 2.

June 29

Exchanges:

Binance will launch three leveraged ETF perpetual contracts MVLL, TQQQ, and SQQQ on June 29

Binance Futures will launch MVLLUSDT, TQQQUSDT, and SQQQUSDT on June 29, with underlying assets being GraniteShares 2x Long MRVL Daily ETF (MVLL), ProShares UltraPro QQQ (TQQQ), and ProShares UltraPro Short QQQ (SQQQ). The settlement asset for all three contracts is USDT, with a maximum leverage of 20x, and support for 24/7 trading. The funding fee settlement period is every 8 hours, with a fee cap of ±2%, supporting multi-asset mode. These three ETFs respectively: 2x long on US semiconductor company Marvell (MRVL), 3x long on the Nasdaq 100, and 3x short on the Nasdaq 100.

Upbit will delist OXT tokens on June 29

Upbit will end trading support for Orchid (OXT) at 14:00 on June 29, with affected trading pairs being OXT/BTC and OXT/USDT. Users must complete withdrawals by July 29; otherwise, related assets will not be processed.

Project Updates:

SharpLink,Forward Industrieswill be included in the Russell 2000 and 3000 indices, effective June 29

NASDAQ listed Ethereum treasury company SharpLink (SBET) announced that it will be included in the Russell 2000 and Russell 3000 index constituents, effective at the opening of US stocks on June 29, 2026, coinciding with the semi-annual rebalancing of the Russell indices. The Russell 3000 index covers the 3000 largest publicly traded companies in the US by market capitalization, while the Russell 2000 index consists of the smallest 2000 companies from the Russell 3000, serving as a core benchmark for US small-cap stocks.

Additionally, Solana treasury company Forward Industries will also be included in the Russell 2000 and Russell 3000 indices on June 29

Token Unlock:

Falcon Finance (FF) will unlock approximately 102 million tokens around 9 PM Beijing time on June 29, with a circulation ratio of about 3.66%, valued at approximately 6.9 million USD;

June 30

Project Updates:

FBI reminds OneCoin scam victims to apply for compensation before June 30

The Federal Bureau of Investigation (FBI) reminds victims of the OneCoin international cryptocurrency investment scam that they can apply for compensation through a special program by the Department of Justice (DOJ) before the June 30 deadline. This process allows individuals who purchased OneCoin and suffered direct economic loss due to the OneCoin scheme between 2014 and 2019 to submit applications. Victims can submit applications by mail, email, or online forms. However, submitting an application does not guarantee financial compensation. The DOJ states a total of losses among OneCoin investors worldwide exceeds 4 billion USD.

Strategy proposes to change STRC dividend distribution to bi-monthly payments, with the first record date on June 30

Michael Saylor tweeted that STRC and MSTR shareholders have approved changing the frequency of STRC preferred stock dividend payments from monthly to bi-monthly. Under the new arrangement, the first record date will be June 30, and the first payment date will be July 15.

Hyperliquid frontend Dreamcash will close the CASH market for three days starting June 30

Tether-invested Hyperliquid mobile interface, decentralized trading platform Dreamcash announced a gradual closure of its CASH perpetual contract market based on Hyperliquid HIP-3, citing that USDC has been integrated into the platform, placing the USDT market at a disadvantage in user experience. The announcement stated that all CASH markets will be settled sequentially according to a preset schedule from June 30 to July 2, with automatic liquidation based on external oracle prices upon settlement, during which the funding rate will be set to 0. Dreamcash emphasized that the platform is non-custodial, and user account balances and rewards will not be affected; only the perpetual markets for related USDT-priced assets (such as TSLA, NVDA, GOLD, etc.) will cease trading, and the team will focus on the development and promotion of its crypto trading mobile application thereafter.

Squid launches native token QUID, plans to start public sale on June 30

Cross-chain routing protocol Squid launched its native token QUID. QUID features a fixed supply, non-inflationary design, and plans to support the ecosystem through staking, governance, buyback mechanisms, and in-app features. The token public sale will start at 9 PM Beijing time on June 30 and end at 9 PM on July 3, with users able to participate through Kraken and Legion. Squid users and community members can apply for higher quotas through a priority allocation form.

Web3 product 0xPPL will cease operations on June 30

Web3 product 0xPPL, aiming for an "on-chain super application" position, announced that it will cease trading functions on June 6 and completely shut down on June 30. The project stated it will "orderly close," and PPL Wallet users need to use the in-app "wallet export" tool to export their mnemonic phrases or withdraw all funds to other wallets before the closure, to ensure asset security and availability. The team stated that the closure is due to the betting market not arriving at the expected time, choosing to stop operations at this point to properly handle the rights of users, the team, and investors.

Base ecosystem project Seamless Protocol gradually shutting down, UI will be offline on June 30

Base ecosystem DeFi lending protocol Seamless Protocol announced it will gradually shut down after operating for two and a half years, with the UI being offline on June 30, 2026, at which point the team will no longer provide support. Users must withdraw all assets via the UI before this date, and leveraged tokens must be redeemed before the UI is disabled. The treasury on Morpho will be orderly closed, and Gauntlet, as a curator, will withdraw all lending assets from the Morpho market, enabling users to withdraw directly through the Morpho application. Staked SEAM will gradually close as its income source terminates. Core contributors will prepare governance proposals to allocate the remaining DAO treasury assets to SEAM token holders.

Token Unlock:

Collector Crypt (CARDS) will unlock approximately 28.84 million tokens at 3 AM Beijing time on June 30, with a circulation ratio of about 6.11%, valued at approximately 6.7 million USD;

July 1

Macroeconomics:

On July 1, Wednesday at 21:30, Federal Reserve Chairman Waller, European Central Bank President Lagarde, Bank of England Governor Bailey, and Bank of Canada Governor Macklem will speak at the European Central Bank forum; from 20:15 to 22:00, US June ADP employment numbers, US June S&P Global Manufacturing PMI final value, and US June ISM Manufacturing PMI will be released.

Policy Regulations:

The EU MiCA transition period will end on July 1, unlicensed crypto platforms must exit the EU market

The EU's Markets in Crypto-Assets Regulation (MiCA) transition period will end on July 1, at which point unlicensed crypto asset service providers (CASP) must cease serving EU customers and implement business exit and customer migration plans. ESMA stated that merely submitting a license application does not constitute grounds for compliant operation; member state regulators may require platforms to cease operations immediately, force users offline, and impose fines. The French regulator AMF stated that continuing operations without authorization could result in criminal charges, with penalties of up to 2 years imprisonment and a €30,000 fine; Germany’s BaFin will also complete the switch for existing exemption institutions by June 30. OKX estimates that about 60% of European crypto users remain active on unlicensed MiCA platforms.

The ban on crypto self-service machines in Tennessee will take effect on July 1

Tennessee Governor Bill Lee has signed HB2505, which prohibits the use and installation of cryptocurrency self-service machines in the state starting July 1. Operators and installation companies face up to 11 months and 29 days in jail and a $2,500 fine. The bill's sponsors stated that crypto self-service machines have become a channel for scammers to exploit Tennessee residents, especially the elderly. According to CoinATMRadar data, the state currently has over 570 crypto self-service machines, with operators including Bitcoin Depot and CoinFlip.

The Russian Energy Ministry plans to fully ban cryptocurrency mining in Moscow and other areas starting July 1

According to TASS, the Russian Energy Ministry has drafted a government resolution proposing to ban the mining of digital currency from July 1, 2026, to December 31, 2032, in Moscow, the Moscow region, and parts of Kursk province. The document shows that the ban covers several municipal districts and towns in Kursk. Previously, the Russian government had decided to implement long-term mining bans in many areas of the North Caucasus, including Donetsk, Luhansk, Zaporozhye, and Kherson regions, starting in 2025 and to upgrade seasonal power limiting measures in the Republic of Buryatia and Transbaikal Krai to long-term restrictions.

Project Updates:

Sonic Labs: Fantom Opera network will cease operations on July 1, users must promptly migrate assets

Sonic Labs stated on X platform that as users, developers, liquidity providers, and validators fully migrate to the Sonic network, the Fantom Opera network will officially cease operations at 17:00 GMT on June 30, 2026 (01:00 Beijing time on July 1). Users who have not completed asset migration must do so before this deadline. The exchange channel for ERC-20 version FTM to S tokens and the Sonic cross-chain bridge will not be affected by this shutdown.

Polygon zkEVM Mainnet Beta will go offline on July 1

Polygon Labs announced that it will take down the Polygon zkEVM Mainnet Beta sequencer on July 1, 2026, after previously announcing the timeline in June 2025. The official reminder states that on-chain wallet assets must be bridged to the Ethereum mainnet via ui.agglayer.dev before the date, and any unbridged on-chain wallet balance will be automatically migrated to Ethereum L1. Afterward, it can be claimed via a dedicated interface. Polygon emphasizes that it does not control any DeFi protocol on zkEVM, and assets locked in DeFi contracts cannot be automatically migrated; protocol teams and users must actively withdraw and migrate liquidity before July 1, and any assets that remain unclaimed after the deadline will be considered waived after December 31, 2027.

Mynth will cease operations on July 1, Novaswap custody infrastructure will be taken offline

Mynth announced it will cease operations. The announcement stated that the team began building a more secure cross-chain protocol three years ago, but the protocol's usage has not reached the sustainable operation and expansion levels needed, making it impossible to maintain the previous pace of innovation or expand to more blockchains. Mynth will stop supporting the custodial infrastructure that runs Novaswap and will cease all operations at 7 AM on July 1 (Beijing time). User funds will remain safe and non-custodial without requiring any user action, and exchanges will continue until that time. The team will provide support through Discord until the end of July.

OneBalance announces closure of OneApp, users must complete withdrawals by July 1

The chain abstraction protocol OneBalance announced that it will close its OneApp and its legacy infrastructure, with all users needing to complete fund withdrawals by 7:59 AM on July 1, otherwise operations will not be possible. The official recommends users complete withdrawals as soon as possible.

Token Unlock:

Sui (SUI) will unlock approximately 13.72 million tokens at 8 AM Beijing time on July 1, with a circulation ratio of about 0.34%, valued at approximately 9.4 million USD;

EigenCloud (EIGEN) will unlock approximately 36.82 million tokens at 12 PM Beijing time on July 1, with a circulation ratio of about 6.15%, valued at approximately 8.7 million USD;

GoPlus Security (GPS) will unlock approximately 708 million tokens at 8 AM Beijing time on July 1, with a circulation ratio of about 15.90%, valued at approximately 6.3 million USD.

July 2

Policy Regulations:

Pakistan regulatory agency is publicly soliciting opinions on the draft regulation for virtual asset services, feedback is due by July 2

The Pakistan Virtual Asset Regulatory Authority (PVARA) has released the draft of the Pakistan Virtual Asset Services Regulations, 2026, and accompanying business manuals, seeking written opinions from various VASPs, including exchanges, custodians, brokers, and token issuers. The draft specifies VASP licensing categories and licensing, change, suspension, and revocation processes under the framework of the Virtual Assets Act, 2026, and presents requirements for governance and executive qualifications, pricing behavior and customer protection, technology and cybersecurity, operational resilience, compliance with AML/CFT/CPF regulations, as well as customer asset segregation and custody rules. This consultation began on June 11 and will end at 16:00 PKT on July 2, with feedback submitted via email.

Exchanges:

Robinhood previews a "new era of crypto," which may announce new cross-border asset and tokenized finance products on July 2

Robinhood previewed that it would hold a launch event themed "The World is Flat" on July 2, 2026, at 2 AM Beijing time (July 1, 19:00 BST / 14:00 EDT) at the Old Royal Naval College in London, where co-founder and CEO Vlad Tenev will personally unveil the latest products.

Robinhood's core promotional slogan is "A new era of crypto is on the horizon," emphasizing "Markets Beyond Borders" and "New products reshaping the financial landscape." The market widely speculates that this launch event may involve areas such as tokenized stocks, on-chain securities, global asset trading networks, stablecoin payments, or cross-border investment products. Notably, Robinhood has recently intensified its crypto and RWA (real-world assets) initiatives, with the UK becoming an important hub for its international expansion. The choice to hold a global launch event in London is also seen as a significant signal for its drive towards a global financial services strategy.

Project Updates:

Adam Back's BSTR and Cantor SPAC merger vote postponed to July 2

Cantor Fitzgerald-affiliated Cantor Equity Partners I Inc. and Adam Back’s digital asset treasury company BSTR Holdings Inc. have postponed their merger vote from June 26 to July 2. The statement indicated the delay is related to private placement matters previously disclosed by Cantor Equity Partners. This transaction has previously attracted attention due to the significant plummet in the valuation of the digital asset treasury company in the public market caused by falling cryptocurrency prices, raising concerns about shareholder dilution. Cantor Equity Partners is a special purpose acquisition company that announced a merger with BSTR last July.

Securitize plans to list on the NYSE with the SECZ code on July 2, expected to raise about 400 million USD

Securitize's business merger with SPAC Cantor Equity Partners II (NASDAQ code CEPT) is expected to raise approximately 400 million USD (including PIPE, not deducting relevant fees), and the new company will be renamed Securitize Corp. after the merger is completed, with common shares planned to be listed on the NYSE under the ticker "SECZ" beginning July 2. The shareholders' meeting for CEPT is scheduled for June 29 to vote on this transaction, with the current redemption rate being less than 30%. Securitize claims that it has obtained regulatory licenses related to digital securities infrastructure simultaneously in the US and the EU, managing on-chain physical assets valued at over 4 billion USD.

July 3

Policy Regulations:

UK FCA launches regulatory consultation on tokenized wholesale market, market participants must submit feedback by July 3

The UK's Financial Conduct Authority (FCA) and the Bank of England (BoE) jointly initiated a request for opinions on the tokenized wholesale financial market, focusing on prudent regulation of tokenized securities and basic infrastructure arrangements such as collateral and settlement tools. This consultation is aimed at banks, brokerages, asset management institutions, trading and clearing infrastructure providers, and financial technology companies providing tokenization solutions, currently focusing on tokenized securities like bonds, stocks, and fund shares. Market participants must submit feedback by July 3, and the FCA and BoE plan to release a feedback document this summer and launch a roadmap for cross-institutional development of the digital wholesale market within the year. The two agencies are simultaneously progressing with the Digital Securities Sandbox, which currently has 16 companies entering the testing phase.

Exchanges:

Binance NFT service upgrades to Binance Wallet, relevant users must withdraw by July 3

Binance NFT service upgrades to Binance Wallet. After this upgrade, users can manage their NFTs in Binance Wallet, making it easier to use Web3 and decentralized-related functions. Since June 3, 2026, users holding transferable NFTs on Binance must withdraw their NFTs to Binance Wallet or another compatible wallet within a one-month window to continue managing NFT digital assets. After the upgrade is completed, the centralized trading platform of Binance will stop supporting the current NFT service on July 3, 2026. After this date, any unwithdrawn NFTs will not be accessible.

During the withdrawable period, Binance will actively notify and remind holders of transferable NFTs to ensure a smooth completion of the upgrade process. Non-transferable NFTs were designed to be non-transferable from the outset, thus cannot be withdrawn. After July 3, 2026, these non-transferable NFTs will no longer be accessible.

July 4

Trump will deliver a keynote speech at the "TRIBUTE TO AMERICA" event on July 4

Former US President Trump posted on social media that he plans to hold a large rally "TRIBUTE TO AMERICA" near the Lincoln Memorial and Washington Monument at 7 PM on July 4 (Eastern time). Trump stated that the event will include performances by over 300 military bands and honor guards, military flight performances, air shows, and a keynote speech by him, indicating it will feature "the largest fireworks show in history" as the grand finale. The event aims to celebrate the spirit of American independence and welcome the development of the upcoming 250 years.

July 5

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