Recapping the Week in DeFi

As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.

Binance to Impose Restrictions on ‘Unauthorized’ Stablecoins for EU Users

Binance will limit the availability of certain stablecoins in the European Union, aligning with the EU’s new Markets in Crypto-Assets Regulation (MiCA). MiCA mandates that only stablecoins issued by regulated entities can be publicly offered. The regulations aim to enhance oversight and consumer protection in the crypto market, categorizing compliant stablecoins as "Regulated Stablecoins" and imposing restrictions on those deemed "Unauthorized Stablecoins.

Read the full story. 

Over 100 Ex-US Officials Urge State Department to Act on Binance Exec's Arrest in Nigeria

Over 100 former U.S. federal prosecutors and agents have urged the State Department to secure the release of Tigran Gambaryan from Nigerian custody. In a June 6 letter to Secretary of State Antony Blinken, they criticized the government's efforts as insufficient and warned of dire consequences. Gambaryan, a former IRS Special Agent now leading Binance's financial crime compliance team, was arrested in February on charges of money laundering and tax evasion, which his colleagues claim are false. 

Find more information here. 

Robinhood to Acquire Bitstamp Crypto Exchange in $200M Deal

Robinhood is set to buy U.K.-based cryptocurrency exchange Bitstamp for $200 million in an all-cash deal expected to close in early 2025. This acquisition aims to enhance Robinhood's global cryptocurrency market presence and attract institutional clients. Both companies assure a smooth transition without service disruptions.

Read the details in the article. 

Vitalik Buterin Slams Celebrity Memecoins, Calls for Meaningful Crypto Projects 

Vitalik Buterin, co-founder of Ethereum, has raised concerns about the growing trend of celebrity-backed meme coins. He urges the crypto community to prioritize projects with real value. This comes after Australian rapper Iggy Azalea launched her own coin, Mother Iggy (MOTHER), igniting substantial debate in the crypto world.

Learn more here. 

Michael Saylor and MicroStrategy to Pay $40M to Settle Tax Evasion Lawsuit 

MicroStrategy CEO Michael Saylor has agreed to a $40 million settlement with Washington D.C. over a tax evasion lawsuit, marking the largest income tax settlement in the city's history. This case is the first under the district's amended False Claims Act, which incentivizes whistleblowers to report tax evasion by residents misrepresenting their residence.

Details in the article.