STORY: From Binance’s EU license bid to SpaceX’s pre-IPO perpetual futures… This is Crypto Weekly.
:: Crypto Weekly
:: Binance’s EU license bid
Binance, the world’s largest crypto exchange, is reportedly set to lose permission to offer services to EU clients within weeks…
as its application for a license is about to be turned down.
That was according to two people familiar with the matter who spoke to Reuters.
Under new EU rules, crypto companies have until the end of June to obtain a license to allow them to continue operating across the bloc.
The sources said Binance’s application, which was made to Greece’s market regulator, is set to be rejected.
A Binance spokesperson said it has been pursuing a license and has worked constructively with regulators.
And believes it has met the relevant requirements to be authorized.
:: Kremlin shrugs off EU sanctions
 The Kremlin shrugged off the prospect of new EU sanctions against its banks.
It said they had already been operating under sanctions for a long time…
and this had not stopped them from making a profit.
The EU has proposed a new package of sanctions against Russia for its war in Ukraine…
heavily targeting the country’s banks and crypto networks in an effort to weaken its financial system.
:: Crypto exchanges cash in on SpaceX frenzy
Before SpaceX went public, crypto exchanges were giving traders a way to make risky bets on the company’s future share price.
Billions of dollars have flowed into instruments dubbed “pre-IPO perpetual futures”.
They have no direct link to the underlying shares…
but are priced with reference to SpaceX’s latest disclosed pre-IPO valuation.
These types of derivatives, known as “perps,” are already used to bet on crypto price moves.
They roll over indefinitely and allow investors to borrow in order to make bigger bets.