Launchy Regulatory Roundup #95 - MiCA Fully In Force Across EU

UK Investors Sue Binance, CZ

Marco Manoppo & Muhammad Reynaldi Ariananda Arkiang
July 05, 2026

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Welcome to our 95th edition of the regulatory roundup. If you know anybody who would benefit from this content, please help us spread the word!

In Today's Edition:

Headline: MiCA Fully In Force Across EU
Global Legal Roundup
Case Study: UK Investors Sue Binance, CZ

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HEADLINE

MiCA Fully In Force Across EU

State of play: MiCA's final transition deadline passed this week, splitting Europe's crypto market between licensed exchanges that can passport across the EU and unlicensed firms forced to wind down or restrict services.

Only 244 of over 3,000 previously operating crypto firms have obtained MiCA authorization, per Trezor.
Binance missed the deadline after withdrawing its Greek license application, though licensed exchanges already handle 83% of EU trading volume.
Germany, France, and the Netherlands account for nearly 45% of all MiCA approvals, while five countries have none.
Executives expect increased M&A as firms unable to secure licenses face pressure to sell or exit.
MiCA leaves multi-jurisdictional stablecoin issuance unresolved, an issue the European Commission is now reviewing.

What’s Next: The EU's stablecoin review could clarify multi-jurisdictional rules, with more M&A likely among firms that missed the deadline.

Why it Matters: MiCA replaces 27 national regimes with one EU-wide framework, reshaping which firms can operate and passport across the bloc.

Our Take: 244 licensed firms out of 3,000 looks like mass extinction, but 83% volume coverage shows liquidity was already concentrated among major exchanges.

GLOBAL LEGAL ROUNDUP

America:

🇺🇸 Kalshi hit with 14-day restraining order in Michigan.
🇺🇸 SEC opens ETF rule review following crypto fund surge.
🇺🇸 FBI Director Kash Patel disclosed six-figure Strategy stock purchase.
🇺🇸 Trump's financial disclosures show millions in crypto-related income.
🇺🇸 CFTC’s Selig says Illinois lawmakers ‘decided they know better’ on crypto tax.

Europe:

🇪🇺 Europe's MiCA crypto regime is fully in force.
🇬🇧 Nearly 1,700 UK investors sue Binance, founder CZ.
🇬🇧 UK sets capital, market abuse rules in landmark crypto framework.
🇷🇺 Bank of Russia governor says 'everything is ready' for use of digital ruble.

APAC:

🇹🇼 Taiwan passes key crypto law, clearing legal uncertainty.
🇰🇷 S.Korea moves to prosecute whale for alleged pump-and-dump scheme.
🇨🇳 Shanghai court sentences five to prison over $29M crypto forex scheme.

CASE STUDY

UK Investors Sue Binance, CZ

State of play: Nearly 1,700 UK investors sued Binance, CZ, and Nest Exchange in London's High Court over crypto derivatives sold without regulatory approval since 2019.

The claim lists a recovery threshold of just £200,000 while KP Law says the total pursued tops £150M ($200M).
Claimants allege Binance sold leveraged tokens, futures, options, and margin products in breach of the UK's Financial Services and Markets Act.
CZ and Binance Holdings are named as accessories for acting in common design with platform operators.
The suit follows Binance's 2023 US guilty plea, which carried $4.3B in penalties and a prison term for CZ.
It also lands days after Binance withdrew its Greek MiCA license bid.

Our Take: This looks structured to clear the minimum filing threshold cheaply while generating maximum media pressure, and coming right after the Greek MiCA withdrawal, it adds to a pattern of Binance losing regulatory goodwill in Europe at the exact moment it can least afford to.

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