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Crypto Weekly: Binance's EU license, SpaceX 'perps' frenzy
Reuters Videos60d agoneutralVIDEO
Crypto Weekly: Binance's EU license, SpaceX 'perps' frenzy

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