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Today in crypto, Binance's weekly net outflows reached $400 million ahead of a key European licensing deadline, while lawmakers urged the European Commission to consider additional crypto rules. Meanwhile, Coinbase and Circle continued to lag the broader market as crypto stocks underperformed Big Tech during the prolonged digital asset downturn.
Binance posts over $400M in weekly net outflows
Binance recorded over $400 million in net outflows during the week beginning June 22, as the cryptocurrency exchange announced the withdrawal of its Markets in Crypto-Assets Regulation (MiCA) license application in Greece.
According to DefiLlama data viewed by Cointelegraph on Sunday, Binance's seven-day net outflows amount to 0.3% of its $133.3 billion in tracked assets. Excluding BNB, Binance's native token, the outflows equal 0.35% of the exchange's $113.8 billion in crypto assets.
Binance led tracked exchanges in weekly net outflows. Source: DefiLlama
Net outflows accelerated on Wednesday, when Binance announced its withdrawal from Greece's securities regulator, recording $1.96 billion in net outflows, followed by two more days of $2.52 billion and $1.46 billion.
The scale of outflows is not unusual for Binance, which regularly records billions of dollars in daily inflows and outflows. The data also does not identify the geographic origin of the fund movements.
The outflows came during the final week before the European Union's MiCA transition deadline. Starting July 1, Binance will restrict onboarding and some services for affected EU users.
Crypto stocks lag broader market as digital assets slide
Shares of Coinbase and Circle have fallen significantly further than their Big Tech peers, underscoring a widening divergence between crypto equities and the broader US stock market.
Coinbase (COIN) and Circle (CRCL) are down 69% and 72%, respectively, from their all-time highs. By comparison, Oracle, Salesforce, Netflix and Palantir have declined between 48% and 57% from their peaks, while the S&P 500 Index has retreated just 3.5% from its recent high.
The underperformance reflects mounting pressure on the crypto sector, with Bitcoin falling below $60,000 this week, extending its decline to more than 54% from its October peak. Ether has also slumped to around $1,500, roughly 69% below last year's high. Weak digital asset prices have also weighed on corporate earnings, with Coinbase reporting first-quarter revenue that missed Wall Street expectations.
Source: The Kobeissi Letter
EU lawmakers urge assessing DeFi, staking, NFT regulation
The European Parliament's economic affairs committee has urged the European Commission to assess whether crypto lending and borrowing, staking, non-fungible tokens (NFTs) and decentralized finance (DeFi) should be regulated.
The recommendations were part of a report tabled Friday for plenary vote. It also called for promoting tokenization across financial services, encouraging euro-denominated stablecoins and assessing whether additional crypto activities should be regulated under the European Union’s Markets in Crypto-Assets Regulation (MiCA).
Drafted by Belgian Member of the European Parliament Johan Van Overtveldt, the report is an own-initiative resolution by the Committee on Economic and Monetary Affairs (ECON) that outlines recommendations for the Commission on digital asset regulation.
It will next go before the European Parliament for a vote, expected July 7. If adopted, the resolution would become Parliament's official position on digital assets policy but would not amend MiCA or create new legal obligations.
The legislative timeline shows the committee's approval of the report and its referral for a plenary vote. Source: European Parliament
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