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The Sunday freeze completes a phased seventeen-day cutoff that already caught five smaller venues. Any transfer to a blocked platform trips Binance's compliance queue and can lock the sending wallet.
The exchange told 13 million users it would stop trading on 26 August, four days after firing global CEO Nenter Chow. The BMX token has fallen 81.5 per cent in a week.
Ben Zhou told CoinDesk that MiCA covers only spot trading, which doesn't generate enough revenue to sustain an exchange. Derivatives, tokenised assets, and stablecoin services require MiFID II and Electronic Money Institution licences that most crypto firms haven't even started pursuing.
Kraken co-CEO Arjun Sethi confirmed the exchange's confidential SEC filing at the Semafor World Economy summit, while a concurrent Deutsche Börse investment valued the company at $13.3 billion — a $6.7 billion markdown from its November 2025 fundraise.
New CEO Stephen Gregory is steering the exchange beyond spot crypto trading into prediction markets and derivatives after its US market share collapsed from 20 per cent to almost nothing following a $4.3 billion federal penalty and years of regulatory turmoil.
