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Bybit is temporarily adjusting its European Economic Area (EEA) operations to comply with the Markets in Crypto-Assets Regulation (MiCA).

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Bybit Adjusts EEA Services to Align with MiCA Regulations

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Binance reported record-breaking $24 billion in user deposit inflows for 2024, which allowed it to surpass the combined inflows of ten other major exchanges.

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Binance Tops Crypto Exchange Rankings with $24B in 2024 Deposits

President-elect Donald Trump met with Crypto.com CEO Kris Marszalek to discuss crypto policies, including a national Bitcoin reserve.

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Crypto.com Drops SEC Lawsuit After Meeting with Trump

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The second largest crypto exchange by trading volume, 

, announced that it will be implementing some temporary changes to its operations in the European Economic Area (EEA) to try and comply with 

. Bybit’s main motivation for this move is to comply with the 

Markets in Crypto-Assets Regulation (MiCA)

Bybit is actively pursuing a MiCA license in Austria, which is a key step in its compliance-first approach. The license will allow Bybit to operate under the strict European regulatory requirements.

, co-founder and CEO of Bybit, believes that obtaining the MiCA license will be a major strategic milestone for Bybit, and will also allow the 

 to exceed the expectations of both regulators and its users before compliance becomes a problem.

, particularly the reverse solicitation principle, Bybit temporarily stopped all general communications with EEA users. While this adjustment limits certain activities, existing customers still have uninterrupted access to their crypto assets. The company also assured its users that this measure is only temporary and  to avoid any regulatory breaches. Bybit stated that it will re-engage with the EEA market once it secures the MiCA license. 

Additionally, the company is actively collaborating with regulatory authorities to make the licensing process as quick and painless as possible. For now, Bybit plans on becoming one of the first fully compliant platforms serving the EEA 

Other European Exchanges Adjust to MiCA Rules

Bybit is not the only exchange making big changes to comply with MiCA. Coinbase Europe, Coinbase Germany, and Coinbase Custody International announced 

 several stablecoins, including Tether’s 

, GUSD, GYEN, and DAI, starting Dec. 13 to ensure compliance with MiCA’s regulations and requirements.

Despite these changes, Coinbase will still support USD Coin (

) and the euro-pegged EURC, which already meet MiCA’s regulatory standards. The European Union's very strict 

 regulations were introduced in June of 2024. The full enforcement of the framework for crypto asset service providers (CASPs) is slated for Dec. 30.

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Binance’s lifetime trading volume also surpassed $100 trillion. Despite the dominance of centralized exchanges like Binance, challenges persist in the industry. Kraken Australia is facing a $5.1 million fine for compliance breaches, and Coinbase’s FOIA lawsuit against the FDIC is creating regulatory tensions. Meanwhile, Crypto.com is expanding its footprint through strategic partnerships and acquisitions, including teaming up with Deutsche Bank for corporate banking in Asia-Pacific. It is also broadening its services to include more traditional financial offerings.

Binance Outpaces Rivals in User Deposits and Trading Volume

 over $24 billion in user deposit inflows for 2024, according to 

. This figure is higher than the combined inflows of ten other 

In a blog post, Binance attributed this very impressive growth to a global surge in digital asset adoption that was fueled by regulatory advancements, historic 

 of close to 250 million people worldwide.

Top exchanges by inflows in 2024 (Source: 

 are the next largest exchanges in terms of inflows, with $8.2 billion and $5.3 billion, respectively. Other exchanges, like BitMEX, Robinhood, and HTX, recorded net inflows of $3.45 billion, $3.17 billion, and $2.12 billion. 

On the other hand, platforms like Bitstamp, Bitfinex, and Crypto.com experienced outflows. Bitstamp saw $2.75 billion in withdrawals, followed by Bitfinex at $1.77 billion and Crypto.com at $358.1 million. 

did not include Coinbase and Gemini in its analysis because of the lack of wallet transparency, as these exchanges have not provided proof-of-reserves despite being publicly listed.

, with the average Bitcoin deposit on Binance increasing from 0.36 BTC to 1.65 BTC in 2024. 

 deposits grew a lot as well, rising from $19,600 to $230,000, according to 

. Binance also pointed out that it became the first centralized exchange to 

 in trading volume, with OKX trailing at $25 trillion in lifetime volume.

Top CEXs by lifetime trading volumes (Source: 

Despite predictions that there might be a shift towards decentralized exchanges (DEXs) after the collapse of FTX in late 2022, centralized exchanges still dominate 

 recorded $276 billion in trading volume compared to $28.5 billion on DEXs. 

Unfortunately, things are not going well for all exchanges. 

 Bit Trade, the Australian operator of the crypto exchange 

, 8 million Australian dollars ($5.1 million) after a case brought by the Australian Securities and Investments Commission (

The judgment was delivered on Dec. 12 by Justice John Nicholas. He ordered Bit Trade to pay the fine in 60 days and also cover court costs. The court found the company guilty of failing to comply with design and distribution obligations and operating as a credit facility without the necessary license.

Although the penalty is quite high, it is still less than the $12.8 million that was asked for by ASIC, which the judge described as excessive. It did, however, exceed Bit Trade's proposed fine of $2.5 million. 

ASIC’s case centered on Bit Trade's "margin extension" product, which allowed users to trade crypto and fiat with leverage without the legally mandated target market determination (TMD). ASIC Chair Joe Longo 

 that TMDs are crucial when it comes to protecting investors from unsuitable products. Longo revealed that over 1,100 Australians used the margin extension, incurring $7 million in fees and interest while losing more than $5 million. One investor even lost almost $4 million.

Justice Nicholas criticized Bit Trade for prioritizing revenue over compliance, and pointed out that the company continued offering the margin extension to retail clients despite being fully aware of its legal obligations. Nicholas considers Bit Trade’s breaches of corporate law to be very serious, especially as the product was offered without considering local 

A U.S. federal judge recently criticized the Federal Deposit Insurance Corporation (FDIC) for its 

 in “pause letters” sent to banks regarding crypto-related activities. According to Coinbase Chief Legal Officer 

, the criticism arose from a Freedom of Information Act (FOIA) lawsuit that was supported by Coinbase. 

In a Dec. 12 order, Washington, DC, District Court Judge Ana Reyes stated that the FDIC appeared to lack a “good-faith effort” in its redactions, and called for more thoughtful revisions. Reyes also demanded that the agency refile the letters by Jan. 3. Additionally, the judge warned that the FDIC must be prepared to justify each redaction.

The pause letters were sent to 23 financial institutions, and urged them to halt or limit their crypto-related services. Grewal criticized the FDIC’s approach, and suggested that it supports the belief that the Biden administration is trying to 

 to financial services. This strategy is referred to as “

.” He accused the FDIC of using overly broad redactions, and questioned what the agency might be attempting to conceal.

This controversy happened amid broader discussions about potential 

. Reports suggest that Donald Trump’s advisors considered merging or eliminating agencies like the FDIC, as well as restructuring the Office of the Comptroller of the Currency and the Federal Reserve. 

In preparation for these possible changes, Coinbase outlined plans to 

 streams. The exchange plans to shift towards 

 fees, staking rewards, and subscription services to reduce its dependence on 

 with Deutsche Bank to provide corporate banking services across key Asia-Pacific markets, including Singapore, Australia, and Hong Kong. Deutsche Bank is known for offering fiat-to-crypto exchange and cross-border 

 services to cryptocurrency firms, and hinted at expanding the partnership to the United Kingdom and Europe in the near future.

Crypto.com is based in Singapore, and has been actively growing its presence in the region. In November, it 

acquired Australian brokerage Fintek Securities

, which allowed the exchange to offer traditional financial products through a regulated platform. In Hong Kong, Crypto.com is also listed as “deemed to be licensed” by the Securities and Futures Commission.

The Asia-Pacific region saw very strong cryptocurrency adoption in 2024. Singapore, Hong Kong, and the UAE ranked among global leaders. Singapore leads due to its advanced banking system, 

, and comprehensive regulations for digital asset companies.

While traditional financial institutions are expanding into digital assets, Crypto.com is diversifying into traditional finance. Its 

 even includes offerings like stocks, derivatives trading, banking services, yield on cash balances, and credit card solutions. The company also recently 

 US-regulated broker-dealer Watchdog Capital to broaden its reach to include 

 and equity options for eligible traders in the United States.

, are also integrating traditional services. OKX recently launched fiat deposits and withdrawals in Singapore after its acquisition of a local payment institution license and appointing a former regulator as CEO of its subsidiary. 

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The meeting with Trump coincided with Crypto.com’s decision to drop its lawsuit against the SEC in an attempt to align with the incoming administration. Meanwhile, Ohio also proposed a Bitcoin reserve bill after similar initiatives in Texas and Pennsylvania. President Biden backed a congressional stock trading ban after scrutiny over lawmakers’ crypto holdings, while SEC Commissioner Caroline Crenshaw’s renomination faces uncertainty due to crypto-related controversies and political shifts.

United States President-elect Donald Trump recently met with 

 CEO Kris Marszalek at his residence in Mar-a-Lago to discuss policies that could impact the cryptocurrency industry. According to a Dec. 16 

, Marszalek traveled to Florida for the meeting, during which they 

 and discussed potential appointments to his administration that could shape the future of the crypto sector.

The meeting coincided with Crypto.com’s decision to drop its lawsuit against the United States Securities and Exchange Commission (

). On the same day, the exchange voluntarily dismissed its case against the SEC and its commissioners with prejudice, according to a filing that was submitted to the U.S. District Court for the Eastern District of Texas. 

 in October that the exchange planned to file the lawsuit to counter a Wells notice received from the SEC. However, a Crypto.com spokesperson revealed that the case was withdrawn to align with the firm’s intent to collaborate with the incoming administration on regulatory frameworks for the industry.

Since his election victory on Nov. 5, Trump very clearly indicated support for the crypto industry through his proposed appointments. The president-elect named several people with pro-crypto perspectives to key roles, including former PayPal COO 

 as the “AI and crypto czar” and former SEC commissioner 

 in November to discuss potential personnel appointments. These meetings happened after Trump launched his own digital asset initiative, World Liberty Financial, during his campaign.

Donald Trump is not the only person eyeing a Bitcoin stockpile. An Ohio lawmaker recently introduced legislation to establish a 

 in the state treasury, making it the third U.S. state to pursue a Bitcoin reserve in just over a month. 

 proposed HB 703, the Ohio Bitcoin Reserve Act, on Dec. 17. The bill will grant the state treasurer the authority to 

 as part of a broader asset allocation strategy, though it does not mandate these purchases.

Merrin described the initiative as a response to the devaluation of the U.S. dollar, and believes there is a need for Ohio to embrace emerging technology and safeguard tax dollars from losing value. He added that the legislation sets the stage for Ohio to take advantage of 

 to strengthen its finances. He even compared the cryptocurrency to "digital property rights" and called it revolutionary for global economies.

 on Dec. 31, which means that the bill is unlikely to advance before then. Merrin stated that he expects the proposal to serve as a foundation for Ohio’s next legislative session, which begins Jan. 6 of 2025, when it will need to be reintroduced. 

Merrin is a vocal supporter of crypto, and holds a 

 from Coinbase’s Stand With Crypto lobbying arm. He also consistently advocated for policies protecting individuals' rights to own and transact with digital assets.

Ohio’s efforts are similar to initiatives in Texas and Pennsylvania after 

Donald Trump’s presidential election victory

 in November. His win brought renewed attention to Bitcoin's potential role as a 

. Texas Representative Giovanni Capriglione 

 the Texas Strategic Bitcoin Reserve Act on Dec. 12, proposing a five-year holding period for Bitcoin as a state reserve. In Pennsylvania, Representative Mike Cabell 

 legislation in November to permit the state treasury to allocate up to 10% of its holdings to Bitcoin.

Biden Backs Congressional Stock Trading Ban

President Joe Biden recently expressed his support for banning members of Congress from trading 

 while in office by stating that “nobody in the Congress should be able to make money in the stock market while they’re in the Congress.” In an 

 to be released by the labor advocacy group More Perfect Union, Biden shared his thoughts amid calls to prevent potential conflicts of interest among lawmakers.

Although President Biden previously avoided commenting on legislation restricting stock trading for government officials, past proposals gained some renewed traction in Congress. In July, lawmakers from both the House and Senate 

 measures to prevent the president, vice president, and members of Congress from trading or selling various financial assets, including stocks, commodities, and cryptocurrencies. This extends to assets disclosed under the STOCK Act, which was introduced in 2012 to enhance transparency.

Biden mentioned his own practice of relying solely on his Senate salary during his decades-long tenure representing Delaware from 1973 to 2009. While the president largely stayed silent on cryptocurrencies, he did sign an executive order in 2022 to create a regulatory framework for digital assets.

 have intensified following the election of President-elect Donald Trump, who holds large amounts of crypto, including tens of millions of dollars in personal wallets and through his decentralized finance project, 

. As a result of this, critics questioned whether Trump’s 

 and those of his supporters in the crypto industry could influence his policy decisions.

Several members of Congress, including Georgia Representative 

, and Wyoming Senator Cynthia Lummis, have disclosed their own cryptocurrency holdings, which only added to the scrutiny. Lummis is a strong Bitcoin advocate, and also proposed creating a strategic Bitcoin reserve for the United States, a move 

 could drive up the cryptocurrency’s price. 

It is still unclear whether President Biden would support extending a stock trading ban to include Supreme Court justices. While the justices are allowed to trade stocks, they risk potential conflicts of interest if they do not withdraw themselves from cases involving their financial holdings.

Meanwhile, United States lawmakers on the Senate Banking Committee 

 a planned session to consider the renomination of Caroline Crenshaw for a second term as a commissioner at the SEC. According to a Dec. 17 announcement, the committee will no longer meet on Dec. 18 to vote on Crenshaw’s nomination or that of Gordon Ito to the Financial Stability Oversight Council. This reduces the likelihood of Crenshaw’s confirmation before Republicans gain majority control of the Senate in January.

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