Reform UK leader Nigel Farage reportedly accepted gifts that he did not publicly disclose from a crypto entrepreneur convicted of fraud in the US, according to The Sunday Times. 

The news outlet reported on Saturday that Farage was gifted staff, security, transport and accommodation by George Cottrell, an aristocrat involved in an offshore crypto casino who has been a close adviser to Farage for more than 10 years.

Farage said in a statement on Sunday that he “followed the rules” over the gifts from Cottrell, which he received before he was elected a member of parliament in July 2024, and called The Times’ report a “hit job.”

It is the second time Farage has faced reports of undeclared gifts from wealthy figures tied to crypto, an industry he has advocated for while in parliament that is facing increasing regulatory scrutiny, with the Treasury having temporarily banned political donations made in cryptocurrencies in March.

A parliamentary standards watchdog opened an inquiry in May over whether Farage failed to declare a 5 million British pounds ($6.7 million) gift from crypto billionaire Christopher Harborne, who partly owns stablecoin giant Tether.

Nigel Farage appears at the Bitcoin 2025 conference holding his party’s draft crypto legislation. Source: Gage Skidmore

Farage has argued he does not need to declare Harborne’s gift, as it was given to him to pay for personal security before he was an MP.

Cottrell’s reported gifts include security, use of house

The Sunday Times reported that Cottrell, who is involved in a gambling site called Tether.bet that uses the Tether (USDt) stablecoin, provided Farage with drivers and security made up primarily of former soldiers.

Cottrell also reportedly recruited and paid for three staff members to help with the Reform leader’s social media and, since the election, has let Farage use a rented five-story house near Buckingham Palace. A Reform source told The Times that Farage almost always stayed at his own home and did not routinely use the property.

Farage registered only one benefit from Cottrell upon entering Parliament, a benefit of less than 9,300 British pounds ($12,400) for travel, security and accommodation to attend an event in Belgium.

In 2016, Cottrell was arrested and charged in the US with 21 offenses for his role in a money laundering plot. He pleaded guilty to a single wire fraud charge after a plea deal and spent eight months in prison.

Farage reported over alleged crypto lobbying

The Times’ report follows a report in The Guardian on Friday that the standards commissioner was urged to investigate whether Farage lobbied the Bank of England to drop its digital currency plans.

Related: Crypto billionaires bankroll Nigel Farage’s pro-crypto party

Labour MP and chair of a parliamentary anti-corruption group, Phil Brickell, reported Farage to the commissioner, saying he “claimed credit for persuading the Bank to soften its position” on a central bank digital currency.

Brickell said that Harborne “stood to benefit from opposition to a state-backed digital currency that could compete with private stablecoins.”

“This is not simply a debate about cryptocurrency. It is about whether an MP who has received millions from one individual should be lobbying for policies that could increase the value and profitability of that [Reform] donor’s investments,” said Brickell.

Farage and Reform have championed crypto, with the party publishing draft legislation last year with the goal of making the UK “the world’s premier hub for cryptocurrency.”

Reform was also the first UK political party to accept donations in Bitcoin (BTC). Farage has also proposed cutting capital gains taxes on crypto from 24% to 10% and called for the Bank of England to create a Bitcoin reserve.

Magazine: Guide to the top and emerging global crypto hubs: Mid-2026 

Spot Bitcoin ETFs recorded $527 million in net outflows from June 29 to July 2, extending their weekly withdrawal streak to eight weeks. The latest data shows that demand for Bitcoin funds remains weak, even after some products returned to daily inflows.

Crypto.news reported that U.S. spot Bitcoin ETFs lost $527 million over the four trading days ending July 2. The same report said the streak is now the longest weekly outflow run since the funds launched.

The weekly loss came despite a positive daily session on July 2. Bitcoin ETFs recorded $221.7 million in net inflows that day, ending a 10-day daily withdrawal run. Fidelity’s FBTC led the rebound with about $166 million in inflows, while ARK 21Shares’ ARKB added about $91.8 million.

In the never-ending battle between bitcoin BTC$63,022.30, the digital gold, and the traditional yellow metal, veteran trader Peter Brandt has picked a side, and it’s not the one bitcoin bulls would have hoped for.

Brandt, CEO of Factor LLC and widely followed chart analyst, said on X that he is mulling liquidating some of his BTC and using the proceeds to buy gold, as he sees the yellow metal outperforming BTC.

“I am contemplating selling some of my Bitcoin and going to Gold with the money. Looks to me that Gold is going to gain substantially on Bitcoin,” Brandt told his followers on X.

Both BTC and gold have recently taken a beating, though bitcoin has fared noticeably worse than the traditional safe haven metal. The leading cryptocurrency by market value slid 20% in June to below $60,000, marking its worst monthly performance in four years. Gold, by comparison, dropped 11.7% to nearly $4,000 per ounce.

The divergence looks even starker on a year-to-date basis, with BTC down 28% in 2026 versus a 3.9% decline for gold.

Bucking the trend

Brandt’s view flies directly in the face of the popular market narrative among crypto bulls’ that anticipates a massive rotation of money back into BTC and digital assets.

Thousands of crypto wallets are at risk of being drained due to the use of weaker-than-intended recovery phrases, an exploit that Blockchain security research firm Coinspect has dubbed “Ill Bloom.”

The wallets at risk span Bitcoin, Ethereum, Polygon, Rootstock, Tron and Solana, Coinspect said in a disclosure on Sunday, with the issue related to weak randomness — an insecure pseudorandom number generator — used during recovery phrase generation on certain software wallets. 

“If funds recently moved without your permission, this vulnerability may be why,” Coinspect said. 

The vulnerability has impacted wallets generated as early as 2018 and more often occurs in lesser-known mobile software wallets. At least $5 million has been drained from exposed wallets since May 27, though there could have been exploits on additional networks and addresses, meaning the number of wallets at risk may be much higher. 

A snapshot of one analyzed address set as of June 30. Source: Coinspect

Coinspect said it was not publishing details of the active exploit at this stage, but has released a wallet-checking tool for users to see whether their address is potentially exposed. 

“We’re closely monitoring the Ill Bloom wallet weak randomness risk alert from Coinspect,” SlowMist posted to X on Monday. 

Data shows that an attack on May 27 affected 431 wallets out of 2,114 vulnerable wallets, draining a total of $3.1 million in cryptocurrency. Another $2 million was moved on Sunday from exposed wallets.

The historical sum of stolen amounts per chain in the May 27 attack. Source: Coinspect

“Current evidence tells us that users that generated their seed with a hardware wallet are not affected,” said Coinspect. 

“Further research indicates that most current software wallets are also not vulnerable,” it added. “The strongest candidates are users who generated their seed in less widely used mobile software wallets.”

Related: Taiko reopens bridge after $1.7M exploit, says users made whole

Weak wallet seeds cause headaches

This type of vulnerability has emerged several times in the past. In 2023, Ledger’s security team discovered that wallet seeds generated by the Trust Wallet browser extension were vulnerable to brute-force attacks. 

The flaw resided in the wallet’s entropy generation for new addresses, which limited the total possible mnemonic combinations to roughly four billion and could allow a motivated attacker to run an attack in less than a day with just a few GPUs. Trust Wallet patched the bug before any funds were stolen. 

In the same year, a vulnerability in the Libbitcoin Explorer crypto wallet led to $900,000 in crypto being stolen through private key brute forcing. 

Magazine: Bitcoin slides to $58K, XRP hits $1 but onchain data promising: Market Moves

Adjusted stablecoin transaction volume hit a record $1.79 trillion in June, up 63% from May’s $1.1 trillion, according to payments giant Visa.

June’s record stablecoin transaction volume surpassed the previous record of $1.78 trillion in February, and is up 125% from the prior-year period, according to Visa’s Allium-powered stablecoin analytics dashboard. 

“June 2026 was another record month for stablecoin transaction volume, just ahead of February 2026,” said Zach Pandl, head of research at Grayscale, on Sunday. 

The sharp increase in stablecoin transaction volume suggests growing real-world use in payments, decentralized finance and cross-border transfers as crypto infrastructure matures. It comes despite a broader crypto bear market, suggesting that stablecoins have become a driving force in the industry. 

USDC has the lion’s share of volume

Despite Tether’s USDt being the largest stablecoin by market cap, the majority of the transaction volume, around 67%, was Circle’s USDC, with $1.21 trillion for the month. USDT accounted for around 32%, or $576 billion, according to Visa. 

PayPal’s PYUSD is the third-largest in terms of transaction volume, with $2.42 billion in June. 

There was just under $1.8 trillion in adjusted stablecoin transaction volume in June. Source: Visa

The most widely used network for stablecoin transactions in June was Coinbase’s Ethereum layer-2 network Base with $565 billion, or 31.5% of the total, closely followed by Ethereum with $562 billion. Tron was the third-highest with $320 billion, or about 18% of the total. 

Related: Revolut to delist USDT in August, citing regulatory and risk concerns

Visa collaborated with Artemis, Allium Labs and Castle Island Ventures to develop an adjusted transaction methodology that filters out “distracting metrics” such as high-frequency trading bots, exchange treasury rebalancing and repeated smart contract transactions to help better approximate organic stablecoin activity, the company said. 

Base and Ethereum dominated stablecoin volumes in June. Source: Visa

Meanwhile, another player has entered the crowded stablecoin market as Open Standard announced Open USD (OUSD) on Tuesday, with support from more than 140 payments, banking, technology and crypto companies, including Visa and Mastercard. 

Trend to continue as stablecoins mature

Nick Ruck, director of LVRG Research, told Cointelegraph that the record volume demonstrates the resilience of these assets amid the broader crypto bear market. 

“This surge underscores the growing role of stablecoins as essential infrastructure for value transfer, liquidity provision, and decentralized finance activity that persists independently of speculative price movements,” he said. 

Ruck predicted that the trend would continue with stablecoins “maturing into a foundational layer of the Web3 economy,” and are positioned for even greater reach as the market evolves.

Magazine: AI is banking the unbanked in Africa… faster than crypto

Binance users in France can no longer trade on the platform after the exchange missed the European Union’s MiCA approval deadline. From July 1, Binance stopped offering several services in France and other European countries where it lacks authorization under the bloc’s new crypto rules.

The change follows Binance’s wider MiCA service pause in Europe. French users can still withdraw assets, but spot and margin trading are no longer available. Binance previously served about 2 million users in France.

The company told affected users that “Your assets remain safe and secure,” according to earlier notices. It also encouraged users to move assets to a regulated platform or a personal wallet if they needed active access.

The service limits came after the MiCA transition period ended. Crypto firms now need approval from one EU member state to serve clients across the bloc.

French users move funds after trading halt

Some Binance users in France moved their crypto before the July 1 cutoff. Others waited for more clarity from the exchange. The platform still allows withdrawals, but users who want to trade must move funds elsewhere.

One user quoted by BFM Business said, “I repatriated my cryptos last weekend,” after choosing not to wait until the last minute. Another user said Binance left customers to handle the transfer process alone, adding, “You’re on your own.”

The case shows how a license delay can quickly change customer access. Many retail traders used Binance for active trading, leverage products, and quick crypto conversions. Those services are now limited in affected markets.

On-chain data cited in the report showed Binance recorded about $1.6 billion in net outflows over the past month. That figure remains small compared with about $114 billion in crypto assets still managed by the exchange.

Licensed exchanges target affected traders

The Binance pause has opened room for approved rivals. Crypto.news reported thatCoinbase and OKX targeted Binance users before the MiCA deadline. Both firms promoted access to regulated services as users reviewed where to trade next.

Coinbase targeted users across several European markets, including France, Germany, Italy, Belgium, Poland, Sweden, and the U.K. OKX also promoted offers for eligible users in the European Economic Area.

The timing matters because MiCA has changed how exchanges compete in Europe. Licensed firms can promote service continuity. Platforms without approval must restrict covered services or seek a new licensing route.

Crypto.news also reported that Germany and France led the MiCA rollout. As of June 29, the EU had issued 244 valid MiCA crypto-asset service provider licenses.

MiCA reshapes exchange access in Europe

MiCA is now the main rulebook for crypto service providers in the European Union. It covers exchanges, custodians, token issuers, and stablecoin providers. It also replaces many older national crypto rules with one EU-wide system.

The Binance case is one of the clearest tests of the new framework. The exchange says it wants to return with a license, but users in affected markets now have limited access until that happens.

The rule change has also affected stablecoins. Crypto.news reported that USDT was removed from regulated EU exchange order books after Tether did not seek MiCA authorization.

For users, the change is direct. Trading access now depends on whether an exchange holds MiCA approval. Binance remains open for withdrawals in affected markets, but normal trading depends on future authorization.

XRP finally pushed through the $1.14 level that had capped recent attempts higher, but the move did not run cleanly into the next resistance band. Buyers drove the token as high as $1.158 on heavy volume before sellers forced a pullback toward $1.146, turning the session into a test of whether former resistance can now act as support.

News Background

• XRP spot ETFs recorded a ninth consecutive week of net inflows, adding $17.19 million despite broader market uncertainty.

• The CLARITY Act missed its expected timeline after the Senate adjourned for recess without a floor vote, leaving regulatory catalysts delayed.

• Santiment data showed XRP’s 30-day MVRV near -45% and 365-day MVRV near -47%, meaning most holders remained underwater across both shorter and longer timeframes.

• Several analysts pointed to improving technical structures, including a 4-hour downtrend break, bullish divergence and a possible Elliott Wave advance.

Price Action Summary

• XRP rose from $1.1344 to $1.1454 during the 24-hour session, gaining 2.87%.

• The breakout came at 22:00 UTC on July 5, when volume reached 81.89 million XRP, about 207% above the 24-hour average.

• The move carried XRP from $1.1356 to $1.1594 in two hours, clearing resistance near $1.1400.

TL;DR

• Spot Bitcoin ETFs recorded $526.64 million in net outflows last week, extending their losing streak to eight consecutive weeks.
• Spot Ethereum ETFs also posted net outflows of $13.67 million, marking an eighth straight week of withdrawals.
• In contrast, SOL, XRP, and HYPE ETFs attracted fresh capital, with XRP ETFs leading weekly inflows.
• Analysts say ETF flows remain a key indicator of institutional sentiment as investors monitor Bitcoin’s next market direction.

U.S. spot Bitcoin exchange-traded funds (ETFs) continued to face heavy selling pressure last week, recording $526.64 million in net outflows between June 29 and July 2. The latest withdrawals mark the eighth consecutive week of net outflows, the longest weekly redemption streak since spot Bitcoin ETFs began trading in the United States. 

The trend reflects continued caution among institutional investors as Bitcoin struggles to regain momentum. According to SoSoValue data, total net assets across U.S. spot Bitcoin ETFs have fallen to approximately $74.37 billion, while Bitcoin traded near $61,500 during the reporting period, as shown in the accompanying chart. The sustained redemptions come after June became the worst month on record for spot Bitcoin ETFs, with roughly $4.5 billion leaving the products. 

Spot Ethereum ETFs also remained under pressure, posting $13.67 million in net outflows over the same period. Like Bitcoin funds, Ethereum ETFs have now logged eight straight weeks of investor withdrawals, highlighting persistent risk-off sentiment across the two largest digital assets. 

Altcoin ETFs Buck the Trend as SOL, XRP, and HYPE Attract Fresh Capital

While Bitcoin and Ethereum products continued to lose assets, several newer crypto ETFs managed to attract fresh investment.

Spot Solana (SOL) ETFs recorded $5.75 million in weekly net inflows, while XRP ETFs brought in $17.19 million, making XRP the strongest performer among the major altcoin funds. Hyperliquid (HYPE) ETFs also remained in positive territory with $4.32 million in net inflows, although the figure represented a slowdown compared with previous weeks.

The divergence suggests that some investors are rotating capital into alternative digital assets rather than exiting the crypto ETF market entirely. Although Bitcoin remains the largest institutional investment vehicle in the sector, selective demand for altcoin-based products indicates that investors continue to seek exposure to projects they believe offer stronger upside potential.

Bitcoin ETFs Face Mounting Pressure Despite Brief Daily Recovery

Despite the weak weekly performance, the reporting period ended with a small sign of stabilization. On July 2, U.S. spot Bitcoin ETFs recorded more than $221 million in daily net inflows, breaking a 10-session outflow streak. However, analysts caution that a single positive trading day is unlikely to reverse the broader trend after eight consecutive weeks of withdrawals. 

Market observers attribute the prolonged outflows to a combination of macroeconomic uncertainty, higher interest-rate expectations, and reduced appetite for risk assets. Bitcoin has remained under pressure alongside broader financial markets, while institutional investors continue trimming exposure through ETF redemptions. 

Going forward, ETF flows are expected to remain a closely watched indicator of institutional sentiment. A sustained return to net inflows could signal renewed confidence in Bitcoin, while continued withdrawals may reinforce expectations of subdued demand until broader market conditions improve.

Asia’s crypto market is moving in different directions. Dubai and Taiwan are building formal licensing systems, while India and Russia are keeping state control at the center of digital asset policy.

Dubai’s Virtual Assets Regulatory Authority granted its 50th virtual asset service provider license to Tribe Tokenisation FZE. The milestone puts Dubai ahead of Hong Kong and Singapore by reported license totals, though license numbers do not show how many firms are active or how much business they handle.

Taiwan also moved ahead with its new crypto and stablecoin law. The law requires virtual asset service providers to get approval from the Financial Supervisory Commission before operating in the market.

Stablecoin issuers in Taiwan must also receive approval from the central bank and the FSC. They must keep enough reserves with a trustee and go through regular audits. The law gives Taiwan a clearer crypto framework as Japan, Singapore and Hong Kong compete for regulated digital asset firms.

India and Russia keep state control in focus

India’s central bank renewed its push to keep banks away from crypto and private stablecoins. The Reserve Bank of India reportedly told lawmakers that banks should avoid direct crypto exposure, while tokenized government securities and regulated financial products should be treated separately.

The RBI also reportedly warned that applying normal financial rules to speculative crypto assets could make users believe those assets carry official protection. Its position shows that India may support regulated tokenization while keeping crypto payments and settlements under pressure.

This follows wider regulatory pressure in India. Crypto.news recently reported that India’s USDT premium doubled after enforcement action disrupted stablecoin supply. India’s Financial Intelligence Unit has also sought large OTC crypto trade records from major exchanges.

Russia is taking another route through state-backed digital money. The country plans to launch the digital ruble on Sept. 1. Central bank governor Elvira Nabiullina reportedly said “everyone is ready” for the rollout.

Bitcoin firms make opposite treasury moves

Japan’s SBI Crypto will close its Bitcoin mining pool on July 31 after five years. SimpleMining data placed the pool as the 12th largest globally, with about 21.46 EH/s and 2.24% of the Bitcoin network share.

SBI Crypto asked miners to keep directing hashrate to the pool until the final day so final payouts can be calculated. The company said, “We would sincerely appreciate your continued support by mining with us until the final day of operation.”

Corporate Bitcoin activity also moved in opposite directions. Metaplanet bought 2,823 BTC in the second quarter, lifting its holdings to 43,000 BTC, according to a crypto.news report.

South Korea’s K Wave Media took the other side of the trade. The Nasdaq-listed company sold its remaining 88 BTC to repay $6 million in debt, ending its Bitcoin treasury strategy after earlier plans to build a larger position.

Tokenization and compliance shape Asia’s next stage

Tokenization also stayed in focus. Bank of Korea governor Hyun Song Shin said “The big prize is tokenizing government bonds” during a panel at the European Central Bank Forum on Central Banking in Sintra, Portugal.

Shin said tokenized bonds could make collateral checks and account crediting easier. He also described plans to connect tokenized government bonds, wholesale CBDCs and tokenized bank deposits through a unified ledger under Project Hangang.

Compliance pressure continued outside Asia as well. As crypto.news reported, Tether froze USDT in 131 ISIS-K-linked TRON wallets after OFAC added 134 crypto wallet identifiers tied to the group.

Kazakhstan also moved deeper into the regional crypto race. Solana Company signed an agreement to support Alatau City, a planned digital-first megacity. The project aims to build blockchain and crypto infrastructure as Kazakhstan works to expand its digital asset market.