Reform UK has removed a proposed crypto bill from its website amid ongoing controversy around billionaire Tether investor Christopher Harborne’s secret £5 million “gift” to the party’s leader, Nigel Farage.

The Cryptoassets and Digital Finance Bill was announced last year during the Bitcoin 2025 conference in Las Vegas. However, The Nerve reports that the bill was scrubbed from the website on May 30 this year. 

The Nerve also notes that the bill’s PDF can still be found online but is no longer present on Reform UK’s own website.  

A month before the bill’s removal, The Guardian revealed that Reform leader Farage was given £5 million by billionaire Christopher Harborne before he ran for election in June 2024. 

Anchorage Digital says it has integrated its off-exchange settlement system with Binance, enabling select institutional clients to trade on Binance without depositing their crypto or cash directly onto the exchange. Instead, clients’ assets and funds can remain in qualified custody at Anchorage—a federally chartered US crypto bank—until settlement.

The arrangement is built around margin and collateral mechanics: institutions can use crypto assets or US dollar deposits held with Anchorage to satisfy Binance’s margin requirements, without moving those holdings to Binance first. Anchorage and Binance framed the workflow as a separation of custody from trade execution, aiming to reduce the operational friction—and counterparty exposure—that can come with pre-funding trades on exchanges.

Key takeaways

• Anchorage integrated its off-exchange settlement platform with Binance to support institutional trading while keeping custody at Anchorage.
• Clients can use Anchorage-held crypto or US dollar deposits as collateral for Binance margin without transferring assets to the exchange.
• The model is positioned as a response to exchange counterparty risk and aims to improve capital efficiency by avoiding pre-funding.
• Anchorage’s Atlas platform is cited as the infrastructure behind this first off-exchange settlement implementation.
• Financial terms of the partnership were not disclosed.

How the Anchorage–Binance model changes custody and collateral

In traditional exchange-based workflows, institutions typically pre-fund trading accounts—transferring assets to the venue where trades are executed. Anchorage’s stated objective with this integration is to shift that balance. Under the collaboration, institutional clients can maintain crypto and cash in qualified custody with Anchorage while accessing trade execution through Binance.

Practically, the integration focuses on margin: Binance’s margin requirements are met using collateral held with Anchorage. The companies say this keeps assets in an independent custodian until settlement, rather than routing custody into the exchange account itself. By design, it also reduces the need for institutions to move holdings between custody providers and the trading venue ahead of every trade.

Anchorage said the rollout is available initially to select institutional clients, marking the first off-exchange settlement deployment for its Atlas platform—an infrastructure Anchorage describes as supporting institutional trading, settlement, lending, and collateral management using custody-based building blocks.

Why “off-exchange settlement” is drawing institutional attention

Exchange counterparty risk has long been one of the main frictions for institutions considering larger allocations to crypto trading. When assets must be deposited to an exchange to enable trading, risk is concentrated at the execution venue. Off-exchange settlement attempts to address that by keeping custody separate from the trading leg, with settlement handled via a different mechanism.

Anchorage and Binance framed their setup as moving closer to the custody-and-execution structure common in traditional financial markets, where institutions can separate where assets are held from where trades are executed and settled. The proposed benefit is twofold: it reduces exposure tied to pre-funding and may also improve capital efficiency by relying on custody-based collateral rather than tying funds to exchange balances.

While the companies did not disclose financial terms, they emphasized the core operational change: trades can be executed on Binance while crypto and cash remain with Anchorage through settlement—an approach intended to make institutional participation smoother without requiring full custody migration to the exchange.

Off-exchange settlement expands across major venues

This Anchorage–Binance integration sits within a broader industry pattern. Off-exchange settlement has been gaining traction among institutional crypto trading platforms throughout 2026, with multiple firms announcing similar custody-and-trade separation approaches.

According to earlier coverage from Cointelegraph, in April BitMEX partnered with Zodia Custody to allow institutional clients to trade derivatives while keeping collateral in segregated custody rather than depositing it onto the exchange. Under that structure, traders could access perpetual swaps and futures while collateral remained with Zodia and was mirrored for trading. BitMEX said the design eliminated the need to prefund exchange accounts and improved capital efficiency, while also reducing operational risks tied to moving assets between custody and trading venues.

In June, Bitget adopted a comparable model by integrating Fireblocks Off Exchange. Bitget said that its integration enables clients to execute trades from MPC-based wallets while keeping assets in trader-controlled collateral vaults rather than transferring them to the exchange. The company also claimed the platform can verify trading accounts are fully collateralized in real time without taking custody of client assets.

Separately, KuCoin Institutional expanded its custody offering earlier in the year by integrating Ceffu’s MirrorX platform in January. That system, according to the linked Ceffu and KuCoin Institutional material, is designed for institutional trading while digital assets remain in third-party custody, with funds mirrored for trading and settled off-chain every four hours.

Taken together, these deployments show a recurring theme: institutions increasingly want the flexibility of exchange liquidity and execution alongside custody structures that better match their risk controls. Off-exchange settlement is becoming a practical pathway to combine those priorities—at least for use cases offered through specific integrations between exchanges, custodians, and settlement platforms.

What investors should monitor next

For institutions, the most important questions now are likely operational and risk-related: which collateral types are supported end-to-end for margin, how settlement timing works in practice for different product categories, and how widely Anchorage’s off-exchange service will be rolled out beyond the initial select client group. Readers should also watch whether more major venues add similar custody-separated settlement layers, as that trend would further define how institutional crypto trading infrastructure evolves.

Key Takeaways

• Walmart shares plummeted more than 5% Wednesday, reaching their lowest point in eight months following a six-session losing streak
• Cleveland Research identified a deceleration in U.S. comparable store sales that may threaten analyst consensus figures, especially in July
• Shares began trading at $113.26, significantly beneath the 50-day moving average of $123.25
• Company insiders offloaded more than $1.06 billion worth of shares during the previous three months without any reported purchases
• Wall Street maintains a Moderate Buy rating with a consensus price target of $138.85, though valuation concerns have emerged

Shares of Walmart began Wednesday’s session at $113.26, representing a decline exceeding 5% and positioning the stock for its weakest closing price in eight months. This marked the sixth straight trading day of declines for WMT.

Walmart Inc., WMT

The catalyst behind the selloff was research from Cleveland Research, which identified signs of decelerating U.S. comparable store sales. The research firm cautioned that this trajectory may negatively impact consensus forecasts, with July’s performance being particularly critical.

In response to inventory challenges, Walmart has implemented price reductions and leveraged tariff refunds to cushion margin pressure. While this represents a strategic response, it underscores the genuine cost and demand challenges confronting the retailer.

The share price deterioration persists even after a robust first-quarter performance. The company delivered earnings of $0.66 per share in May, aligning with analyst projections, while revenue of $177.75 billion surpassed the anticipated $174.84 billion — representing a 7.4% year-over-year gain. Management also maintained its fiscal 2027 guidance of $2.75–$2.85 in earnings per share.

However, investors appear focused on future challenges rather than recent accomplishments.

Significant Insider Transactions Draw Attention

Insider trading patterns have been notably lopsided. Throughout the past quarter, company insiders divested more than $1.06 billion in WMT shares. No insider purchases were documented during this timeframe.

Executive Vice President Christopher Nicholas disposed of 2,900 shares at $123.92 on May 21st. Fellow EVP Latriece Watkins subsequently sold 11,000 shares at $118.97 on May 28th. Both transactions occurred through pre-established Rule 10b5-1 trading arrangements.

Although scheduled sales are standard practice, the substantial magnitude of insider selling has attracted investor scrutiny.

The stock currently trades at a P/E ratio of 39.74 — representing a premium valuation that several analysts question in light of potential growth deceleration. While its GF Score of 86/100 indicates strong long-term fundamentals, near-term momentum has turned decidedly negative.

Analyst Community Maintains Optimistic Stance

Notwithstanding the downturn, Wall Street analysts haven’t abandoned Walmart. The stock maintains a Moderate Buy consensus rating with an average price objective of $138.85 — substantially above present trading levels.

Recent analyst ratings feature a $145 Buy target from BTIG, $140 from Truist, and $137 Outperform ratings from both Wolfe Research and Royal Bank of Canada. Among 36 tracked analysts, 31 maintain Buy ratings and four recommend Hold. A single analyst assigns a Strong Buy rating.

Several institutional investors expanded positions during the first quarter. Littlejohn Financial Services established a fresh $2.81 million position, while Union Bancaire Privee UBP SA increased its holdings by 253.3%.

Walmart’s 52-week high stands at $135.15. The stock’s 200-day moving average rests at $122.22, a threshold now breached to the downside.

With a 1-year low of $94.23, there’s context for evaluating potential downside if selling momentum persists.

Cryptocurrency ATMs are fast disappearing from the American landscape as kiosk operators in two US states face bans and restrictions as new laws go into effect.

Crypto ATM laws passed by Tennessee and Georgia went into effect on Wednesday, imposing a complete ban in the former and requiring transaction limits and reporting in the latter. The measures by the two states followed bans in Indiana, which went into effect in March, and Minnesota, set to enforce an ATM ban on Aug. 1.

The Tennessee law, signed by Governor Bill Lee in April, bans the use and installation of cryptocurrency ATMs and kiosks, while the Georgia law requires that ATM operators cap money sent for new and existing users, issue warnings to customers and in some cases refund those who may have been the victim of fraud.

There were 185 crypto ATMs and kiosks operating in Tennessee before the statewide ban took effect on July 1. Source: CoinATMRadar

Many US state governments and municipalities have individually begun cracking down on crypto ATM operators in response to incidents of residents, particularly senior citizens, being conned into sending funds to scammers. Delaware and New Jersey lawmakers have proposed similar measures completely banning the machines.

Related: Massachusetts city to weigh crypto ATM ban, citing financial risks

The restrictions may have already contributed to at least one ATM operator going under. In May, Bitcoin Depot filed for Chapter 11 bankruptcy. The company had disclosed just days before that it had “substantial doubts” about its future amid a challenging regulatory environment and lawsuits.

“Bitcoin Depot’s bankruptcy is likely a preview of what the broader crypto ATM industry will face in the US over the next several years,” Roshan Dharia, CEO of Echo Base and a restructuring adviser, told Cointelegraph following the Chapter 11 filing. “The traditional model depended on high transaction spreads and limited regulatory scrutiny to offset unusually high compliance, cash logistics, fraud remediation, and retail revenue sharing costs. That equation is breaking down as states increasingly impose consumer protection standards that compress fees, expand operator liability for scam related activity, and raise expectations around transaction monitoring and reimbursement.”

Canada weighs countrywide ATM ban

Although not in effect yet, federal policymakers in Canada proposed a total ban on crypto ATMs across the country. The proposed policy, which would still allow Canadians to buy digital assets from brick-and-mortar money services businesses, was in response to what officials called the ATMs being the “primary method for scammers to defraud victims and for criminals to place their cash proceeds of crime.”

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

Strategy has received another Wall Street price target cut after Canaccord lowered its valuation on the company while maintaining that Bitcoin’s long-term investment case remains intact.

Bitcoin outlook remains intact despite lower valuation

According to a research note from Canaccord, the brokerage reduced its price target for Strategy to $130 from $163, citing the company’s prolonged share price decline rather than any change in its long-term view on Bitcoin. The revision comes as Strategy stock has struggled for months, even though the firm said its underlying investment thesis for the cryptocurrency remains unchanged.

Strategy shares closed the previous trading session at $86.93, only slightly above their 52-week low of $81.81 and roughly 77% below where they traded a year ago. The stock later rebounded 8.12% to $93.96 after the company introduced its new Digital Credit Capital Framework.

Canaccord said Bitcoin continues to benefit from limited supply and growing adoption of blockchain technology. The brokerage added that the cryptocurrency has become more established within financial markets and is no longer facing the same uncertainty over whether it should be viewed primarily as a speculative asset or a long-term store of value.

The firm also maintained that Strategy’s Bitcoin-focused corporate model remains workable as long as Bitcoin delivers moderate annual appreciation. At the same time, Canaccord acknowledged that recent market performance has fallen short of those expectations.

“We think there is nothing broken here, either in the company’s model or in bitcoin, which suggests a pendulum swing back makes sense sometime over the medium term.”

Separately, data cited in the report showed Strategy’s Relative Strength Index has moved into oversold territory, while Fair Value analysis suggested the shares could be trading below their estimated intrinsic value.

Capital strategy continues to receive support from analysts

The latest revision follows another recent target cut from TD Cowen, which, as previously reported by crypto.news, lowered its price target on Strategy to $260 from $400 while keeping a “buy” rating. According to TD Cowen, the lower valuation was driven by a more conservative long-term Bitcoin price forecast rather than concerns about Strategy’s newly introduced Digital Credit Capital Framework.

TD Cowen said its revised target still implies roughly 200% upside from current trading levels. The brokerage also described the new capital framework as a constructive step that could improve Strategy’s financial flexibility, even after the stock surrendered part of its initial gains following the announcement.

In a regulatory filing dated June 29, Strategy disclosed that its Digital Credit Capital Framework allows the company to raise up to $1.25 billion through Bitcoin sales if needed. According to the filing, those proceeds may be used to maintain U.S. dollar reserves, fund preferred dividend payments, meet interest obligations, strengthen cash balances, and finance future share repurchases.

The same filing also authorized up to $1 billion in repurchases of the company’s Digital Credit Securities, including STRC, STRF, STRD, and STRK, when management determines buybacks would improve the firm’s capital structure. Strategy further disclosed that it has paused additional Bitcoin purchases while selling about $1.15 billion worth of MSTR shares as part of its capital management plan.

Elsewhere on Wall Street, Cantor Fitzgerald reaffirmed its Overweight rating and $212 price target, citing confidence in Strategy’s liquidity plans. Benchmark also reiterated its Buy rating and maintained its $570 price target, noting that although the company’s preferred shares have weakened in recent months, Strategy has continued adding Bitcoin to its balance sheet.