Kanga, a Poland-founded crypto exchange, says it has secured a Markets in Crypto-Assets Regulation (MiCA) license in Latvia—an approval it says will let it operate across the European Union through passporting.

In a Wednesday statement shared with Cointelegraph, Kanga’s operator, SIA AlphaRoute, said it received a Class 3 MiCA license from the Bank of Latvia after the regulator’s Supervisory Committee approved the authorization. The license was granted on June 18 and, according to the exchange, authorizes services including crypto custody, trading, and transfers across the EU.

Key takeaways

• Kanga (via SIA AlphaRoute) obtained a Class 3 MiCA license from the Bank of Latvia, enabling EU passporting.
• The authorization covers core exchange activities including custody, trading, and transfers, per the exchange’s announcement.
• Kanga says it began Latvia pre-licensing in November 2025 to prepare for MiCA’s transitional period.
• Poland remains without MiCA implementation legislation as the EU’s July 1 transitional deadline approaches, due in part to a recurring legislative deadlock.

Latvia licensing sets up EU-wide expansion

MiCA’s framework is designed to harmonize crypto regulation across the EU, but implementation schedules and national legislative processes have differed. Kanga’s move to obtain licensing in Latvia effectively positions it to serve EU customers under a compliant path while other jurisdictions—such as Poland—remain in flux.

According to Kanga’s statement, the relevant authorization was granted after the Bank of Latvia’s Supervisory Committee approved SIA AlphaRoute’s application. The exchange emphasized that the license permits it to provide crypto services across EU member states once passporting mechanisms are used.

Kanga also described how it planned for the regulatory shift. Its chief executive, Dominik Tomczyk, said the company began the pre-licensing process in Latvia in November 2025 after reviewing multiple jurisdictions. He framed the decision around using MiCA’s transitional period to ready internal systems and the organization for the new rules.

“From the very beginning, we knew that we had to use the transitional period provided for under the MiCA regulation to prepare the organisation to operate within the new regulatory framework,” Tomczyk said.

The exchange added that it will share additional information about operational changes and service terms through its official communication channels, pointing to a likely period of adjustment for customers as it aligns offerings with MiCA requirements.

Why passporting matters as MiCA deadlines loom

For operators, MiCA passporting is often the difference between being able to scale across borders quickly and being forced to run separate regulatory processes in each country. By securing a Class 3 license in Latvia, Kanga is effectively aligning itself with an EU-wide compliance route rather than waiting for national legislation elsewhere to catch up.

The timing is notable. The EU’s transitional deadline is set for July 1, and the broader compliance landscape remains uneven across member states. Kanga’s license—granted June 18—arrives shortly before that deadline, during a window when exchanges and custody providers may be reassessing market access and legal certainty.

That context is especially relevant for Poland-based firms. If a home market delays implementation, companies may seek licensing in other EU jurisdictions to avoid service uncertainty and to continue serving EU customers under a stable regulatory framework.

Poland’s legislative deadlock continues

While Kanga points to regulatory progress in Latvia, its home country still faces obstacles to MiCA implementation. According to earlier coverage from Cointelegraph, Poland has remained without MiCA implementation legislation ahead of the EU’s July 1 transitional deadline, with lawmakers attempting to break a deadlock after the Polish president vetoed a government-backed crypto bill three separate times.

Cointelegraph reports that President Nawrocki vetoed the bill for a third time on June 11, arguing that successive versions failed to address his objections—especially provisions he considered overly burdensome for crypto companies. Following the veto, members of the Poland 2050 party, part of Prime Minister Donald Tusk’s governing coalition, reportedly submitted a new proposal incorporating changes requested by the president.

As described by the bill’s sponsors, the latest proposal would reduce some fees, remove certain regulatory provisions, and make the overall framework less restrictive for crypto firms. Poland 2050 has reportedly called for the legislation to be fast-tracked through parliament.

At the same time, regulatory pressure in Poland is not limited to legislative timing. The country’s crypto sector has also faced increased scrutiny following a fraud investigation into Zonda, which Cointelegraph previously reported as Estonia’s largest crypto exchange. Prosecutors reportedly estimate customer losses exceed 350 million zlotys (about $92.7 million). Developments tied to that case may affect how regulators and lawmakers approach compliance and oversight of crypto platforms.

What to watch next for Kanga and EU MiCA adoption

Kanga’s Latvia license provides a concrete example of how crypto firms may navigate MiCA’s rollout when national implementation is delayed. Investors and customers will likely want to monitor how Kanga communicates specific operational changes, and whether Poland’s MiCA bill ultimately passes in the near term—since the pace of home-country legislation can still influence competition, costs, and compliance strategies for exchanges headquartered in Poland.

With the EU transitional deadline approaching, the next key signal will be whether other exchanges follow similar cross-border licensing paths—or whether Poland’s legislative process finally catches up, narrowing the gap between “ready under MiCA” and “still waiting for national law.”

Kanga, a crypto exchange founded in Poland, said it has obtained a Markets in Crypto-Assets Regulation (MiCA) license in Latvia, allowing it to passport its services across the European Union.

The exchange’s operator, SIA AlphaRoute, received a Class 3 MiCA license from the Bank of Latvia after its Supervisory Committee approved the authorization, according to a Wednesday statement shared with Cointelegraph.

The license was granted on June 18 and authorizes the company to provide services, including crypto custody, trading and transfers, across the EU, said the exchange.

Kanga’s approval comes as Poland remains without MiCA implementation legislation ahead of the EU’s July 1 transitional deadline, with lawmakers still trying to break a deadlock following three presidential vetoes.

Source: Kanga

Kanga’s path to EU-wide operations

Kanga began the pre-licensing process in Latvia in November 2025 after reviewing several jurisdictions, according to SIA AlphaRoute CEO Dominik Tomczyk.

“From the very beginning, we knew that we had to use the transitional period provided for under the MiCA regulation to prepare the organisation to operate within the new regulatory framework,” Tomczyk said.

Related: Binance withdraws Greece-filed MiCA application

The company said it will provide customers with additional details about operational changes and service terms through its official communication channels.

Poland’s MiCA deadlock

President Nawrocki vetoed a government-backed crypto bill for a third time on June 11, saying successive versions failed to address his objections, including provisions he considered overly burdensome for crypto companies.

Members of the Poland 2050 party, part of Prime Minister Donald Tusk’s governing coalition, have since reportedly submitted a new proposal incorporating several changes requested by the president.

According to the bill’s sponsors, the proposal would reduce some fees, remove certain regulatory provisions and make the framework less restrictive for crypto companies. Poland 2050 reportedly called for the legislation to be fast-tracked through parliament.

Poland’s crypto sector also faces heightened scrutiny following a fraud investigation into Zonda, the country’s largest crypto exchange, where prosecutors estimate customer losses exceed 350 million zlotys (about $92.7 million).

Magazine: Bitcoin decouples from tech stocks, Ether eyes ‘selling wave’: Market Moves

Binance says it is withdrawing its application for Markets in Crypto-Assets Regulation (MiCA) authorization in Greece and plans to seek approval in another EU member state, days ahead of the July 1 deadline for firms to become licensed or take steps to scale back their EU operations. The decision comes as the European regulator signals that crypto service providers lacking authorization after the transitional period ends must act immediately to wind down activity within the bloc.

In a statement on Wednesday, Binance said it would announce the new member state publicly once it is ready. Binance’s head of Europe and the United Kingdom, Gillian Lynch, told Reuters that the exchange is “not leaving Europe” and would pursue authorization elsewhere if the Greek process does not progress.

Key takeaways

• Binance has withdrawn its MiCA authorization application with Greece’s Hellenic Capital Market Commission (HCMC), aiming to seek authorization in another EU member state.
• The move occurs just before MiCA’s July 1 transitional cutoff, when ESMA expects unauthorized crypto service providers to begin winding down EU activities.
• Binance warned that some users may be affected and that it will communicate with impacted accounts, while stating that user funds remain protected.
• Licensing uncertainty may influence token issuers indirectly, as authorized exchanges increasingly gatekeep MiCA white-paper notifications and listing readiness.

MiCA authorization withdrawal and the new EU strategy

Binance’s stated objective is to remain compliant with EU requirements as the MiCA framework moves into its post-transitional enforcement phase. The exchange said it is taking the necessary steps before July 1 to comply with applicable obligations. It did not specify which member state it plans to approach next.

According to Reuters, Lynch said Binance contacted other regulators but submitted a formal application only in Greece. Binance reportedly held discussions with several authorities, including Ireland and Latvia, before focusing on Greece. Reuters also reported that some regulators expressed concerns related to Binance’s past money-laundering penalties, its international operating structure, and risk-related cultural factors.

For compliance teams and institutional stakeholders, the key point is that MiCA licensing is not a single, centralized EU process for market access. Authorization is assessed by national competent authorities and embedded in national supervisory relationships, which can lead to different outcomes across jurisdictions even within the same regulatory regime.

Why the July 1 deadline is operationally material

MiCA’s transitional period ends on July 1. In a public statement on Tuesday, the European Securities and Markets Authority (ESMA) said that crypto service providers that remain unauthorized by the deadline must take “immediate” steps to wind down their EU activities. ESMA’s wording effectively creates a near-term compliance forcing function: firms must either secure authorization or implement drawdown and cessation measures for EU-facing operations.

Binance’s announcement therefore has immediate operational implications. The company did not provide additional detail beyond saying it expects some users could see changes. It said it will communicate directly with affected users and that its priority is to minimize disruption. It also reiterated that all user funds remain safe and secure.

However, unresolved questions remain for regulated counterparties and compliance monitors. Withdrawal of an application can create uncertainty about timelines and the scope of what activities remain permissible during the transition to a new authorization path. For institutions that rely on regulated on-ramps and exchange counterparties, this increases the importance of verifying current licensing status and conducting ongoing controls around service availability and permitted services in specific EU jurisdictions.

Potential effects for European market access

Even if MiCA licensing constraints do not necessarily eliminate EU demand, the regulatory transition can influence how euro-denominated trading access evolves. CryptoQuant analyst Maartunn told Cointelegraph that euro pairs account for about 1% of Binance’s global spot trading volume, indicating that a European licensing setback may have limited impact on overall business volume.

Still, Binance remains a significant venue for euro trading. CryptoQuant data cited in the reporting suggested Binance handled roughly $100 million to $250 million in daily euro-pair volume in 2026, with occasional spikes of about $600 million. The same data placed Binance second in share of euro-denominated spot trading at an estimated 18.5%, behind Kraken’s estimated 43.3% share.

These figures matter for institutional monitoring because MiCA authorization affects not only retail access but also how regulated market participants evaluate venue risk. Where firms have counterparties spread across multiple exchanges, licensing uncertainty may change routing decisions, hedging practices, and settlement reliability—even without direct changes to token market fundamentals.

MiCA compliance as an ecosystem function for exchanges and token issuers

Binance’s licensing challenge may reverberate beyond trading venues. Authorized exchanges increasingly act as compliance gatekeepers for token issuers seeking MiCA-related documentation readiness, including work tied to white-paper notifications and listing processes.

In a LinkedIn post, Ryan King, creator of the EU Crypto Register, said he tracked at least 380 of 867 white-paper entries where notifications were made by third parties rather than the token issuers themselves. He reported that Kraken, LCX, OKX, and Bitstamp together accounted for 271 of those third-party notifications, representing about 31% of the total.

King told Cointelegraph that this approach can be “symbiotic,” because exchanges employ MiCA-trained compliance teams, maintain regulator relationships, and have access to large law firms. He said exchanges increasingly request white papers during onboarding and may offer to prepare documentation, even for tokens covered by transitional arrangements. According to King, one exchange allegedly told a token project to “fill it in and we’ll handle the rest,” reflecting the practical role exchanges can play in operationalizing MiCA requirements.

For market participants, the compliance implication is that exchange authorization status can shape how quickly issuers can move from token planning to EU-ready documentation. When authorization trajectories shift or when a major exchange alters its EU operational posture, it may affect issuer workflows, legal review capacity, and timelines for token availability on EU-compliant venues.

Closing perspective

Binance’s withdrawal of its Greece application and intent to pursue authorization elsewhere set the stage for a rapidly developing compliance timeline as the July 1 MiCA cutoff approaches. What to watch next is whether Binance can secure a new authorization path in time and how ESMA’s “wind down” expectations translate into concrete permitted activity during the transition—particularly for EU customers, counterparties, and token issuers relying on exchange-led compliance processes.

Ethereum traded near $1,655 on June 25, according to crypto.news price data, after falling below $1,600 during the latest market selloff. 

ETH was down about 0.93% over 24 hours and 4.63% over seven days, while trading volume stood near $15.42 billion.

The token moved between $1,557.87 and $1,677.86 during the session. Market value stood near $199.55 billion, keeping ETH in second place by market cap. The bounce has eased pressure, but ETH still trades below the recent recovery zone near $1,800.

Ethereum’s daily chart still shows a wider downtrend from the $2,300 to $2,400 zone into the current $1,600 to $1,700 range. Bulls need a clean move above $1,800 before the structure improves.

Ethereum recently weakened near $1,670 as ETF outflows, weak RSI, and falling open interest kept traders cautious. That report placed $1,750 and $1,800 as near-term resistance zones, while $1,580 stayed in focus if sellers returned.

Ethereum ETF outflows weigh on demand

Spot Ethereum ETFs remain a pressure point for ETH price. SoSoValue data showed the products recorded $30.24 million in net outflows on June 24, marking a fifth straight day of withdrawals. Fidelity’s FETH led the day’s outflows with $15.6897 million leaving the fund.

The latest ETF data followed a larger outflow session one day earlier. As crypto.news reported, U.S. spot ETH ETFs posted $82.351 million in net outflows on June 23. That flow pressure came as ETH failed to hold short-term resistance.

ETF flows show whether regulated demand is adding support or cutting exposure. When funds keep losing assets during a decline, spot buyers need to absorb more selling before recovery can form.

The flow data does not mean all institutional demand has disappeared. It shows that demand remains uneven. A return to steady ETF inflows would help sentiment, but ETH has not yet seen that confirmation.

Ethereum whale moves send mixed signals

Large wallet activity also shows a split market. Lookonchain said a newly created wallet withdrew 17,675 ETH, worth about $28.58 million, from Binance. The tracker described the move as a whale “buying the dip.”

At the same time, Onchain Lens said a dormant whale known as 0x096 sold 27,585 ETH for $44.84 million in USDS at an average price near $1,625. The wallet had been inactive for seven years and still locked in an estimated $39.1 million profit.

Advertisement

Leverage also added stress. Onchain Lens said Machi was fully liquidated on a 25x ETH long position, losing $1.9 million, before opening another 25x long. His total losses had passed $35.4 million.

Such activity can make ETH moves sharper near key support. Whale buying may help the market, but dormant wallet sales and forced liquidations can reduce confidence. This leaves ETH caught between accumulation, profit-taking, and high-risk leverage.

Indicators keep $1,800 in focus

Technical indicators still show a weak recovery. RSI stood near 38.34, slightly below its moving average at 38.79. That reading sits below the neutral 50 level, so buyers have not regained clear control after the latest bounce.

The Aroon Oscillator stood at -64.29, pointing to continued bearish trend pressure. A negative reading means recent lows remain more dominant than recent highs. That supports the view that ETH is stabilizing, not reversing yet.

Advertisement

The MACD picture looks slightly better, based on the provided chart context. The histogram has turned mildly positive, while the MACD line has moved above the signal line. However, both lines remain below zero, so the wider trend still needs confirmation.

CryptoQuant analyst CryptoOnchain described Ethereum as being in a defensive position near $1,600. The model reduced market exposure to 15%, but said the probability of a bullish shift had climbed to 45%. The analyst said stablecoin reserves and netflows on Binance had moved into neutral territory.

Analysts remain divided on the next move. CrediBULL Crypto said ETH/BTC is “still chilling at our HTF buy zone” and is waiting for a lower-timeframe base. Crypto Tony said ETH/USD may be forming a triangle, which could point to several weeks of consolidation.

$ETH / $USD – Update

We are seeing sets of 3 waves off the lows, which gives hints at a triangle forming. Something to pay attention too. Could see some market consolidation over next few weeks. pic.twitter.com/wO6Ybkfq02

— Crypto Tony (@CryptoTony__) June 25, 2026

Advertisement

For now, ETH needs stronger follow-through above $1,700 and then $1,800. A break above that zone, with RSI above 50 and an improving Aroon reading, would support a stronger recovery. Failure to reclaim those levels could keep ETH exposed to another test near $1,580.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Advertisement

A group of Democratic members of the U.S. House of Representatives sent a letter to SEC Chair Paul Atkins on Tuesday seeking details about how the agency oversees AI-driven trading tools and whether current securities laws are sufficient to address the technology.

The letter, led by Bill Foster, the top Democrat on the House Financial Services Financial Institutions Subcommittee, and Brad Sherman, the top Democrat on the Capital Markets Subcommittee, warned that platforms offering AI trading agents to retail investors “raises serious questions for investor protection, broker-dealer responsibilities, market integrity, and the accountability of AI developers.”

Lawmakers said the technology could soon move beyond basic stock trading into more complex financial products. “While such trading may initially be limited in scope, there are indications that agentic trading could expand to a broad range of additional products, including options, cryptocurrency, event contracts, and futures,” the letter stated.

Foster, Sherman, and the other signatories argued that many AI trading agents have “operated largely outside the securities regulatory framework,” despite making “consequential investment decisions on behalf of retail investors.”

The lawmakers also questioned the legal responsibility of brokers and AI developers, noting that disclosures accompanying many AI agents state that brokerage platforms cannot guarantee the accuracy or suitability of AI-generated recommendations and cannot fully control, monitor, or audit agent behavior. They wrote that such disclaimers “raise urgent questions about the regulatory treatment of agentic trading tools and create uncertainty regarding legal responsibility among brokers, AI developers and retail investors.”

The letter asks the SEC to provide written responses by July 31 on several issues, including what safeguards or analyses the agency has conducted on AI agents, when such systems should register with the regulator, how extensively the SEC has consulted with trading platforms, and whether Congress needs to grant the agency additional authority to address emerging risks.

Representatives Stephen Lynch, Jim Himes, Sean Casten, Rashida Tlaib, Brittany Pettersen, and Sylvia Garcia also signed the letter.

AI agents gain ground across crypto and finance

The request comes as AI agents continue to expand into cryptocurrency trading and digital payments.

Earlier this month, Coinbase introduced Coinbase for Agents, a platform that allows large language models such as ChatGPT and Claude to access user-authorized Coinbase accounts. The system lets AI agents execute cryptocurrency trades, manage portfolios, monitor markets, rebalance holdings under predefined rules, and purchase digital services through Coinbase’s x402 machine payments protocol.

Coinbase also integrated Coinbase Advisor into the platform, describing it as an SEC and CFTC-registered financial adviser that can provide investment guidance within agent workflows. The company said support for stocks and prediction markets will follow in a later rollout.

The commercial use of AI agents has also extended beyond trading. On the same day the lawmakers sent their letter, the American Arbitration Association and Integra Ledger introduced the Legal Context Protocol, an open standard designed to record transaction terms, consent, governing law, and dispute resolution information for autonomous AI transactions.

The organizations said the protocol addresses legal recordkeeping rather than payments and can work alongside existing machine payment systems, such as x402 and other digital identity tools. Founding contributors include Google, IBM, Circle, Hedera, Cardano, Aptos Foundation, Ava Labs, Stellar Development Foundation, Wayfair, and several other technology and blockchain organizations.

Integra Ledger CEO David Fisher said, “payment infrastructure is actively being built for AI agents,” while the legal framework has yet to catch up. He said the protocol answers questions about what parties agreed to, the terms governing a transaction, and how disputes should be resolved if they arise.

The increased adoption of AI agents across trading, payments, and commerce has prompted lawmakers to seek greater clarity on how existing securities regulations apply as autonomous software takes on more financial decision-making on behalf of retail users.