The European Union has officially signed the landmark regulation known as Markets in Crypto Assets (MiCA) into law, in what is a historical moment for the cryptocurrency sector. The act nudges the EU closer to being the world’s first major jurisdiction with rules crafted for the sector.

Leading cryptocurrency exchange Binance is planning to lay off 20% of its workforce this month, in what the company called a resource reallocation. The move comes after the company said earlier this year it wasn’t planning any layoffs.

Prominent blockchain bridge protocol, Multichain, has seen the problems surrounding it pile up. After speculation arose that Chinese officials detained top executives including its CEO, the protocol has now disclosed that it’s dealing with complications causing disruptions to its cross-chain services and cannot contact its CEO Zhaojun.

Top stories in the Crypto Roundup today:

• European Union Signs Historic Crypto Regulation Law
• Binance Prepares Workforce Reduction in ‘Resource Reallocation’ Move
• Multichain’s CEO Unreachable as Protocol Suffers Node Network Failure
• Derivatives Trading Surges to 78% of Crypto Volume: Gemini Joins the Race with New Exchange

European Union Signs Historic Crypto Regulation Law

The European Union has officially signed the landmark regulation known as Markets in Crypto Assets (MiCA) into law, in what is a historical moment for the cryptocurrency sector. The act nudges the EU closer to being the world’s first major jurisdiction with rules crafted for the sector.

EU Parliament President, Roberta Metsola, in concert with the Swedish Rural Affairs Minister Peter Kullgren, appended their signatures to the new legislation. In a concurrent move, an anti-money laundering law that mandates crypto providers to verify their clients' identity during funds transfers was also approved.

The public announcement of these legislative milestones was made on Twitter by the Swedish government, which currently presides over the legislative discussions owing to its position as holder of the EU presidency.

The enacted laws include the MiCA framework, the rules on funds transfers, as well as two distinct regulations on commerce with Ukraine. After being documented in the EU's official journal, a move projected to occur in June, MiCA will become enforceable a few weeks later.

Its stipulations, which include providing crypto exchanges and wallet providers with a license to operate throughout the 27-member EU, and demanding stablecoin issuers to maintain suitable reserves, are expected to be implemented between 12 and 18 months later.

Binance Prepares Workforce Reduction in ‘Resource Reallocation’ Move

Leading cryptocurrency exchange Binance is planning to lay off 20% of its workforce this month, in what the company called a resource reallocation. The move comes after the company said earlier this year it wasn’t planning any layoffs.

Binance's Chief Strategy Officer, Patrick Hillmann, suggested on Twitter that the move is aimed at addressing growing regulatory pressures within the crypto industry. Although the exact number of layoffs is yet to be decided, it is part of an effort to ensure organizational agility in preparation for the next major bull cycle, according to a company spokesperson.

The exchange’s career page currently shows over 300 open positions spanning several departments and locations. The firm’s headcount surged from around 3,000 to nearly 8,000 during the latest bull market, and the firm said earlier this year it was looking to fill over 500 roles by the end of June.

Binance has over time been acquiring locally regulated entities in various countries, including Singapore, Thailand and Japan, as it looks to maintain its global status.

Multichain’s CEO Unreachable as Protocol Suffers Node Network Failure

Prominent blockchain bridge protocol, Multichain, has seen the problems surrounding it pile up. After speculation arose that Chinese officials detained top executives including its CEO, the protocol has now disclosed that it’s dealing with complications causing disruptions to its cross-chain services and cannot contact its CEO Zhaojun.

After speculation arose surroundingMultichain , leading cryptocurrency exchange Binance started to suspend certain token deposits, and claims suggesting law enforcement seized a wallet linked to the company with $1.6 billion only worsened things.

The troubles deepened on Monday, as per a tweet from Multichain's account, disclosing that the protocol has grappled with a multitude of challenges due to "unforeseeable consequences". Despite the team’s best efforts, it was unable to reach its CEO to access key servers.

The alert raised today was instigated by complications with a node network within Multichain, dubbed Router5, which is causing disruptions to the cross-chain services of multiple blockchains.

Consequently, partners have been asked to refrain from invoking smart contracts running on Multichain until the team manages to secure permissions and access to the protocol's servers.

Multichain, formerly known as Anyswap before a damaging $8 million exploit in 2021, stands as one of the most substantial blockchain bridges in the crypto world. The bridge, which saw its total transaction volumes soar beyond $100 billion earlier this year, enables token exchanges across multiple networks, fostering interaction among ecosystems like Binance Chain, Avalanche, Polygon, and Ethereum.

Derivatives Trading Surges to 78% of Crypto Volume: Gemini Joins the Race with New Exchange

April saw derivatives trading constitute 78% of the total cryptocurrency trading volume, a trend that hasn't escaped the notice of crypto exchange Gemini.

The exchange has ventured into fresh terrain by launching a new derivatives exchange, the Gemini Foundation. However, Gemini's own contribution to April's monthly spot volume stood at a mere 0.12%, translating to approximately $747 million.

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