Here’s what happened in crypto today

Today in crypto, Securitize says it expects to raise $400 million in its upcoming public debut, Binance and other crypto exchanges face a critical EU deadline that could force them to scale back services, and US spot Bitcoin ETFs recorded their biggest daily outflows of June as Bitcoin fell below $60,000.

Securitize expects to raise $400M ahead of public debut

Tokenization platform Securitize said on Friday it expects to raise $400 million in its upcoming public debut through a merger with Cantor Equity Partners II (CEPT), a special purpose acquisition company backed by Cantor Fitzgerald.

Securitize said its final redemption results showed less than 30% of CEPT shareholders elected to redeem, and the company expects to receive approximately $400 million in gross proceeds from the merger, including related private investment in public equity, or PIPE, financings and excluding transaction-related expenses.

CEPT shares climbed on Friday as Securitize announced fewer shareholder redemptions than expected. Source: Google Finance

The merger between Securitize and CEPT is expected to close on Wednesday, July 1, subject to shareholder approval on Monday and other closing conditions, and the company will then trade under the ticker SECZ on the New York Stock Exchange on Thursday, July 2.

Binance faces EU deadline as MiCA rules take effect

Binance and other crypto exchanges could be forced to scale back operations across the European Union after Spain's securities regulator said there will be no extensions to the bloc's July 1 MiCA licensing deadline.

Carlos San Basilio, chair of Spain's National Securities Market Commission, said crypto companies that have not secured authorization under the EU's Markets in Crypto-Assets (MiCA) framework will not receive additional time to comply. Binance has yet to obtain a MiCA license from any EU regulator after withdrawing its application in Greece, leaving its future in the region uncertain.

If approval is not granted before the deadline, Binance is expected to stop onboarding new EU customers and restrict certain services for existing users until it becomes compliant. The move could have an outsized impact given Binance's large European user base, though several rival exchanges, including Kraken, have already secured MiCA licenses.

The deadline marks one of the biggest regulatory tests yet for Europe's crypto industry. MiCA is designed to create a single licensing regime across the EU, allowing approved firms to operate throughout the bloc while tightening oversight of exchanges, stablecoins, and other crypto services.

Bitcoin ETFs post June's biggest daily outflows as BTC falls below $60K

US-listed spot Bitcoin exchange-traded funds (ETFs) recorded their largest daily net outflows of June on Thursday as Bitcoin fell below $60,000.

Spot Bitcoin ETFs shed $696.3 million, surpassing the previous monthly high of $519.2 million logged on June 2, according to SoSoValue data.

The latest withdrawals pushed June’s total outflows to $3.61 billion, bringing year-to-date net outflows to $4.6 billion.

Monthly flows in US spot Bitcoin ETFs as of Friday. Source: SoSoValue 

The ETF outflows coincide with signs that other large sources of institutional Bitcoin demand are also slowing. Strategy, the world's largest corporate Bitcoin holder, has reduced its accumulation pace in June, prompting debate over whether the company should conserve cash during the market downturn.