The crypto market saw major regulatory and security developments today, with updates spanning the United States and Europe. From the US Securities and Exchange Commission officially ending its case against Gemini, to French authorities investigating a serious data breach, and Binance accelerating its MiCA compliance efforts, these events could have long-term implications for crypto regulation, exchange operations, and user safety.
SEC Dismisses Gemini Lawsuit With Prejudice
The US Securities and Exchange Commission has dismissed its civil lawsuit against Gemini Trust Company and Genesis Global Capital, ending a long-running case related to Gemini’s Earn crypto lending program. The dismissal was filed jointly in the US District Court for the Southern District of New York and was made with prejudice, meaning the SEC cannot refile the case.
The lawsuit, originally brought in January 2023, accused Gemini and Genesis of offering unregistered securities. However, the SEC paused the case in April 2024, and the decision to dismiss follows the full recovery of Gemini Earn investors’ crypto assets through the Genesis bankruptcy process.
As part of the resolution, Gemini agreed to contribute up to $40 million to support the complete repayment of customer assets, while Genesis previously settled with the SEC for a $21 million fine. A federal judge still needs to formally approve the dismissal, but the outcome effectively closes the chapter on one of the most high-profile crypto enforcement cases from the previous regulatory crackdown.
France Investigates Crypto Data Breach as Binance Seeks MiCA Approval
French authorities have launched a preliminary investigation into a data breach at crypto tax platform Waltio, which may have exposed personal data belonging to approximately 50,000 users. According to cybersecurity officials, the breach could put affected individuals at risk of fraud, extortion, or even physical attacks targeting crypto holders.
Reports indicate that the hacker group known as Shiny Hunters allegedly demanded a ransom after gaining access to user information. Officials warned that compromised data could be used in so-called “wrench attacks,” where criminals attempt to force victims or their relatives to transfer crypto assets through threats or violence. French law enforcement agencies are currently assessing the scope of the breach and identifying impacted users.
Meanwhile, Binance has applied for authorization under the European Union’s Markets in Crypto-Assets Regulation (MiCA) in Greece. The move comes as EU regulators tighten enforcement ahead of upcoming compliance deadlines. Binance confirmed it is working with Greece’s Hellenic Capital Market Commission as part of its broader effort to align with MiCA rules across Europe.
French regulators have already warned that many registered crypto firms, including Binance, must secure full MiCA licenses by the end of the transition period or face operational restrictions. Binance has welcomed the framework, stating that MiCA provides clearer regulations, stronger consumer protections, and a more sustainable foundation for crypto innovation within the EU.
