Securitize $400M SPAC, Binance Faces July MiCA Deadline

Securitize expects to raise about $400 million through a merger with Cantor Equity Partners II (CEPT). The tokenization platform reported that fewer than 30% of CEPT shareholders elected to redeem. The company expects approximately $400 million in gross proceeds, including PIPE financing and before transaction-related costs. The merger is scheduled to close Wednesday, July 1, subject to shareholder approval and customary conditions. Securitize will begin trading on the New York Stock Exchange under the ticker SECZ on Thursday, July 2, and CEPT shares rose after the redemption results.

Spain’s securities regulator warned there will be no extensions to the European Union’s Markets in Crypto-Assets licensing deadline of July 1. Carlos San Basilio, chair of the National Securities Market Commission, cautioned that firms without MiCA authorization will not receive additional time to comply. Binance withdrew a MiCA application in Greece and has not obtained authorization from any EU regulator. If approval is not granted by the deadline, the exchange could stop onboarding new EU customers and restrict some services for existing users until it becomes compliant. Several rival exchanges have already secured MiCA authorization and are able to operate across the bloc.

MiCA establishes a single licensing framework for EU member states. The rules cover crypto trading venues, stablecoin issuers and other crypto service providers and set requirements on conduct, disclosure and operations to align firms across the union.

In the United States, spot Bitcoin exchange-traded funds posted their largest single-day outflows of June on Thursday, totaling $696.3 million as Bitcoin fell below $60,000. Data from SoSoValue shows June cumulative outflows reached $3.61 billion, bringing year-to-date net outflows for spot Bitcoin ETFs to about $4.6 billion. The daily withdrawal surpassed an earlier June high of $519.2 million.

Market reports indicate the world’s largest corporate Bitcoin holder reduced its accumulation pace in June. Traders and market participants linked the slowdown to recent price weakness and shifts in liquidity.

The Securitize financing, the July 1 MiCA enforcement date and the ETF outflows are coinciding events market participants will watch in the coming days for filings, potential service changes in the EU and any shifts in ETF flows.