Entain Sells 20 Percent Stake in Entain CEE to EMMA Capital – Proceeds to Reduce Debt and Shift Control

Key Takeaways

Entain Begins Exit From Central and Eastern Europe

Entain has initiated its planned withdrawal from Central and Eastern Europe with the sale of a 20 percent stake in Entain CEE to investment firm EMMA Capital. The transaction is valued at 425 million euros, equivalent to 366 million pounds.

The company will receive 395 million euros when the transaction closes. A further payment is scheduled for early 2027 and will depend on Entain CEE’s performance in the 2026 financial year. Entain stated that total proceeds from the sale will reach 425 million euros.

Chief executive Stella David described the divestment as the first step towards a full exit from the joint venture. According to the company, the move reflects its strategy of simplifying its brand portfolio, reducing leverage, and focusing on core regulated markets.

Ownership Structure Shifts to EMMA Capital

Once the transaction is completed, Entain’s stake in Entain CEE will decrease from 67.5 percent to 47.5 percent. EMMA Capital will increase its holding from 22.5 percent to 42.5 percent.

The Juroszek family will retain its 10 percent shareholding. However, it will assign its voting rights to EMMA Capital. As a result, EMMA Capital will obtain majority control of the joint venture.

Entain CEE was established in 2022 and includes the SuperSport brand in Croatia and STS in Poland. According to Entain, both brands hold number one positions in their respective markets.

For the 2025 financial year, Entain CEE generated net gaming revenue of 522 million pounds, representing a 7 percent year on year increase. EBITDA reached 184 million pounds, also up 7 percent compared to the previous year.

Impact on Financial Reporting and Margins

Following the sale, Entain CEE will no longer be fully consolidated in Entain’s group accounts. This accounting change has a direct impact on the company’s margin guidance.

Entain now expects its FY26 online EBITDA margin to be between 21 percent and 22 percent. This compares to earlier guidance of 23 percent to 24 percent when Entain CEE was included in the group figures.

The company maintained its forecast for FY26 online net gaming revenue growth at between 5 percent and 7 percent. Additional details are expected to be provided with the publication of interim results on 13 August 2026.

According to Entain, the sale is broadly neutral to earnings per share and adjusted cashflow. The company also stated that proceeds from a later full exit from Entain CEE should help bring reported leverage below three times. Any surplus capital following that process would be returned to shareholders.

Debt Reduction and Interest Cost Savings

Entain plans to use the net proceeds from the transaction to reduce debt. The company estimates that this will lower annual interest costs by around 20 million pounds.

Debt reduction has been a stated priority for the group over the past year. Alongside portfolio simplification, the company has focused on lowering leverage and strengthening its balance sheet.

Entain’s shares remain down around 24 percent year to date, despite a partial recovery over the past month. The company has not linked the share price movement directly to the transaction but has emphasized its intention to improve financial metrics and cash generation.

Relevance for International iGaming Markets

The transaction changes the ownership and control structure of two major brands in Central and Eastern Europe: SuperSport in Croatia and STS in Poland. Both brands operate in regulated markets and have reported revenue and EBITDA growth for FY25.

For users and industry observers, the shift means that EMMA Capital will assume majority control of Entain CEE, while Entain reduces its exposure to the region. Entain will continue to hold a 47.5 percent stake after completion, but without majority control.

The removal of Entain CEE from full consolidation also alters how the group’s performance will be reflected in future financial statements. This affects reported margins and may influence how investors assess the company’s online profitability.

Our Assessment

The sale of a 20 percent stake in Entain CEE for 425 million euros marks the first formal step in Entain’s planned exit from Central and Eastern Europe. The transaction reduces Entain’s ownership to 47.5 percent and transfers majority control to EMMA Capital through an increased stake and assigned voting rights. Proceeds will be used to reduce debt, with expected annual interest savings of about 20 million pounds. The deal also changes Entain’s financial reporting structure and lowers its FY26 online EBITDA margin guidance due to the deconsolidation of Entain CEE.

Ethereum Whale Opens $19.7M Leveraged Short – Large Position Targets Further ETH Weakness

Key Takeaways

Whale Reenters Market With 20x Leveraged Ether Short

An Ethereum whale that was previously active during the October 2025 crypto crash has returned to the market after roughly eight months of inactivity. On June 26, the wallet identified as 0xf83f…6728 opened a 20x leveraged short position on Ether valued at approximately $19.72 million.

The trade was initiated as ETH approached the $1,500 support zone following a two week decline of 18.25 percent. Data from Hyperbot shows the average entry price at around $1,565. Shortly after opening the position, the whale recorded about $106,500 in unrealized profit as the market price moved toward the $1,550 area.

The scale of this position stands out. With nearly $20 million in notional exposure, the trade represents a significantly larger commitment than the whale’s prior publicly visible short during the October 2025 volatility period.

Technical Setup Points to $1,375 as Next Downside Level

The short position aligns with a broader bearish technical structure on the daily ETH chart. According to chart data referenced in the report, Ether appears to be breaking down from a bear flag pattern.

A continuation of this pattern projects a potential decline toward $1,375. If that level is reached, the whale’s unrealized profit could increase to approximately $2.39 million, calculated from the approximate $1,565 entry price and before accounting for fees and funding costs.

For you as a market participant, the significance lies in how large leveraged positions can amplify market moves. A high leverage ratio such as 20x increases both potential gains and the risk of rapid liquidation if the price moves against the position.

Broader Market and Ethereum Specific Sentiment

The current downside pressure in Ether has developed alongside a wider risk selloff in technology related assets. Traders have reduced exposure to speculative markets as the Nasdaq and semiconductor stocks faced pressure.

At the same time, Ethereum specific sentiment has weakened. Reports of budget cuts, staff reductions, and senior departures at the Ethereum Foundation have raised questions about organizational stability. While the price movement cannot be attributed to a single factor, these developments have coincided with declining market confidence around Ether.

For crypto focused users, including those who rely on ETH for payments or collateral on trading and betting platforms, such volatility can directly affect balances, margin requirements, and risk exposure.

Comparison With October 2025 Short Position

Transaction records show that the same wallet last became active on October 27, 2025. At that time, the whale opened a short position near $4,172 as volatility from the October 2025 crypto crash was easing.

The position was later closed near $4,133. After accounting for $5,263 in exchange fees, the reported net profit amounted to $41,693.

The current strategy resembles the earlier trade in structure. In both cases, the whale shorted ETH during periods of price weakness and used leverage to increase exposure. The difference lies in size. The present $19.72 million position is substantially larger than the 2025 trade, increasing both potential returns and liquidation risk.

Double Bottom Pattern Could Challenge Bearish Outlook

Despite the prevailing bear flag setup, the daily chart also shows a potential double bottom formation around the $1,500 to $1,512 range. Buyers stepped in at this level twice during June.

The pattern remains unconfirmed. However, if ETH records a decisive daily close above the neckline near $1,850, the double bottom would be validated. Based on the measured move from the neckline to the bottom at roughly $1,512, the projected upside target would be around $2,190.

Such a move would bring the price close to the whale’s estimated liquidation level near $2,150. If ETH approaches or exceeds that threshold without additional collateral or position adjustments, the short could face forced closure.

For traders and platform users, this illustrates how technical reversal patterns can quickly shift market structure and affect leveraged positions.

Implications for Market Participants

Large leveraged trades from identifiable wallets often attract attention because they signal conviction and can influence short term sentiment. However, they also highlight the mechanical risks of derivatives markets, where price swings can trigger rapid profit realization or liquidation.

In this case, the whale’s position depends on continued downside momentum below the $1,500 region. A breakdown toward $1,375 would strengthen the bearish thesis. A confirmed breakout above $1,850 would challenge it.

For users evaluating crypto platforms, particularly those offering margin trading or allowing ETH as collateral, understanding these dynamics is essential. High leverage magnifies outcomes in both directions and can impact liquidity conditions during volatile periods.

Our Assessment

The reopening of a large 20x leveraged Ether short by wallet 0xf83f…6728 marks a significant directional bet during a period of declining ETH prices and weakened sentiment. The position, valued at nearly $19.72 million, is materially larger than the whale’s October 2025 trade and is tied to a technical setup targeting $1,375. At the same time, a potential double bottom breakout above $1,850 would threaten the short and bring it close to its estimated liquidation level near $2,150. The development underscores how concentrated leveraged positions interact with technical levels in the current Ethereum market environment.

Hyperliquid Added to Singapore Investor Alert List – MAS Flags Unlicensed Status

Key Takeaways

MAS Places Hyperliquid on Its Investor Alert List

Singapore’s central bank and financial regulator, the Monetary Authority of Singapore, has added decentralized perpetuals exchange Hyperliquid to its Investor Alert List. The entry includes both the Hyper Foundation website and the Hyperliquid trading application.

The Investor Alert List is described by MAS as a consumer protection measure. It identifies entities that may be wrongly perceived as being licensed or regulated by the authority. Inclusion on the list does not amount to a ban, nor does it represent an enforcement action.

For users, the list serves as a public signal that a platform does not hold a license issued by MAS. This distinction is relevant in Singapore’s regulated financial environment, where licensing determines which entities may legally provide certain financial services.

What the Investor Alert List Means for Users

According to MAS, the purpose of the Investor Alert List is to reduce the risk of confusion among consumers. Companies placed on the list may appear to operate in Singapore without holding authorization from the regulator.

Being listed does not automatically prohibit access to the platform. It also does not necessarily imply wrongdoing. Instead, the list functions as a transparency tool that allows consumers to verify whether a company is regulated by MAS before engaging with its services.

For crypto traders and users of decentralized exchanges, the distinction between licensed and unlicensed platforms can influence decisions about counterparty risk, regulatory protection, and potential access restrictions. The listing clarifies that Hyperliquid does not operate under a MAS license.

Hyperliquid Responds to MAS Listing

Hyperliquid stated that it has never claimed to be licensed or authorized by the Monetary Authority of Singapore. The platform also said that nothing about its permissionless infrastructure has changed following the regulator’s action.

In a post published on X, Hyperliquid said the ecosystem remains committed to engaging collaboratively and constructively with regulators and institutions globally. The statement also referenced support for clear and well designed frameworks for onchain finance.

The response indicates that the company views the listing as a clarification of regulatory status rather than a change to its operating model.

Hyperliquid’s Market Position in Decentralized Trading

According to CoinGecko data cited in the source material, Hyperliquid ranks as the ninth largest decentralized exchange by trading volume. Separate data from DefiLlama estimates that the platform holds approximately 5.7 billion dollars in total value locked.

Total value locked is commonly used to measure the amount of assets deposited in decentralized finance protocols. Trading volume and value locked provide indicators of a platform’s scale and user activity within the broader decentralized finance ecosystem.

Hyperliquid operates as a decentralized perpetuals exchange. Perpetuals are derivatives contracts that allow traders to speculate on price movements without a fixed expiration date. Such products are often associated with higher risk due to leverage and volatility.

Singapore’s Broader Crypto Oversight Framework

Singapore has tightened oversight of the cryptocurrency sector in recent years. In May 2025, MAS ordered crypto companies serving overseas customers to either obtain licenses or cease operations. The authority stated that this directive reflected a long standing regulatory position rather than a shift in approach.

The move addressed what MAS described as a regulatory loophole. Some crypto firms based in Singapore had avoided licensing requirements by serving only overseas customers. MAS said it had consistently communicated its position since 2022 and was ending a transition period for firms that continued operating without a license.

The regulator also said that the measures were intended to strengthen consumer protection and align Singapore’s crypto framework with international standards on Anti Money Laundering and Countering the Financing of Terrorism.

Hyperliquid is not the only crypto exchange to appear on the Investor Alert List. MAS added Bybit on June 17. KuCoin and Bitget also appear on the list.

Implications for International Crypto and iGaming Users

For international users, including those active in crypto based betting and trading environments, regulatory listings can affect how platforms are perceived across jurisdictions. While decentralized exchanges typically operate without centralized intermediaries, regulatory authorities may still issue public notices to clarify licensing status within their territories.

If you use crypto platforms that also intersect with leveraged trading or high volume transactions, awareness of licensing status can form part of your due diligence. The MAS listing makes clear that Hyperliquid is not licensed in Singapore, even though the platform itself states it has not claimed such authorization.

Regulatory developments in major financial hubs such as Singapore often influence compliance strategies and operational structures across the crypto sector. Public listings and licensing directives can therefore shape how platforms position themselves internationally.

Our Assessment

The addition of Hyperliquid to the Monetary Authority of Singapore’s Investor Alert List formally clarifies that the platform is not licensed by MAS. The listing does not constitute a ban or enforcement action but serves as a consumer protection measure. The development takes place within a broader context of tightened crypto oversight in Singapore, including licensing requirements for firms serving overseas customers and measures aimed at strengthening Anti Money Laundering and Countering the Financing of Terrorism standards.

Ether Price Drops 5% and Triggers $170 Million in Liquidations – ETF Outflows and Negative Funding Rates Weigh on Market Sentiment

Key Takeaways

Liquidations Accelerate After 5% Ether Price Correction

Ether experienced a 5% price correction on Tuesday, reversing gains accumulated over the previous 12 days. The decline triggered $170 million in liquidations of bullish leveraged positions in ETH derivatives markets. These liquidations occurred as traders who had bet on rising prices were forced to close positions due to insufficient collateral.

At the same time, the annualized funding rate for ETH perpetual futures turned deeply negative. A negative funding rate indicates that short sellers are paying to maintain their positions, reflecting increased demand for bearish exposure. The rate fell to negative 3%, signaling weak confidence among traders positioning for further upside.

Over the past 30 days, Ether has declined by 20%, slightly underperforming the broader cryptocurrency market, which fell by 17% over the same period. Bitcoin’s difficulty in holding the $62,000 level also contributed to broader market pressure and weaker sentiment across major digital assets.

ETF Outflows and Institutional Positioning Add Selling Pressure

US-listed spot Ether exchange-traded funds have posted net outflows for six consecutive weeks. Since mid-May, a total of $910 million has exited these products, reducing total net assets to $9.4 billion.

Sustained outflows from regulated investment vehicles represent a consistent source of selling pressure. Regardless of the underlying reasons for investor withdrawals, the trend has coincided with Ether’s price weakness and contributed to negative market sentiment.

Additional attention has focused on the publicly listed company BitMine, traded under the ticker BMNR in the United States. The company holds ETH reserves that currently show $9.3 billion in unrealized losses. Despite these paper losses, BitMine, led by Chairman Tom Lee, has continued to increase its Ether position. While there is no indication of an imminent forced sale, the scale of unrealized losses has added to caution among institutional observers.

Ethereum Foundation Restructuring Follows Budget Reduction

Market volatility has coincided with organizational changes at the Ethereum Foundation. The foundation announced a 40% budget cut and confirmed that 20% of its workforce has been laid off as part of a restructuring process.

The announcement came amid ongoing development efforts, including preparations for the upcoming Glamsterdam protocol upgrade. The planned upgrade is designed to split block creation, with the goal of reducing centralization. It also aims to improve network security and execution efficiency through parallel transaction processing.

Although the Ethereum Foundation plays a significant role in ecosystem development, Ethereum’s broader development activity also involves independent contributors and organizations. The restructuring has nevertheless drawn attention during a period of already fragile market sentiment.

DeFi Activity Declines but Ethereum Retains Market Leadership

The decentralized applications sector has experienced a slowdown. Aggregate total value locked across blockchain networks has fallen by 23% over the past three months. Several projects have shut down amid weaker demand for blockchain-based data processing and financial services.

Despite this contraction, Ethereum continues to lead the decentralized finance sector. The network holds $38 billion in total value locked, representing a 53% market share according to available data. When including Ethereum’s layer-2 scaling solutions, the broader ecosystem accounts for 43% of decentralized exchange trading volumes.

However, Ethereum has faced criticism for generating relatively low network fees over the past 30 days, amounting to $11 million. Lower fee generation can affect perceptions of network usage and economic activity, particularly when compared with previous periods of higher transaction demand.

Ether’s issuance rate remains controlled, with annual inflation equivalent to 0.8%. Staking rewards stand at 2.7%, a level below the US money market yield referenced in the source material. These figures form part of the broader investment calculus for holders evaluating yield and opportunity cost.

Our Assessment

The recent 5% decline in Ether’s price and the resulting $170 million in liquidations reflect heightened volatility in the derivatives market. Negative funding rates and six consecutive weeks of ETF outflows indicate reduced short-term confidence among certain investor segments.

At the same time, Ethereum maintains a dominant position in decentralized finance, with a 53% share of total value locked and significant decentralized exchange activity when layer-2 networks are included. Organizational restructuring at the Ethereum Foundation and sustained institutional repositioning are unfolding against this backdrop of market contraction and reduced blockchain activity. Together, these factors define the current operating environment for Ether and related crypto market participants.

Golden Palace Submits Bid for Brussels Viage Casino Concession – 30 Million Euro Investment Planned as License Expires

Key Takeaways

Golden Palace Seeks Entry into Belgian Casino Market

Golden Palace has announced that it is bidding for the concession to operate the Viage casino in central Brussels. The current 15-year concession expires on December 31, and the City of Brussels launched a public tender process in May.

If selected, the project would mark Golden Palace’s first casino operation in Belgium. While the company is active in the gaming sector, it does not currently operate a casino in its home market. The concession under tender includes a gaming license, meaning the successful applicant would secure both operational control of the property and the regulatory authorization to run casino activities.

For users of land based and online gaming services in Belgium, the outcome of the tender could influence the competitive landscape among licensed operators, particularly given the scale of the Viage property within the national market.

30 Million Euro Redevelopment Plan for Viage Site

Golden Palace has stated that it intends to invest 30 million euros in the redevelopment of the Viage casino if it wins the concession. According to the company, the project would extend beyond maintaining current casino operations.

Massimo Menegalli, CEO of Golden Palace, said the group aims to transform the existing venue into a broader entertainment complex. The concept includes combining gaming with culture, gastronomy, events and tourism within the pedestrian zone in central Brussels.

The proposed redevelopment would take place under a 15-year concession. The financial commitment outlined in the bid is tied directly to the award of that concession and the associated gaming license.

Strong Competition for Brussels Casino License

Golden Palace faces significant competition in the tender process. The current operator, Viage, is a subsidiary of Casinos Austria International and has applied to renew its license.

Other confirmed applicants include Star Casino, based in Chaudfontaine, and Napoleon Games, which operates the casino in Knokke-le-Zoute. The Ardent Group, parent company of Circus Casino and Gaming1, has also reportedly submitted an application. Ardent operates gaming establishments in Spa and Namur and runs nine venues in France through its subsidiary Circus Casino France.

Infiniti, which operates two casinos in Belgium and two in France, is also reported to have entered the bidding process.

The number of applicants reflects the commercial importance of the Brussels concession. For operators, securing the Viage license would mean control of the highest grossing casino property in Belgium based on the most recent available figures.

Viage Leads Belgian Casino Market by Revenue

According to the latest year accounted for by the Belgian Gambling Commission, Viage generated 52.45 million euros in gross gaming revenue in 2023. This made it the top performing casino among Belgium’s nine licensed gaming establishments.

The venue accounted for 37.48 percent of the country’s total casino gaming revenue during that year. This share underlines the concentration of revenue within the Belgian land based casino sector and highlights why the Brussels concession has attracted multiple bids.

For international readers monitoring regulated gaming markets, these figures illustrate the relative size of Belgium’s casino industry and the strategic relevance of a single urban property within that framework.

International Expansion Activity Among Bidders

Several of the companies involved in the bidding process also operate casinos outside Belgium. Golden Palace is expected to operate four casinos in France by the end of 2026. Ardent Group runs nine venues in France through Circus Casino France. Infiniti operates properties in both Belgium and France.

This cross border activity shows that the Brussels concession is being contested by operators with experience in multiple regulated European markets. The award decision will determine which group controls a leading asset in Belgium’s casino segment for the next 15 years.

Our Assessment

The expiration of the Viage concession at the end of December has triggered a competitive tender process involving several established gaming operators. Golden Palace has positioned its bid around a 30 million euro redevelopment plan and entry into the Belgian casino market. With Viage accounting for 52.45 million euros in gross gaming revenue and 37.48 percent of national casino revenue in 2023, the outcome of the concession will shape the structure of Belgium’s land based casino sector for the duration of the next 15-year license period.

Curaçao Gaming Authority Issues New Crypto Rules for Licensees – Full Compliance Required by Mid-2027

Key Takeaways

New Crypto Policy Applies to All B2C Licensees

The Curaçao Gaming Authority, or CGA, has issued a comprehensive crypto policy guideline targeting holders of its business-to-consumer online gambling licences. The framework takes effect in June 2026 and applies to all group entities involved in cryptocurrency transactions.

According to the regulator, the objective is to align the management of virtual assets with international anti-money laundering and countering the financing of terrorism standards. The rules cover the entire lifecycle of crypto use within licensed gambling operations, including deposits, wagering, withdrawals, and treasury management.

For operators that have historically relied on crypto as a core payment method, the guidance introduces structured compliance obligations that go beyond basic acceptance of digital assets. The CGA retains the authority to demand faster implementation if it identifies significant risk exposure.

Strict Role Limitations and Asset Controls

Under the new rules, Curaçao-licensed operators may accept cryptocurrencies exclusively as a means of payment for gambling activities. They are not permitted to function as exchanges, custodians, or virtual asset service providers.

The policy sets clear expectations regarding the types of digital assets that may be used. Fiat-backed stablecoins are preferred. Privacy coins, meme coins, and wrapped tokens of unclear origin must undergo assessment and may be excluded if they do not meet risk standards.

In addition, the CGA has imposed an outright ban on funds connected to mixers, tumblers, or sanctioned blockchain addresses. Operators must immediately prohibit transactions involving sanctioned wallets and may not process crypto linked to services designed to obscure transaction origins.

These measures directly affect how platforms structure their crypto offerings. Operators must ensure that asset acceptance policies reflect the regulator’s risk-based approach and documented due diligence.

Mandatory Blockchain Analytics and Wallet Segregation

A central component of the guidelines is the requirement for blockchain analytics capability. Licensees must implement wallet screening, risk scoring, and transaction monitoring for both deposits and withdrawals.

This obligation covers the identification of high-risk wallets and ongoing assessment of transactional behavior. Operators are also required to maintain transaction reconciliation processes and audit-ready records as part of their compliance framework.

The CGA further mandates strict wallet segregation. Player wallets, operational wallets, and treasury wallets must be kept separate. The use of personal wallets or wallets linked to ultimate beneficial owners is explicitly prohibited.

These requirements extend beyond front-end payment acceptance and reach into back-end treasury management. Operators must demonstrate structured internal controls that clearly distinguish customer funds from operational capital and corporate reserves.

Phased Timeline Through June 2027

The regulator has introduced a phased implementation schedule extending to mid-2027.

Within three months of the policy’s introduction, licensees must submit a compliant crypto policy through the CGA portal. Within six months, operators are expected to complete risk assessments, conduct due diligence on virtual asset service providers, and provide staff training on the new requirements.

Full compliance is required within twelve months, by June 2027. At that point, operators must have implemented wallet segregation, deployed blockchain analytics systems, ensured transaction reconciliation, and maintained documentation suitable for regulatory review.

Although the timeline allows gradual implementation, the CGA has stated that it may require accelerated compliance if significant risks emerge during the transition period.

Alignment With International AML Standards

The CGA’s updated guidance reflects broader international regulatory developments concerning virtual assets. The framework aligns with standards promoted by the Financial Action Task Force, including the incorporation of Travel Rule principles and enhanced transparency requirements.

The regulator’s approach mirrors a wider trend among gambling authorities that are intensifying oversight of crypto payments. Regulatory attention has increasingly focused on consumer protection and anti-money laundering safeguards in environments where digital assets are used.

By integrating blockchain analytics, asset risk classification, and strict wallet management into licensing conditions, the CGA is formalizing crypto oversight within its jurisdiction. The move places crypto handling on a comparable compliance footing to traditional financial controls.

Operational Impact for Curaçao-Licensed Platforms

For operators holding a Curaçao licence, the policy introduces measurable compliance obligations across multiple operational layers. Payment processing, treasury management, internal governance, and staff training will all require structured documentation and oversight.

Platforms that previously accepted a broad range of digital assets without systematic screening will need to reassess asset listings and integrate monitoring tools. Due diligence on external service providers, including virtual asset service providers, becomes a documented requirement.

The prohibition of sanctioned wallets and mixer-related funds also necessitates real-time screening capabilities. Failure to implement these controls could expose operators to regulatory action under the CGA’s updated framework.

Our Assessment

The Curaçao Gaming Authority has introduced a detailed and phased crypto compliance framework that applies to all B2C licensees from June 2026, with full implementation required by June 2027. The rules impose clear restrictions on the role of operators, define acceptable asset categories, mandate blockchain analytics and wallet segregation, and prohibit transactions linked to sanctioned or obfuscation-related addresses. For Curaçao-licensed gambling platforms, crypto operations will now be subject to structured anti-money laundering controls and documented oversight aligned with international standards.

Bull Bitcoin Secures MiCA License in France – EU Users Retain Full Self-Custody and Privacy Features

Key Takeaways

MiCA License Secured in France After Multi-Year Compliance Process

Bull Bitcoin announced on June 23, 2026 that it has obtained a license under the European Union’s Markets in Crypto-Assets Regulation in France. The authorization enables the company to continue providing its Bitcoin exchange and payment services to users in EU member states without interruption.

Founder Francis Pouliot described the license as the result of a nearly three-year effort to enter the European market. According to his public statement, the process was fully self-financed, and the company did not seek funding from external investors or lenders.

The approval comes at a time when EU crypto rules under MiCA are tightening. Around the same period, the European Securities and Markets Authority ordered unlicensed crypto firms to exit the EU market as the MiCA deadline arrived. Against this backdrop, securing a license provides regulatory clarity for companies seeking to operate legally within the bloc.

Self-Custody Model and Privacy Tools Remain Unchanged

According to Bull Bitcoin, the MiCA license was obtained without altering its core operating model. The company states that all website and wallet features will remain the same as they were during the first half of 2026, with no additional restrictions or functional changes for users.

Bull Bitcoin operates as a Bitcoin-only, non-custodial exchange. Users must provide their own wallet address before completing a purchase. Bitcoin is then sent directly to the user’s wallet rather than being held in custody by the company. This structure means the platform does not retain control over client funds.

The company has long positioned itself around a self-custody approach. In addition to standard exchange services, it offers Bitcoin bill payment services for expenses such as rent, utilities, and real estate transactions. It also supports Lightning Network, Liquid, and Payjoin, which are tools associated with transaction efficiency and privacy.

Pouliot stated that obtaining the license did not require the company to compromise on what he described as its cypherpunk approach to self-custody and privacy. However, the announcement did not detail how potential tensions between user privacy expectations and MiCA compliance requirements were resolved.

Cybersecurity Audits Completed Without Third-Party Infrastructure

As part of the licensing process, Bull Bitcoin reported passing the required PASSI and DORA cybersecurity audits. The company emphasized that it did so without outsourcing its core Bitcoin infrastructure to external hosted providers.

According to Pouliot, relying on third-party infrastructure would have been easier and less costly but would have reduced internal control over systems. Instead, the firm maintained in-house management of its core infrastructure throughout the compliance process.

For users, this detail relates directly to how a service manages operational risk and technical control. Infrastructure decisions can affect data handling, system resilience, and service continuity. In this case, Bull Bitcoin states that its internal systems remain intact following regulatory approval.

BULL Wallet and Exchange Integration Continue Under New Authorization

In October 2025, Bull Bitcoin launched the BULL Wallet, described as a global, open-source, privacy-focused mobile application available on iOS and Android. The wallet includes opt-in integration with the company’s exchange.

Features include support for Payjoin, compatibility with Lightning and Liquid, and a policy of no data collection or push notifications. According to the company, both the wallet and its integration with the exchange remain unchanged under the newly obtained MiCA license.

For users in the EU who rely on integrated wallet and exchange services, the continuation of these features means the user experience remains consistent despite the regulatory shift.

European Expansion and Regulatory Positioning

Bull Bitcoin was founded in 2013 in Montreal by Francis Pouliot. The company has expanded its team in France and developed services tailored to the eurozone. The newly secured authorization provides what the company describes as a long-term regulatory foothold in Europe.

Pouliot has previously referenced the firm’s experience navigating Canadian oversight. The MiCA approval aligns with the company’s stated approach of meeting regulatory obligations while maintaining its core operational model.

The broader regulatory environment in the EU has prompted some crypto providers to alter operations or withdraw from certain markets. In this context, obtaining a MiCA license allows Bull Bitcoin to continue offering services legally across member states under a harmonized framework.

Our Assessment

Bull Bitcoin’s MiCA license in France allows it to continue operating its Bitcoin-only, non-custodial exchange and payment services across the European Union. The company states that its self-custody model, privacy features, wallet integration, and in-house infrastructure remain unchanged following regulatory approval. The development positions Bull Bitcoin among the providers that have secured authorization under the EU’s new crypto framework while maintaining their existing service structure.

Swiss Casino Revenue Falls 2.1 Percent in 2025 – Online Growth Fails to Offset Land Based Decline

Key Takeaways

Total Revenue Declines Despite Modest Online Increase

Switzerland’s regulated casino market closed 2025 with lower overall revenue, according to figures published by the Swiss Federal Casino Commission, known as ESBK. Total gross gaming revenue amounted to CHF878.5 million, compared with CHF898 million in 2024. The 2.1 percent decline reflects continued pressure on land based operations.

The breakdown highlights the shift within the market. Land based casinos generated CHF564.9 million, representing a 3.9 percent decrease year on year. Online casino operations reached CHF313.6 million, up 1.2 percent compared with the previous year. While digital gambling expanded, the increase was not sufficient to compensate for weaker performance in physical venues.

For users comparing regulated markets, the figures show that online gambling in Switzerland continues to grow, but at a slower pace than in earlier expansion phases following the 2019 gambling law reforms.

Lottery and Sports Betting Turnover Also Down

Separate data from Gespa, the supervisory authority for lotteries and sports betting, indicates that the broader gambling sector also recorded lower activity. Lottery and sports betting turnover declined 2.4 percent year on year to CHF3.87 billion in 2025. Gross player yield fell 3.7 percent to CHF1.203 billion.

These parallel declines across casinos, lotteries, and sports betting suggest a general contraction in regulated gambling revenue during the reporting period. For operators and users, this reflects a stable but not expanding market environment.

Federal Casino Levy and Regulatory Budget

The federal casino levy, which is derived from casino revenue, also moved lower in line with overall performance. In 2025, the levy generated CHF263.1 million, a 2.1 percent decrease compared with the previous year.

Of this amount, CHF219.99 million went to the federal government and CHF43.08 million to cantonal authorities. ESBK operated with a budget of CHF10.7 million. Fees and fines contributed CHF9.36 million, while CHF1.35 million was provided by the federal treasury.

These figures underline the fiscal role of licensed casinos within Switzerland’s public finance structure, where gambling revenue supports both federal and cantonal budgets.

New Concession Cycle and Changes in Casino Operations

The 2025 results mark the first year of Switzerland’s new concession cycle, which runs through 2044. The Federal Council had granted new agreements to all casinos in 2024, making 2025 the first year in which operators functioned under the updated long term framework.

By the end of the year, Switzerland had 20 land based casinos and nine online operators.

Several structural changes occurred during the year. Casino St. Moritz closed in April due to financial difficulties. ESBK revoked its concession in August, and the licence will not be re tendered before a federal review scheduled for 2028. Casino Schaffhausen ceased operations in October after 23 years, with Casino Winterthur absorbing its staff and assets.

Casino Davos temporarily closed to relocate and reopened on 15 December after passing a regulatory inspection.

Online licensing also saw adjustments. Mendrisio launched online gambling in July 2025. Casino Basel and Casino Montreux exited the online segment after determining that operations were not financially sustainable, leading to the revocation of their licence extensions. Prilly received an extension until 31 October 2026 to begin online operations due to unexpected building remediation work.

For users assessing market availability, these changes clarify which operators remain active both offline and online under the new concession period.

Regulatory Action Against Illegal Online Gambling

ESBK reported a strong rise in unauthorised online gambling activity during 2025. In response, the regulator added 580 domain blocks targeting illegal gambling websites and opened 105 new investigations.

Swiss law permits access blocking when gambling sites target Swiss users without holding a domestic licence or when operators conceal their location while operating from abroad. ESBK cooperated with cantonal police and public prosecutors through joint operations and training initiatives.

The commission also called for closer cooperation between European regulators, noting that unauthorised gambling websites often operate across borders more quickly than national enforcement systems can respond.

For international users, this enforcement activity is relevant because it affects which platforms remain accessible within Switzerland and underlines the distinction between licensed domestic operators and offshore sites.

Player Exclusion Register and Cross Border Recognition

Player protection remained a focus area. Registrations in Switzerland’s nationwide exclusion register, known as Spielsperre, have increased each year since the 2019 reforms.

From 7 January 2025, Switzerland and Liechtenstein began automatic mutual recognition of gambling exclusion orders. This means that exclusion decisions in one jurisdiction are recognised in the other.

However, ESBK identified weaknesses in the current system. Some information in the exclusion register was described as outdated or insufficient to reflect current player risk. The commission stated that amendments to the federal money games law or its ordinance may be required to improve the effectiveness of the register.

Our Assessment

The 2025 data show a regulated Swiss casino market experiencing a moderate revenue decline, driven primarily by weaker land based performance. Online gambling continued to grow, but at a limited rate. At the same time, authorities managed structural changes under a new concession cycle, intensified enforcement against unauthorised online operators, and reviewed player protection mechanisms. Together, these developments define the current operating environment for licensed casinos and online gambling providers in Switzerland.