Investing.com --Bitcoin traded below $76,000 on Sunday as fresh regulatory and security concerns weighed on the cryptocurrency industry, with Binance preparing to close certain European customer accounts and authorities intensifying scrutiny of digital asset transactions.
The world's largest cryptocurrency was down 0.34% to $75,776.7 at 01:06 ET (06:06 GMT), virtually unchanged on the day, after a difficult week for digital assets. Bitcoin remained below the $80,000 mark as investors assessed regulatory developments and risks surrounding major cryptocurrency platforms.
Binance confirmed plans to close affected European accounts by December 31 following the expiration of the European Union's Markets in Crypto-Assets transition period.
Customers in France, Spain, Italy and Poland have reported receiving withdrawal notices. Deposits have been blocked for affected accounts, although withdrawals remain available.
From November 29, Binance plans to charge remaining balances a monthly fee of 0.025%, or 10 USDC, whichever is higher. Another charge is scheduled after December 24.
The restrictions follow Binance's failure so far to obtain authorization under the EU's unified licensing framework. The exchange withdrew its Greek license application in June and continues pursuing regulatory approval elsewhere in Europe.
Separately, the EU established a cryptocurrency task force to combat Russian sanctions evasion through digital assets. The 12-month initiative will coordinate enforcement among member states and target networks facilitating prohibited transactions.
Security concerns intensified after crypto debit card provider Gnosis Pay disclosed unauthorized access to its consumer system on November 3.
Exposed information included customer addresses, payment card numbers and linked cryptocurrency wallets, potentially allowing criminals to connect individuals with their digital asset holdings.
Gnosis Pay said customer funds were unaffected and the breach was contained. The company has strengthened fraud monitoring ahead of its legacy consumer system's planned December shutdown.
Meanwhile, Strategy executive chairman Michael Saylor defended the company's bitcoin-backed financing approach, highlighting its Stretch preferred shares as a mechanism for raising capital and supporting cryptocurrency holdings.
Ripple CEO Brad Garlinghouse also reaffirmed XRP's central role in the company's strategy, linking its RLUSD stablecoin expansion to greater liquidity and institutional activity.
For Bitcoin investors, the developments add regulatory compliance, exchange accessibility, and customer security to an already challenging market environment, with the cryptocurrency struggling to regain momentum above $80,000.
Crypto prices today: altcoins generally mixed on Sunday
Broader crypto prices were mixed early Sunday, based on the latest market snapshot.
World No. 2 cryptocurrency Ether fell 0.57% to $2,233.99
World No. 3 cryptocurrency XRP dropped 0.48% to $1.1634.
Solana declined 1.21% to $89.160, while BNB edged up 0.33% to $696.99.
Cardano fell 2.49% to trade at $0.1802, while Dogecoin lost 1.01%.
Among meme coins, TRUMP was trading flat for the day, while Shiba Inu fell 1.11%.
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