reset

Dhaka Seeks a New Start

Bangladesh Prime Minister Tarique Rahman told India’s envoy on Monday that the two countries needed to create a “conducive environment” to strengthen bilateral ties, as Dhaka continues to press New Delhi over the politically sensitive issue of ousted Prime Minister Sheikh Hasina’s exile in India.

Rahman’s remarks highlight his six-month-old government’s efforts to stabilise relations with its largest neighbour while seeking progress on issues that have remained major sources of tension since Hasina was ousted in August 2024.

While Rahman has sought closer relations with India since taking office, Monday’s comments were his first to explicitly stress the need to improve the broader environment for bilateral engagement.

Hasina’s Extradition Remains a Key Dispute

Rahman made the remarks during his first meeting with India’s new High Commissioner to Bangladesh, Dinesh Trivedi.

Rahman “emphasized the need to create a conducive environment to further advance the bilateral relations between the two countries”, Bangladesh’s Prime Minister’s Office said in a statement following the meeting.

Bangladesh also urged India to expedite Hasina’s extradition.

Hasina, who has remained in India since the collapse of her government, is facing legal proceedings in Bangladesh and was sentenced to death in November.

Hasina’s Return Raises Fresh Tensions

The extradition request came days after Hasina interacted with the media for the first time since fleeing Bangladesh.

During an online audio conference, she reiterated that she would return to Bangladesh in December, drawing renewed attention to her continued presence and political activities in India.

Bangladesh’s foreign ministry strongly criticised the event, saying that India’s decision to allow Hasina to participate was deeply hurtful and that Bangladesh was outraged.

India has said it is examining Bangladesh’s extradition request in accordance with its legal and judicial procedures.

India Signals Willingness to Engage

In a post on X, the Indian High Commission said Trivedi reiterated India’s commitment to working with Bangladesh in a “positive, constructive and forward-looking manner”.

The exchange reflects the delicate balancing act facing both governments as they attempt to preserve bilateral ties while disagreements over Hasina’s future continue to complicate relations.

Can the Relationship Move Beyond Hasina?

For Dhaka, securing Hasina’s extradition remains a politically sensitive issue, while for New Delhi, any decision on the request carries broader implications for its relationship with Bangladesh and the country’s evolving political landscape.

Rahman’s call for a “conducive environment” suggests that Dhaka is seeking to prevent the dispute from overwhelming wider bilateral relations.

For India and Bangladesh, cooperation on broader areas of mutual interest will increasingly depend on whether the two sides can manage the Hasina issue without allowing it to become a permanent obstacle to engagement.

With information from Reuters.

Turkey emerged as one of the biggest diplomatic winners from the NATO summit in Ankara after President Donald Trump lavished praise on Turkish President Recep Tayyip Erdogan, promised to lift U.S. sanctions and signalled openness to restoring Turkey’s access to the F-35 fighter jet programme.

The public display of warmth contrasted sharply with Trump’s criticism of several NATO allies during the summit and highlighted improving U.S.-Turkey relations after years of tensions.

Turkey rolls out high-profile welcome for Trump

Turkey spared little effort in welcoming Trump to Ankara.

The visit featured a red, white and blue aerial display by Turkish jets, while a newly opened airport terminal was named after the U.S. president. Erdogan personally greeted Trump at the airport before the two leaders walked together, exchanged warm remarks and held talks ahead of the summit.

Trump later described Erdogan as a close friend and repeatedly praised the Turkish leader during the two-day gathering.

Trump says Erdogan convinced him to attend

For Turkish officials, securing Trump’s attendance was itself considered a diplomatic achievement.

Trump, who has frequently criticised NATO and questioned the alliance’s value, said he attended the summit because Erdogan was hosting it.

Erdogan welcomed the remarks after the summit.

“It was valuable that Trump emphasised the importance he places on myself and our friendship,” Erdogan said.

US signals shift on sanctions and F-35 fighter jets

The most significant outcome for Ankara was Trump’s indication that he intends to remove U.S. sanctions imposed after Turkey purchased Russia’s S-400 missile defence system in 2019.

Trump also said he was willing to consider allowing Turkey back into the F-35 stealth fighter programme, although he later clarified that he had not made a final decision.

If implemented, both moves would reverse major elements of U.S. policy that had severely strained bilateral relations during Trump’s first presidency.

Congress and Russia remain potential obstacles

Despite Trump’s promises, significant hurdles remain.

U.S. lawmakers have previously insisted Turkey cannot participate in the F-35 programme while retaining the Russian-made S-400 system, making congressional approval uncertain.

Turkey could also face complications with Russia because agreements governing the S-400 purchase include end-user obligations that may limit Ankara’s options.

As a result, the announcements currently represent political commitments rather than guaranteed policy changes.

Erdogan strengthens Turkey’s position inside NATO

The summit reinforced Turkey’s ambition to play a larger role within NATO.

As the alliance’s second-largest military, Turkey has increasingly promoted itself as an indispensable security partner while seeking greater participation in European defence initiatives.

Trump also publicly defended Erdogan against criticism from Israeli Prime Minister Benjamin Netanyahu, who opposed potential U.S. sales of F-35 fighter jets to Turkey.

The episode underscored Ankara’s growing diplomatic influence within the alliance.

Trump overshadows summit with disputes involving allies

While relations with Turkey improved, Trump generated fresh tensions elsewhere during the summit.

He threatened to halt U.S. trade with Spain over defence spending disputes and repeated claims regarding Greenland, drawing criticism from fellow NATO members.

Despite those disagreements, NATO Secretary General Mark Rutte later described the summit as demonstrating alliance unity.

Human rights concerns receive limited attention

The summit also highlighted how Turkey’s strategic importance has reduced public Western criticism over democratic issues.

The gathering took place amid arrests of opposition figures, journalists and a prominent comedian in Turkey, prompting questions about democratic freedoms.

Rutte reiterated that democracy includes freedom of expression, free media and the right to protest.

Opposition figures argued Erdogan’s increasingly close relationship with Washington reflects growing political dependence on the United States, while critics contend Western governments have become less vocal about human rights as Turkey’s military and geopolitical importance has grown.

Future outlook

The NATO summit could mark a turning point in U.S.-Turkey relations if Trump’s pledges on sanctions relief and the F-35 programme translate into policy. However, congressional resistance, Turkey’s continued possession of the Russian S-400 system and wider geopolitical considerations remain significant obstacles. Ankara is also expected to continue pushing for greater influence within NATO and broader participation in European defence initiatives.

Analysis

The NATO summit marked one of the strongest public displays of U.S.-Turkey relations in years, with President Donald Trump using the gathering to signal a willingness to reset ties with Ankara after years of friction over Turkey’s purchase of Russia’s S-400 missile defence system. For President Recep Tayyip Erdogan, simply hosting Trump and receiving repeated public praise from him represented a significant diplomatic victory that reinforced Turkey’s strategic importance within the alliance.

Trump’s promises to lift sanctions and reconsider Turkey’s return to the F-35 fighter jet programme address two of Ankara’s longest-standing demands. However, turning those pledges into reality will be far more difficult. U.S. law and congressional opposition remain major obstacles, particularly while Turkey continues to possess the Russian-made S-400 system. Moscow could also object if Ankara takes steps that undermine agreements linked to the missile purchase.

The summit also highlighted a broader shift in Western priorities. During previous U.S. administrations, especially under Joe Biden, democratic backsliding and human rights concerns were central issues in relations with Turkey. This time, those concerns received relatively little attention as NATO focused on defence spending, military cooperation and regional security, reflecting Turkey’s growing value as a defence producer and a key NATO member on the alliance’s southeastern flank.

Trump’s warm embrace of Erdogan contrasted sharply with his confrontational approach toward several other NATO allies, including Spain and Denmark. That dynamic allowed Turkey to emerge from the summit with enhanced diplomatic standing even as broader alliance tensions persisted.

Whether this diplomatic momentum produces lasting policy changes will depend on decisions in Washington after the summit. If sanctions are eased and progress is made on the F-35 issue, bilateral ties could enter their most constructive phase in years. If congressional or legal barriers prevent those moves, however, the summit may ultimately be remembered more for its symbolism than for delivering concrete strategic gains.

With information from Reuters.

The clock is running down on the most consequential deadline the crypto sector has faced in Europe.

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From the start of July, the transitional window under the Markets in Crypto-Assets Regulation (MiCA) closes for good, and companies that have not secured authorisation must either stop serving European customers or wind down altogether.

MiCA is the EU’s first comprehensive law for the crypto industry, bringing exchanges, brokers and digital wallet providers under the kind of formal oversight that has long applied to banks and other financial firms.

It replaces a fragmented mix of national rules with a single rulebook spanning all 27 member states: a company licensed in one EU country earns a “passport” to operate across the bloc, but in return it must meet standards on how much capital it holds, how it is run, how it safeguards customers’ funds and how it prevents money laundering.

“What emerges is a genuine single market replacing the old patchwork of 27 national regimes,” Yamal Kalaf, co-founder of MiCAR Whitepapers Europe, which advises crypto businesses on MiCA authorisation, told Euronews.

Since the core rules took effect at the end of 2024, existing operators have been allowed to keep operating under older national registrations, but that concession was temporary.

Crypto firms need European licences but many are behind

The scale of the looming shake-out is striking.

According to the European Securities and Markets Authority (ESMA), which confirmed in April that there would be no extension, only around 210 firms had obtained full authorisation by May, out of more than 1,200 that previously held national crypto registrations across the EU.

That points to a conversion rate of well under a fifth, leaving the vast majority of the old market without a licence as the cut-off arrives in a few days.

Speaking to Euronews, Roshan Dharia, CEO of distressed-investment firm Echo Base, explained that “the low conversion rate suggests that a meaningful portion of the market has concluded that obtaining and maintaining a MiCA licence is not economically viable within its current operating model.”

National regulators have warned that firms operating beyond the deadline without the new licence face enforcement action. France’s markets watchdog has also cautioned that continuing without authorisation could expose companies to criminal prosecution.

ESMA has told unlicensed providers to prepare orderly wind-downs, including transferring customer assets to authorised platforms or self-custody wallets, and to notify clients in advance so they can move funds safely.

“What we will see after 1 July is a smaller, more institutional market with real passporting. That is not a market in retreat. That is a market growing up,” Miguel Zapatero, Head Counsel at Crossmint, told Euronews.

Crossmint is a crypto infrastructure provider whose licensed rails let developers build wallets, custody and payment products.

A market reshaped around licensed rails

Plenty of familiar names have already cleared the bar.

Coinbase has been authorised in Ireland and Kraken in Ireland and Luxembourg. At the same time, the banking app Revolut secured its licence from Cyprus’s regulator late last year, allowing it to offer crypto services across the EU.

For these firms, the new rules promise a reward as unlicensed rivals retreat, the survivors stand to absorb their departing customers.

“MiCA is a genuine regulatory identity shift, not a registration exercise,” Gal Arad Cohen, partner at law firm S. Horowitz & Co, told Euronews.

The most prominent casualty so far may be Binance, the world’s largest crypto exchange.

According to Reuters, which cited two people familiar with the matter, Binance is set to lose permission to serve EU clients because its licence application to Greece’s market regulator, the Hellenic Capital Market Commission, is poised to be rejected.

Without approval in any member state, the exchange would be unable to operate across the bloc from July onwards.

Speaking to Euronews, Patrick Mollard, CEO at Fipto, a blockchain-based payments company for businesses, referred to the Binance case by stating that “scale earns you no shortcut to a licence, and that is precisely the point.”

Binance has pushed back, saying it has worked constructively with regulators for 18 months and believes its application met MiCA’s requirements. The company added that it understood the Greek authority had completed its review and found the filing compliant.

The company has promised a further update before 30 June.

The episode has also reputedly taken on a political dimension.

French crypto publication The Big Whale reported, citing unnamed sources, that ECB President Christine Lagarde had opposed Binance’s bid for a Greek MiCA licence.

Euronews could not independently verify the report, and neither the ECB nor the Greek government has publicly commented on the allegations.

The Big Whale also reported that Binance is exploring a potential MiCA application in France after the setback in Greece, a claim that neither Binance nor French regulators have publicly confirmed.

Binance did not immediately respond to a request for comment from Euronews.

A shake-out for smaller crypto firms

Beyond the biggest names, the deadline is expected to push smaller crypto apps and brokers towards licensed custody providers. Rather than building their own MiCA-compliant systems, many are likely to rely on authorised firms to hold customer assets.

“We will see consolidation and transfer of clients as the deadline will not be met by all currently operating entries,” Floortje Nagelkerke, partner at law firm Norton Rose Fulbright, explained to Euronews.

The result, analysts suggest, will be a smaller, more concentrated European market, with fewer players, higher barriers to entry and a clear advantage for those holding a licence, but stronger consumer protections.

“People who hold crypto in the EU after 1 July will, on balance, hold it on safer rails,” Miguel Zapatero, Head Counsel at Crossmint, concluded.