| |
| 1 | | Crypto exchange Binance's U.S. arm, Binance.US, has announced that it suspended U.S. dollar (USD) deposits as of June 9 amid the increased crackdown on the exchange from the regulators. The firm also said its banking partners would close USD withdrawal channels on June 13, meaning that the customers will have time until this date to withdraw their funds in USD. More: - The USD trading pairs will be delisted from the exchange next week.
- Trading, staking, deposits, and withdrawals in crypto will remain fully operational on Binance.US.
- Binance also announced its plans for a temporary transition to an all-crypto exchange.
- The company added that any USD left on the exchange might be converted into a USD-pegged stablecoin as the platform will continue to support Tether (USDT) trading pairs.
- The move came shortly after the U.S. Securities and Exchange Commission (SEC) filed a 136-page complaint against Binance, the largest crypto exchange by trading volume, and its CEO Changpeng Zhao (CZ) over U.S. law violations with 13 charges.
- The allegations in the complaint include mishandling customer funds, misleading investors and regulators, violating securities laws, creating an extensive web of deception, conflicts of interest, lack of disclosure, wash trading, and calculated evasion of the law.
- The SEC also recently filed an emergency action application for a temporary restraining order, requesting the court to freeze the assets of Binance.US.
Zoom Out: - Rival crypto exchange Coinbase was also sued by the SEC over alleged U.S. securities law violations, one day after the agency filed a complaint against Binance.
- Earlier in June, Binance similarly had to suspend Australian dollar (AUD) deposits and withdrawals in Australia since its local payments services provider, Zepto, stopped supporting the exchange.
|     | |
| 2 | | 
What the numbers say: A recent report from crypto data website CoinGecko revealed the 10 most expensive NFT artworks ever sold. Everydays: The First 5000 Days by the famous NFT artist Michael Joseph Winkelmann, known professionally as Beeple, ranked first on the list, with its $69.34M sales price. In the top five, the NFT fine art piece was followed by Clock, HUMAN ONE, Right-click and Save As Guy, and Crossroads. Beeple dominated the list with four NFTs, while XCOPY followed him with three pieces. Seven of the 10 NFTs on the list were sold in 2021 when the NFT hype reached a peak. Details: The report also showed that NFT artwork is still quite far away from being as valuable as physical paintings. The five most expensive physical paintings were sold in a range from $218M to $475M. Leonardo da Vinci's Salvator Mundi, the most expensive painting ever sold, holds a value 6.8 times higher than the price of the most expensive NFT artwork, Everydays: The First 5000 Days. In the top five, the distance in value increased by up to 33 times. Relevance: On the other hand, several state-level institutions have already started classifying NFTs like physical collectibles. Most recently, the U.S. Internal Revenue Service (IRS) began collecting feedback from the public on whether NFTs should be taxed at the same rate as other collectibles, including artworks, stamps, and fine wine, under the tax law. The public consultation will continue until June 19. After collecting opinions on issues such as whether an NFT is an artwork, the IRS will determine whether it would treat an NFT as a collectible while taxing. Brands that should care: Over the last several years, some of the most famous traditional auction houses, including Sotheby's and Christie's, have also integrated several NFT artworks into their portfolio, attributing a similar value to them as the conventional art pieces. | | | |
| A message from our sponsor, Landing. |  | | Upgrade Your Corporate Housing Find your perfect home with Landing – the smarter, simpler, and more affordable way to rent. Landing is a new way to rent ready-to-live, month-to-month apartments nationwide in minutes. Landing provide a tailored corporate housing solutions for your every need. - Flexible stay options: 30 days to 12 months or more
- 20,000+ fully furnished apartments in 375+ cities
- Effortlessly manage your team's bookings with a single corporate account
- Find and book 100% online
- Dedicated Landing account manager
- Exclusive price for corporate clients
Experience the future of corporate housing with Landing, and use code INSIDELANDING to save $250! Find Your Landing | |
|
| 3 | | Trading app Robinhood has announced that it would delist Solana (SOL), Polygon (MATIC), and Cardano (ADA) by the end of June. The move came several days after these tokens were listed as unregistered securities in the U.S. Securities and Exchange Commission's (SEC) complaints against Binance and Coinbase. More: - Users will have until June 27 to withdraw, trade, and transfer their funds in ADA, MATIC, and SOL.
- Any ADA, MATIC, and SOL not withdrawn until the deadline will be automatically sold for market value.
- The firm said the decision would not affect any other token, and the customer funds would remain safe on Robinhood.
- Robinhood's legal chief, Dan Gallagher, recently announced that the firm started reviewing its crypto offerings and listed tokens following the SEC's increased crackdown on crypto trading platforms.
- In complaints against Binance and Coinbase, the SEC claimed that several tokens listed in these crypto exchanges are unregistered securities.
- Solana (SOL), Cardano (ADA), and Polygon (MATIC) were among the tokens in question.
Zoom Out: - Unlike Coinbase and Binance listing hundreds of tokens, Robinhood gives users access to a limited, over a dozen-token list of crypto assets.
- Earlier in June, the SEC consecutively filed two separate lawsuits against Binance, the largest crypto exchange by trading volume, and Coinbase, the largest U.S. crypto exchange, over alleged U.S. securities law violations.
NOTE: Inside.com founder and CEO Jason Calacanis is an investor in Robinhood. | | | |
| 4 | | The U.S.-based crypto exchange Kraken has launched its own NFT marketplace supporting NFTs on the Ethereum, Solana, and Polygon blockchains. The platform currently facilitates more than 250 NFT collections across these networks. More: - The platform will host both relatively high-end NFT projects, such as CryptoPunks and Bored Ape Yacht Club (BAYC), and more affordable collections with a price tag under $100.
- The users will not pay gas fees while buying or selling NFTs on Kraken's marketplace.
- However, Kraken will charge fees when NFTs are transferred from or to its platform.
- The payments will be available both in fiat currencies and cryptocurrencies.
- The marketplace will list the collections with a built-in rarity ranking.
- Kraken's NFT marketplace supports MetaMask and Phantom digital wallets, with plans to add support for WalletConnect.
Zoom Out: - Kraken launched the public beta version of its NFT marketplace in November 2022.
- Throughout the beta testing period, the platform supported 70 NFT collections on Ethereum and Solana.
- Several rival crypto exchanges, including Binance, Gemini, and OKX, also have their own NFT marketplaces.
| | | |
| A message from our sponsor, Pendulum. |  | | The powerful probiotic Halle Berry swears by to improve her sugar & carb metabolism Meet Metabolic Daily, the multi-strain probiotic blend that helps your body do more with the food you eat. As award-winning actor Halle Berry says, “Metabolic Daily is a probiotic that everyone can take to help maintain healthy blood sugar and curb sugar cravings.” Halle reached out to Pendulum—the company that makes Metabolic Daily—after experiencing life-changing results taking Metabolic Daily which led to her newest role as their Chief Communications Officer. Formulated with the next-generation strain Akkermansia muciniphila, Metabolic Daily optimizes how your body metabolizes sugar and carbs to support a healthy weight. And if that wasn't enough, it also helps break down fiber and supports beneficial postbiotics and hormones, such as butyrate and GLP-1. The result? Less sugar cravings and crashes—just balanced, sustained energy throughout the day. Don’t wait—Inside readers get 20% off the first month of any Pendulum membership with code INSIDE20. Shop Now | |
|
| 5 | | Sberbank, Russia's largest bank, has announced it would start offering digital asset services in June. The new service will allow Sberbank customers to purchase and sell cryptocurrencies and make transactions in digital assets through the bank. More: - The bank had originally planned to start offering the service in April.
- However, the arrival of the offering was delayed to the summer months.
- Sberbank expects to issue digital assets valued at tens of billions of rubles in the near future.
- The bank's deputy chairman, Alexander Vedyakhin, said the new service would bring more liquidity to Sberbank through the investors interested in digital assets.
- The country's largest bank also introduced new assessment functions to help clients make better decisions on investments in the digital asset industry.
Zoom Out: - Russia recently abandoned its plans to launch a national crypto exchange for cross-border payments and decided to use existing exchanges by regulating the operation and establishment of digital asset trading platforms.
- In July 2022, Russian President Vladimir Putin signed a bill banning payments with digital assets, including crypto, for goods and services nationwide.
| | | |
| 6 | | Dubai-headquartered crypto exchange Bybit has signed a partnership deal with the Swiss luxury watch brand Franck Muller to launch joint campaigns. As part of the partnership, the two firms will issue a co-branded card that can be used to pay for the purchases made on Franck Muller's website. More: - The customers will also receive special discounts when they use the card at partner merchants.
- Besides, Bybit will help Franck Muller develop an NFT collection.
- The NFTs will depict iconic figures and weaponry in an original game that would be released by the Swiss watch manufacturer.
- The popular crypto exchange will also offer weekly rewards to players who get the highest scores in the game.
- Bybit co-founder and CEO Ben Zhou said they aim to create an unforgettable experience for their users through this partnership by combining cutting-edge technologies with the sophistication of Franck Muller's luxury watches.
Zoom Out: - Bybit currently has over 15 million users worldwide.
| | | |
| 7 | | Quick Hits: - One of "The 7 Best Startups You Can Buy on StartEngine Right Now" according to InvestorPlace is open for investment again — join their funding round before it closes.*
- The European Union's (EU) region-wide crypto regulations, the Markets in Crypto Assets (MiCA), has been published in the Official Journal of the European Union (OJEU), formally becoming an EU law.
- Circle, the issuer of the second-largest stablecoin USD Coin (USDC), has appointed the former U.S. Treasury and U.S. Commodity Futures Trading Commission (CFTC) executive, Heath Tarbert, as its new chief legal officer.
- Cathie Wood-led investment management firm ARK Invest has purchased $19.9M shares of Block Inc., Twitter founder Jack Dorsey's digital payments company.
- Try AI-powered project management in Notion to ship faster.*
*This is a sponsored post. | | | |
| Upcoming Events | | JUN
14 | | Monthly Meditation guided by Nicholas Whitaker | | | | | | | JUN
15 | | Transform your product roadmap with AI @ A.Team's Generative AI Salon* | | | | | | | JUN
20 | | Contract Negotiations 101 with Mathew Kerbis | | | | | | * This is a sponsored event | | | |
Term of the Day Amalgamation: Amalgamation is the process of combining two or more companies into one entity to improve business strategies or goals. Question of the Week Have you ever had to compromise your values for your career? Join the conversation |
INSIDE CRYPTOCURRENCY LEADERBOARD (7 DAYS) |
 | Staff Writer | | Doga is a tech and science editor who has been writing news for nearly 10 years. She worked for leading tech platforms and mainstrem media channels as an editor and presenter throughout his career. Then, she carried her know-how to more than one platform. She is a part-time cat lover and binge-watcher, and also fond of science, space, and emerging tech. She always has a story to tell. She is a bit addict to the laughter and -unfortunately- the '90s culture. | | This newsletter was edited by Aaron Crutchfield | |
| |
 | Experience the future of corporate housing with Landing. | |
|
| |
|
| |
Comments
Post a Comment