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| Hey Insider! It’s been a day in which several renowned financial services giants revealed their intentions to expand their presence in the crypto market. Today’s issue covers the largest German bank’s plans to offer crypto custody service, Mastercard’s trademark application involving blockchain and crypto, Binance’s cease-and-desist order against a U.K. entity using its name, and more. I hope you enjoy your reading! Doğa
p/dogayurduneri | |
| 1 | | Binance, the largest crypto exchange by trading volume, has issued a cease and desist order against a U.K.-based company using its name, Binance Ltd. The platform defined the firm as a scam company that has no affiliation with Binance. More: - The move came one day after Binance officially withdrew the registration of its U.K. subsidiary, Binance Markets Limited (BML), with the Financial Conduct Authority (FCA), the U.K.'s financial regulator.
- In the announcement, the FCA said no other entity under the roof of Binance Group holds any form of registration in the U.K.
- The withdrawal did not affect Binance's operations in the country since it has never launched its business in the U.K.
Zoom Out: - The notice is the second cease-and-desist order by Binance in a week after the one issued for a fraudulent entity using the company's name in Nigeria without any affiliation, Binance Nigeria Limited.
- Earlier in June, Nigeria's Securities and Exchange Commission ordered Binance Nigeria Limited to halt its business in the country, declaring that the firm's operations were illegal.
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| 2 | | 
What the numbers say: Bitcoin (BTC) has recently surpassed 50% in market dominance for the first time in two years. The popular cryptocurrency lastly reached this level in April 2021. The figure means that Bitcoin alone now makes up half of the total crypto market cap of $1.1T. The token is currently the largest cryptocurrency, with its $531B market cap, ahead of Ether (ETH), Tether (USDT), Binance Coin (BNB), and USD Coin (USDC) in the top five. Besides, the combined market dominance of BTC and ETH accounts for 70%, with the latter having a 20% share. What it means: Market dominance refers to a crypto asset's control of the entire crypto market. The dominant asset mostly holds the power to impact competition and prices in the industry. Relevance: Bitcoin's market dominance has increased by over 10.5% since November 2022, when the previously third-largest crypto exchange FTX filed for bankruptcy. The sudden surge was attributed to the investors gravitating to the flagship crypto asset, seeing it as a safe harbor after the collapses of several high-profile crypto firms last year. Brands that should care: Following these collapses, the U.S. regulators increased the crackdown on the crypto industry. Most recently, the U.S. Securities and Exchange Commission (SEC) filed two consecutive lawsuits against major crypto exchanges, Binance and Coinbase, over alleged U.S. securities law violations. Over the last several months, many other crypto trading platforms, such as Kraken, Gemini, and Bittrex, similarly came under increased scrutiny by the SEC. The heightened regulatory tension is also expected to affect Bitcoin's market dominance upward in the long term. | | | |
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| 3 | | The U.K. Parliament's upper chamber, the House of Lords, has recently passed the Financial Services and Markets Bill (FSMB) in a vote, recognizing crypto as a regulated activity in the country. The move took the legislation to the final stages before being formally signed into law. More: - The 340-page bill was first introduced in July last year.
- Initially, the legislation only included a provision to regulate stablecoins under the country's payment rules.
- However, Parliament then added amendments to treat crypto as a regulated activity and measures to oversee crypto-related promotions to the bill.
- The legislation mainly aims to give regulators more power over the U.K.'s financial system and the authorization to establish rules for the crypto industry.
- The FSMB will now be returned to the lower chamber of Parliament to agree on a final version.
- When both chambers agree upon the bill, it will be sent to the King to be approved and passed into law.
Zoom Out: - The FSMB is expected to help the U.K. catch up with the European Union (EU) in regulating crypto space.
- Earlier in June, the EU officially signed its most comprehensive, region-wide crypto regulations, the Markets in Crypto Assets (MiCA), into law, after three years of development.
- The provisions of the MiCA will come into force in 12 to 18 months, and the rules in the legislation will apply to all the 27 member states in the EU bloc.
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| 4 | | Germany's largest bank, Deutsche Bank, has applied for a digital asset license to BaFin, the country's financial regulator, to offer custody services for cryptocurrencies. The move was first announced by the head of the lender's corporate banking unit, David Lynne. More: - Lynne said the move aims to increase income at Deutsche Bank's Corporate Bank.
- The bank executive also stated that the application is part of the banking giant's investment arm DWS Group's efforts to expand income from offerings related to digital assets.
- Deutsche Bank first announced its plans to offer a crypto custody service in late 2020, though it never disclosed the service's launch date.
- At the time, the lender's corporate banking unit was led by Stefan Hoops, who is now carrying out the CEO position at the bank.
Zoom Out: | | | |
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| 5 | | EDX Markets, a new crypto exchange backed by major financial institutions such as Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp., has officially gone live nearly nine months after being announced. The platform will cater only to institutional clients. More: - The exchange will offer trading in Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
- Unlike existing crypto exchanges, EDX Markets will not keep customer assets under its custody during trading.
- Instead, the platform will work with a third-party custodian, separating the crypto trading services from broker-dealer functions as in traditional finance.
- EDX Markets will also launch another platform dubbed EDX Clearing to settle trades later in 2023.
- Other companies backing EDX Markets in funding include Paradigm, Sequoia Capital, Virtu Financial Inc., Miami International Holdings, GTS, GSR Markets, and HRT Technology.
Zoom Out: - EDX Markets was first announced in September 2022.
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| 6 | | Patent attorney Mike Kondoudis has revealed that the payment processing giant Mastercard filed a trademark application for various tools related to crypto and blockchain technology. The application was submitted to the U.S. Patent and Trademark Office (USPTO) in June. More: - The patent will allow Mastercard to develop downloadable software that enables crypto transactions.
- The software will verify transactions using blockchain networks during the processing activity.
- The company mainly aims to create a network connecting different virtual asset service providers through this project, making crypto transactions seamless.
Zoom Out: - Over the last several years, Mastercard entered into partnerships with many crypto-related firms, including Bitso, Gemini, and Binance, demonstrating its commitment to making crypto mainstream.
- Rival Visa also has similar collaborations with firms in the crypto industry.
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- The U.S.-based crypto exchange Gemini has announced its plans to increase its headcount in Singapore to more than 100 employees to boost its growth in the Asia Pacific (APAC) region.
- Aussie payments provider Cuscal has started imposing new banking restrictions on crypto exchanges in Australia.
- Binance, the largest crypto exchange by trading volume, has revealed its plans to integrate Bitcoin's Layer-2 scaling solution, Lightning Network, for deposits and withdrawals.
- Hong Kong's Financial Secretary, Paul Chan Mo-po, has stated that more than 150 Web3 firms have launched their operations in the region's digital hub, Cyberport, in the past year.
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 | 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 | |
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