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| Hey Insider! The day has kicked off with another regulatory crackdown on Binance, adding one more to the existing scrutiny over the popular crypto exchange in different parts of the world. Today's issue also covers several other biggest stories from the crypto market, including the U.K.'s new bill authorizing law enforcement agencies to seize crypto assets, Singaporean DBS Bank's digital yuan payments tool, Bitget's crypto lending service, and more. I hope you enjoy your reading! Doğa
p/dogayurduneri | |
| 1 | | The office of Binance Australia, the Aussie arm of the largest crypto exchange by trading volume, has been searched by the Australian Securities and Investments Commission (ASIC), the country's financial regulator, according to a recent report from Bloomberg citing people familiar with the issue. The search has been conducted as part of an ongoing probe over the platform's local derivatives business. More: - In April, Binance announced that it would permanently shut down its Australian derivatives business after the unit's financial services license was canceled by the ASIC.
- The cancellation came nearly two months after the regulator launched a targeted review of Binance over the derivatives unit's classification of retail and wholesale clients in the country.
- Binance had previously closed the positions of 500 users in Australia after it incorrectly labeled some users as wholesale investors rather than retail investors.
- In response to the recent news on the search, the exchange said it is cooperating with the Aussie authorities and focusing on meeting local regulatory standards to serve its users in Australia in a fully compliant manner.
Zoom Out: - Last month, Binance also lost the support of its local banking partner in Australia and was forced to suspend Australian dollar (AUD) deposits and withdrawals through bank transfers.
- Over the last several months, the platform similarly came under increased scrutiny in many other countries, including the U.S., France, and Belgium.
- Besides, the company recently had to withdraw from several markets in the West, including Canada, the Netherlands, Cyprus, and the U.K.
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| 2 | | 
What the numbers say: The Block's data has shown that spot crypto exchanges' total trading volume increased in June for the first time since March after falling for two months in a row. The figure showed a nearly 12% monthly surge last month, hitting $489.24B from $440.06B in May. However, the volume is still quite far away from the $984B level seen in March. Relevance: The increase in trading volumes was attributed to the optimism around the crypto market due to the traditional finance (TradFi) giants' consecutive applications for a spot Bitcoin (BTC) exchange-traded fund (ETF) last month. The trend started with the world's largest asset manager BlackRock's application in mid-June. Then, several other multi-billion dollar asset managers, including WisdomTree, Invesco, Fidelity, and Valkyrie, joined BlackRock by filing their own applications. Brands that should care: On the other hand, Binance again managed to receive the biggest share of the total trading volume in June, with $239.63B. The figure represents almost half of the total volume despite the increased regulatory scrutiny worldwide on the popular crypto exchange. The platform still did not lose its leading position, though its market share dropped to a nearly one-year low last month. | | | |
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| 3 | | The U.K. Parliament's upper chamber, the House of Lords, has passed the Economic Crime and Corporate Transparency Bill that would authorize law enforcement agencies to seize and freeze crypto assets used for crime. The move took the legislation to the final stages before being formally signed into law. More: - The bill was first introduced in September 2022.
- The House of Lords did not change any crypto aspect of the bill, though the legislation previously saw some amendments that would extend its scope.
- The government has also appointed tactical advisors to police departments across the country to help identify and seize digital assets used for crime.
- In March, the U.K. government said its three-year economic crime plan includes combating the criminal abuse of crypto assets.
- As the next step, the bill will be returned to the lower chamber of Parliament to agree on a final version.
- When both chambers agree upon the legislation, it will be sent to the King to be approved and passed into law.
Zoom Out: - In the U.K., King Charles III also recently officially approved the Financial Services and Markets Bill (FSMB) that recognizes crypto as a regulated activity.
- The act has given the Treasury, Financial Conduct Authority (FCA), Bank of England (BoE), and Payments Systems Regulator the authority to introduce and enforce regulations regarding the crypto industry.
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| 4 | | Seychelles-based crypto exchange Bitget has launched a crypto lending service dubbed Crypto Loans to allow its users to stake crypto assets in low demand. The firm said its lending service uses traditional financial services as a base for the pattern. More: - Through the new products, Bitget users will be able to borrow more liquid crypto assets by staking their coins in low demand.
- Users will receive a corresponding quantity in another asset for each coin they stake.
- The platform has yet to specify the tokens eligible for the lending service.
- Each loan will have a specific interest rate.
- Borrowing periods will be determined in advance, but users will be able to repay the loan early.
- Bitget users will be able to automatically receive the loan, spend the funds, and adjust the collateral after staking their coins.
- The platform will offer a swift review for loan applications, along with several other security measures.
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| 5 | | Singaporean crypto-friendly DBS Bank has launched a new payment tool for the digital yuan, or e-CNY, to allow businesses in China to receive payments in the country's central bank digital currency (CBDC). The first e-CNY transaction through the service was conducted with a catering company in Shenzhen. More: - The new solution will enable the bank's corporate customers in China to receive payments in e-CNY.
- The service will also automatically settle the digital yuan payments into the clients' Chinese yuan (CNY) bank deposit accounts, eliminating the need for manual settlement processes.
- In addition, the tool will help merchants in regions with limited internet connectivity receive payments smoothly.
- DBS Bank's head of global transaction services, Lim Soon Chong, said the new CBDC payment service is a significant milestone in the bank's efforts to enable instant and frictionless 24/7 payments.
- China is currently piloting e-CNY, launched in 2019, in 26 cities and 17 provinces.
Zoom Out: - CBDCs are issued and controlled by a country's government or central bank and backed by the local currency.
- The Chinese Communist Party, the ruling political party of the country, pushes for CBDC adoption for years mainly because it is subject to the direct control of the state.
- Cryptocurrencies, any kind of crypto transactions, and all crypto mining activities have been forbidden in China since 2021.
- In 2020, DBS Bank also launched crypto trading and custody services for its institutional clients.
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| 6 | | A pseudonymous developer, Ratoshi, has created a fully on-chain music engine on the Bitcoin network using the blockchain's Ordinals protocol. The Descent Into Darkness Music Engine allows anyone to instantly generate a music track by entering a few keywords. More: - The developer minted 10 editions of the inscription and sold them as individual Ordinals.
- However, using the music engine is not limited to the owners of the inscriptions, and anyone can use the tool.
- Users experimenting with the engine said its outputs have a retro vibe.
- Ratoshi used OpenAI's popular AI-powered chatbot, ChatGPT, to develop sounds used within the music engine.
Zoom Out: - Ordinals are digital assets permanently attached to a satoshi, or 1/100,000,000 of a full Bitcoin (BTC).
- The protocol allows developers to inscribe various data file formats onto the Bitcoin network.
- Users have inscribed more than 14.6 million Ordinals since the protocol's launch in January.
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- The Chinese city of Jinan has started accepting payments through the country's central bank digital currency (CBDC), or the digital yuan, for rides across all its bus routes.
- The U.K.'s financial services minister, Andrew Griffith, has urged the government to be cautious about whether to issue a digital pound due to issues like privacy.
- Denmark's financial market regulator, the Financial Supervisory Authority, has ordered the Danish investment bank Saxo Bank to dispose of its crypto holdings.
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INSIDE CRYPTOCURRENCY LEADERBOARD (30 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 | |
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