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| Hey Insider! Welcome back to the Inside Cryptocurrency newsletter! Today’s issue covers the most prominent news from the crypto industry, including Binance’s plans to become fully operational in Japan in August, Delio’s operational issues, U.K. data watchdog’s investigation into Sam Altman’s crypto project Worldcoin, and more. I hope you enjoy your reading! Doğa
p/dogayurduneri | |
| 1 | | Binance, the largest crypto exchange by trading volume, announced the launch of full services on its new Japanese platform in August. The announcement was made by Binance CEO Changpeng Zhao (CZ) at a conference in Tokyo. More: - The move came nearly eight months after the company acquired crypto exchange service provider Sakura Exchange BitCoin (SEBC), regulated by Japan Financial Services Agency (JFSA), the country's financial market regulator.
- The acquisition aimed to allow Binance to offer its crypto services in compliance with local regulations through an already registered crypto exchange.
- SEBC halted offering its crypto exchange and brokerage services in May, and its customers were given time until May 31 to withdraw their crypto assets.
- In April, the firm said the new platform would start its operations in June, though it had to delay the launch of all the services due to the regulatory conflicts it faced last month.
- During the conference, Binance's local general manager, Takeshi Chino, also stated that the company could launch stablecoins in Japan under the country's new stablecoin regulations that came into force on June 1.
- The new regulation allows licensed financial institutions, registered money transfer agents, and trust companies to issue stablecoins.
Zoom Out: - Over the last several months, Binance came under increased crackdown by regulators in different parts of the world, including the U.S., Australia, France, and Belgium.
- Besides, the company recently withdrew from several markets in the West, including Canada, the Netherlands, Cyprus, and the U.K., mainly due to compliance issues.
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| 2 | |  What the numbers say: Dogecoin (DOGE) has become the seventh-largest cryptocurrency by market cap, overtaking Cardano's (ADA) spot on the ranking. The token's market cap surpassed the $10.9B level, while ADA's stands at $10.64B. The popular cryptocurrency also saw an increase in its price and trading volume, though it is still nearly 90% below its all-time high in May 2021.
Relevance: The increase in the key metrics of DOGE was mainly triggered by the rising interest of the investors in the token as Elon Musk, being famous for his support for Dogecoin, rebranded Twitter as X. The move caused a positive perception in traders towards DOGE, paving the way for a sudden jump in trading volumes. The token also previously saw a jump in price when Elon Musk bought Twitter with a nearly $44B deal, when Twitter appointed Linda Yaccarino as its new CEO, after it was discovered she follows several DOGE-related accounts on the platform, and once Musk briefly shifted the Twitter logo to the DOGE symbol. The positive expectations mainly stemmed from the claims that Twitter was preparing to integrate DOGE under the management of Elon Musk. Brands that should care: With the rising trading volumes in DOGE, the leading crypto exchanges, such as Binance, Coinbase, Kraken, Gemini, and OKX, are expected to see a strong Dogecoin inflow as investors would increasingly tend to buy new tokens and hold their assets in DOGE. | | | |
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| 3 | | The U.K. Information Commissioner's Office (ICO), the country's data watchdog, has announced that it would inquire into OpenAI CEO Sam Altman's crypto project Worldcoin. The move followed the official launch of Worldcoin's long-awaited WLD token. More: - Worldcoin defines itself as a digital passport helping holders prove their identity online with credentials verified in person through iris-scanning devices dubbed the "Orb."
- The Orbs serve as custom biometric imaging devices to securely and privately verify users' humanness and uniqueness.
- At the launch, the project already had two million users, who signed up and were verified through an Orb during the beta testing phase.
- Worldcoin plans to accelerate sign-ups by deploying the Orbs in over 35 cities across 20 countries worldwide, including the U.K.
- A spokesperson for the ICO said organizations must have a clear lawful basis to process personal data.
- In response, a Worldcoin spokesperson stated that they adhere to strict privacy guidelines, adding that the project fully complies with all the biometric data collection and transfer regulations, including Europe's General Data Protection Regulation (GDPR).
Zoom Out: - Worldcoin co-founder Sam Altman is most famous for his CEO position in OpenAI, the AI research lab behind the popular AI-powered chatbot, ChatGPT.
- The ICO's move is expected to have wider implications for other regulators worldwide since Worldcoin has a controversial position in terms of data privacy.
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| 4 | | Bahrain-headquartered crypto exchange Rain has obtained a license in Abu Dhabi, the capital of the United Arab Emirates (UAE), from the region's Financial Services Regulatory Authority. The approval will allow the company to offer its virtual asset brokerage and custody services to users in Abu Dhabi in compliance with local regulations. More: - The firm will target retail and institutional clients in the region, allowing them to buy, sell, and store their digital assets.
- The platform will also support the dirham, the official currency of the UAE.
- The permission followed an in-principle approval from the Abu Dhabi Global Market (ADGM) to Rain in 2022.
- Rain defines itself as a platform offering the simplest way to trade cryptocurrencies across the Middle East.
Zoom Out: - The UAE has become an attraction point for crypto firms over the last several months, as leading platforms, including Crypto.com, OKX, and Binance, showed efforts to register with the local market regulators.
- Crypto exchanges Bybit and Bitget recently opened offices in Dubai, the most populated emirate of the UAE, as part of their plans to strengthen their positions in the Middle East.
- In May, the largest U.S. crypto exchange, Coinbase's executive team, also visited the UAE for regional strategic development. At the time, CEO Brian Armstrong praised the country for the first dedicated crypto regulator in the world, a clear rule book, strong customer protections, and a business-friendly approach.
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| 5 | | Southern African country Namibia has officially moved its crypto assets bill, the Namibia Virtual Assets Act 2023, into law, publishing the legislation in the Gazette of the Republic of Namibia. The move came nearly one month after the country's National Assembly passed the bill. More: - The new crypto law will come into force on a date determined by the Minister of Finance of Namibia.
- The legislation aims to appoint an authority to regulate and oversee the virtual asset services and the operations of the crypto service providers in the country.
- The Namibia Virtual Assets Act 2023 is also expected to ensure consumer protection, prevent market abuse, and combat money laundering.
- The bill has become Namibia's first law outlining how crypto should be treated.
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| 6 | | Delio, a South Korean digital asset savings and lending platform, has announced that it started facing operational disruptions preventing it from offering normal services. The disruptions came shortly after the South Korean Financial Services Commission (FSC) seized all assets owned by Delio customers and the company to investigate fraud, embezzlement, and breach of belief allegations. More: - The company has also shared its concerns that the local regulators could spread the platform's assets in the interest of depositors, and it could not function normally again.
- The regulatory conflicts started after the company suspended user withdrawals in mid-June, citing increased market volatility and the troubles at the sister lending company Haru Invest.
- Haru Invest also halted deposits and withdrawals a day before Delio.
- At the time, Delio CEO Jung Sang-ho said the company would resume withdrawals without sharing any specific timeline.
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| 7 | | Quick Hits: - Invest in Virtuix before they ship their VR treadmills to their waitlist, a $100M opportunity. This opportunity ends on 8/10.*
- Recent court filings have revealed that Binance and its CEO Changpeng Zhao (CZ) plan to ask the court to dismiss a lawsuit by the Commodity Futures Trading Commission (CFTC) against the exchange.
- Ethereum co-founder Vitalik Buterin has outlined four potential risks related to OpenAI CEO Sam Altman's crypto project Worldcoin, which recently launched its WLD token.
- Arkham Intel Exchange has awarded around $5,000 bounty to an anonymous on-chain sleuth, ErgoBTC, who submitted evidence related to a wallet associated with Do Kwon, the co-founder of the collapsed Terra ecosystem.
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Term of the Day Assessed value: The assessed value is an official estimate of a property's worth that is used to determine the appropriate tax rate for the property. Question of the Week What's your stance on unpaid internships: valuable experience or exploitation? Join the conversation |
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 Christopher Hachey | |
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