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| Hey Insider! In the crypto market, Binance again hit the headlines today by voluntarily withdrawing its crypto license application in Germany after exiting several other markets in the West. Today’s Inside Cryptocurrency issue also covers some of the other biggest stories in the industry, including KuCoin’s response to the rumors of a mass layoff, Robinhood’s new U.K. CEO, apparel brand Lacoste’s virtual store featuring exclusive benefits for NFT holders, and more. Enjoy your reading! Doğa
p/dogayurduneri | |
| 1 | | Binance, the largest crypto exchange by trading volume, has announced that it proactively withdrew its crypto license application in Germany, citing the changing situation in the global market and the regulatory environment. The move came nearly a month after the reports that Germany's financial market regulator, BaFin, rejected Binance's application for a crypto custody license. More: - A spokesperson for Binance said the firm still intends to apply for a license in Germany but wants to ensure that its application reflects the current changes.
- If approved, the license would have allowed Binance to offer its crypto services in Germany in compliance with local regulations.
- Over the last several months, the company had to withdraw from several other markets in the West, including Canada, the Netherlands, Cyprus, and the U.K., mainly due to compliance issues.
- The firm also recently came under increased crackdown by regulators worldwide, including the U.S., Australia, France, and Belgium.
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| 2 | |  What the numbers say: A recent survey conducted by the non-profit organization CFA Institute with more than 4,150 respondents worldwide revealed the global support levels for launching a central bank digital currency (CBDC). In the poll, 42% of respondents said central banks should launch digital versions of fiat currencies. On the other hand, 34% reported a negative approach toward a potential launch, while 24% did not share any opinion. Besides, the survey participants from China exhibited the highest rate of support, with 70%.
Relevance: Another survey by the Cato Institute also recently showed that most Americans are still skeptical about a CBDC, or the digital dollar. Only 16% of Americans said they support the idea of a CBDC, as opposed to 34% reporting opposition to a digital dollar's adoption. Besides, earlier in July, the data compiled by Finbold revealed that 127 countries took a step into CBDC exploration as of the first half of 2023, and 109 countries are actively working on CBDCs when canceled and inactive projects are excluded. Brands that should care: The increase in the number of countries exploring CBDCs caused many brands, including Ripple, DBS Bank, Microsoft, and Visa, to jump on the bandwagon over the last several months by offering exclusive features and platforms for CBDCs or joining major CBDC pilot projects. | | | |
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| 3 | | Seychelles-based crypto exchange KuCoin has denied the rumors that the firm was preparing to lay off 30% of its headcount, representing 300 employees, in the upcoming weeks. Instead, the company said there might be some routine personal adjustments related to the business development and semi-annual employee performance review. More: - Earlier reports claimed that the plans for staff cut stemmed from the strict Know Your Customer (KYC) identity verification measures, which was made mandatory by the platform and allegedly caused a decline in profit.
- KuCoin CEO Johnny Lyu has underlined that the platform is operating smoothly.
- The exchange has yet to specify the number of staff and the positions impacted by the performance evaluation.
- The company currently has around 1,000 employees worldwide.
Zoom Out: - KuCoin made the KYC procedures mandatory for all clients as of July 15 to comply with the applicable regulatory requirements.
- KYC is a common regulatory process generally implemented by financial services providers, including banks and crypto exchanges, to identify and verify their customers by asking for some key personal information and documents.
- The process aims to improve trust in the industry, help service providers to assess the risks, and combat money laundering and terrorism financing.
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| 4 | | The U.K.'s National Crime Agency (NCA) has published a new job posting for two blockchain investigators who would oversee complex investigations involving cryptocurrencies and digital assets. The ideal candidates will be part of the agency's newly-formed digital assets team within the Complex Financial Crime Team (CFCT). More: - The agency requires the candidates to be an existing member of the police staff who is a certified, accredited financial investigator.
- The applicants also must know blockchain analysis, have experience in criminal investigation, and have an understanding of the legislation.
- The job's annual salary will be approximately 47,380 British pounds (~$61,076), and the candidates will also receive some civil service benefits.
- The NCA's move aims to increase regulatory focus on crypto assets in the U.K. as the government urged the officials to eliminate dirty money in the country.
Zoom Out: - Job openings by regulatory agencies worldwide for crypto and blockchain experts have become quite common amid concerns about the increase in crypto-related crimes, such as money laundering and terrorism financing.
- Most recently, the U.S. Department of Justice (DOJ) also announced its plans to double the number of prosecutors in its National Cryptocurrency Enforcement Team (NCET).
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| 5 | | The U.S.-based crypto and stock trading platform Robinhood has appointed a new CEO for its U.K. operations to expand its services overseas. Jordan Dane Sinclair was hired for the position to run the company's unit in the U.K. More: - Sinclair's appointment was approved by the U.K. Financial Conduct Authority, the country's financial market regulator.
- The platform plans to offer its brokerage services to retail investors in the U.K. by the end of this year.
- The company's expansion to the U.K. was delayed multiple times, though it has been planning to launch its services there since at least 2019.
- Sinclair worked as a managing director at the European fintech firm Freetrade for 13 months before joining Robinhood.
- The new U.K. CEO has work experience in the British banking giant Barclays and the U.S.-based financial services company Wells Fargo.
Zoom Out: - The acceleration in Robinhood's plans to expand overseas came amid an increased regulatory crackdown by U.S. regulators on the crypto industry.
- In February, Robinhood was also served a subpoena by the U.S. Securities and Exchange Commission (SEC) over its crypto services, claiming that some cryptocurrencies listed on the platform are securities.
- Besides, in 2020, Robinhood entered another legal conflict with the SEC after the agency accused the platform of deceiving customers about its revenue sources, and it had to pay $65M to settle the agency's charges.
NOTE: Inside.com founder and CEO Jason Calacanis is an investor in Robinhood. | | | |
| 6 | | French apparel brand Lacoste has launched a new virtual store for the summer, which features exclusive benefits for the holders of the company's Ethereum-based UNDW3 NFTs. Visitors can access the virtual store through Lacoste's standard e-commerce platform. More: - Users can buy pieces from Lacoste's summer apparel collection and join a crocodile-themed hunt game through the store.
- Besides, holders of UNDW3 NFTs can access an underwater VIP space that can be unlocked via an email login or a digital wallet containing the NFTs.
- An exclusive UNDW3 apparel collection co-created by Lacoste's UNDW3 community members in March is sold in the VIP space.
- Each physical piece sold in the VIP space features a digital twin and an AR experience accessed by scanning a QR code.
- UNDW3 NFT holders can also participate in an exclusive level of the hunting game, which would offer the opportunity to win prizes every week during the summer.
Zoom Out: - Lacoste launched its Web3 loyalty program, UNDW3, last year.
- The brand also previously opened another virtual store involving an NFT-gated gamified element for the UNDW3 NFT holders.
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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.*
- U.S. District Judge John Koeltl has given U.S. prosecutors extra time until Oct. 3 to make a discovery in the lawsuit against the bankrupt crypto lender Celsius Network's former CEO, Alex Mashinsky.
- Singapore's High Court has classified crypto as property in a case involving Dubai-headquartered crypto exchange Bybit.
- South Korea has established an interagency investigation unit dubbed the Joint Investigation Centre for Crypto Crimes to combat crimes involving crypto.
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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 Christopher Hachey | |
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