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| Hey Insider! Welcome back to the Inside Cryptocurrency newsletter! Today's issue includes Starbucks' partnership with Aku NFT collection, the British financial regulator's increased crackdown on crypto ATMs, BitOasis' license suspension in Dubai, and several more of the biggest stories from the crypto industry. Enjoy your reading! Doğa
p/dogayurduneri | |
| 1 | | Dubai's Virtual Assets Regulatory Authority (VARA) has launched a review and taken enforcement action against the Middle East-focused crypto exchange BitOasis for failing to meet mandated conditions determined by the regulator. The agency temporarily suspended the exchange's license in the region. More: - BitOasis will have 30 to 60 days to meet the local regulatory framework.
- Following this timeframe, the platform will be able to conduct market activities regulated by the VARA again if it satisfies the conditions.
- Otherwise, the regulator will permanently cancel the exchange's operational license.
- Earlier this year, BitOasis became the first platform to receive Dubai's minimum viable product (MVP) operational license.
- The approval allows the firm to offer broker-dealer services for digital assets to retail and institutional investors in the city.
Zoom Out: - BitOasis is headquartered in Dubai, United Arab Emirates (UAE), and is regarded as the largest online digital asset platform in the Middle East and North Africa (MENA) region.
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| 2 | | 
What the numbers say: The largest U.S. crypto exchange Coinbase's shares (COIN) increased by more than 50% in value since the U.S. Securities and Exchange Commission (SEC) intensified its crackdown on the crypto industry in early June. COIN's price reached $81.21 on July 10, up from $51.61 on June 6. The figure also represents an over 130% surge for the last six months and a 50% rise YoY. Relevance: The SEC filed a lawsuit against Coinbase on June 6 through a 101-page complaint over alleged U.S. securities law violations. In the complaint, the agency labeled 12 tokens listed on Coinbase as unregistered securities. The regulator also claimed that Coinbase is unlawfully operating as an exchange, a broker-dealer, and a clearinghouse at the same time without registration with the SEC, though it is subject to U.S. securities laws. However, following the lawsuit, some major investors, including Cathie Wood-led investment management firm ARK, continued to buy and hold COIN shares, demonstrating their support for the exchange. Brands that should care: One day before Coinbase, the SEC also filed a lawsuit against rival crypto exchange Binance and its CEO Changpeng Zhao (CZ) over U.S. law violations. However, contrary to Coinbase, Binance felt the impact of the increased crackdown negatively on its native assets. Over the past month, the exchange's native token BNB retreated to as much as the $240 level, down from $305 before the lawsuit. | | | |
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| 3 | | The U.K. Financial Conduct Authority (FCA), the country's financial market regulator, has announced that it has shut down 26 illegal crypto ATMs since the beginning of the year. The agency also warned U.K. citizens that they could lose all their money in these machines operating illegally across the country. More: - The regulator said it has inspected 34 locations allegedly hosting crypto ATMs since the start of 2023, with 18 in May and June.
- The latest inspections were conducted in collaboration with the South West Regional Organized Crime Unit and the police forces of Greater London, Bedfordshire, and Hertfordshire.
- In a recent incident, a public member paid 1,000 British pounds (~$1,290) into a crypto ATM in Sheffield but could not receive any cryptocurrency or funds back.
- The financial watchdog said that U.K. citizens use a machine operating unlawfully when they use a crypto ATM in the country and could hand their money over to criminals.
- The joint executive director of enforcement and market oversight at the FCA, Steve Smart, also underlined that consumers will not be protected if something goes wrong.
Zoom Out: - There are currently 40 crypto-related companies registered with the FCA in the U.K.
- None of these registered companies has a license to offer ATM services, which means that the operations of all the crypto ATMs in the country are illegal.
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| 4 | | The U.S.-based tech giant Microsoft has announced its partnership with the cross-chain protocol Axelar for blockchain interoperability solutions. As part of the collaboration, Axelar will join Microsoft's cloud computing-based Azure marketplace. More: - The partnership will see Microsoft's customers accessing Axelar's solutions through Azure.
- Axelar will also be able to reach tens of thousands of companies using the online store.
- The move made Axelar the first cross-chain protocol listed on the Azure marketplace.
- Developers using Azure will be able to access Axelar's tools through the AxelarJS software development kit (SDK) and the General Message Passing service to integrate their apps into different blockchains.
- The two firms will also jointly explore the integration of public and private blockchains for AI-powered applications.
Zoom Out: - Microsoft's Azure marketplace hosts more than 25,000 applications and services for developers and institutions, and at least 200 are powered by blockchain technology.
- Axelar currently supports 43 blockchains.
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| 5 | | Bitcoin developer Entero Positivo has recently created an open-source tool dubbed BIP39Colors to allow Bitcoin holders to convert their private keys into a series of colors. The tool converts 12-word and 24-word BIP39 mnemonic phrases to 8 and 16 colors, respectively. More: - The Bitcoin Improvement Proposal 39 (BIP39) is a standard to generate a 12-word or 24-word phrase that contains the necessary information to create and access a private key.
- The private keys are used by Bitcoin (BTC) holders to access a wallet that stores their assets.
- Users can easily recover their crypto assets when they lose their wallet device if they standardize the mnemonic phrase by converting them into a set of readable words through the BIP39 protocol.
- Wallet providers generally recommend writing these words on paper as backup, leaving the door open for a thief to see the list.
- BIP39Colors converts these phrases into colors expressed as a hex color code, a six-digit system representing any color with the combination of red, blue, and green.
- Holders can store these colors through various files, including HTML, CSS, and PNG.
- The tool can also convert the colors back to the original phrase, and users do not need to remember the order of the colors to recover their wallets.
- Positivo said the flexibility of this storage method would make it more difficult for governments and thieves to seize one's Bitcoin assets.
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| 6 | | Starbucks has partnered with the NFT collection Aku to launch its next digital collectible stamps of its Web3 loyalty program, Odyssey. As part of the collaboration, the company will launch a new journey dubbed Aku Adventure on July 17, allowing Odyssey members to embark on a mission with Aku. More: - The new journey will feature a stamp designed by Aku and will be available to Odyssey members until Aug. 13.
- As part of the launch, Starbucks will also donate $100,000 to a non-profit organization dubbed Blessings in a Backpack that fights food insecurity among children.
- The Aku NFT collection was created by the famous baseball player Micah Johnson.
- The collection aims to encourage children and young people to dream big.
- Many celebrities, including Trevor Noah, Pusha T, and Tyra Banks, have purchased an NFT from the collection so far.
Zoom Out: - Starbucks first announced its foray into Web3 in May 2022 in its earnings call, hinting at its plans for NFTs that would give access to exclusive experiences.
- The coffee chain also introduced the Odyssey loyalty program in partnership with the Polygon blockchain and the NFT marketplace Nifty Gateway in September last year before launching its beta testing in December.
- The Starbucks Odyssey members can participate in entertaining and interactive activities called Journeys, and they earn stamps and points that unlock access to new benefits and coffee experiences when they complete the journey.
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- Singapore-based crypto trading and lending platform Matrixport has appointed Mo Zhou as the new head of its operations in the U.S.
- A blockchain developer, Pedro Magalhães, has claimed that he found functions allowing a central authority to freeze funds and reduce balances in the source code of Brazil's pilot central bank digital currency (CBDC) project.
- U.S. Sen. Thomas Tuberville (R-Ala.) has written an open letter asking U.S. regulators to investigate Prometheum, which obtained a special-purpose broker-dealer license under the U.S. Securities and Exchange Commission (SEC) guidelines.
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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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