| |
| 1 | | The largest cryptocurrency by market cap, Bitcoin (BTC), has seen a nearly 20% discount in price on Binance's Australian arm compared to the other crypto exchanges in the country. Aussie users traded Bitcoin for 34,000 Australian dollars (AUD), accounting for around $23,000, on the platform within the day. More: - On rival crypto exchanges in Australia, Bitcoin's price was around 43,000 AUD (~$28,000), just like many other platforms outside the country.
- The discount occurred nearly two weeks after Binance suspended AUD deposits through bank transfers in the country, citing that the local payments services provider, Zepto, halted supporting the exchange.
- The price decrease was considered a sign of Aussie Binance customers' efforts to quickly exit their existing positions following the suspension.
- A Binance spokesperson said some Australian users have been withdrawing their AUD holdings from the platform, causing AUD pairs to see less liquidity and the prices to be impacted.
- Binance will halt trading on spot trading pairs tied to the AUD as of June 1, ceasing AUD withdrawals, too.
Zoom Out: - In April, Binance also had to permanently halt the operations of its Australian Derivatives unit following the cancellation of the division's financial services license by the Australian Securities and Investments Commission (ASIC), the country's financial regulator.
- Shortly before the decertification, ASIC launched a targeted review of Binance over the concerns around the exchange's Australia Derivatives business' classification of retail and wholesale clients in the country.
- The exchange has also been under increased scrutiny in several other countries, including the U.S., by market regulators, mainly due to compliance issues.
|     | |
| 2 | | 
What the numbers say: Dune Analytics' data has shown that the popular social media platform Reddit's NFT avatars have recently surpassed 10 million in holder numbers, increasing by 80% since the beginning of the year. The statistics have pointed out that 7.77 million of these holders, accounting for 78%, have a single Reddit NFT avatar, while the rest operates multiple wallet addresses. Reddit NFTs, with a $38.4M market cap, also hit $32.6M in cumulative sales volume. Relevance: Reddit launched its long-awaited Reddit Avatars NFT collection on the Polygon blockchain in July 2022. The 40,000-piece initial collection sold out quickly on the Reddit marketplace following the launch. However, there are currently 13.7 million NFTs in the collection, and the most expensive one was sold for $50,000. The NFTs, designed by independent artists and Reddit content creators, allowed holders to use them as their Reddit profile pictures. The NFT-based avatars' clothes, accessories, and overall looks can also be customized using the platform's native avatar builder. Besides, the holders receive the licensing rights to the NFT when they buy a Reddit avatar. Brands that should care: With the increased popularity of NFTs, mainly in 2021, many other social media giants, including Twitter and Instagram, also embraced this trend last year by integrating NFT-related features into their platforms. Some of these social networks, like Instagram and Facebook, then abandoned these features this year since they did not attract the expected attention. | | | |
| A message from our sponsor, Unlock. |  | | Unlock Your Home's Value with a Home Equity Agreement. Access Funds without Loans or Monthly Payments. At Unlock Technologies we empower homeowners to leverage their most valuable asset - their home. With our innovative Home Equity Agreement (HEA), you can tap into your home's equity without taking on additional debt, taking out another loan, or burdening yourself with monthly payments. It's a flexible and convenient way to access the funds you need for home improvements, education, or any other financial goals you have in mind. Apply Today | |
|
| 3 | | Russia has abandoned its plans to launch a national crypto exchange for cross-border payments. Instead, the country's lawmakers have decided to use existing crypto exchanges for international settlements, regulating the operation and establishment of digital asset trading platforms. More: - The country will now allow private companies to launch crypto exchanges.
- Ivan Chebeskov, the director of the financial policy department of the Ministry of Finance for the Russian Federation, said the ministry plans to regulate the launch of crypto exchanges by private enterprises.
- Head of the Russian lower house committee on financial markets, Anatoly Aksakov, also stated that existing crypto exchanges would be allowed to facilitate international transactions without specifying the platforms that would be authorized.
- Aksakov added that existing platforms would probably face new restrictions.
- The Central Bank of the Russian Federation will be responsible for regulating the operations of crypto exchanges and managing cross-border settlements within the national regulatory framework.
- The move came nearly one month after Russian Finance Minister Anton Siluanov unveiled the country's new payment system allowing crypto use in cross-border transactions.
- The country had originally planned to build special institutions operating crypto mining and transfers to foreign entities.
Zoom Out: - In July 2022, Russian President Vladimir Putin signed a bill banning payments with digital assets, including crypto, for goods and services across the nation.
- The central bank's chair, Elvira Nabiullina, recently stated that they support the use of digital assets by the state agencies for settlements with foreign entities, though they oppose the crypto use within the state.
- In late March, the bank also postponed the launch of the pilot of its central bank digital currency (CBDC), or the digital ruble, expected to start on April 1 since the related legislation has not been ready yet.
| | | |
| 4 | | Tether, the issuer of the largest stablecoin USDT, has announced that it would start mining Bitcoin (BTC) in Uruguay in collaboration with a local licensed company, investing in the undisclosed firm. The company cited Uruguay's renewable energy capabilities while explaining its investment within the country. More: - Tether's chief technology officer (CTO), Paolo Ardoino, said the move would help them ensure that every bitcoin they mine leaves a minimal ecological footprint.
- The firm pointed out that Uruguay generates 94% of its electricity from renewable sources, including wind and solar power.
- The stablecoin issuer also praised the South African country for its ideal conditions for renewable energy production thanks to its facilities such as wind farms, solar parks, and hydropower projects powered by its abundant natural resources.
- Tether stated that these conditions guarantee a consistent, clean, and environment-friendly energy supply.
Zoom Out: - Earlier in May, Tether also announced that it would start investing 15% of its monthly net profit in Bitcoin on a regular basis as of May.
- At the time, the firm said the Bitcoin investments aim to diversify its reserves that back its token, USDT, whose value is pegged to the U.S. dollar (USD).
| | | |
| 5 | | The British Virgin Islands-headquartered crypto exchange BKEX has suspended withdrawals indefinitely. The move came shortly after BKEX discovered that the user funds in the platform were used for money laundering. More: - The platform said it would fully cooperate with the law enforcement agencies for the regulatory investigation.
- The exchange also stated that it is doing its best to return to normal operations as soon as possible.
- The official statement pointed out that the firm would continue to conduct transparent and timely communication with its users during the process.
- Besides, the company urged any user experiencing another issue to contact its customer service.
Zoom Out: - BKEX, launched in 2018, currently has more than 8 million users in over 100 countries.
| | | |
| 6 | | Japanese crypto exchange BitFlyer has started restricting deposits and transfers from and to exchanges that do not adopt the global financial crime watchdog Financial Action Task Force's (FATF) Travel Rule through the Travel Rule Universal Solution Technology (TRUST) network. The new restrictions will apply to 21 countries where information regarding the Travel Rule is required. More: - The countries on the list include the U.S., Canada, Hong Kong, Singapore, Japan, Israel, Gibraltar, the Bahamas, and Switzerland.
- The platform also restricted the type of crypto assets that can be transferred from or to the compliant crypto exchanges in these countries to the TRUST-compatible ones, such as Bitcoin (BTC), Ether (ETH), Shiba Inu (SHIB), and Polygon (MATIC).
- The new restrictions are currently in effect for all corporate and individual customers using BitFlyer.
- Coincheck is currently the only Japanese crypto exchange that is a member of the TRUST network.
- The two platforms only support Bitcoin transactions through TRUST between each other for now, with plans to add more TRUST-supported tokens.
- BitFlyer still allows for transactions through self-custody wallets, including MetaMask, and transfers to countries not on the list.
Zoom Out: - The Travel Rule requires crypto exchanges to share information on senders and recipients, including the names, addresses, and account information, with the recipient platform and legal authorities when they process a transfer worth more than $3,000.
- The rule, aiming to prevent money laundering, has come under fire by the crypto community many times since it contradicts the industry's characteristics related to anonymity.
- The TRUST platform is currently used by major crypto exchanges like Crypto.com and Coinbase as a solution to securely manage customer information legally required by the Travel Rule.
- BitFlyer's move came nearly a week after Japanese lawmakers agreed to implement stricter anti-money laundering rules for crypto as of June 1, expanding the existing rules to include the Travel Rule.
| | | |
| 7 | | Quick Hits: - Demo Divvy + get a $100 Amazon gift card. Divvy, BILL's spend and expense management solution, is one of the easiest and most efficient ways to manage your company spending.*
- The Bank of Japan, the Japanese central bank, has released the results of the second phase of its central bank digital currency (CBDC) experiment.
- The world's largest crypto exchange Binance's CEO, Changpeng Zhao (CZ), said buying a bank would not solve the debanking issue that the crypto industry is facing.
- Decentralized exchange (DEX) PancakeSwap has launched a tower defense video game dubbed Pancake Protectors, becoming the first DEX to release its own play-to-earn game.
- AI investments: Harness the power of a technology expected to add $15.7T to the global economy by 2030.*
*This is a sponsored post. | | | |
| Upcoming Events | | JUN
14 | | Monthly Meditation guided by Nicholas Whitaker | | | | | | | JUN
20 | | Contract Negotiations 101 with Mathew Kerbis | | | | | | * This is a sponsored event | | | |
Term of the Day Gross domestic product: Gross domestic product (GDP) is a measure of the total value of goods and services produced within a country’s borders in a given year. Question of the Week Should companies take steps to avoid employee burnout, or should it be the individual's responsibility to manage it themselves? 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 Aaron Crutchfield | |
| |
 | Get the cash you need now with Unlock. | |
|
| |
Comments
Post a Comment