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Binance obtained the MVP Operating License in Dubai, allowing qualified users to access authorized services in compliance with VARA guidelines. However, the license has restrictions, being restricted to qualified investors. Binance continues to face challenges in other markets due to regulatory issues. In Japan, the exchange returned to the market, but faced regulatory problems in other countries, such as Germany, Austria, Belgium and the Netherlands, and legal actions in the United States due to unregistered operation.
Coinbase (NASDAQ:COIN) CEO Brian Armstrong revealed that the SEC has requested that the company suspend trading in all cryptocurrencies except Bitcoin (COIN:BTCUSD) before starting legal action against the exchange. The SEC considers the remaining assets to be securities, but Coinbase disagrees with this interpretation. Armstrong stated that complying with this request would effectively spell the end of the US cryptocurrency industry. The dispute shows the SEC’s intention to exercise greater regulatory authority over the cryptocurrency market.
The US SEC has sued Richard Schueler, known as Richard Heart, and his projects Hex, PulseChain and PulseX, alleging that he raised more than $1 billion in unregistered offerings and defrauded investors by using funds for personal property. PulseX (COIN:PLSXIOUUST) and PulseChain (COIN:PLSUST) projects struggled after launch, with token prices falling.
Larry Fink, CEO of BlackRock (NYSE:BLK), went from a disbeliever to a believer in Bitcoin (COIN:BTCUSD), according to Mike Novogratz, CEO of Galaxy Digital (TSX:GLXY). Novogratz sees BlackRock soliciting a Bitcoin ETF in the US as a major change for the cryptocurrency industry. He also sees Ripple’s partial victory over the SEC as a sign that the rules are unclear in the cryptocurrency market.
TRON Network (COIN:TRXUSD) saw significant growth in Q2, with daily active accounts up 14%, new accounts up 13.4% and transactions up 28.9%, according to Messari. The release of BitTorrent Bridge and Stake 2.0 boosted user engagement and revenue, resulting in a TRX burn to sustain the token’s value. Despite regulatory challenges, TRON expands into the DeFi sector and has future plans to improve its functionality and capabilities.
Tether increased its excess reserves by $850 million, bringing the total to $3.3 billion, according to its latest financial statement for Q2 2023. The report reveals that Tether owns around $72.5 billion in bonds US Treasury, backing its stablecoins. The company allocated profits to build up reserves after industry failures. Its total assets are estimated at $86.4 billion, with $83.17 billion in liabilities related to the outstanding USDT tokens (COIN:USDTUSD). Tether will also undertake a $115 million share buyback and invest in energy initiatives.
CLabs, developer of the Celo blockchain, has gained approval to transition Celo from a tier 1 independent blockchain to a tier 2 Ethereum solution. With 128 votes in favour, two votes against and one abstention, the move aims to facilitate liquidity sharing between the two networks, providing greater security and compatibility with the Ethereum Virtual Machine. The blockchain’s native token, CELO (COIN:CELOUSD), saw a 6% increase on Monday.
PancakeSwap has announced a revenue sharing program for holders of the CAKE token (COIN:CAKEUSD). Starting August 9th, fixed-term CAKE participants will receive 5% of the trading fee income of all PancakeSwap v3 pairs on a recurring and weekly basis. The program aims to align the interests of CAKE holders with the growth of the PancakeSwap protocol and offers additional income in addition to staking rewards.
Cryptocurrency trading firms are collaborating with traditional players to trade onchain structured products such as Ether-linked “autocallables” (COIN:ETHUSD). MEV Capital and Marex performed an autocallable using a smart contract from Ribbon Finance, now called Aevo. This initiative is seen as part of the adoption cycle in the cryptocurrency industry. MEV bought the two-week USD Coin-denominated autocallable (COIN:USDCUSD), offering contingent interest and downside protection. This approach eliminates counterparty risk and makes products more transparent by leveraging smart contract capabilities.
Apple (NASDAQ:AAPL) faces regulatory scrutiny in the U.S. over its restrictive App Store guidelines allegedly hampering blockchain and NFT-related apps. Lawmakers have expressed concerns about the impact on innovation and the potential for suppression of competition. One specific policy is the 30% fee requirement for crypto apps, which has sparked controversy and led to interest in decentralized social media platforms such as Aave’s Lens Protocol.
Blockchain-based fantasy sports company Sorare now supports fiat payments for its digital trading cards, removing the need to use ether (COIN:ETHUSD). This change, according to the company, eliminates one of the main barriers to entry for new users and can stimulate the growth of the game. Sorare is licensed by several sports leagues and its transactions remain recorded on the blockchain, even with the adoption of fiat currency payments.
Wine producer Jean-Marie Fourrier has found a solution to overcome travel bans and reach its international distributors during the pandemic: non-fungible tokens (NFTs). He became one of the first to sell wines through Crurated, an online auction house that issues NFTs to guarantee the wines’ provenance and authenticity. The application of blockchain to the wine industry has the potential to bring benefits in tracking, quality and counterfeit control. While some are skeptical about wide-scale adoption, others believe the technology will drive the industry to modernize and attract more young consumers.
Researchers at the University of Abu Dhabi and University College London have developed the “Salsal” blockchain tool to combat the looting of ancient artifacts. The platform allows museums and collectors to submit details about their collections for expert verification of authenticity and legality. Verified objects can be converted to NFTs for authentication, ownership tracking and looting deterrence. Salsal seeks to create a transparent history and pressure collectors to guarantee the legal origin of items displayed to the public. This initiative can help protect artifacts and encourage their return to their countries of origin.
The Japan Blockchain Association (JBA) has filed a request with the Japanese government to revise the tax regime for digital assets. They highlighted three essential steps to ease the tax burden on cryptocurrency holders. The JBA seeks the elimination of taxation of unrealized gains for companies that hold crypto assets, a change in the method of taxation for personal profits from crypto asset trading, and the elimination of income tax on profits generated in each crypto asset exchange. Prime Minister Fumio Kishida reaffirmed the country’s commitment to fostering the Web3 industry.
The Bank of Korea plans to exclude Seoul from potential areas to test its central bank digital currency (CBDC), piloting it in Jeju, Busan or Incheon with commercial banks next year. The program will test CBDC payments and explore their distribution to the public. South Korea has been stepping up CBDC exploration in recent years and completed the first phase of the simulation project in December 2021. The pilot will allow people in the chosen region to use CBDC as a means of local payment.
The Chinese city of Shanghai has launched a plan to boost the development of its urban blockchain digital infrastructure from 2023 to 2025. The aim is to promote the digital transformation of the city and strengthen the use of blockchain in the economy, public services and urban governance. The digital blockchain infrastructure is expected to support municipal affairs and services in various sectors across the region, as well as coordinate blockchain resources in the Yangtze River Delta and create an international blockchain exchange hub. China has been driving the development of emerging technologies, including the metaverse and the digital yuan.
Crypto companies in Hong Kong face hurdles to open corporate bank accounts, even with government pressure to become a crypto hub. Reports point out that licensed companies only get “simple” accounts, but do not specify which services are excluded. The Hong Kong Monetary Authority has asked banks such as HSBC (NYSE:HSBC), Standard Chartered (LSE:STAN) and Bank of China to accept cryptocurrency exchanges as clients. The only two platforms licensed by the regulator are OSL and Hash Blockchain.
Authorities in Miri, on the island of Borneo, have shut down an illegal cryptocurrency mining operation and seized 34 servers using stolen electricity. Sarawak Energy discovered the operation through wiretapping. Electricity theft is a problem, despite Sarawak offering low energy prices. Another complaint in 2023 resulted in the seizure of 137 servers in Senadin. Bitcoin miners are struggling due to the prolonged bear market, prompting some to sell BTC in record amounts.
Cryptocurrency investors have faced losses of $303 million worth of digital assets from exploits and hacker attacks this month, according to security audit firm CertiK. The amount stolen in July is on track to be the highest this year. Decentralized exchange Curve Finance suffered a recent exploit, resulting in an estimated $52 million being misappropriated from the protocol. Furthermore, blockchain bridge protocol Multichain lost $125 million after shutting down operations due to the arrest of its chief executive by Chinese authorities. Exploits into DeFi protocols are taking place at “unprecedented speed” and scale, a blockchain intelligence expert has warned. Of the $303 million, around $285 million was lost to exploit attempts and hacks, while exit scams cost $8,000.
A white hat hacker recovered 2,879 ETH, worth around $5.4 million, for the DeFi Curve Finance protocol after a hack worth more than $47 million. While some victims of the hack were the target of a fraudulent scheme, the attack negatively affected markets, with Curve’s CRV token (COIN:CRVUSD) down more than 18%. The incident was caused by a retrancy bug in the Vyper programming language, affecting certain pools on the platform.
A crypto user has recovered $74 million worth of ether (COIN:ETHUSD) from the former Ethereum Name Service (ENS) registrar after about four years. The user bid and won several names in 2016/2017, but did not migrate to the new system in 2019, leaving his funds blocked. Lead ENS developer Nick Johnson said there are still hundreds of thousands of unclaimed titles in the old registrar, holding tens of thousands of ether locked up.
Decentralized freelance platform DeeLance ended its successful pre-sale, raising $1.7 million in funding. Upon termination, the native currency $DLANCE will only be available on cryptocurrency exchanges at a higher price. With plans for a metaverse of crypto and NFTs, DeeLance aims to transform the $761 billion freelance industry. Offering transparency, security and low fees, it seeks to rival Fiverr (NYSE:FVRR) and Upwork (NASDAQ:UPWK). Analysts project a promising future for $DLANCE as the platform continues to gain traction on social media and undergoes audits to ensure credibility.
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