Binance's Expansion Dreams Dashed: Inside Bafin's Bold Decision in Germany
Binance has been dealt a blow in its ambitions to establish itself in Germany with Bafin, the German financial watchdog, has denied Binance a much-anticipated license that would have allowed it to operate and expand in the country.
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> This development marks yet another hurdle for Binance in its global operations.
> Jonas Jiinger, who recently took over as the head of Binance in Germany, was primarily tasked with ensuring that Binance secures a license from Bafin.
> This license was pivotal for the crypto giant to conduct operations and engage in promotional activities within Germany.
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> In an interview with "Börsenzeitung," Jiinger commented on the importance of regulatory compliance, stating, "The regulatory requirements are rightly high." Details here.
Traditional Finance vs. Crypto Exchanges
Blockstation’s CEO Reveals the Future
Jai Waterman, the CEO of Blockstation has shared his insights on how traditional financial institutions can surpass cryptocurrency exchanges and the significance of regulations for investor protection.
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> Waterman pointed out that regulatory authorities are principally against unlicensed brokers and unregistered securities, clarifying that their role is to safeguard investors.
> He emphasized the importance of employing decentralization to ensure security, transparency, and efficiency.
> “When decentralization is utilized in a manner that brings security, transparency, efficiency and enhances investor protection, we see regulators continue to embrace it,” he said.
> Speaking on the potential of traditional financial institutions to overtake cryptocurrency exchanges, Waterman noted that these institutions manage the majority of investors' money. More here.
Coinbase Strikes Back at SEC Lawsuit with Digital Asset Defense
In its legal rebuttal to the lawsuit filed by the U.S. Securities and Exchange Commission (SEC), Coinbase, the American cryptocurrency exchange, has argued that the digital assets available for trading on its platform are beyond the regulatory scope of the SEC.
> Earlier in June, the SEC initiated legal proceedings against Coinbase, accusing the exchange of offering about twelve cryptocurrencies that were not registered securities.
> Coinbase, in the court documents submitted on Thursday, contended that the cryptocurrencies in question do not qualify as investment contracts and consequently should not be classified as securities.
> The company had previously made similar assertions in tweets and blog posts, but the recent legal submission provided a more in-depth explanation of its stance. Details here.
Slovakia Embraces Cryptocurrency with Major Tax Reductions
> Members of the Parliament in Slovakia recently cast their votes in favor of an amendment that brings down the tax on cryptocurrency profits, among other measures that impact cryptocurrency holders.
> On the 28th of June, lawmakers in Slovakia greenlighted an amendment that entails a reduction in the personal income tax for profits accrued from selling cryptocurrencies that have been in possession for at least one year.
> The new tax rate is set at 7%, which marks a substantial reduction from the previous tax rates that varied between 19% and 25%.
> Moreover, the amendment stipulates that any payments received in cryptocurrencies up to the equivalent of 2,400 euros, which is approximately $2,622.20, will remain untaxed. More here.
Mastercard Announces Launch of Multi-Token Network Beta in the U.K.
Financial services giant Mastercard is making strides in the blockchain technology space with the unveiling of its Mastercard Multi-Token Network (MTN).
> The platform aims to foster secure, scalable, and interoperable transactions within the digital asset and blockchain ecosystems.
> Mastercard's executive vice president and the firm’s head of crypto and blockchain, whose statements underline the significance of this launch, disclosed that the beta version of MTN will be made available in the U.K. during the summer.
> This phase will function as an experimental platform for developing live pilot applications in collaboration with financial institutions, fintech companies, and central banks.
> The initial phase of applications will be powered by tokenized bank deposits. Continue here.
Fidelity Rises to the Challenge: Refiles Wise Bitcoin Trust Spot ETF
Fidelity, the colossal asset management firm, has once again submitted paperwork to launch its Wise Bitcoin Trust, which is a spot bitcoin exchange-traded fund (ETF).
> This development closely follows BlackRock's submission for a similar ETF through its iShares unit.
> BlackRock, the renowned asset manager, had filed for the iShares Bitcoin Trust earlier this month. Following BlackRock's move, other major fund companies such as Invesco and WisdomTree have followed suit, initiating similar filings.
> There were also rumors floating around that Fidelity was on the cusp of submitting its paperwork.
> It is noteworthy that Fidelity had made an attempt to introduce a spot bitcoin ETF in 2021, but the U.S. Securities and Exchange Commission (SEC) turned down the initiative in 2022. Full report here.
Cardano Founder Dives into Space Mystery: Hoskinson Funds Hunt for Interstellar Meteor
> Charles Hoskinson, the man behind Cardano, is on a quest to find an otherworldly object that plunged into the sea near Papua New Guinea.
> He has joined forces with the Galileo Project, an initiative that received a generous donation of $1.5 million from Hoskinson earlier this year.
> Guided by Avi Loeb, a Harvard astronomer, and his apprentice Amir Siraj, the Galileo Project's team is investigating an object which they believe to be a meteor from beyond our solar system that collided with Earth in 2014.
> The United States Department of Defense has corroborated the extraterrestrial origins of this object, and it seems the Galileo Project may have stumbled upon some fragments of it. Continue here.
Memecoins Explode as Bitcoin Soars: Pepe Coin Leads the Rally Amidst Market Turbulence
> On Wednesday, Bitcoin achieved its most remarkable value since April, and it seems to have brought memecoins along in its uptrend.
> Within the last day, Bitcoin has been hovering around the $30,200 mark, and in the same time frame, Pepe coin has seen a striking increase of over 50%.
> In comparison, Dogecoin and Shiba Inu have risen 4.3% and 9.6%, respectively, as per the data provided by CoinMarketCap.
> Furthermore, over the past week, these three cryptocurrencies have experienced rises of 90%, 8%, and 21%.
> One of the factors that have possibly bolstered Bitcoin's performance, which in turn may have influenced the memecoin upsurge, is BlackRock's filing for a Bitcoin spot ETF.
> In the wake of BlackRock’s move, Invesco and WisdomTree and Fidelity also submitted applications for their own ETFs.
