Binance deep dive 🕵️ / Coinbase ⚠️ resignation / CoinShares recommends 4% 😳 allocation

Reporter claims the Blockchain Association's admittance of Binance.us on Monday caused Coinbase's resignation on Tuesday

Inside.com Part of   Network August 12, 2020

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One scathing letter from Coinbase's Hermine Wong, delivered in resignation from the prestigious Blockchain Association, prompts today's in-depth notes on the world's most profitable cryptocurrency exchange. If you haven't joined us yet at Inside Premium, give us a $0 (free!) 14-day try today by clicking the unlock button within today's article. Enjoy! Aaron

Market Watch Bitcoin $11,559 7 day: unch Ethereum $383 7 day: -3.7% XRP $0.281 7 day: -7.5% Prices as of 1:15 p.m. ET

Binance says a local newspaper misreported its conduct regarding Liechtenstein's Union Bank. The local news report claimed that CEO Changpeng Zhao was attempting to overtake the bank before its imminent liquidation. The claims: CFO Wei Zhou says that Binance has not tried to acquire Union Bank nor applied to Liechtenstein's Financial Market Authority for approval. Binance's spokesperson declined to comment on whether the article was factually inaccurate. Why is Liechtenstein important? Liechtenstein is an affluent tax haven and a strategic banking center due to its proximity to Switzerland. GDP per capita in Liechtenstein exceeds $173,000. Nearby is the Swiss canton of Zug's Crypto Valley, home to the Ethereum Foundation and other multi-billion dollar cryptocurrencies like Cardano (ADA) and Datum (DAT). Banks in Liechtenstein custody cryptocurrencies, including Mason Privatbank Liechtenstein AG and Bank Frick. They also have access to SWIFT, the world's largest bank wire network. Coindesk

Coinbase has resigned from the Blockchain Association. The Blockchain Association is the crypto industry's most prestigious and influential policy group in Washington DC. Was it because of Binance... ...and why it matters. In today's Inside Crypto Premium, we dive deep into the controversial history of Binance with its wealthy U.S. customer base. We go far beyond today's report about the Blockchain Association and ask questions dating back to 2018. Nowadays, Binance claims to restrict U.S. customers to its more restrictive Binance.us operations, that has not always been the case. For more on the billions of dollars that have flowed between the U.S. and Binance's offshore operations, start your 14-day $0 (free!) trial today. READ BINANCE HISTORY

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CoinShares CSO Meltem Demirors CoinShares releases its August bitcoin research report, recommending a 4% portfolio allocation to bitcoin. The 4% carve-out comes from an otherwise typical 60/40 (60% equities, 40% bonds) portfolio; generic model portfolios do not generally constitute personalized investment advice. Key research findings: CoinShares does not identify particular catalysts, instead pointing to general financialization trends like more order management systems, insured custody solutions, prime brokerages, options, futures, and Exchange Traded Products (ETPs). CoinShares claims that the proportion of investors holding bitcoin for more than 12 months has doubled since 2012. CoinShares also rationalizes bitcoin's price drop during March's coronavirus panic. Coinshares claims that leverage levels were abnormally high, $500m of bitcoin-collateralized loans were auto-liquidated, and forecasts that "liquidation cascades" will happen again. CoinShares manages approximately $700m in assets and sponsors several ETPs listed on European exchanges. Its investments include MenaPay, Paradigm, Blockdaemon, Zabo, Arwen, Globacap, Fold, and Kaiko. Its most frequently interviewed executive is CSO Meltem Demirors. Coinshares

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Quick Hits: The natural resources trading subsidiary of Mitsubishi has launched a blockchain platform to facilitate trade confirmations and invoices between counterparties. Revolut customers held $121m worth of cryptocurrencies in 2019. The latest DeFi "meme token" is YAM by Yam Finance. Ex-NYSE broker Michael Ackerman pleads not guilty to charges of running a $33m crypto scam. Coin Metrics initiates a new quarterly publication focusing on "key stakeholders," transparency, and other difficult-to-find supply metrics for cryptocurrencies. The People's Bank of China will launch its Central Bank Digital Currency (CBDC), which it calls its Digital Currency Electronic Payment (DCEP), in the Hong Kong Bay Area comprising Guangdong, Hong Kong, and Macau. The fittest athletes in the world swear by CBD. See what they're using here.* *This is a sponsored post

Written and curated by wide-eyed bitcoin watcher since $1, Aaron Wise. Streaming headline junkie, Associated Press fanboy, eye-strained news terminal watcher, 2017 founder of Cryptocurrency Newsfeed. Temporarily based in Florida while awaiting the construction of cryptopia.  Editor Edited by Eduardo Garcia in New York. Eduardo is a graduate of the Columbia Journalism School M.A. Science program and writes regularly for the New York Times Climate Fwd: newsletter. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade.

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