The Crackdown on Binance Continues 💀

July 16, 2021	View in browser

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Go Pro. This week, our pro newsletter explored the recent price action in the cryptocurrency markets, why traditional education does not provide the same returns that it use to, and the recent resurgence of NFTs.

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This week in a nutshell

• Italy's financial regulator has issued a statement saying ""Binance Group" are not authorized to provide investment services and activities in Italy."

• PayPal has increased its weekly purchase limit for cryptocurrencies from $20,000 to $100,000.

• China has published the whitepaper for its CBDC, the digital yuan (e-CNY).

• Binance announced that it will be terminating its tokenized stock product offerings, and that and Binance.com will no longer support any stock-tokens after October 14, 2021.
• Jack Dorsey announced that Square will be creating a new business that focuses on bringing decentralized financial services to market.

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SEC v. Ripple update / Binance ended equity token offerings after 3 months / Pontem partnered with PinkNode / SoftBank agreed to purchase 7.5M Bullish shares

Plus: Bank of America approved of bitcoin (BTC) futures trading.

Inside.com Part of   Network July 16, 2021

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The global crypto market cap is $1.30T 0.22%▼ with a 24-hour market volume of $65.28B 0.19%▼. Bitcoin's dominance is currently 46.11% 0.61%▲. CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $31,924.41 1.29% ▲ 2 Ethereum ETH $1,908.95 0.30% ▼ 3 Binance Coin BNB $307.08 2.34% ▼ 4 Cardano ADA $1.20 1.90% ▼ 5 XRP XRP $0.5981 0.16% ▼ *Prices as of 3:30 p.m. ET.

SEC v. Ripple Update: Ripple received approval to question former SEC official William Hinman. The deposition of Hinman will involve the SEC’s policymaking decision on crypto. More: Hinman served as the director of the Division of Corporation Finance at the SEC from 2017-2020. Hinman publicly stated in 2018 that bitcoin (BTC) and ethereum (ETH) are not securities. An additional request to question another former high-level official at the SEC was denied, cautioning that it could “disrupt the functioning of government agencies.”

After three months, Binance announced that it would no longer support equity token offerings. The crypto exchange stated that the decision was made to focus on other products. More: The EU expressed concern with the token offerings, citing a lack of corporate disclosures and mandatory filings like an investment prospectus. Unrelated regulatory warnings to Binance have been issued by the U.S., U.K., Italy, Japan, Thailand, Hong Kong, Poland, and the Cayman Islands. Despite regulatory concerns with Binance, the exchange stated that it voluntarily made its decision to halt equity token offerings.

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▲ TOP GAINERS # Name Price 24h % 1 NEM NEM $0.1426 23.25% ▲ 2 Cosmos ATOM $12.63 13.74% ▲ 3 UMA UMA $9.04 12.53% ▲ 4 Hedera Hashgraph HBAR $0.1922 11.03% ▲ 5 Basic Attention Token BAT $0.5489 8.40%▲ ▼  TOP LOSERS  # Name Price 24h % 1 Stacks STX $1.14 12.58%▼ 2 Axie Infinity AXS $22.28 9.78%▼ 3 Kusama KSM $185.76 9.31%▼ 4 BakeryToken BAKE $2.02 7.32%▼ 5 Internet Computer ICP $34.04 7.28%▼ *Limited to cryptocurrencies in the Top 100. Prices as of 3:30 p.m. ET.

Pontem partnered with PinkNode to deploy a testnet for Facebook’s Diem blockchain on Polkadot (DOT). The partnership will enable the Diem team to deploy nodes on the Kusama (KSM) network. More: Facebook’s permissioned blockchain Diem is an experimental project formerly known as Libra. Pontem is an infrastructure-as-a-service provider working with Facebook to create a publicly available blockchain nearly identical to Diem. The partnership with PinkNode will enable Pontem to open-source and test new features within the Polkadot ecosystem before committing them to the Diem blockchain.

Softbank’s SB Northstar reported plans to purchase 7.5 million shares of Bullish once its SPAC merger is complete. SB Northstar will additionally purchase 3 million Private Placement Warrants in Far Peak Acquisition Corp.  More: Bullish revealed its plans to go public through a merger with Far Peak last week at a $9B valuation. EFM Asset Management, BlackRock, and Galaxy Digital have additionally committed a combined $300M investment in Bullish. Softbank’s Latin American Fund recently invested $200M in Brazilian crypto platform Mercado Bitcoin.

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QUICK HITS Bad bosses are bad for business! Understand what makes a great boss and how to keep your top talent.* Bank of America has begun approving bitcoin (BTC) futures trading. PayPal announced that it would increase its limits on crypto purchases to $100,000/week. SoftBank and Tiger Global’s $800M investment in Revolut has given staff members at Revolut the opportunity to sell up to 20% of their shares. A duo of rabbis in Jerusalem and Brooklyn are collaborating on the “NFTorah” project, which will digitize individual Torah letters as NFTs. A newly released video from hacking group Anonymous announced an upcoming launch of Anon Inu Token on the Binance Smart Chain. As third-party cookies go away, the most valuable component to your work will be building trust with customers. Launch a first-party data strategy.*   * Sponsored Content

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Griffin McShane is a J.D. candidate currently living in Portland, Maine. He is a graduate of Providence College, where he studied both computer science and business. Griffin aspires one day to go to the moon and bring some of his altcoins along for the ride. Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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