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Binance Preps To Latch The Doors Of Its Korean Branch

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2020 is probably the worst year in history. Yet, some crypto platforms like Binance managed to thrive despite the setbacks caused by the COVID-19 pandemic. The exchange was seen diving into several new markets this year while keeping up with the developments pertaining to the platform. Bitcoin’s price movement has got every crypto platform busy at the moment, however, some platforms seem to be going out of business despite the ongoing bull run. One of Binance’s branch was seen undergoing the same.

Binance Korea To Close Shop Following Low Trading Volume

Binance makes sure to maintain its name in the headlines. The exchange is touted as the world’s largest crypto platform and hasn’t slipped down from its post. However, this time the exchange has made the headlines announcing the closure of a branch. In a recent blog post, the exchange alerted its users that it was going to pull the plug on Binance Korea.

The blog post revealed that BKRW charge up as well new registrations at the Korean wing of the exchange was put on hold on 24 December 2020. The trading services is scheduled to stop on 10 January 2021 post 1:00 PM KST. On 29 January 2021, a hard shutdown along with the delisting of BKRW/BUSD Liquid Swap and BKRW trading pairs would take place. Following this, the accounts of Binance KR users would be inaccessible.

The blog post read,

“Binance KR will terminate the local exchange operations due to low usage and volume with limited trading pairs of BKRW, resulting in limited liquidity for its users. Following the closure of the exchange, the Binance KR team will reassess its market strategy based on the resources and experience gained from operating a local exchange.”

It seems like the interest of South Koreans in crypto isn’t very high. The crypto platform’s decision to pull the plug on its branches during the bull run due to low trading volume stands as substantial proof of the aforementioned statement. As the world was recovering from the pandemic, South Koreans seem to be highly affected by the virus right now.

SEC Onboards Elad Roisman As Its Acting Chairman

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The SEC and the crypto-verse go way back. While the crypto industry started out to escape the shackles of the centralized institutional systems, the popularity of the crypto sphere had regulators meddling with it. At present, the value of the crypto industry was at $655.53 billion, this has caused several steering towards the market. As regulators across the world have been setting up rules compliant with the financial system as well as the crypto industry, certain regulators have been exhibiting a hostile nature towards crypto assets. However, a recent change in the US SEC could pose beneficial to the crypto world.

SEC Chairman Jay Clayton Bids Adieu To His Post

The crypto community was ecstatic after Jay Clayton, the United States Securities and Exchange Commission’s Chairman announced his resignation. Clayton, through the course of his service, had constantly declined the proposal for Bitcoin ETFs. In a recent statement, Clayton revealed that he finally spent his last day in the office of the agency on 23 December 2020, as the Chairman. In the statement, Clayton pointed out that he was grateful to everyone in the Securities and Exchange Commission for aiding his growth as the Chairman. His statement further read,

“I know the women and men of the SEC will continue to pursue their mission — protecting investors, maintaining fair, orderly and efficient markets and facilitating capital formation — with passion, professionalism and mutual respect. It has been the honor and privilege of my professional life to serve the public alongside them.”

While Clayton suggested that the SEC would continue to serve its people, Hester Peirce aka Crypto Mom announced the appointment of the successor of Clayton. In a recent tweet, Clayton congratulated Elad Roisman for taking over as the Acting Chairman of the agency. Her tweet read,

Prior to his role as the newest chairman of the agency, Roisman was appointed as the SEC Commissioner back in 2018. He was also the Chief Counsel to the U.S. Senate Committee on Banking, Housing, and Urban Affairs. While Roisman’s latest role is temporary, the crypto community has been in anticipation of a crypto-friendly chairman.

Australian Crypto Spend Surges To 2.4% In 2020 Thanks To Millennials

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Cryptocurrencies have been gaining extensive traction following the ever surging value of the industry. Australia has been one among the several countries that have been steering towards the adoption of crypto. A recent survey conducted by the Independent Reserve revealed that despite facing an array of hurdles his year with the ongoing pandemic, the crypto industry managed to record an increase from AUD $257 billion in January to AUD $810 billion. The IRCI 2020 Cryptocurrency Index also touched several other areas including Awareness, Adoption, Trust as well as Confidence pertaining to the crypto industry in Australia.

Australia’s Citizens Well Aware About Bitcoin, Ethereum, and Bitcoin Cash

In the elaborate survey, it was noted that Australians cognizant about Bitcoin as 88.8% of the respondents said so. Only 23.5% and 21.9% of the respondents knew about Ethereum and Bitcoin Cash respectively. While other coins like XRP, Litecoin, and EOS were a part of the list, the fairly new crypto asset, Chainlink made it to the list. About 8.6% of the survey participants had no idea about any of the aforementioned assets.

While this was the awareness rate, the cryptocurrencies that the 1,000+ Australian respondents held weren’t very different. The survey read,

“Aussie crypto owners are holding:
Bitcoin: 74%, XRP (Ripple): 28%, Ethereum: 27%,
Bitcoin Cash: 17%, Litecoin: 15%, Chainlink: 5.2%,
Other tokens: 8.5%”

The adoption rate of crypto in Australia had recorded a surge since 2019. The IRCI suggested that 18.4% of Aussies owned crypto assets, which is one in every five participants of the survey had some cryptocurrency. Millennials were the star of the show as they had driven the adoption of crypto in the country. The graph read,

Australian

Additionally, the crypto spend of the country had increased from 1.3% in 2019 to 2.4% this year. The survey suggested that the age group of 25-34 were most likely to spend over $500 every month for crypto trading as opposed to the other age groups.

As the price of Bitcoin has been rising more than ever right now, the world has its eyes on the asset. However, most of the respondents of the survey were still sitting on the fence with regard to their opinion about the asset. About 19% of the Australian participants considered the king coin to be an Investment and another 19% viewed the asset as digital gold or store of value. A very few regarded Bitcoin as a scam or money.

Huobi Makes Its Way Back Into The US Following A Thumbs Up From Nevada Trust Company

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This year is most likely to go down in the books as the worst year ever. Despite the several restraints the pandemic put before us, Huobi, Binance, and several other cryptocurrency platforms went on to jump into different markets and explore new soil. Huobi was on a roll and rolled out its latest platform in Malaysia. This time the exchange is once again making news, not for venturing into a new country but for returning to the United States of America.

Huobi Secures A License To Function In The US After Shutting Down In 2019

The US has always posed a huge problem to the crypto-verse. Several crypto platforms were forced to shut down shop after being subject to immense scrutiny from the financial regulators. The ongoing battle between Ripple and the SEC stands as substantial proof about the same. Back in 2019, the crypto platform announced that was pulling a plug on its US-based crypto platform. Almost a year later, the exchange revealed that it would return to the country.

In a recent announcement, Huobi Group revealed that the exchange had sought a license from the Nevada Trust to open up a trust firm in the US. The announcement further read,

“The board (the “Board”) of directors (the “Director(s)”) of the Company is pleased to announce
that Huobi Trust Company (the “Huobi Trust”), a company incorporated in the State of Nevada,
the United States and an indirectly wholly owned subsidiary of the Company, was recently
issued with a Trust Company License by the Financial Institutions Division of the Department
of Business and Industry in Nevada, the United States, to engage in the trust company business […]”

While the platform is yet to render its services, it is said to be spearheaded by Simon Collier who will take on the role of the Chief Trust Officer.

More recently, Huobi Group decided to take a dive into Asian waters as the platform rolled out Huobi Labuan in Malaysia.

Estonia Revokes Licenses Of Over 1000 Crypto Platforms

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The crypto industry undergoes an array of issues. The citizens of Estonia seem to be tackling a major problem with regard to licenses. While acquiring a license from regulators has become a big issue for crypto platforms, losing it isn’t that big of a deal. Problems pertaining to money laundering aren’t far off as the popularity and the value of the crypto market have lured in several perpetrators. Taking into account these matters, the financial regulator of Estonia has recalled the license of several digital asset firms.

Estonia’s Financial Intelligence Unit Take Over 70% Of The Country’s Crypto Firms

Ranking as one of the smallest countries, Estonia has expressed keen interest in crypto. However, the European country decided to keep the crypto platforms in check. A news portal revealed that the Financial Intelligence Unit [FIU] of Estonia had taken down the license of over 1,000 digital asset platforms over the course of this year. Only 400 crypto firms continue to function with a license in the country following the year-long takedown.

Addressing these activities, the Deputy Secretary-General of the Government Committee for the Prevention of Money Laundering and Terrorist Financing, Veiko Tali said,

“We need to monitor the development of new technologies and manage the associated money laundering risks.”

Tali also pointed out that all the existing digital asset platforms would be given close attention to overcome the risks that could endanger the users.

Several suggest that the $220 billion money-laundering scandals that struck the European country had led to the authorities of Estonia to carry out the dismissal of the license. While the FIU took down over 500 crypto platforms in June, the agency revoked the license of a few others throughout 2020. The money-laundering scandal even forced the regulators to put into place more stringent laws. Among the aforementioned platforms, the license of firms that did not start their services in the last six months of acquiring their license was also revoked.

Binance Launches Physical Crypto Debit Card In Europe

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The crypto-verse is a perfect example of innovating on the already available resources. Binance, a Malta-based cryptocurrency exchange, has been time and again making its way into the headlines by rolling out several developments. Back in July 2020, the world’s largest exchange announced that it would soon roll out a crypto debit card for the EEA region. As per the exchange’s most recent announcement, the crypto debit card is ready to go out and about.

Binance Visa Card “Coolest Card In Your Wallet”?

The crypto industry has been developing in terms of both value and popularity. As the market has been gaining traction, the crypto platforms have been upping their game. Binance seems to be following suit as the exchange is all set to roll out its debit card. In its latest announcement, Binance revealed that the Binance Visa cards were ready to be shipped in the European Economic Area.

The announcement read,

“Great news! As of today, the physical Binance Visa Cards are being shipped within the EEA-region. You can order your physical card here. For those of you who already ordered the card, can now complete the delivery process in their Card wallet.”

To aid the crypto debit card, the Malta-based exchange further added support to Ether [ETH]. Binance further went on to list the benefits of hoarding a physical card. This physical card would allow users with a daily spend limit of 8,700 EUR along with a 290 EUR daily ATM retrieval. The exchange also offers the “free card with zero fees” which is reportedly valid till 2021. Furthermore, an 8% cashback was offered with this card. Binance seems to be going above and beyond to provide for its consumers. Previously, the exchange offered a cashback up to 7% on purchases with the card.

Binance had delivered as promised. With the announcement of a crypto debit card back in July, the exchange had affirmed that a physical card was in the works and would be processed within the next few months.

Hong Kong Regulators Give Fidelity-Backed Digital Asset Platform A Green Signal

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Seeking approval from financial regulators has become one of the biggest problems of the crypto industry. Hong Kong has been working towards regulating crypto platforms and even put in place laws to keep them in check. As a result of this, the crypto platforms operating in Hong Kong are mandated to have a license.  Abiding by these laws, a prominent digital asset firm, OSL had previously sought a license from the Securities and Futures Commission of Hong Kong.

Hong Kong Mandates The Need Of License For Crypto Platforms

In a recent announcement, OSL revealed that it would deliver its digital asset services to the corridors of Hong Kong. The platform is a part of BC Group which is backed by Fidelity. The Securities and Futures Commission [SFC] got an application for a license from OSL back in November and was the first to apply for a crypto license in the region. While the SFC gave the platform a thumbs-up back in August 2020, OSL reportedly brushed up on all the requirements that the SFC had asked for.

With this license, OSL can deliver an array of digital asset-related services to the citizens of Hong Kong. The platform is all set to open up trading for prominent cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] along with several other assets. OSL Digital Securities will also allow users to avail select security token offerings [STOs].

The world seems to be coming to terms with the fact that the institutional interest has been zooming towards Bitcoin and other assets. Elaborating on the same, Wayne Trench, the CEO of OSL said,

“Institutions, and other professional investors, including HNWIs and family offices, can now trade digital assets with the region’s most comprehensive and trusted digital asset platform in OSL. Because the framework is under the auspices of a leading global regulator and modeled after existing licensing for financial services, clients can trade with confidence under the protections and safeguards to which they are accustomed.”

Regulators have been upping their game following the emergence of a number of crypto platforms. Digital asset platforms are making sure to comply with the laws put forth by regulators across the globe. OSL went a step ahead as the digital asset platform revealed that it had applied for a digital asset license under the Payments Services Act from the Monetary Authority of Singapore [MAS].

The latest license acquired by the OSL from the SFC makes the digital asset platform the first firm to attain a license from the SFC.

China’s Digital Yuan Sees 20K Transactions Within 24-Hrs On E-commerce Platform

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China’s new sovereign digital currency, Digital Yuan has become a hot topic around the world. In the latest development, close to 20,000 transactions were paid for with Digital Yuan within 24 hours through e-commerce company JD.com as it conducted a real-world trial.

The residents of the country actively participated in the trial of its digital currency in Suzhou, a city in East China’s Jiangsu Province and the largest online payment reportedly surpassed 10,000 Yua 80% of the participants for the trial were made by the younger generation who were born between 1980-1990.

JD.com was not the only platform that participated in the trial. There were nearly 10,000 physical shops in Suzhou that took part in the real-world trial for Digital Yuan at the “Double Twelve” shopping festival.

Cao Yin, who happens to be the Managing Director of the Digital Renaissance Foundation in Shanghai was quoted saying,

“As far as I know, the PBC is also hiring talent from a lot of private digital currency firms and internet companies to develop the digital currency. It hopes to implement the digital yuan using market-oriented means”

However, despite the fact that China has become the frontrunner in developing its central bank’s digital currency [CBDC] as it is currently deploying it on major e-commerce platforms within the country, the process has been cautious and not hasty. And it was something that Yin himself stressed.

Scaling Digital Yuan

China is gearing up for the implementing Digital Yuan on a massive scale and was looking to use the digital currency at the 2022 Winter Olympic Games.

This was part of the pilot programs launched by the People’s Bank of China back in April in cities such as Shenzhen, Chengdu, Suzhou, and Xiongan. Till last month, the programs had conducted more than 4 million transactions, which roughly totaled to $300 million,

Previously, reports regarding Hong Kong’s central bank working with the People’s Bank of China for the trial use of the Digital Yuan emerged. This was the first instance of China’s central bank digital currency’s use outside the country, this initiative was for the purpose of cross-border payments.

Singapore’s Largest Bank To Roll Out Digital Asset Exchange

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Digital Assets are the new everything! Singapore seems to be the latest to jump onto the bandwagon as countries and financial institutions have been steering towards setting up digital asset friendly platforms. The largest bank in the Asian country recently revealed its interest in the crypto-verse. While both tradings of crypto and crypto exchanges are legal in Singapore, DBS revealed that it had joined hands with Singapore Exchange [SGX] to roll out a digital asset exchange.

Singapore Dwells Deep Into Crypto

The largest bank in the Asian country, DBS revealed that it would launch an exchange that focuses on digital assets. The bank sought support from the Singapore Exchange that would acquire a 10% stake in the yet to be launched digital exchange. The digital exchange would be called DBS Digital Exchange and will be made available by next week.

While the exchange has listed an array of assets that would be paired against yet again several fiat currencies, the DBS Digital Exchange will be limited to institutional as well as accredited investors only. Speaking about the same the Group CEO at DBS, Piyush Gupta pointed out that the digitalization of assets paves the way for an array of opportunities to reshape the markets. He further added,

“For Singapore to become even more competitive as a global financial hub, we have to prepare ourselves to welcome the mainstream adoption of digital assets and currency trading. DBS is committed to accelerating the development of a fully integrated ecosystem to facilitate this. We believe that this is the first of its kind integrated offering, which is differentiated in many ways.”

The DBS Digital Exchange would support crypto assets including, Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH] along with fiat currencies, Singapore Dollar [SGD], US Dollar [USD], Hong Kong Dollar [HKD], and the Japanese Yen [JPY]. Along with this, the exchange will reportedly present its users with Security Token Offerings along with Digital Custody Services.

The announcement also revealed that the platform had garnered approval from the Monetary Authority of Singapore [MAS]. Elaborating on the 10% stake of the Singapore Stock Exchange (SGX), the CEO of SGX, Loh Boon Chye said that with its latest move, both the platforms hope to “bring trust and efficiency in price discovery to the global digital assets space.”

Silk Road And Ross Ulbricht’s Story To Go On Screens In 2021

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Silk Road and Ross Ulbricht are extremely popular names in the crypto-verse. The crypto industry still continues to fight to shake off its association with the dark web. Silk Road was one of the primary platforms that acted as a bridge between the real world and the darknet. The controversial website garnered the attention of many including law enforcement as a prominent place to buy drugs. While Ulbricht continues to spend his time in prison, Hollywood has decided to make a movie about the same.

Silk Road To Hit The Theaters On 19 February 2021

The world was trying to get away from the shackles of the government. The crypto-verse lured in several as it was an unregulated market. While regulators have slowly begun scrutinizing the crypto industry, back in the day governments did not pay heed to the world of cryptocurrencies. Taking this into their advantage, several began purchasing drugs and even engaged in illicit activities. Once this caught the attention of the DEA, things went down, and Ross Ulbricht was sentenced to a lifetime of prison without parole.

This story will now be told by Jason Clarke, Nick Robinson, Alexandra Shipp, Jimmi Simpson, Katie Aselton, Lexi Rabe, Daniel Stewart, Darrell Britt-Gibson, and Paul Walter Hauser in the crime thriller, Silk Road. While the movie is all set to hit the theaters on 19 February 2021 and would be available on Blu-ray and DVD on 23 February. The film directed by Tiller Russell is reportedly based on the Rolling Stone article Dead End on Silk Road that was published in 2014.

Recently, Lionsgate managed to garner the rights to the movie and decided to go ahead with the release. The VP of Acquisitions at Lionsgate, Lauren Bixby, spoke about the same and told Deadline,

“Silk Road is a thrilling story with the kind of stranger-than-fiction details that can only come from a true story. This movie will keep audiences riveted by its cat-and-mouse game of a criminal mastermind being tracked by a hot-headed narc.”

Not long ago, Silk Road made news after Bitcoin worth about $1 billion was on the move. While that mystery sustains, the netizens suggested that the funds that were moved had belonged to Ulbricht.