July 8, 2021       /       Unchained Daily       /       Laura Shin

Daily Bits ✍️✍️✍️

    • Circle is going public at a $4.5B valuation.

    • Ash Egan is launching a $55M crypto VC fund.

    • Bank of America has created a team dedicated to research crypto.

    • SEC delayed its decision on the SkyBridge ETF until August.

    • Senator Elizabeth Warren warned against crypto risk and asks the SEC for more regulation: “While demand for cryptocurrencies and the use of cryptocurrency exchanges have sky-rocketed, the lack of common-sense regulations has left ordinary investors at the mercy of manipulators and fraudsters.”

What Do You Meme?

What’s Poppin’?

UK Banks Are Blocking Customers From Binance

On Monday, Barclays announced that its customers would no longer be able to use credit or debit cards to make payments to Binance. The UK-based bank sent a notice saying, “As you’ve made a payment to Binance this year, we wanted to let you know that we’re stopping payments made by credit/debit card to them until further notice. This is to help keep your money safe.”

On Thursday, Spanish banking giant Banco Santander announced a similar move by blocking payments to Binance for UK customers. A spokesperson explained, “In recent months we have seen a large increase in UK customers becoming the victims of cryptocurrency fraud…Keeping our customers safe is a top priority.”

Binance has also temporarily suspended payments from the Single Euro Payments Area (SEPA), the EU’s payment network, according to a report from the Financial Times. Binance described the suspension as “beyond our control” and that it is “working hard to find a solution with our partners.” The company expects to have SEPA payments live within seven days. For now, customers in 36 countries cannot use the system to deposit cash onto Binance (withdrawals are still allowed).

Binance’s regulatory struggles come after a June announcement from the UK Financial Conduct Authority (FCA) that said Binance should not be allowed to operate within the UK.

According to CNBC, Binance’s struggles have boosted rival exchanges. Bitstamp, for example, has seen its customer base grow 138% since the FCA’s notice. CNBC also notes that Kraken and Gemini have seen an uptick in UK signups over the past few weeks.

With compliance appearing to be a significant issue, Binance CEO Changpeng Zhao posted a blog outlining Binance’s plan for regulation and development as the crypto industry grows. Zhao expressed plans to grow Binance’s international compliance team, expand compliance partnerships with companies like CiperTrace, and localize business operations. Coming through on the promise to localize, Binance announced the hire of Jonathan Farnell as the Director of Compliance of its European Compliance Team.

Recommended Reads

  • Bitcoin scammers are targeting Tinder users:

  • If you ever wondered what an NFT contract looks like, now you’re just one click away:

  • Andrew Bull on why regulators everywhere should mimic Wyoming’s DAO law:


On The Pod…

How Axie Infinity Boosted Revenue 400%+ in 30 Days

Aleksander Larsen, co-founder and CEO of Axie Infinity, discusses Axie Infinity’s recent growth, which has seen the platform do 20X the volume of NBA Top Shot in recent days. Show highlights:

  • what is Axie Infinity?

  • why there has been such an uptick in network activity and profitability

  • how the Axie Infinity team came together

  • how Axie Infinity uses blockchain technology within its game

  • how Axie Infinity leverages the ‘play to earn’ mania sweeping across Web3 applications

  • what problems may arise as Axie Infinity starts to decentralize

  • how Axie Infinity is attempting to lower the expensive barrier to entry that comes with blockchain-based games

  • why the Philippines is going crazy for Axie Infinity

  • why building out a sidechain has been such a positive development for the company

  • the two ways Axie Ininity makes money

  • what’s next for Axie Infinity

Book Update

My book, The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze, is now available for pre-order now.

The book, which is all about Ethereum and the 2017 ICO mania, comes out Nov. 2nd. Pre-order it today!

You can purchase it here: http://bit.ly/cryptopians