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👀 Binance Hits Another Wall, This Time In Singapore

Check out the latest stories in the cryptocurrency industry.

Hey Blockster, Binance, one of the largest crypto exchanges within the industry, has been having a tough year so far. Following increased regulatory scrutiny in countries like the US, the UK, Germany, and Japan, the company had to halt many of the services it has been offering for customers worldwide. While Binance has a feature-rich platform, many of its offerings are unlicensed, which has raised some red flags at regulators. As a result, authorities have issued warnings to both the exchange and its customers, requiring the prior to halt certain activities, such as tokenized stock trading. At the same time, multiple banking and payments partners of the business have announced that they would cease offering services for Binance to avoid potential investigations, fines, or other repercussions from regulators. While the company has signaled that it is planning to cooperate with regulators and comply with their rules, it recently hit yet another wall. This time, Singapore's MAS requested Binance to halt the payment services it has been providing to the Asian nation's citizens, arguing that the company may have breached the Payment Services Act's rules. Check out this article on Blockdesk to learn more about Binance's case with Singapore's regulators. Fed Chair Jerome Powell Supports Digital Dollar, Dismisses Crypto – Since the early years of the industry, it has become trendy for bankers to bash cryptocurrencies. This time, the Federal Reserve's chairman dismissed crypto and praised central bank digital currencies (CBDCs) instead in a new speech. Crypto Exchange Poloniex to Settle SEC Charges in the US – Recent regulatory scrutiny is not exclusive to Binance. The crypto exchange Poloniex has been recently fined by the US Securities and Exchange Commission (SEC) for operating an unlicensed exchange that facilitated the trading of cryptocurrency securities. 4 Worst Performing Mainstream Cryptos This Summer – As the crypto market is on the rise again, we know that coins like BTC, ETH, AAVE, LINK, and UNI have all recorded excellent gains in the past few weeks. But what about the popular cryptocurrencies that featured the worst performance this summer? Could the Stock Market Sell-Off Have Boosted the Crypto Market? – There has been some kind of connection between the crypto and stock markets lately. However, despite that stocks have taken a significant hit in July, cryptocurrencies continued to rally. Hope you enjoyed today's stories. We will come back with more on Monday. See you then! Cheers, The Blockster Team © 2021 Blockster. All rights reserved This message was sent to lelakikelasmenengah@gmail.com by info@blockster.com Queensway, Midtown, Giblartar GX11 1AA, Gibraltar Unsubscribe | Manage Subscription | Forward Email

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