It’s been an eventful week in Crypto with the UK, Japan and Canada cracking down on exchanges providing unregulated investment services without meeting regulatory and compliance standards. But we still see Crypto prices rise from last week’s bearish path.
Bitcoin Up Despite Regulatory Crack Downs
I watched in awe on Monday as Bitcoins price once again ascended jumping nearly 10% overnight taking it back to above £35,000 on Monday morning. Regardless of the FCA issuing a “Consumer Warning” on Binance Markets Limited and the Wider Binance Group on Saturday stating that they were “not permitted to undertake any regulated activity in the UK”. It looks to me that regardless of where they are operating Binance is comfortable in the grey areas of the law.
Do Binance Care Given Their Quick Exit from Ontario?
In short NO! The Binance Group may have felt a small sting from the FCA’s move, given its recent sizable spend targeting the UK with ads pushing its high returns on investments in crypto assets. We have seen Binance rapidly pull their services to customers in Ontario following The Securities Commission’s allegations of operating an unregistered crypto asset trading platform against Bybit and KuCoin. Given that Cayman Island based exchanges public statements I don’t think it has phased them.
Dogecoin Rises As Musk Takes To Twitter Again
The price of Dogecoin was also on the rise as the Tesla chief said on Monday that it’s “important to support” the proposal to update the way in which transactions take place. This would shrink the average fee for standard transactions by close to one hundred times.
Latin America Facing Hurdles
I was disappointed but unsurprised to learn The World Bank has rejected requests from El Salvador to “help” with its commitment to taking Bitcoin mainstream as legal tender. The international lender cited increasing concerns over transparency and environmental impact of Bitcoin mining and declined the request for technical help.
I think it’s interesting that Ricardo Salinas Pliego the Mexican Billionaire has taken to Twitter in another strong show of Latin American support for mainstreaming crypto, as he pledged that Banco Azteca is working to be the first bank in Mexico to accept Bitcoin.