According to the UK Financial Conduct Authority (FCA), Binance’s request to deregister Binance Markets Limited was completed on May 30. Now, no other Binance entity holds any authorization from the FCA to provide regulated services in the country.
Bitcoin now accounts for half of the total crypto market cap – crossing 50% dominance for the first time since April 2021. Bitcoin dominance found a local bottom at 39.9% around November 2021 – when FTX, and its native FTT token, collapsed, triggering narratives around worthless altcoins and Ponzinomics.
Deutsche Bank AG has applied for regulatory permission to operate a custody service for digital assets such as crypto currencies. “We’re building out our digital assets and custody business,” David Lynne, who runs the lender’s commercial banking unit, said at a conference Tuesday. “We just put our application into the Bafin for the digital asset license,” he said, referring to Germany’s securities watchdog.
In a meeting of the U.K. Parliament’s House of Lords on June 19, many members advocated for the passage of the Financial Services and Markets Bill — legislation aimed at strengthening the country’s financial services industry. The bill went through a third reading in the House of Lords, one of the final stages in passage before considering any additional amendments and being signed into law.
Volatility Shares’ 2x Bitcoin Strategy ETF (BITX) will become the first leveraged crypto ETF available in the United States after the U.S. Securities and Exchange Commission (SEC) let it go effective on Friday, an executive at the company told CoinDesk.
And that’s all for last week’s news! Wishing you a great week ahead!
With history in the making as El Salvador makes Bitcoin legal tender on September 7th, 2021, we examine the implications for the country’s financial system, its people, and the global remittance industry.
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