Crypto Biz: Binance’s chaotic June, miners gear up for halving, Bitfinex’s Latam expansion
June was a tough month for Binance, as it faced stress tests worldwide after the United States Securities and Exchange Commission (SEC) filed a lawsuit against the crypto exchange and its leadership.
In a nutshell, over the past 30 days, the Belgian financial regulator ordered Binance to cease all crypto services, the exchange failed to obtain a license in the Netherlands, Binance’s Brazil head has been subpoenaed to appear before Congress concerning a Ponzi scheme investigation, and just a few days ago, another ongoing investigation in France became public.
And there’s more: Binance’s United Kingdom-based subsidiary canceled its registration with the Financial Conduct Authority, and in the U.S., the exchange still has a long road ahead in its struggle with regulators. Moreover, the exchange was denied a crypto custody license in Germany and lost its euro banking partner.
Yet, despite all these developments, Binance remains untouched as the top dog among centralized exchanges, with $58.11 billion in total value locked, down from $63.8 billion on June 1, according to data from DefiLlama. The exchange’s next big focus is in the United Arab Emirates, an allegedly “prime destination” for crypto businesses seeking a clear path forward.
“We keep building,” Binance CEO Changpeng Zhao said in a tweet on June 28, following a long and hectic month.
This week’s Crypto Biz looks at the story behind Binance’s debanking in Australia, Bitcoin (BTC) miners preparing for the next halving, MicroStrategy’s latest Bitcoin purchase and Bitfinex’s expansion in Latin America.
There was no prior warning, consultation or redress. In the middle of the night, Binance Australia’s team was suddenly told it would be “cut off” from the country’s banking
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