● Binance becomes El Salvador’s first fully licensed crypto-asset exchange
Binance announced that the Banco Central de Reserva of El Salvador has granted Binance a Bitcoin Service Provider License (BSP). At the same time, its National Crypto-Asset Commission (Comisión Nacional de Activos Digitales) has granted Binance the country’s first non-temporary crypto-asset service provider license (DASP). Since then, Binance has become the first fully licensed cryptocurrency exchange in El Salvador Place.
To date, Binance has been approved and registered in 18 markets around the world, including France, Italy, Spain, Sweden, and Dubai, more than any other cryptocurrency exchange. Min Lin, Head of Binance Latin America, said: “We are grateful to the Central Reserve Bank and the National Crypto-Assets Commission. Their adoption of blockchain technology has created the conditions for the industry to flourish in El Salvador, demonstrating ‘security’ and ‘innovation’. 'They complement each other. Now, El Salvador joins the list of countries around the world that have granted Binance a regulatory license."
● Binance Reserve Certificate: The ratio of the net balance of all Binance assets to the net balance of customers exceeds 100%, which is sufficient to pay user funds
According to Cointelegraph, Binance released the latest Proof of Reserve (PoR) on August 1. The latest reserve audit shows that Binance holds enough cryptocurrency and cash to cover user funds. The ratio of Binance’s net balance of all assets to its customers’ net balance exceeds 100%.
PoR shows that Binance’s USDC balance dropped from over $3.4 billion on March 1 to approximately $23.9 million on May 1. On-chain data shows that after Silvergate collapsed on March 12, Binance began converting its USDC reserves into Bitcoin and Ethereum. On-chain analyst Aleksandar Djakovic pointed out that Binance purchased approximately 100,000 BTC and 550,000 ETH between March 12 and May 1, totaling approximately $3.5 billion, the same amount as its USDC surplus.
● The Bank of England advances plans for a systemic stable currency system
According to CoinDesk, the United Kingdom recently passed the Financial Services and Markets Act 2023, giving the Bank of England the power to establish a systemic stable currency system. Monday’s consultation response revealed that the Bank of England (BoE) plans to continue implementing its plans for a systemic stablecoin regime. The consultation stipulated that systemic stablecoins would be regulated by the Bank of England and the Financial Conduct Authority (FCA), which was welcomed by respondents. Respondents and governments also support extending the accountability framework (which assesses whether a regulator’s approach is future-proof) to systemic stablecoins.
● Brazil’s central bank named its digital currency DREX and plans to launch it in 2024
According to Reuters, Brazil’s central bank announced on Monday that the digital currency it plans to launch next year will be named DREX, aiming to use the currency to promote financial services. The central bank expects that the adoption of Brazil’s digital currency will be implemented by the end of 2024 after the testing phase is completed.
● HSBC Hong Kong responds to the difficulty of opening accounts for crypto companies: Accounts can be opened after obtaining a license and passing KYC and AML review
According to the Economic Times, in response to "The Hong Kong SAR government hopes to expand the virtual asset industry and build a good ecosystem in Hong Kong, but there are reports that technology companies face difficulties when opening bank accounts," HSBC Hong Kong Chief Executive Officer Lam Wai-hong responded that no To rule out any misunderstandings in communication between operators and banks, the Hong Kong Monetary Authority and the Securities and Futures Commission have set out a clear framework. Those who meet certain conditions can obtain a license and be able to use HSBC’s Know Your Customer (KYC) and Anti-Money Laundering (AML) After review, you can naturally open an account with the bank. As for complaints in the market, you should check with the operator to see if it complies with the regulatory framework.
● There are currently more than 66 fake PYUSD tokens appearing on multiple chains, investors need to be wary of risks
According to CoinDesk, DEXTools data shows that there are currently more than 66 counterfeit PYUSD tokens on Ethereum, BNB Chain, Base and other networks, and most of them are already circulating on Ethereum. Scammers are trying to exploit PayPal USD (PYUSD), the U.S. dollar stablecoin launched by PayPal, to commit fraud by issuing fake tokens on various networks. Investors need to be aware of the risks.