● Binance CMO: Binance is still the most compliant cryptocurrency exchange to date
According to an exclusive report by CryptoPotato, Binance Chief Marketing Officer (CMO) Rachel Conlan stated in an interview that she remains confident in Binance despite regulatory and reputation challenges. Conlan, who has more than 20 years of diversified marketing experience, said that the reputation problems in the cryptocurrency industry can only be combated through education. She emphasized: "This can only be achieved by putting the right educational tools in the hands of our core community."
In response to the recent stringent regulatory scrutiny that Binance has faced, Conlan emphasized: "We remain the most compliant exchange today." She further noted that Binance will continue to work with regulators to establish a more complete regulatory framework. Speaking of Binance's future, Conlan predicted that Binance will have significant global expansion with a goal of reaching 1 billion users, which is a strong optimistic signal for the exchange in the current volatile environment. She said, "In terms of our global expansion, we currently have more than 150 million users. This number is still quite reasonable considering the global popularity of cryptocurrencies. So, we still have a long way to go before reaching 1 billion users."
● Binance Academy usage grew 62%, with the majority of growth coming from learners in emerging markets
According to data released by Binance Academy, Binance's open blockchain and crypto education platform Binance Academy has seen a 62% increase in users. From September 2022 to August 2023, the number of individuals seeking crypto education has increased significantly. Since its inception in 2018, 39 million people have used the platform to further their knowledge of blockchain technology and cryptocurrencies. So far this year, the most popular topics in crypto education include the metaverse, Bitcoin, crypto wallets, and candlestick charts. Beginner-level articles on how to trade cryptocurrencies, what is blockchain technology, and how to use crypto wallets have been the most popular content on the platform.
Binance Academy noted that the increase in the number of people seeking crypto education reflects the rise in global crypto adoption. This year, users interested in crypto education on the platform mainly come from emerging economies such as India, Bangladesh, Turkey, Ukraine, and Indonesia.
● Taiwan Financial Supervisory Commission releases virtual asset platform (VASP) guidelines
According to Bitfinance, the Financial Supervisory Commission (FSC) of Taiwan officially announced the guidelines for virtual asset platforms and trading businesses (VASPs), based on the Anti-Money Laundering Act to strengthen platform self-discipline and customer protection. The guidelines include 10 key points: 1. Announcement specifications for issuing virtual assets; 2. Virtual asset delisting and delisting review mechanism; 3. Separate custody of platform and customer assets; 4. Ensure transaction fairness and transparency; 5. Customer protection regulations, including contracts, advertising and complaint handling; 6. Operating systems, information security and cold and hot wallet management; 7. Information announcements and disclosures; 8. Internal control and audit mechanisms; 9. Personal currency traders’ anti-money laundering declarations; 10. Foreign currency traders must comply with the Company Law and FSC regulations, otherwise they are not allowed to solicit business in Taiwan or for Taiwanese. The FSC emphasized that it will encourage VASP operators to self-discipline in accordance with these guidelines to strengthen internal control and protect customer rights.
● Bernstein report: Crypto fund management market is expected to reach $50 billion in value
According to CoinDesk, Bernstein said in a research report on Monday that with the expected launch of spot Bitcoin exchange-traded funds (ETFs) in the United States, revenue from cryptocurrency fund management business could be as high as $50 billion, equivalent to 4% of the current crypto market size. The research report, written by a team of analysts led by Gautam Chhugani, predicts that in the next five years, the crypto industry will transform from a "family-based industry" with $50 billion in assets under management to a well-regulated industry with assets under management of between $500 billion and $650 billion.
The report also mentioned that demand in the industry will come mainly from "investment advisory, integrated wealth and private banking products, and easier access to ETFs in direct brokerage accounts." This would mean that the ETF share of Bitcoin (BTC) and Ethereum (ETH) market capitalization would reach 10%, and the share of crypto hedge funds would reach 5-6%. Bernstein predicts that by 2024, as ETFs are officially approved, crypto-finance adoption will show a “hockey stick” growth.
● Chainalysis report: UAE becomes leading DeFi country in MENA region
According to CryptoPotato, a Chainalysis report delves into the reasons why the MENA region (Middle East and North Africa) ranks as the sixth largest crypto economy. The report shows that the adoption of cryptocurrencies in the MENA region is increasing. In countries with unstable currencies or high inflation rates, cryptocurrencies are seen as a means of protecting wealth. In contrast, in economically stable countries, such as the UAE, people are more inclined to explore innovative and investment-oriented applications of cryptocurrencies.
The UAE stands out the most in the MENA region, with a much higher share of crypto activity on decentralized finance (DeFi) protocols than its regional neighbors, with the exception of Israel. The UAE has transformed itself into a global cryptocurrency hub by adopting an innovation-friendly regulatory framework, which has attracted a large number of cryptocurrency entrepreneurs and enthusiasts to the region, potentially explaining the increase in DeFi usage.
● US judge approves BlockFi's bankruptcy plan
According to Cointelegraph, a document shows that U.S. Bankruptcy Judge Michael A. Kaplan approved BlockFi’s third revised Chapter 11 bankruptcy plan at a court hearing on September 27. The amount of repayment received by BlockFi’s unsecured creditors will largely depend on whether BlockFi can succeed in its legal proceedings against FTX and other bankrupt crypto companies.
BlockFi is estimated to owe more than 100,000 creditors as much as $10 billion, including $1 billion from its three largest creditors and $220 million from bankrupt crypto hedge fund Three Arrows Capital.
● Data: Ethereum has generated more than $10 billion in revenue in 7 years
According to data compiled by analytics platform Token Terminal, it took Ethereum about seven years to generate $10 billion in revenue based on ETH spot prices, second only to Alphabet, which took about six years.
Ethereum's revenue mainly comes from its transaction fees (measured in gas fees). Depending on the complexity of the transaction, the network charges different gas fees. However, the revenue generated depends on the network activity, and the higher the volume of transactions processed, the higher the fees per block.
● The founder of Ordinals proposed a new protocol based on the Bitcoin network, Runes, as an alternative to BRC20
According to Cointelegraph, Ordinals founder Casey Rodarmor proposed a new protocol based on the Bitcoin network, called Runes, as an alternative to BRC20.
Rodarmor believes that the problem with BRC20 tokens is that they generate “junk UTXOs” and take up space in Bitcoin.
Rodarmor said in a Sept. 25 post that BRC20 tokens have the property of “undesirable UTXO increase,” and he said Runes is a UTXO-based protocol that is more naturally adapted to Bitcoin and promotes the minimization of the UTXO set by avoiding the creation of “junk UTXO.”
