Binance Banned in the U.K.

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Binance is kicked out of the United Kingdom, Grayscale adds Cardano and a new study reveals which country ranks highest in adopting crypto. These stories and more this week in crypto.

Binance Markets Limited—a division of Binance, arguably the largest and most popular crypto exchange in the world—is being kicked out of the U.K. as the country’s Financial Conduct Authority works to regulate and limit digital currencies. A statement was released explaining that the firm had not met the legal standards set forth by the agency.

Grayscale has added the fifth-largest crypto by market capitalization, Cardano, with its underlying currency (ADA) or ‘ada’ to its large cap fund. The ADA holdings now make it the third-largest holding in the fund, behind bitcoin and ethereum. The addition of ADA comes just weeks after the company updated its ‘assets under consideration’ list.

Mercado Bitcoin—the first crypto exchange established in Brazil—has raised $200 million in Series B funding from the SoftBank Latin America Fund. The company is just one of several enterprises owned by 2TM Group, which is currently valued at more than $2 billion, making it one of the largest financial firms in the country.

Twitter has released its very own non-fungible tokens (NFTs). The company is handing out 140 Twitter-themed tokens to its users, who can then accept the bids that are racking up on NFT marketplace, Rarible. Twitter’s CEO, Jack Dorsey, is a big fan of NFTs. In March, he sold his first-ever tweet as an NFT for $2.9 million.

The popular investment application, Betterment, is looking to offer cryptocurrency services to its users. It’s worth noting that the app is currently servicing upwards of 600,000 people, and it might be a great step towards further crypto adoption if it comes to fruition.

Ark Invest—headed by longtime bitcoin bull Cathie Wood—has submitted an application to the SEC for a bitcoin-based exchange-traded fund (ETF). This is the ninth separate crypto-based ETF application awaiting approval from the SEC, though the agency has not made it clear whether it plans to be any more open minded towards crypto in the coming future.

Furthering his involvement with cryptocurrencies, legendary football player Tom Brady, along with his wife –   in the popular cryptocurrency trading platform – FTX.  Although the amount of the equity stake has not been disclosed, it is known that the couple will receive some sort of payment in cryptocurrencies.

According to a new study, the country that is most ready to initiate widespread adoption of cryptocurrencies is the United States. The study suggests that the U.S. boasts the highest number of crypto ATMs, experiences the most online crypto searches and ranks the highest in useability among individuals and banks.

That’s what’s happened this week in crypto, see you next week.

 

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