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Binance hit yet again?

Published 10 months ago • 4 min read

Looks like Binance is getting hit yet again with more regulation BS.

But is it all doom and gloom? Every cloud has a silver lining and all that, but this level of regulation might well be what's needed to separate the luke warm from the true believers.

More on that below, and let me know your thoughts.

First though...


Quick hits

  • Making Ripples with Colombia's central bank - Ripple's partnering with Colomboia's Banco de la Rebúlica. Another good signal that blockchain tech can bring real value to established and (let's be honest) outdated baking systems.
  • OKX's believes Oracles will shape Web3's future - Look, I'll be honest. I'm not 1200% up on what Oracles are and do in real terms. But this is a great p[iece that explains how they could be the future of Web3 by providing a bridge between valuable Web 2.0 data and dApps.
  • AI and Blockchain revolutionising insurance industry - I've long said that AI and blockchain are not competing, but complementary technologies. The two of them together are setting up to re-shape the insurance industry for the better.
  • St Louis Blues using Web to the fullest - The St Louis Blues (I dunno anything about them as I'm in the UK) are set to incorporate more detailed Web3 functionality setting a precedent for other sports brands. They're not just implementing basic NFTs, but also a "use to earn" fan app and metaverse store, all with tracking on-chain actions form users. Is this the future of Web3 for fan-based apps?

Mentioned projects we've reviewed:

OKX.


Binance hightails it out of the Netherlands

A little while back I was scrolling through LinkedIn and spotted the below post from Filippo Chisari (a Web3 VC).

Binance seems to be having a tough time of it lately. They've been served by the SEC in the US and there was a lot of worry about them freezing US users assets (which didn't happen in the end).

I've been wrong before, but I don't think we have another FTX on our hands here.

I do, however, think that Binance is in for a tough time. They're apparently firing Binance US staff in anticipation of a costly battle with the SEC.

And now with them exiting the Dutch market, it's not a great look. These things could be connected, but no one knows that for certain just yet.

It's definitely something to keep an eye on, especially for those who use Binance both in and out of the US.

Here's what I think is really interesting here though.

The heavy-handed regulations in various territories are going to create winners and losers when it comes to blockchain technology development.

Right now, they're only going after the crypto exchanges (cause these guys always chase the money). But by making themselves unfriendly to crypto, they're also alienating the wider blockchain and Web3 markets who might want to leverage crypto for growth or monetisation.

It's making places like the US a far less appealing location to set up a Web3 and blockchain-based business.

There's already a lot of news about crypto brands looking to move overseas from the US.

On the other hand, you have places like Hong Kong, Dubai, and London that are aiming to become crypto and Web3 hubs.

They seem to believe that the revolution of the internet to be more decentralized is the future.

And, like anyone with half a brain, they realise it's better to ride that implacable wave than try a half-arsed effort to stop it.

The biggest indicator that the US based brands might be facing trouble recently was A16Z's notice they're opening a London based office for their crypto arm.

Think what you want of A16Z, but their influence in this space is undeniable. They are the player when it comes to VCs, and where they move, others will follow.

Some will follow because they'll want to chase the money for themselves. Others will because they're simply following positive signals.

There's a part of me that loves these developments. I'm from the UK and live in London, so I stand to gain from this. I spent years living in Hong Kong and I love seeing them win.

But another part of me is sad for the US. I'm married to an American and I'm consistently amazed at some of the bad decisions that are being made there.

Still, we'll have to see how it goes.

If the EU and the US continue to make it difficult for crypto brands to operate, we're going to end up with a handful of hubs. Great if you live in one, terrible for those who don't.

It could have a net negative effect on the industry as a whole, making more losers than winners.

What's your thougths?


Featured projects

A couple of cool projects I think you should be aware of.

  • Payant - Payant is aiming to take the hassle and confusion out of freelance and contractor payments. A great solution that's just gearing up for their public launch. If you hire freelancers or are a freelancer, check them out. It's a cool team.
  • Blocksee - I spoke to Josh at Blocksee (a Web3 CRM) a while ago and he mentioned they had a client that was using their service in conjunction with facial scans of cattle to map ownership. Which is mad cool. In other news, they're just gearing up to release a slew of new features that will make managing a community so much easier while giving your community members a tonne of cool features to self serve.
  • HollaEx - HollaEx lets you set up a white-labelled crypto exchange. Pretty cool for those who have a site and audience who want to allow them to trade on their site. They've already got a couple of good reviews from users on DR.

Good take

A good take below from Tokenomics consultant Hristo.

A lot of Crypto Maxis were very anti-tradfi and, as he mentions, TradFi responded in kind.

Web3 isn't a replacement for the existing services and brands out there. It's a way to make them better for all.

What's your take?

Decent Reviews Newsletter

by Pete Boyle

Covering the biggest developments and projects in blockchain and Web3, and how they're going to affect usability and industry growth.

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