Crypto Flipsider News – August 10th – Circle Bank, Poloniex, Binance and Coinbase CEOs, AMC, Indian Unicorn
- Circle aims to become national cryptocurrency bank
- Poloniex to pay $10 million settlement to the SEC
- Executives leave crypto exchanges. New trend?
- Popcorn, Cola, and Bitcoin: AMC cinemas to accept crypto
- Unicorns are born in india as well: CoinDCX to be the first
Circle Aims To Become National Cryptocurrency Bank
Circle, the US crypto payment firm and USDC issuer, aims to become a full-reserve national commercial bank built on cryptocurrency technology. CEO Jeremy Allaire says this could “lead to a radically more efficient, safer, more resilient financial system”.
Circle is prepared to operate under the supervision and requirements of the Federal Reserve, US Treasury, OCC and FDIC, he added.
Circle is backed by Goldman Sachs and plans to go public on the New York Stock Exchange (NYSE).
There are more than $27.5 billion worth of USDC in circulation.
Flipsider:
- Days ago private stablecoin issuers received support from the US Federal Reserve. The governor, Christopher Waller, supported private innovations in money and stablecoins issued by the private sector. In the meantime, the SEC and US Treasury asked for greater regulation on stablecoins.
Poloniex To Pay $10 Million Settlement to the SEC
Poloniex LLC agreed to pay over $10 million to the SEC. Poloniex LLC was charged for operating an unregistered online digital asset exchange from July 2017 to November 2019.
The popular crypto exchange violated the Exchange Act. The SEC also noted that Poloniex was trading unregistered securities during that time.
Flipsider:
- SEC Commissioner Hester Pierce opposed the charges saying that at that time the SEC was very slow and cautious in determining how regulated entities could interact with crypto.
She also hinted at an unclear regulation that new crypto trading platforms have to deal with if they want to be registered.
Executives Leave Crypto Exchanges: Coinbase, BinanceUS, PancakeSwap
- Coinbase VP of Capital Markets, Brett Redfearn, has left the company 4 months after being hired at the biggest US crypto exchange. The former SEC official named a shift in Coinbase’s priorities as the main reason for leaving. According to him, digital asset securities are no longer a priority. Coinbase says DeFi is the main priority now.
- CEO Brian Brooks resigned after less than four months at BinanceUS. He named differences in the strategic direction as the main reason for leaving. Brooks earlier mentioned building BinanceUS trust with regulators as one of his main priorities.
- Brooks was the former Acting Comptroller at the Office of the Comptroller of the Currency and Chief Legal Officer at Coinbase.
- Wu Blockchain shared unconfirmed data of changes in the PancakeSwap management team. PancakeSwap is the leading DEX on the Binance Smart Chain.
Flipsider:
- What a coincidence: one CEO leaves while his employer’s “sister” exchange is dealing with intense regulatory scrutiny worldwide. Another one though leaves the exchange that aims to dive deeper into unregulated DeFi.
Popcorn, Cola, and Bitcoin: AMC Cinemas to Accept Crypto
The largest movie theatre chain in the world, AMC Entertainment, announced that the company will have ready infrastructure to start accepting Bitcoin by the end of the year. In a conference call, the chairman and CEO Adam Aron confirmed this alongside payment options such as Apple Pay and Google Pay.
For now, the feature will be available only for the American market. However, as Aron revealed plans to open dozens of cinemas in the USA, Europe, and the Middle East, there is a possibility for the innovation to spread its frontiers.
Flipsider:
- Indeed, a great announcement. Now, just imagine the pain of people who came to watch Vitalik Buterin’s film about Ethereum after realizing the only payment option is Bitcoin
Unicorns Are Born in India as Well: CoinDCX to Be the First
The biggest Indian crypto exchange became the first crypto unicorn in the country. CoinDCX, a Mumbai-based company, raised $90 million in the Series C round. CoinDCX was launched in 2018. Now, it has 3.5 million users. Sumit Gupta, co-founder and CEO, hopes to reach a customer base of 50 million in the future.
Flipsider:
- Although the amount of Indian investments into crypto has increased almost 7 times, Indian crypto regulations are still questionable. To be precise, India has no clear regulations on cryptocurrencies yet.
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, @KhareemSudlow