Binance Banned in Malaysia, Uruguay Saying Yes to Cryptocurrencies, Akoin Ready for a National Rollout, Google Lifts the Crypto Ad Ban
In this edition:
- The Saga Continues: Binance Banned in Malaysia
- Uruguay on the Way to Enable Crypto Payments
- Everything Is Ready for Akoin’s National Rollout
- Google Is Running Cryptocurrency Ads Again
Long time no see, my fellow Anchorians! I hope you are having an amazing summer (or winter), and that you are all safe & sound!
Since we haven’t spoken in a month (I know, I know, you missed me terribly), a lot of exciting occurrences have happened in the world of crypto. In this jubilee 90th edition, we won’t talk much about the current price fluctuations or the market situation, but instead, we’ll discuss the latest global trends in our industry.
For starters, everybody seems to be at war with Binance – from Europe to the far East. Latin America, however, paves its way to becoming a crypto continent. Africa’s not far behind since the Akoin project is turning out to be a great success. And for my crypto marketers, the best news so far – Google ads are once more available for cryptocurrencies!
As you can see, there are a lot of things to discuss in this Roundup, so without further ado, we are diving straight in! Welcome to the 90th edition of Anchor’s Monthly Crypto Roundup.
The Saga Continues: Binance Banned in Malaysia
It’s Malaysia’s turn to come after Binance! So, the exchange giant got a public reprimand from the Malaysian authorities (more precisely, the Securities Commission (SC) Malaysia) due to its ‘’illegal operations in the country’’.
‘’Accordingly, the SC has issued a public reprimand against Binance for continuing to operate illegally in Malaysia despite being included in the SC’s Investor Alert List in July 2020. In this regard, the public reprimand was issued against Binance Holdings Limited (Registered in the Cayman Islands), its CEO Zhao Changpeng, as well as three other Binance entities, namely Binance Digital Limited (Registered in the UK), Binance UAB (Registered in Lithuania) and Binance Asia Services Pte Ltd (Registered in Singapore),’’ it was stated in the release.
Binance has technically been operating illegally even after the first warning in July last year, so now the major crypto exchange has only 14 business days to shut down all operations in Malaysia and comply with the SC’s order to ‘’disable its website and mobile apps, as well as to discontinue any media campaign for its services in the country’’.
“We do not operate out of Malaysia. Binance takes a collaborative approach in working with regulators in navigating this emerging industry and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules, and laws in this new space,” said the spokesperson from Binance for Cointelegraph.
This entire story begins to look like a true witchhunt on Binance from national finance regulators. The list of countries that are issuing orders against the crypto exchange is practically growing every day now – Italy, Germany, Poland, Japan, Thailand, Singapore, the US, and the UK. We can only wait and see how this story will unfold.
Uruguay on the Way to Enable Crypto Payments
Luckily, Latin America loves cryptocurrencies! After the historic crypto adoption moment in El Salvador, many countries in the region decided to take steps in the same direction.
Juan Satori, a Senator from Uruguay, has introduced an important bill intended to advance crypto adoption in this South American country. According to the bill, “crypto assets will be recognized and accepted by the law and applicable in any legal business. They will be considered a valid means of payment, added to those included in the Law of Financial Inclusion.”
While this bill doesn’t propose crypto as a legal tender (like in El Salvador), the Senator tweeted: ‘’Cryptocurrencies are an opportunity to create investment and jobs. Today we present a bill, pioneer in the world, that seeks to establish a legitimate, legal, and safe use in businesses related to the production and commercialization of virtual currencies in Uruguay.’’
We mentioned many Latin American countries in the previous editions of our Roundups, but let’s sum it all up again – Paraguay has presented a BTC bill earlier this summer, Panama is also looking to adopt cryptocurrencies on a national level, and Argentinians want to be paid in crypto, due to the country’s ongoing struggle with inflation. Colombia is also preparing a crypto adoption bill, after experimenting with blockchain technology and digital currencies.
Everything Is Ready for Akoin’s National Rollout
This is not the first time we’re mentioning Akon’s famous crypto project. In November 2020, we explained: ‘’In the next few months, an official pilot program will take place in Mwale Medical Technology City, or MMTC, in western Kenya with projected 30,000 transactions per month. In the meantime, AKN can be traded globally thanks to the launch on the Bittrex exchange.’’
According to Akon and the MMCT founder Julius Mwale, the initial pilot program was a success and everybody’s excited about a national rollout beginning next month. The plan is to have $5 million worth of transactions monthly. Akoin currency was created to boost the economy and help entrepreneurs and business owners to scale up their businesses.
“A major launch event scheduled for September will include the launch of a new hospital wing in MMTC and the activation of Akoin across 5,000 beds at the Hamptons Hospital and 30,000 transactions per month, utilizing Akoin’s Atomic Swap technology, Merchant Services, and Akoin Credit and Debit Cards,” said the project’s spokesperson.
Wakanda-like? We agree. It’s so encouraging to see such a disruptive growth in the technological and financial landscape around the world. Akoin indeed has big plans since the main idea is to become the “second most popular payment platform in Africa after M-Pesa’’ by the end of 2022.
The ultimate idea, of course, is an all-crypto Akon city and after that, why not the entire continent. Good luck and keep up the good work!
Google Is Running Cryptocurrency Ads Again
A new Google policy went into effect on August 3rd – we can finally advertise crypto-related services such as exchange or wallet solutions on Google once more!
While lifting the ban from June 2018 is more than refreshing, there are still strict requirements that must be met in order to advertise crypto. In this manner, Google wants to minimize the risk of scams.
Firstly, all advertisers have to be registered with the Financial Crimes Enforcement Network as a “money services business and with at least one state as a money transmitter, or a federal or state-chartered bank entity.” ICOs, decentralized finance trading protocols, or the promotion of purchasing, selling or trading cryptocurrencies are also not allowed.
While e.g. TikTok decided to ban crypto-based promotional content last month, Google seems to have a new policy when it comes to cryptocurrencies. Baby steps, ok, but steps nonetheless. Is the entire paradigm towards crypto changing? According to the global events, I’d say yes. In any case, you know where to find the updates!
And the second edition of Anchor’s Crypto Roundup – the 90th in total – ends right here. After all this time, it’s amazing to see developments around the globe regarding crypto adoption. Some hurdles, however, remain.
The industry of crypto is not perfect, but it’s certainly very progressive. There are constantly new solutions, ideas, and partnerships rising. And when it comes to regulators, sovereign countries, and official bodies – if you can’t beat them, join them – seems to be the new policy.
Please, stay safe and take care, my dear fellow Anchorians. And until the next month, you know the drill well – I wish you safe winds and the following seas!
Disclaimer: The information provided in this post is not legal, accounting, or financial advice. I am not a lawyer, accountant, or financial advisor. I am not registered as an investment adviser with any federal or state regulatory agency. The Information should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies.