Binance Ceasing Operations in Belgium 🇧🇪

GM. This is Degen Scoop. It’s Monday, here’s the scoop:

• Binance Ceasing Operation in Belgium 🇧🇪

• Azuki Announces New Collection ⚔️

• KYC Hold Back Wall Street From Crypto 🪪

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Binance To Cease All Operations Inside Belgium

Binance has had a rough few months now, with attacks coming from varied sources. This time, the Belgian FSMA has instructed them to cease operations in their country for violating AML and terrorism regulations. Binance was specifically instructed to cease operations “with immediate effect” in the whole of Belgium.

Leading up to this, the FSMA had made several requests for specific information regarding Binance operations but received unsatisfactory answers. As a result of this punishment, Binance is forced to contact all Belgian clients and return all respective crypto assets. Since Binance has been firmly on the defensive, it could be an opportunity for other exchanges to attract market share.

Azuki’s New Collection Elementals Releasing on June 27th

The extended bear market has seen many NFT collections endure significant losses. However, Azuki is one of the few collections that has managed to maintain relevance and premium. During the “Follow The Rabbit” Azuki event held in Las Vegas, Zagabond announced this new sister collection.

Azuki Elementals is the new forthcoming sister NFT collection. The new collection will be comprised of 20,000 NFTs where Azuki owners have received one for free and the remaining tokens will go on sale. Despite launching in January 2022, Azuki has managed to fare significantly well regardless of external market conditions.

Wall Street Primarily Barred From Crypto Due to KYC Requirements

To those active in the crypto markets, it likely is obvious that tokenization is a more effective model than what has been used by TradFi. We’ll see more tokenized TradFi assets in time, but it may take some time. Institutional adoption is coming, albeit slowly, but this is to be expected when working with old, regulated institutions that must comply with dated laws that never once considered cryptocurrency.

If there is money to be made using financial assets, Wall Street wouldn’t miss the opportunity to profit off of it. However, if they don’t know their counterparty it does prevent legal issues for them with the current presentation of DeFi. What likely happens is that there will be DeFi and some from of CeDeFi on-chain where all actors have undergone KYC so that TradFi institutions may participate. The heavyweights have capital sidelined and want to get involved once it’s feasible.

Notable NFT Sales Over the Weekend:

Notable Threads You May Have Missed:

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.