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Binance Reaches Twitter Trending Topic Status in Venezuela

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Binance, one of the largest cryptocurrency exchanges worldwide, has reached a trending topic status in the Twitter social network sphere in Venezuela. The trend before the weekend, shows just how important cryptocurrency topics are for the citizens of the country at the moment. Cryptocurrencies are extremely useful tools for Venezuelans to save their purchasing power and Binance is currently the most popular exchange in the country due to its robust peer-to-peer market. Interest in the company and its services has been peaking in the country.

Binance Becomes Trending Topic in Venezuela

To the surprise of many, Binance became a trending topic in Venezuela this Friday, with more than 200k tweets directed to several topics including the use of this popular exchange and its services in the country. While most of the tweets praised the exchange and the plethora of options it offers to its customers to manage cryptocurrencies, there was also confusion for some users related to how this system can be used to improve their economic status.

The fact of Binance becoming a trending topic in Venezuela is even more important due to the myriad of problems and situations that occupy the interest of Venezuelans each day. The issue with the International Criminal Court, which is now executing a preliminary investigation about possible crimes in several manifestations that happened in 2017, was also a trending topic this Friday, behind Binance.

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While is true that Venezuela is one of the countries with more crypto penetration, cryptocurrency is still a niche for a group of users that have known them for a long time. This is why Binance is stepping in as a kind of bridge that can help introduce these new users to what crypto is and its potential uses. But they clearly have work to do: many of the tweets criticized Binance’s platform as being too difficult and obscure for the average user.

Evolution of Binance in Venezuela

Binance has existed as a cryptocurrency exchange since 2017, and it has allowed Venezuelans to do trading in its platform since its launch with no restrictions whatsoever. At the time, Localbitcoins was the platform of choice for peer-to-peer (P2P) trading in the country, boasting the highest trading volumes in Latam. But Binance would shake the market with the launch of its P2P trading platform in April 2020, featuring fee-free P2P operations.

Just a month after its launch, Mariangel Garcia, community manager of Binance Latam, declared the platform already boasted volumes of $200 million monthly, having passed Localbitcoins in its first month of operations, without having a marketing campaign behind the service.

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Now, Localbitcoins has been completely overtaken in the P2P market, reducing its volumes to a fraction of what they were during 2019, and Binance has reached mainstream recognition via marketing using different media and Venezuelan influencers in the Twitter platform.

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Grayscale’s Top Executive Joins Robinhood as New Chief Compliance Officer

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Robinhood hires a new CCO, the chief compliance officer of Grayscale

Robinhood brokerage app has welcomed Benjamin Melnicki as a new Chief Compliance Officer, who is also the holder of the same position at Grayscale Investments. He joined Grayscale in early January this year.

At the moment, Robinhood’s cryptocurrency arm is facing scrutiny from financial regulators. Last year, Robinhood was a target of an investigation connected to anti money laundering and certain cybersecurity problems experiences by its crypto division.

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As reported by U.Today previously, later this year, the brokerage firm plans to roll out cryptocurrency wallets for its users. The trials of wallets will kick off in October and will allow customers to deposit and withdraw cryptocurrencies to addresses beyond Robinhood seamlessly.

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Average Aussie crypto portfolio grew 258% in FY 20-21, survey reveals

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The average portfolio size on Australian cryptocurrency exchange BTC Markets has grown from $577.65 (795.5 Australian dollars) to $2,069.16 (2849.5 AUD) in the financial year 2021, signaling a 258.2% increase in portfolio holdings, according to exchange data compiled by Statista on a recent BTC Markets survey.

Data on the survey shows that the average portfolio size of female and male investors in fiscal 20-21 on BTC Markets was $1,924.30 (2,650 AUD) and $2,214.03 (3,049 AUD), respectively. However, in 2020, the average portfolio size of female Aussie investors exceeded male investors slightly. 

Transaction data on the exchange also showed a pattern of growing investment demand with aging. Considering the data provided by BTC Market on Australia’s average initial investment, investors above 65 years old have invested roughly $3,158.03, the highest ofall demographics.

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Following an incremental reduction across the various age groups, the youngest cryptocurrency traders, ranging from 18 to 24 years, tend to make comparatively small investments, standing at $792.96 on average. While older Australian crypto investors outweigh the new generation in initial investment, the younger crowd shows comparatively more activity in terms of daily trades.

Resonating the findings above, a September report from financial comparison website Finder shows that one in six Australians own cryptocurrencies, amounting to $8 billion in total investment. The report suggests that, like many other users in advanced industrialized countries, Australians were increasingly viewing cryptocurrencies as a new asset class. 

According to Cointelegraph’s report on the matter, Bitcoin (BTC) is the most popular cryptocurrency for the Australian crypto market held by 9% of investors. Other popular investments include Ether (ETH), Dogecoin (DOGE) and Bitcoin Cash (BCH). The report showed that, despite the growth in crypto investments, a significant barrier to entry for Australians is the difficulty in understanding crypto and the risks related to volatility.

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Switzerland to Impose Anti-Money Laundering Rules on Crypto Providers: Report

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FINMA requires all cryptocurrency providers to step up their game and monitor whether criminals use digital assets in illicit transactions.

The Swiss Financial Market Supervisory Authority – FINMA – would reportedly require local digital asset providers to take additional steps in preventing criminals from employing cryptocurrencies. The watchdog would also turn its sight towards bitcoin ATMs as it believes that drug dealers often use these machines.

FINMA Targets Criminals Operating with Crypto

According to a Finews report, Switzerland’s financial regulator – the Swiss Financial Market Supervisory Authority or simply FINMA – would closely supervise local crypto providers as an attempt to clamp down on money-laundering transactions.

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Swiss platforms and brokers dealing with digital assets would have to enhance their monitoring efforts and observe if bad actors employ cryptocurrencies. The Bern-based watchdog believes the initiative is “urgently necessary,” stressing that criminals use the asset class even to fund terrorism acts.

FINMA also turned its attention towards bitcoin automated teller machines. According to the regulator, drug dealers frequently use such ATMs as payment systems. It is worth noting that Switzerland is a relatively small nation, but its 130 Bitcoin automated teller machines place it in the sixth position among the countries with the most stations.

FINMA also passed an anti-money laundering provision according to which it lowered the threshold for unidentified crypto purchases from 5,000 Swiss Francs (CHF) to 1,000 CHF (around $1,080). Or, in other words, all financial providers dealing with digital assets have to collect data on anyone initiating transactions that exceed this amount.

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UBS: Crypto Regulations Could Spell Trouble

One of the leading banks in Switzerland – UBS – recently shared its views on the hot topic of digital asset regulations as it indicated that implementing certain rules might negatively impact the market.

Furthermore, the bank warned its customers that regulatory crackdowns can pop the “bubble-like” crypto markets. The Swiss bank also labeled the asset class as “speculative” alerting that it could be dangerous for professional investors:

“While we can’t rule out future price gains in cryptos, we see this as a speculative market that poses significant risks to professional investors.”

On another note, though, when the cryptocurrency market was booming at the beginning of May, UBS demonstrated a different attitude. Back then, it intended to enable its wealthy customers to receive digital asset exposure later in 2021 through third-party vehicles.

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