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27th September 2023 > > Japan.


The Trust Wallet scam is too easy to spot. After a slow start, Japan is building its crypto-friendly reputation. A second warning about HTX.

Market Snap

Market Wrap

SEC Chair Gary Gensler is up in front of the Financial Services Committee today, some of whom sent him a letter last night telling him to approve a spot BTC ETF. His recent performances when questioned under pressure have not been convincing. Expect more of the same today.

Curious Cryptos’ Commentary – Trust wallet scam

Sometimes it’s just too easy to spot a scam:

Curious Cryptos’ Commentary – Japan

Japan hasn’t been the most welcoming of countries towards cryptos in the past. But that is all changing now.

Following the Terra-Luna fiasco last year, foreign denominated stablecoins were banned within Japan. Kraken and Coinbase abandoned operations in Japan, citing regulatory restrictions, and regulatory uncertainties, that impacted on the overall health of the crypto market. Binance Japan was thrown out for failing to register with the FSA, not the first time Binance has found itself in that position.

In June, the regulator changed the rules around stablecoins, allowing those that meet certain criteria, the most important of which I assume to be high quality collateral reserves greater than the liabilities. If anyone can read Japanese, perhaps you can help me confirm that point or otherwise.

Binance acquired Sakura Exchange Bitcoin late last year, enabling its re-entry to Japan via a registered exchange. This might suggest that senior management at Binance appear to be growing up and taking their responsibilities seriously.

Mitsubishi UFJ Trust and Banking Corporation and Binance Japan have announced a partnership to develop stablecoins, using Mitsubishi’s Progmat platform. Takeshi Chino, general manager of Binance Japan, explains the importance of this initiative:

“Stablecoins have important use cases in the broader financial ecosystem – from a lower-cost and instantaneous cross border trade settlement for business clients, to an on and off ramp to buy and sell other cryptocurrencies seamlessly for retail investors.”

There are an ever-increasing number of countries which are becoming reliable places to build crypto businesses. This cohort does not include the UK or the US.

Curious Cryptos’ Commentary – HTX, formerly Huobi

Following the CCC warning about Huobi on 8th August 2023, concerns have been raised about the extent of reserves backing the exchange’s liabilities. You can read more details here:

Once a bank run starts, any organisation that is insolvent will rapidly collapse. If you have assets at Huobi, move them into cold storage.

Do it now.

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