Forbes - 🤝 Binance wants to get to know you

Good Friday morning. This is Billy Bambrough, here with what's driving the day in the world of bitcoin and crypto.

(I'm on the road this month so you may receive your copy of CryptoCodex a little early/late—apologies in advance for any disruption and normal service will resume the week beginning August 23)
24-hour crypto market snapshot
Bitcoin (+7%) $47,131
A return to form
Cryptocurrency traders are swimming in a sea of green this morning as the crypto market rally returns in strength.

Bitcoin and ethereum are bringing up the rear among major coins, both climbing around 7% on the last 24 hours, while ethereum rival cardano is making huge gains as investors look toward its hotly-anticipated September upgrade. Cardano's ADA token has added almost 20% since this time yesterday, hitting an all-time high. Polkadot, another potential ethereum competitor, is up 16%.

Among other top ten cryptocurrencies, the meme-based dogecoin and Ripple's XRP are both up around 10% over the last 24 hours. XRP got a boost after it was reported Ripple's legal battle with the U.S. Securities and Exchange Commission (SEC) could drag on for months, "if not longer."

Heading into the weekend, bitcoin will be again looking to break the difficult $50,000 per bitcoin barrier while Binance's BNB and cardano will continue to battle it out for the position of third most valuable cryptocurrency after bitcoin and ethereum.
When you make a purchase through links in this email, the author may earn a commission.
Simplify Crypto Investing And Beat The Market
Forbes CryptoAsset & Blockchain Advisor looks at the universe of viable crypto assets with proprietary analysis and insider crypto knowledge to guide you to the best choices and the companies making the biggest bets on this breakthrough technology along with monthly deep-dive interviews to fuel your own profits.

For successful subscription, disable your adblocker
Get Forbes Crypto Asset & Blockchain Advisor
Binance begins mandatory KYC...
Knowing me, knowing you: Binance, the troubled cryptocurrency exchange that is facing issues on multiple fronts around the world, has said that unverified users are effectively banned from the platform as it ramps up its Know Your Customer (KYC) and Anti-Money Laundering (AML) efforts.

No time like the present: Effective immediately new Binance users need to complete "intermediate verification" to access any services—including cryptocurrency deposits, trades and withdrawals. Existing users are only able to withdraw until completing the verification.

Take action: "Binance strongly advises users to complete their intermediate verification promptly to avoid delays in the verification process and restrictions on their access," the company said in a statement.

The pivot: "We aim to work more collaboratively with policy-makers to improve global standards and discourage bad actors," said Binance chief executive Changpeng Zhao, often known simply as CZ, who has previously said the company is pivoting to a "proactive" regulatory approach.

Escalation: Binance, which is faced expulsion from some European and Asian markets as well as criminal charges, has repeatedly clamped down on unverified users in recent months, lowering permitted amounts first from 2 bitcoin to 0.06 bitcoin a month ago and now to zero.

Now read this: Former SEC Chairman Jay Clayton Joins $2 Billion Bitcoin And Crypto Custodian
... as Binance.US courts "reputable investors"
Brian Brooks served as Binance.US chief executive for just four months
Brian Brooks served as Binance.US chief executive for just four months © 2021 Bloomberg Finance LP
💰 Binance.US, a branded but apparently operationally separate division of Binance, is expecting to soon close a funding round, it was reported by Bloomberg.

🤑 "There is significant interest from top-level investors, and they expect they will close a round shortly," CZ said in a statement to the newswire. Binance.US, the exchange serving U.S. investors, "will have a diverse cap table with reputable investors and an independent board with proper governance, including the addition of new outside investors and independent members."

👔 The funding round is coming shortly after the recently hired Binance.US chief executive Brian Brooks walked away from the company. Brooks resigned in early August, a mere four months after joining Binance's U.S. franchise. Brooks, a former U.S. regulator who briefly ran the Office of the Comptroller of the Currency, was hired by Binance to help the company gain a U.S. footing.

💸 Yesterday, the New York Times reported that Brooks had led efforts to raise at least $100 million from investors but ran into difficulties when trying to convince potential investors that the entity would be viewed as separate from Binance by regulators.

Don't miss: BlackRock Joins Fidelity And Vanguard As A Bitcoin Mining Investor
Coinbase is going all in on crypto...
Betting on bitcoin: Coinbase, the major U.S. bitcoin and cryptocurrency exchange that made a much-hyped Nasdaq debut earlier this year, has revealed it plans to add $500 million worth of crypto to its balance sheet.

Asset equality: In a blog post, the company, which now boasts a market capitalization of $52 billion, said it will "become the first publicly-traded company to hold ethereum, proof of stake assets, decentralized finance (DeFi) tokens, and many other crypto assets supported for trading on our platform, in addition to bitcoin, on our balance sheet."

Going all in: Coinbase chief executive Brian Armstrong indicated Coinbase eventually plans to convert far more of its operating capital and assets to bitcoin, ethereum and other cryptocurrencies. Earlier this month, Coinbase said it brought in more than $2.2 billion in its second quarter, up from just $186 million during the second quarter of last year.

Mixing it up: "Hopefully over time we can operate more of our business in crypto, today it is still a mix," said Armstrong in a tweet.

... as OnlyFans shows why we need bitcoin
🌱 OnlyFans, the London-based, subscriber-only website synonymous with pornography that's seen phenomenal growth during the Covid pandemic, has said pressure from payment processors has forced it to announce an adult material ban.

📅 The ban, due to take effect in October, shows how payment processing companies are increasingly able to control what material pornography sites are able to host.

🗣️ "In order to ensure the long-term sustainability of the platform, and to continue to host an inclusive community of creators and fans, we must evolve our content guidelines,” an OnlyFans spokesperson told the
Guardian newspaper.

📰 "OnlyFans' porn ban is crypto’s opportunity of a lifetime," was the headline of
a Techcrunch story

🐦 "Bitcoin fixes this,"
tweeted government whistleblower Edward Snowden, going on to throw shade toward the wider crypto market.

🕶️ "Before you complain about me not citing your random coin with a market cap of $37 that is developed by forest animals in Romania, remember that bitcoin is essentially shorthand for cryptocurrency and also your time is better spent making little outfits for the animals to wear."
hello world
Billy Bambrough
Forbes Contributor
I am a journalist with significant experience covering technology, finance, economics, and business around the world. I write about how bitcoin, crypto and blockchain can change the world.
Follow me on Twitter or email me.
Forbes

You’ve received this email because you’ve opted in to receive Forbes newsletters.

Unsubscribe from CryptoCodex.

Or, manage your paid subscriptions on your Forbes profile here.

Manage Email Preferences | Privacy

Forbes Media | 499 Washington Blvd.

Jersey City, NJ 07130

Older messages

🌏 Going global

Thursday, August 19, 2021

CryptoCodex Forbes Billy Bambrough Forbes Contributor Forbes Good Thursday morning. Billy Bambrough here with what you need to know from the world of bitcoin and crypto. (I'm on the road this month

💯 "Fraud, hype, noise and confusion"

Wednesday, August 18, 2021

CryptoCodex Forbes Billy Bambrough Forbes Contributor Forbes Good Wednesday morning. This is Billy Bambrough, bringing you your latest batch of crypto news and analysis. (I'm on the road this month

Diem another day 🌅

Tuesday, August 17, 2021

CryptoCodex Forbes Billy Bambrough Forbes Contributor Forbes Good Tuesday morning. Billy Bambrough here with the latest news from crypto-land. (I'm on the road this month so you may receive your

✨ Blue skies ahead

Monday, August 16, 2021

CryptoCodex Forbes Billy Bambrough Forbes Contributor Forbes Good Monday morning. This is Billy Bambrough, getting you up to speed with what's driving the day in the world of bitcoin and crypto. (I

Messi’s Token Love Affair | Lesson From A $600 Million Crypto Heist

Saturday, August 14, 2021

Also: Are NFTs The New Napster? This Time The Music Industry Isn't Taking Chances Also: Are NFTs The New Napster? This Time The Music Industry Isn't Taking Chances View in browser CRYPTO LOSES

Sept. 23 - Facebook Outlines Impacts of Apple's Data Tracking Update, Provides Tips on How Brands Can Improve Ad Performance

Thursday, September 23, 2021

Google Publishes New, Practical Guide on Key Ad Creative Best Practices and Tips; Facebook's Adding More Elements to its Organic Post Testing Tool to Help Optimize Performance; LinkedIn Launches

How leading brands grow with Walmart.com advertising

Thursday, September 23, 2021

Hear directly from Walmart VP of Ad Tech Lex Josephs about the latest changes to Walmart's advertising platform and strategies for success. Walmart Webinar Replay Are you taking full advantage of

Does a vaccine mandate provide cover for the reluctant?

Thursday, September 23, 2021

+ a clash between college athletes, endorsement deals and school logos ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

climate change’s new records: murders

Thursday, September 23, 2021

The impact of dirty industry on humanitarian crises. View this email in your browser WELLNESS CHECK This edition leans... Hey Below the Fold fam, If you're choosing to read today's story, brace

💨 Twisting the facts

Thursday, September 23, 2021

If an approved drug is recalled, should no drug should be trusted? Of course not. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Your 2021 Planning Guide for Holiday Influencer Marketing Campaigns

Thursday, September 23, 2021

Download the ultimate planning resource for holiday influencer marketing campaigns. Download the ultimate planning resource for holiday influencer marketing campaigns and get prepared early for

Pro tips, tricks, and strategies for iOS 14

Thursday, September 23, 2021

Privacy has taken center stage in mobile app marketing. What is the secret to app success with iOS14? Privacy has taken center stage in mobile app marketing - and iOS 14 in particular – dramatically

ShadowDragon: Inside the Social Media Surveillance Software That Can Watch Your Every Move

Thursday, September 23, 2021

The tool is the product of a growing industry whose work is usually kept from the public and utilized by police. MOST READ ShadowDragon: Inside the Social Media Surveillance Software That Can Watch

💥 Bitcoin under fire

Thursday, September 23, 2021

CryptoCodex Forbes Billy Bambrough Forbes Contributor Forbes Good Thursday morning. This is Billy Bambrough, getting you up to speed with the bitcoin and crypto latest. Was this newsletter forwarded to

Evergrande, Ukraine Assassination Attempt, and the Year's Best Ocean Photos

Thursday, September 23, 2021

Everything you need to know for today in five minutes. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌