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Binance CEO Refutes That Exchange Lost Billions in Revenue and 90% of Users After Implementing KYC

Daily Market Wrap

  • Crypto market cap: 1.06 trillion, down 0.62%

  • BTC price stands at USD 22,784, down 0.86%

  • ETH price stands at USD 1,606, up 0.17%

  • Top gainer: Cronos (CRO), up 12.92%

  • Top loser: Theta Network (THETA), down 10.86%

News of the Day

Why it matters:

  • Binance CEO Changpeng Zhao (known as “CZ”) posted a tweet disputing a CoinDesk report that Binance had lost billions of dollars in revenue and 90 percent of its users after adopting KYC procedures

  • “Binance spent more than $1 billion on compliance efforts, with a high percentage pass rate. It’s fine. Binance’s market share increased, not decreased. The blockchain & 3rd party data shows it,” Zhao further said

  • Previously, members of the Binance compliance team Tigran Gambaryan and Matthew Price told CoinDesk that the exchange’s stricter KYC policies had resulted in a financial burden for the company

Crypto Daily Spotlight

Brief introduction: Nomad is a cross-chain communication standard that enables cheap and secure transfers of tokens and data, allowing users to send and receive tokens between different blockchains.

Why it matters:

  • According to DeFi tracking platform DefiLlama, the Nomad token bridge experienced a security exploit that completely drained $190.7 million worth of crypto from the bridge

  • @samczsunm, a researcher at crypto investment firm Paradigm, explained in a tweet that a recent update of Nomad’s smart contract was the primary cause of the exploit

  • Evmos, one of the victims serviced by Nomad, tweeted that they are “brainstorming community solutions” to the Nomad attack since it “significantly impacts the initial Evmos TVL”

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