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
Changpeng Zhao refutes claims that Binance lost billions in revenue and 90% of users after implementing KYC measures.
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
Cross-chain token bridge Nomad drained of $190 million in security exploit.
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”
Daily Sector Tracker
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